Tips On Saving Money
On Your Travel Insurance

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There are many tips on saving money on travel insurance available. Bear these tips in mind when searching for cheap travel insurance quote and you will be able to save money on travel insurance.

It is though important to realize that the cheapest travel holiday insurance is not always the best choice. Your travel insurance comparisons must always consider both the insurance price and the cover on offer.

Tips On Saving Money On Travel Insurance
What Are Your Travel Insurance Needs?

Many things affect the price of your International Travel Insurance Quote, like your age, your health, where you are going, for how long you are traveling, how often you travel, etc.

Some of them you can control, like where you are going and for how long. This means you can choose to travel to destination that offer cheaper travel insurance and make sure you stay within the closest trip length bracket. In addition, if you travel frequently then multi-trip travel insurance might also help you to save money on travel insurance.

Other factors you have less control over, like your age and your health. You can on the other hand choose carefully what to cover and for how much, and the level of risk (excess level) you are willing to take. This will actually have more impact on the price of your travel insurance.

By examining carefully your travel insurance needs you will only pay for what you need, not for some extras you do not need... even if they might be nice to have.

Tips On Saving Money On Travel Insurance
What To Cover And For How Much?

What to cover, and for how much, will depend on your individual circumstances and your trip. Insurance is all about risk. Not only for the insurance company but also for you, i.e. what you cover and for how much will depend on how much risk you are willing to take.

The more vulnerable you are, i.e. if you have some health problems or are getting on in age, the less risk you are likely to want to take. The more risk your trip includes, i.e. if going skiing, climbing Mt. Everest, or travelling around the world, the less risk you should take.

If you have health problems or are getting on in age then the medical cover is likely to be the most important to you, i.e. more important than delays or lost baggage. While lost baggage might be more important if you are in good health but travelling with expensive personal belongings, like sporting equipments or cameras.

When you have decided what is the most important for you to cover (and it is usually number of things, like medical treatment, baggage cover, cancellation, etc), then you must decide how much to cover it for. If what to cover depends mainly on your individual circumstances, then how much to cover it for, depends largely on the level of risk you are willing to take.

How much to cover for should as well take your circumstances and your trip into consideration. For example, lower medical cover might be fine if you are young and healthy and your trip does not include any extreme activities. Anyway, not many are likely to claim back $20 million in medical expenses so why pay more for that. Also, you might not need cancellation cover if you are flying with a low cost airline, i.e. when you have paid off the excess there might be little left to claim!

Most insurance providers offer basic travel insurance cover and you can then add various extras on top of it... for increased premium. Many of those extras are nice to have but if you want to save money on travel insurance you should choose the extras carefully.

They usually also allow you to exclude some benefits, i.e. pre-existing medical conditions or baggage cover. This will of course help you to keep your insurance cost down, however only exclude items you feel comfortable not being covered for.

You might also agree to higher excess level, as it will get the price of your insurance down, often significantly. You should though always base this on your circumstances. If something happens and you would foresee problem with paying off the excess then you might want travel insurance with zero excess. Car rental is a good example. You can usually reduce your insurance premium somewhat against raising the excess, often to a very high amount. Could you pay that amount off the car got stolen or damaged? If not, saving some dollars might not be worth the risk.

There is no “typical” travel insurance cover. Still most travel insurance specialists agree cover somewhere in line with below should be satisfying for majority of travelers:

• Medical expenses $3 million
• Personal liability $1.5 million
• Cancellation $5,000
• Baggage $2,500
• Cash $400

Nb. this is an indication only, you should always base the level of cover on your individual circumstances and insurance needs

You should also make sure that your insurance company offers 24 hours emergency line and cover for legal cost.

Tips On Saving Money On Travel Insurance
Do You Already Have Some Cover In Place?

Most of us forget one of the best tips on saving money on travel insurance, i.e. before buying your travel insurance check if you already have some insurance cover in place.

Many banks and credit card companies offer free travel insurance with certain accounts but not everyone is aware of this. You should though always check the level of cover carefully as it is usually not as comprehensive as if buying separate travel insurance. However, it might be cheaper to buy additional cover than buying new policy.

Also check your home insurance policy, many cover your personal belongings outside the home. This might be sufficient for some trips, e.g. if travelling domestically or when only travelling with inexpensive and easily replaceable items.

If you have a private medical insurance, check carefully what that policy covers. Many cover the cost of treatment incurred abroad.

If you are EU or EEC citizen then you should always travel with European Health Insurance Card (EHIC) when you are travelling in EU and EEC countries. The EHIC Card gives you access to free, or reduced cost medical treatment in those countries. However, EHIC cover your medical cost in limited situations only and does not provide you with any other benefits that are usually included in travel insurances.

You might therefore choose to use EHIC along with a travel insurance policy as it could reduce the medical cover in your travel insurance. Actually, some travel insurance policies are only valid if you have an EHIC when travelling to an EU country.

Tips On Saving Money On Travel Insurance
Can Specialised Insurance Save You Money On Travel Insurance?

There are a number of specialist travel insurance policies tailor-made for your needs. This can be a cheaper option than opting for basic travel insurance and add extras to customize the insurance to fit your insurance needs.

For example, if you are going on a skiing trip, then you might want to buy special ski or winter sport insurance. There are also specialized cruise travel insurances available, as well as insurance covers aimed at families, students, senior citizens, etc.

Tips On Saving Money On Travel Insurance
Shop Around - Compare - Read The Small Print

The best tips on saving money on travel insurance are to shop around. Searching online travel insurance company for cheapest travel holiday insurance is easy and convenient way to make travel insurance comparisons.

Have above tips on saving money in mind when searching for cheap travel insurance quote and you will be able to save money on your travel insurance.

It is though not enough to compare only the prices. The cheapest travel holiday insurance is not always the best choice. Your travel insurance comparisons must always consider both the price and the level of cover on offer.

So... the best tips on saving money on travel insurance are shop around, compare prices and cover, and do not forget to read the small print... you might regret that later.