Travel insurance is a necessity for all travellers regardless of age, gender, travel experience, destination, travelling plans or length of time travelling. There are just too many risks associated with travel whether domestic or international, which isn’t to put anyone off the idea of travelling, but it is necessary to be aware of the potential risks involved and take the necessary precautions, i.e. take out travel insurance.
There are many insurers to choose from these days, but there are also different levels of cover to consider and so much more if you’re to arrange the ideal travel insurance policy for your next exciting holiday abroad. ‘Ideal’ here not only means a travel insurance policy that provides you with the right level of cover and assistance, but is also cost-effective. That’s very important to bear in mind, as you don’t want to pay more than you need to for a travel insurance policy to cover you on your holiday. What follows are five ways to save money on your next travel insurance policy.
Speak to Family and Friends
If you’re a young traveller and your parents have taken overseas holidays in the past, ask them for advice. Chances are a friend or a family member can provide you with invaluable advice based on first-hand experience, so take advantage of this golden opportunity to save yourself a lot of time and money.
While they may have been very pleased with their experiences with a particular insurer, still make the most of the opportunity to compare insurance quotes on Travel Insurance Expert or another leading travel insurance comparison website as there are many benefits to using these websites to compare quotes, including getting the very best travel insurance premiums on offer and saving yourself money.
Research Travel Insurance Policies
If you’ve travelled abroad and have taken out travel insurance policies over the years, you can skip this and the following step and start looking for a top travel insurance comparison website. However, if you’re relatively new to travel insurance policies, it’s a good idea to research some of the policies on offer to get a good idea of what’s covered and what isn’t. Moreover, you also need to know about:
- Excess – Most policies have what is known as an ‘excess’ which means that the insured party also needs to make a payment. For example, if your laptop was stolen overseas and you put in a claim for $1000 and the excess was $200, you would need to pay $200 and the insurance company would cover the rest. This is a common feature on many policies.
- Repatriation – If you were injured overseas and needed to be repatriated back to your country of origin to seek expert medical assistance, this would cost tens of thousands of dollars, which is a conservative estimate. Consequently, you need to ensure the policy covers repatriation.
- Assistance – What assistance will you receive when you find yourself in need of assistance overseas? Most insurers provide a toll-free hotline that travellers can call 24 hours a day when they need help. It’s a good idea to read a few customer reviews to get a good idea of the assistance that travel insurance companies provide as some are much more helpful than others.
You need to know what’s covered in a travel insurance policy if you’re to accurately determine the level of cover you require when travelling abroad.
Determine Your Level of Cover
What level of cover do you require? Different travellers have different travel requirements, so what you need when travelling may not be the same as what another traveller would require. A good example of this would be to compare what an adventurous young person like yourself needs when travelling and what your parents require. As you can imagine, they can be two very different things.
There are many things that you need to consider when determining your level of cover, including:
- Destination – Where are you travelling to? Some destinations are riskier than others and premiums may be higher, moreover, you may also require additional insurance.
- Your situation – Everyone’s situation is different, so consider your age, your medical history and current health situation (some travellers are more likely to require medical assistance abroad due to having a pre-existing medical condition) and how long you’re travelling for.
- Your plans – What are you doing on your holiday? If you’re planning on partaking in adventure activities, like diving or skiing, you will find that you need to take out additional insurance.
There are many things that you need to consider when determining the level of travel insurance cover you require. It’s essential to determine the right level of cover required if you are to save money on travel insurance.
Find a Travel Insurance Comparison Website
Travel insurance comparison websites enable travellers to compare travel insurance quotes from multiple insurers at the same time. This is an excellent opportunity to obtain and procure quotes from the best travel insurers simultaneously, saving you time and money as well. There are quite a few of these websites about these days, so look at a few, read a few customer reviews online to make sure you’re using the best ones available, and then get to work sourcing the best policy for your holiday.
Compare Travel Insurance Quotes
Once you’ve found a great travel insurance comparison website that enables you to compare quotes from multiple insurers, the next step is to start comparing quotes, find the best one for your personal situation and travel plans, and then purchase it! This is a simple process that not only saves you time, but also empowers you to get the very best deal on travel insurance possible.
In conclusion, these five steps are essential to saving money on travel insurance when travelling abroad. By speaking to family and friends you’ll get some invaluable first-hand advice, by researching travel insurance policies you’ll know what to expect, by determining your level of cover you’ll know what to look for, and once you’ve found a great travel insurance comparison website the rest will fall into place!