Travelling abroad can be quite expensive even without considering the cost of travel insurance. When you’re planning a budget trip every penny saved counts. You’ve saved on your flights, room booking and now it’s time to help you save some money on your travel insurance booking. Here are 10 ways you can save on travel insurance.
10 Ways To Save Money On Travel Insurance
1. Don’t Buy From A Booking Site
You’ve scoured the internet for the best flight deals. Don’t ruin it by opting in for travel insurance from the same site. Travel booking sites are experts at finding you cheap travel tickets, not affordable travel insurance rates.
2. Evacuation Coverage
If you’re flying to somewhere particularly dangerous you must have considered getting evacuation coverage. But you don’t need to opt-in for coverage that runs in the millions. Evacuation costs will most likely be in the hundred thousand so opting for higher coverage could increase your premiums.
3. Check Your Home Insurance Policy
If your possessions are covered by your home insurance policy you don’t need to take additional coverage for your things. It’ll just add to the cost of your premium and lead to higher insurance rates.
4. Annual Coverage
If you travel very frequently (more than 3 times a year) it’ll be better if you get a full coverage annual travel insurance policy rather than a separate policy every time you travel. Buying in bulk saves you cash even on travel insurance.
5. Avoid Car Rental Coverage
If your car insurance policy back home already covers rentals, you don’t need to opt-in for the car rental insurance on your travel policy. Read the fine print though, auto insurance is a tricky business. If your auto insurance does not cover rental cars check if your credit card does.
6. Check for discounts
Always take full advantage of travel insurance discounts. They could be in the form of coupons, or for buying the insurance online, or for being a loyal customer. If you can find it, use it. Get as high a discount as possible as the coupons are out there.
While you’re looking for discount coupons see if you can see cheaper travel insurance rates as well. There are plenty of websites on the internet that can help you with both. Some websites help you find coupons while others help you compare travel insurance rates.
8. ‘Cancel For Any Reason’
Unless there is a high probability your trip is going to be canceled you should avoid using the ‘cancel for any reason’ upgrade option. It could cost you several times more than normal and if the chances are slim you’ll cancel the trip, you’ll end up wasting a lot of money.
9. Don’t Insure Refundable Trips
Travel insurance does not compensate you for the refundable portion of the fare. Only get travel insurance for fares that are non-refundable. If you book insurance for refundable tickets, the airline will refund part of your money and the amount you spent on the insurance will be more than what you get back from the company.
10. Check Your Credit Card Travel Insurance
If you are really looking for a budget trip then you should consider using the travel insurance on your credit card. Most premium cards provide some form of travel insurance. The risk is that the coverage is low and there are a lot of conditions before the travel insurance is even activated. If you have the right info and know how to use it, the travel insurance of your credit card could be your cheapest option.
Hope this excellent money saving tips help you save big bucks the next time you buy travel insurance. We love saving money.