5 Ways to reduce the cost of travel insurance

Travel insurance is an important aspect of any trip, so when planning a trip it is a good idea to add the cost of travel insurance to your budget. Yes it is an added cost to you, but if something goes awry when you are gone you know you will be covered, saving you money in the long run. If cost is holding you back from getting travel insurance, there are some ways that you can save money on your coverage. Here are 5 things that you can do to help keep the cost down while still ensuring that you have proper coverage while traveling.

Compare quotes online

Shopping online and comparing quotes is a great way to get a scope of the different travel insurance plans and prices out there. Whether you go with one of the insurers that you get a quote from or not, you gain value information regarding the various price points available to you.

Only get what you need

To ensure that you are not spending more than you need to, be sure to opt for the type of travel insurance that fits your trip. For example, if the only luggage you are bringing with you is a carryon that will stay with you during the flight, you may not need to get baggage coverage. Before getting your insurance, analyze your trip and assess your coverage needs so you can pick a travel insurance plan that works best for you. There is no need to pay extra for coverage that you may not need, on the flipside however, do not underestimate the coverage you do need, you do not want to find yourself away from home with not enough coverage.  

See what travel coverage is offered by your credit card or work benefits

Before you start shopping for your travel insurance, get in contact with your credit card company, and if applicable, have a look at your work benefits. Chances are one of the two offers some sort of travel coverage. Your credit card and benefits may not be enough to cover all your needs for your upcoming trip, but they could help to offset the costs of addition travel insurance. If you already have some level of coverage, you may not need to get as extensive of a travel insurance plan.  

Use a travel insurance broker

To help you find the best price for the insurance that matches your needs, enlist the help of a travel insurance broker. Your broker will be able to look at your trip and help you determine the coverage best suited to you. They will also be able to shop around for you and find an insurer who can offer you the coverage you need, at the best price. Using a broker is a win/win situation for you as they can make the travel insurance process easier and save you money, all at no extra cost to you!

Sign up for your insurer’s newsletter

By simply signing up for an insurer’s newsletter, you may be able to save some money on your travel insurance. Often insurers offer discounts or provide coupons to those on their email lists. In addition to these monetary bonuses, you will also gain access to travel insurance tips and tricks. The more knowledgeable you are about the insurance you are buying, the higher the chance that you will be able to spot a deal.