Five tips to reduce your travel insurance premium

Wednesday, January 18, 2017

Five tips to reduce your travel insurance premium

You have finally got your leave approved. Now you are all set for the trip you were planning since ages. You are thinking about the places you will visit, the hotels that offer best deals, the restaurants offering exquisite cuisine, the list goes on and on.  Hold on, you might be forgetting an important thing that needs to be taken care of. That is travel insurance. However, you might have already decided to go with the first one that you came across. Before going ahead, have a look at these five tips that will help you save on travel insurance:

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Always buy travel insurance online

In today’s digital age, you can almost buy everything online. Travel insurance is no exception. Buying online will almost always help you save your hard earned cash.  Travel insurance providers offer lucrative discounts and great benefits for their online buyers.

Selecting the right travel insurance cover

To save on your travel insurance premium, it is vital to choose the right cover. If you plan to travel to the same destination three or more times within a year, it makes sense to check out an annual policy cover. It is likely that an annual policy will cost you less than a single trip policy resulting in good savings. Also, you should take into consideration the possibility of extension for your trip. Some travel insurance providers may not offer policy extension that might leave you high and dry in the aforementioned scenario. Another factor you should consider is the travel destination. Travel insurance providers offer good packages in terms of trips to Schengen, Asia and the world (Ensure to check if US and Canada are part of the world travel plan or not).

Checking your home insurance coverage

Before getting a travel insurance quote, it is always advisable to examine your home insurance policy coverage to save your premium.  Generally, home insurance policy offers coverage for jewellery and other valuables against events such as burglary and fire when you are away.  It may also offer protection for things such as electronic gadgets and other entertainment media. Depending on the nature of coverage, you should choose an appropriate travel insurance cover for maximum savings.

 Medical Conditions and Travel Insurance exceptions

Age-limit is an important factor that needs to be evaluated while opting for a travel insurance cover. Generally, insurance providers offer unique insurance packages for senior citizens. Another important factor to consider is medical exceptions. Generally speaking, most travel insurance providers won’t cover existing medical conditions. For instance, if you suffer from asthma and unfortunately have an attack on your trip. Sadly, your insurance provider won’t cover you for the medical treatment that incurs. Thus, it is important to list out and be honest about all your medical conditions to your insurance provider. This will ensure that there are no hassles when it comes to settlement of claims down the road.

Getting an EHIC Card

A grand holiday to Europe on the cards? There is something on offer that will sweeten the deal.  It is called as ‘EHIC’ card. It stands for European Health Insurance Card. When you avail an EHIC card, you are entitled to access public healthcare services of the visiting country, either free, or at a reduced cost. That said, the degree of benefits and conditions may vary across countries and can tend to change over time. Thus, please ensure that you have the latest information with you in this regard.

So, these were some tips that you will help you save your travel insurance premium and enjoy your trip even more. Have a safe journey!

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