Travel insurance is something no one likes having to pay for. But if you’re planning on traveling, it’s something you need to have. However, that doesn’t mean it should cost an arm and a leg. Luckily, there are options for finding the cheapest travel insurance.
Why You Want the Cheapest Travel Insurance
You need to have travel insurance because it will help you spend less money in the long run. That sounds strange, but it’s true. You’ll spend a lot more money on an emergency if you don’t have travel insurance.But of course, you don’t want to spend too much. And that’s why you want the cheapest travel insurance you can get. As long as it covers everything you need to be covered, that’s okay! We all want to cut costs if possible.To help you with that, we’ve put together a list of the best tips on how to find the cheapest travel insurance. And if you’re confused by any of the words insurance companies use, take a look at our guide to Understanding Insurance!
1. Check What is and isn’t Covered
Your policy should cover any medical expenses that come up while traveling. But if you have ongoing medical treatment, you should check to make sure it’s also covered.
2. What Else Might Not Be Covered by the Cheapest Travel Insurance?
There are a few things that some of the cheapest travel insurance might not cover. For example, some sports and other types of activities. You also need to be careful about traveling to high-risk countries.And if you have a preexisting medical condition, always tell your insurance company. Otherwise, they can refuse to pay for anything!
3. What About Drugs and Alcohol?
This is something you need to be very careful about because it can affect your claims. A lot of insurance policies won’t pay if something happened after you’ve been drinking. And even if you were “spiked,” having any kind of drugs in your system can have the same result. It’s always better to be safe rather than sorry, so pay attention to this part of the contract!
4. Be Smart About Exclusions
All insurance policies are going to have exclusions, but you don’t want everything left out. So you should always be careful when choosing an insurance policy. Things like severe weather conditions, war, and terrorist acts especially. They can make things difficult when traveling. And if they’re excluded from your travel insurance, then they can be very expensive too.So it’s a smart idea to choose the cheapest travel insurance with the least exclusions.
5. Requirements and Payout Terms
Another thing you should pay attention to is the requirements. What type of documents do you need to give and when are they due? If you need to file a claim, this information is going to be very important.
6. Premiums and Upgrades
Of course, you want as much cover as possible. But you also want the cheapest travel insurance possible. So when you’ve found a few options you like, compare the premiums. And that means looking at the available upgrades/downgrades too.It’s always a good idea to ensure your baggage too, so pay attention to the added cost. Because sometimes, an upgraded policy that includes baggage is actually cheaper!
7. Take Advantage of Group Policies and Family Discounts for the Cheapest Travel Insurance
Whether you’re traveling for business or for pleasure, if you’re in a group, it’s cheaper to get a group policy. That way everyone can pool their money together and save.And it’s the same for families. Not all insurance companies do this, but some of the best will cover children for free.But be careful with group policies. People over 65 pay higher premiums and insurance companies set their rates by the oldest person in the group.
8. Always Buy Direct and Online
You can buy travel insurance through agencies and airlines. But they charge more. So if you want to save money, buy direct from the insurance company instead. And you can usually save even more by doing so online.
Other Things to Consider When Looking for the Cheapest Travel Insurance
Okay, so you’ve gone through our list and have narrowed down your options to two or three companies. But you can’t just throw a dart and decide which one to choose! And it’s not always as easy as simply picking the cheapest travel insurance either.Instead, there are a few more things you should think about to help you make a better decision.
1. Should You Get an Annual Policy or will Single-Trip Cover be Enough?
It can be very tempting to only think about costs in the short-term, but if you should always think long-term instead. That’s because short-term savings can sometimes end up leading you to spend more in the long run!So while you’re looking for the cheapest travel insurance, think carefully about your travel habits. If you’re only going to be traveling this one time, then a single-trip policy is going to be the best option for you. But if you travel a lot in the year, for business and pleasure, then an annual policy will help you save money.However, you should look at the annual policy’s terms and conditions very carefully. That’s because they have a limit on the amount of time you spend on each trip!
2. Do You Qualify for Loyalty Benefits?
If you already have other types of insurance (and we hope you do!), then you might enjoy customer loyalty benefits. Sometimes, its customer loyalty discounts make for an unexpectedly cheaper option. So keep that in mind when you’re looking for the cheapest travel insurance.
3. Can You Get the Cheapest Travel Insurance Through Your Credit Card?
These days, you’ll often find that travel insurance is an added benefit with some credit cards. So you should also talk to your bank about this option.But try to keep this as an emergency option, because these aren’t the best travel insurance policies. There’s a lot of exclusions, and the more exclusions there are, the more you end up paying if something does happen.