Planning a trip is all fun and games until it’s time to buy travel insurance. There’s an endless mystery about the type of coverage you need, and how much your premium should be. The confusion can cause some people to decide to go without insurance at all. This is never advisable.
Then, you’ll also have to battle against lures like cheap travel insurance, and even free travel insurance. Though these seem like easy options, they can actually be dangerous traps.
To save money on travel insurance is a common goal, and there are multiple safe ways to achieve that goal. Read on to learn some travel insurance tips on how to buy affordable insurance with the right coverage for your trip.
9 Hacks to Save Money On Travel Insurance
1. Choose Plans According To Your Vacation Activity
If you get the same type of travel insurance for both of these vacations, you may be wasting hard-earned cash.
If you will be bungee jumping on your trip, your insurance will need to have an adventure sports rider on the policy. But, if you’re touring a busy city, you may want more insurance against possible theft of baggage and belongings.
2. Cheapest Is Not Best
If your goal is to save on travel insurance, you may initially conclude that choosing a cheaper insurance plan is the best way to do that. But this could prove costlier than you think.
By cutting costs through cheap travel insurance, you’re putting yourself on the line for potentially big financial trouble.
Discount travel insurance plans hook you with attractive pricing, but they also hide caveats and deceptive coverage clauses. If something goes haywire during your trip, a cheaper travel insurance plan could let you down and lead you into a financial rabbit hole.
So our travel insurance secret is to think of insurance as an investment, rather than an expenditure.
3. ‘Cancel For Any Reason’ Coverage
Yes, it is a good safety net to have, but it isn’t always necessary. You will likely only need cancel for any reason coverage if you book your trip well in advance, or if you are unsure if you will be able to travel for an avoidable reason or if you might want to cancel your trip for the reasons not covered by regular travel insurance such as COVID-19 related restrictions.
This coverage is typically acquired with an extra charge. If you include this coverage in your plan, it may amount to almost 10% of your trip’s cost. By foregoing it, you can bring the premium payment down to around 4% of the trip’s cost.
This can make a huge difference if you’re traveling as a group, or if your vacation is longer than two weeks.
4. Choose Plans According To Your Destination
Travel to some destinations poses greater risks than others.
Log on to travel message boards to get firsthand knowledge about your destination. Talk to people who have already traveled to the destination, and ask them for insurance advice.
All things considered, you may find that an insurance plan with lesser coverage will suffice for your trip. Alternatively, you may find that you need a plan with greater coverage. Either way, it is a good idea to know what you’ll need in terms of insurance coverage before buying it.
5. Don’t Buy Your Insurance On Trip Booking Sites
Now that you know how to save money on travel insurance, time to know one mistake most travelers make: buying travel insurance from the trip/flight booking website.
It’s tempting, we know. Book your vacation on a website, and buy travel insurance on the same page by checking a box. Though it seems like an obvious choice, the premium on travel sites is much greater than what you’ll pay normally.
Travel sites promise discounts and cheap insurance plans, but these plans hide the fact that they offer poor coverage and hidden costs.
A trip booking site should be the last place you buy travel insurance. So, how to choose the right travel insurance? Our travel insurance hack is to look on insurance websites. That is where you can get the best deals and coverage for affordable rates.
On Insubuy, you can choose travel insurance according to your vacation activity and destination. Visit the website to compare plans. Insurance experts at Insubuy are available to help you with any questions you may have.
6. Buy Your Insurance Sooner Rather Than Later
Set a reminder to buy your insurance within five days of booking your tickets. This will relieve the stress of purchasing insurance at the last minute. You will also have more time to consider your options.
7. Read The Fine Print
When you’re comparing policies, most websites only show you the key features. Even if you’re reading a complete policy document, you may miss out on the fine print in the plan. You need to read this fine print so you know everything that is included in the coverage, and excluded from it.
8. Buy In Bulk to Save Money on your Insurance
If you’re a frequent traveler, then the last thing you should do is to buy individual insurance plans for your trips. If you’re planning on taking multiple trips a year, an annual plan is almost always better for your wallet.
Annual plans often have better coverage for a lower premium. So, even if the initial premium you’re paying seems more expensive, it gets you more benefits.
Buying your plan in one go will also reduce the hassle of choosing and buying travel insurance for each trip.
9. Customize the Extent of Coverage
Even though the insurance provider will tell you that you need A-Z coverage, their assessment might not be accurate. If you were smart at stage 1, you would have booked refundable hotel and travel tickets.
If that is the case, opting for refund coverage is useless. Buy travel insurance with coverage that is logical for your trip.
Similarly, take care not to over-insure yourself. Yes, you need adequate insurance coverage, but getting coverage for an event like a volcanic eruption in Egypt, which has no active volcanoes, is not prudent.
Most travel insurance websites will have a host of insurance plans that you can choose from. Compare them all before you make your decision.
Though it seems like a hassle, it’s easy to save money on travel insurance. Especially if you go to the right website, like Insubuy. Knowing how to choose the right travel insurance is vital. Just remember to buy your insurance in advance, and keep an eye out for the fine print in the plan.
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