So you’ve booked your flights and accommodation and what comes next? Your travel insurance. But doesn’t travel insurance always seem expensive on top of the price of your holiday you’ve just paid for!? Never fear there are ways to get the best cover without it costing a fortune.
It can be easy to take the travel insurance offered to you by travel agents or the airlines but do you realise you are often paying twice as much as you need to for the convenience?
This is why you need travel insurance.
How to find the cheapest travel insurance
There are heaps of ways you can save on your travel insurance and not compromise on cover.
Buy travel insurance direct
To get the best deal – buy direct. If you book it with an airline or travel agent they can often charge 50% commission on top. To get a cheap deal buy online directly with the insurers.
Like any type of insurance you should shop around and see what deal you can get. Prices will differ from insurer to insurer so you should compare the levels of cover, at the price you want to pay, and see the best deal you can get. The best way to compare policies is to use a comparison site like www.comparetravelinsurance.com.au which lets you compare 100’s of travel insurance quotes in seconds.
Consider how often you go on holiday
If you are going away more than twice in a year you should consider an annual multi-trip policy. You will already be saving yourself money by the time you take your second trip.
Where are you going?
Different insurers have different pricing levels for the same countries. For example some may list Japan under Asia, some may list it under Worldwide. Pick an insurer which classes your destination in a cheaper region.
Length of trip
Some insurer’s base their pricing on the destination you spend the most amount of time in, others the furthest away. If you’re travelling to lots of places and spending the least amount of time in the place furthest away you can save by finding an insurer that favours the time spent option.
Level of cover
There will be more than one cover level available for you to buy – basic, standard and comprehensive. You can save by working out what cover you need for your trip. E.g. 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 ok.
Don’t under insure
Don’t just pick the cheapest policy you find. The worst thing you could do would be to not have enough insurance and have to pay thousands of dollars as a result. If you go for a basic policy – make sure it covers the cost of medical treatment. Did you know a 1 night in hospital in the USA could cost you $21,000! Travel insurance can cost as little as $40 a week so really it’s a small price to pay compared to the thousands of dollars you could face in medical fees.
If you’re travelling in a group of friends or with your family a group policy might save you some $$.
Check if you can get a discount from the insurance company you have used before – it doesn’t just have to be travel insurance – it could be the insurer you use for your car or home insurance perhaps.
Increase your excess
To pay less on the insurance premiums you can choose to increase the excess payment should you need to make a claim.
Final tip on how to find the cheapest travel insurance… Remember to not just buy the cheapest policy you see! Pick the best travel insurance with a good level of cover at a price you can afford.