Whether you’re a frequent jetsetter or heading off on the family holiday of a lifetime, you’ll need to get some travel insurance sorted. Everyone loves a bargain and wants to get the best deal possible, but we know finding cheap travel insurance can feel like searching for a needle in a haystack, so we’re here to help! Here are our top ten tips and tricks to help you save on your travel insurance.
Shop around
You'll be amazed at how much travel insurance quotes can vary. Comparing quotes online will allow you to see loads of travel insurance quotes in seconds, try out our handy price comparison tool, to help save on your travel insurance. It’s worth checking the price difference between buying your travel insurance direct, versus through agents, as cover bought through travel agents or airlines will typically have commissions added on to the price. The idea is to choose the best cover for your needs at the best premium. Remember that the cheapest policy is not always the best policy for your trip, so make sure you research what is and isn’t covered before committing.
Consider how often you travel
If you’re a regular jet setter it’s worth considering how often you travel when shopping for travel insurance. If you head off a few times yearly, you could save yourself some serious cash by going with annual travel insurance which will cover all of your trips, rather than buying new policies each time. Not only will you save money, but you’ll save time and stress shopping for new policies every time you hop on a plane! If you’re only heading out on one trip this year then fear not, single trip cover is super accessible and a great option to keep you covered while you’re away from home.
Consider the destination
How regions are handled varies a lot across insurance providers, so you’re going to need to research this one a little bit. Some insurers care more about where you spend the most time, while others focus on the furthest place you're going, it’s so important to know which your insurer is looking for, as you may be able to use this information to make big savings. You also need to consider insurance rules across your destinations if you’re stopping into a few places, and make sure you’re only paying for the cover you want and need. Don’t forget though, it’s not just the rules of the land that should affect the cover you take out for your trip. Considering how hefty medical bills can get in the USA, and some parts of Europe it’s wise to go for unlimited medical cover in these spots, while you might be safe to save some cash on this in other destinations.
Be upfront and honest
You may think a smart way to save on travel insurance is to hold back some information, like far afield travel destinations, or pre-existing medical conditions, but we promise you’re only shooting yourself in the foot long term. If you do need to make a claim and this information comes to light, your claim is likely to be refused and you’ll have to pay out of pocket. Make sure you know all the ways your insurance policy can be accidentally voided too, and update your insurer if any circ*mstances change over the course of your trip.
Combine policies
Loads of insurers offer discounts for duo, family and group policies. Whether you’re travelling with your partner, kids, colleagues or a team, bundling your policies together could save you all some money. So, make sure you ask about group discounts for a lower cost per person for you and all your travel companions!
Discounts
Keep an eye out for discounts, promos and special offers, it may take a little bit of research and persistence, but it’s worth it for that bargain! Like all businesses, insurers value loyalty and many offer loyalty discounts for pre-existing members, so it’s always worth asking if you’re entitled to one. It is also worth checking whether your employer has a group deal with an insurance company, as you may be entitled to a favourable rate through them. Some insurers will also offer concessions for students and senior citizens, so always remember to ask!
Increase your excess
Upping your excess will make your premium cheaper! Be aware if you’re using this tip, this does also mean if you need to make a claim you will pay more out of pocket. This is a pretty quick and easy way to save some dough, just remember, if you do end up needing to claim, you'll only get reimbursed for amounts over the excess level, so we don’t recommend this for those of you going on risky expeditions.
Insure as early as possible & before your birthday
Insurers usually take your age into account when assessing your premium, so if you have a birthday and a trip coming up, best to purchase your insurance before you put another year on the clock! Buying your insurance as soon as you book your travel means you’re covered for cancellations right from the start, so if something crops up and your trip falls through, you’re not losing all your hard earned cash. While this won’t necessarily make your upfront premium any cheaper, it could save you a bunch of cash if the unexpected happens, and that peace of mind is worth gold.
Don't under insure
It can be tempting to go for the absolute bare minimum coverage in order to make your premium a bit cheaper, but in the long run this could end up costing you so much more. Even cheaper travel insurance policies will cover the cost of basic medical treatments, but remember you'll pay heavily if you have to claim as a result of an activity that your policy doesn't cover. So always consider and be realistic about what activities you’re planning on partaking in on your trip and make sure you’re paying for the amount of cover that’s right for you.
Take advantage of credit card travel insurance
A lot of credit card companies provide some level of travel insurance to customers who book their travel using their card. This insurance often covers the basic essentials like medical emergencies, trip cancellations, and lost luggage, but it’s not likely to cover any extras, or provide high payout limits, so make sure you check what level of cover you need and are entitled to. Even if this cover is not enough for your trip, it could be a great base coverage you can top up with a secondary policy.
