Everyone loves a bargain and wants to get the best deal possible. So, here are our top ten tips to save on your travel insurance.
- Shop around - You'll be amazed at how much travel insurance quotes can vary. Offers by travel agents or airlines usually have commissions added on. In fact, you can save up to 60% by shopping around, so it pays to buy your travel insurance direct. Doing your comparison online will allow you to compare loads of travel insurance quotes in seconds. The idea is to choose the best cover for your needs at the best premium. Remember that the cheapest is not always the best policy for your trip.
- Consider how often you travel - If you travel a few times per year, you could save by purchasing an annual multi-trip policy rather than purchasing a policy each time you take off.
- Consider the destination - There are two elements to this. Firstly, some insurers will ask you to nominate the region you are spending the most amount of time, where as others will ask you to nominate the furthest region. If you are travelling to multiple destinations and spending less time in a destination that falls in a far away region, you can make significant savings by investigating this. Secondly, destination could determine your level of cover. Taking out insurance with unlimited medical cover is vital if visiting places such as the USA and many European countries, where medical care is expensive. For other destinations, a lower level of cover might be sufficient.
- Be upfront and honest - Be sure to provide accurate information to the insurance company, including disclosing any pre-existing medical conditions. Otherwise they may refuse or void an arising claim.
- Combine policies - If travelling with your family or a companion, a joint
policy is often cheaper than purchasing separately.
- Discounts - Some insurers offer loyalty discounts for pre-existing members. Also, check whether your employer has a group deal with an insurance company as you may be entitled to a favourable rate through them. Group discounts usually apply for 10 or more travellers.
- Increase your excess - Most insurers allow you to lower your premium by opting to pay higher excess in the instance that you need to make a claim.
- Insure as early as possible - Take out your insurance when you first pay for your travel, so that you have immediate cancellation cover.
- Don't under insure - Even most cheap travel insurance policies will cover the cost of medical treatment. But remember you'll pay heavily if you have to claim as a result of an activity that your policy doesn't cover.
Take advantage of credit card travel insurance - As a cardholder, you may be entitled to a certain level of cover if you pay for your trip with your credit card. But be careful as this not likely to be sufficient cover, but you could always use it as a top up to another policy.