How to Cut the Cost of your Travel Insurance

Sat, Apr 4, 2015

Budgeting, Financial Advice

With the March Equinox now upon us, thoughts are turning to summer holidays and exotic escapes to far-away locations. Now is also the best time to book your summer travel plans while also saving money, unless you are banking on last minute deals (which are notoriously unreliable) or were organised enough to schedule your trip well in advance.

While summer holidays are essentially fun adventures, however, there are many serious considerations when booking them. One of these is travel insurance, which provides considerable protection in the event of injury, illness or the loss of material possessions while abroad. When you consider that the paying for an air ambulance as a visitor to the U.S. can cost upwards of $30,000, for example, this is a crucial expense that can help you to save huge amounts of money.

How to Save Money without Compromising on Travel Insurance Coverage

While travel insurance may be an invaluable product that can enable long-term savings, however, it also carries a short-term cost that many find inconvenient. With this in mind, it helps if you can reduce your travel insurance costs and invest in reputable, affordable coverage, so consider the following steps towards achieving this: –

Ignore Travel Agent’s Insurance Coverage

If you have booked your holiday through a traditional travel agent, you may well find that you are offered an accompanying insurance policy. This should be avoided at all costs, however, as the deals and terms offered by travel agents are generally considered to be the worst on the market. These companies rely on the convenience offered by their deals to entice customers, but you must remain strong and instead seek out independent service providers online.

Search Online and Identify Viable Brokers

You may have heard the term price comparison used regularly to dictate the behaviour of consumers and encourage them to scour the market for the best possible deals. Historically, this meant using online price comparison sites to review the best deals in a real-time market, and this remains an effective way of achieving an overview and informing your decision. A growing number of service providers are now deciding to remove their details from these sites, however, in order to help distinguish themselves from competitors. This means that you will also need to compare branded websites in order to ensure that you make an informed decision.

Look before you Leap

On a final note, caution is the watchword when you consider purchasing a travel insurance policy. After all, the level of competition between bank accounts and building societies in the wake of the recession has forced many operators to include travel insurance as a complimentary feature of some high-end accounts. This means that you may be covered automatically by a policy, so it is worth inspecting the terms of your account before investing in coverage from a reputable, external service provider.

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