First off, what exactly is travel insurance and why would you need it? The purpose of travel insurance is to cover any potential unexpected damage that may occur while a person is going. These can include medical expenses, flight delays and cancellations, lost baggage, and legal fees among others. With that in mind, here are some ways that you can save money on your travel insurance.
Examine your options
Finding the best deal involves doing the research. No matter how many tricks and tips you find, the short of it is that you will find the best deals by shopping around. Every situation is different, and some money-saving tips may not apply to you. Before even beginning to investigate your options, you should first check your health and life insurance policies. Sometimes, other insurance plans cover you even when you are traveling. You might not even need travel insurance at all! Of course, this is not always the case, so it is important to check.
Think about how frequently you travel
If it is multiple times a year, you could save time and money by purchasing an annual policy as opposed to a policy for each trip. Annual plans come in increments of 7 days, 15 days, 30 days, etc. ‘
You are covered for the number of days you choose no matter when within the year you use them. For example, if you select a 15-day policy, you could make several trips consisting of 5 days, seven days, and three days (or any other combination) and only pay once.
Think about how far you travel
Some travel insurance companies look at how much time you spend in a particular country, while others base their rates on how far away from your countries of origin you will be traveling. You also need to consider the circumstances surrounding the country you will be visiting. Some plans may not provide adequate coverage if you are going to a war-torn or unstable country. You also need to consider the health care systems of your destination. In some countries, medical care is much easier and cheaper to come by, so you may not need an expensive travel insurance plan.
If you are traveling with your family or spouse, consider getting a common policy, as they are often cheaper than if you were to purchase separate plans.
Look for discounts
While discounts and deductibles are not always available, it is still a good idea to hunt around and see what you can come up with.
Consider your condition
For senior citizens and those with pre-existing health conditions, it may be difficult to find deals on travel insurance. Insurance premiums go up with age in all types of insurance, travel included. Some companies offer special plans for senior citizens and those with pre-existing conditions – there are even some entire companies dedicated to serving this purpose – but be wary of taking the first specialized offer you find. It may not always be the safest bet.