Travelling internationally is always a wonderful experience, filled with anticipation and exploration. However, as fun as visiting a new foreign country is, the journey brings its share of risks. These could include unexpected medical emergencies, lost luggage, or even trip cancellations. That’s why we cannot stress enough the importance of having an international travel insurance policy. However, not all plans cost the same, and ensuring a reasonable travel insurance policy premium is just as crucial as checking the coverage. The good news is that with the right approach, you can lower travel insurance premiums without compromising the value of coverage.
How to lower travel insurance costs?
Looking for affordable travel insurance for a short getaway or the best premium travel insurance for an extended trip? Fortunately, there are several ways to pay less for travel insurance premiums and get the necessary value to secure your trip on your terms.
Explore these handy tips to reduce premium and travel with peace of mind.
Compare travel insurance premiums
This is one of the most effective ways to save on travel insurance. Before you make the final call, shop around. Explore a variety of products that different companies are offering as per your needs. While the coverage may be the same, the price can vary depending on the provider.
Here’s what you can do:
- Explore insurance plans on trusted online sites for comparison.
- Prioritise effective coverage over the cheapest plan that there is.
- Check policy details as seriously as you check prices.
- Read customer reviews, learn what they have to say about claim settlement speed.
This approach can help you spot the best premium travel insurance deal and you won’t even have to lose the value.
Go with customisation
You read that right! After all, why would you over-insure yourself and pay higher premiums for no reason when you are getting the required coverage for less? Many travellers pay for add-ons they never even use. To reduce travel insurance costs, choose coverage that matches your trip, nothing more or less.
Here are the questions to consider when choosing a plan:
- Does your destination have expensive healthcare?
- Do you need high-value baggage cover?
- Will you engage in high-risk/adventure activities?
- Is trip cancellation cover worth the cost for this journey?
By tailoring your premium travel insurance cover, you only pay for relevant protections and your travel insurance policy premium remains in check with your budget.
Choose a higher deductible
A deductible in travel insurance refers to the amount you pay before insurance starts covering costs. When you choose a higher deductible, it ultimately lowers your travel insurance premium. Note, you should only choose this option if you can comfortably cover the deductible in case of a claim.
Buy the plan early to save better on travel insurance premiums
Time can play out to be a differentiator as you try to lower travel insurance premiums. If you purchase the policy early, let’s say right after booking flights and hotels, you will end up saving better on the cost of insurance. Here is how it helps:
- Covers you for emergencies and cancellations that occur before the trip starts.
- Secures current pricing before seasonal spikes.
Early purchases help you find affordable travel insurance with the same benefits.
Consider buying an annual multi-trip plan
Do you travel frequently (3-4 times a year)? If yes, then here’s one of the most viable ways to lower travel insurance costs: Choose multi-trip coverage. This type of travel insurance plan is, more often than not, more cost-effective compared to buying separate single-trip policies. Here’s why:
- You only pay once for year-round coverage.
- It saves you a lot of time that would otherwise be spent on repetitive purchases.
- It often has better premium travel insurance cover at a lower average cost for every trip.
Make off-peak travel plans to lower travel insurance premiums
If you can, do this. Seasonality affects premiums more than you might expect. Travelling during off-peak seasons can help you lock more affordable travel insurance deals since there’s a lower likelihood of claims.
Remove add-ons that you don’t need
Add-on coverage, like high-value electronics or extreme sports covers, are a smart way to secure yourself extra. However, they boost your travel insurance policy premium and are worth no investment if you do not need one. To ensure you have affordable travel insurance, only choose add-ons that you genuinely require. If you’re not going bungee jumping, there’s no need to pay for accident coverage.
Enhance your risk profile
Here’s one of the low-key tips, but an important one. Some factors that impact your travel insurance policy premium are linked to your health and lifestyle. While there’s nothing you can do about age, maintaining good health and avoiding high-risk destinations can help you secure affordable travel insurance over time.
Consider group or family coverage
If you’re traveling with family or friends, look into group/family travel insurance plans. These types of travel insurance often provide premium travel insurance cover at a lower cost per person as compared to purchasing an individual policy. Care Health Insurance, for instance, offers family travel insurance plans with region-specific coverage and pre-existing disease coverage along with a range of benefits. These plans also cover multiple trips a year, which can further secure your loved ones at a great deal of premium. This is possibly one of the simplest ways to save on travel insurance for group trips.
Club it with other services
Yes, you can do this. Many travel insurance companies offer discounted deals when you buy premium travel insurance along with flights or accomodation. It is one of the most convenient ways to save on coverage costs. However, it is advisable to check that the policy details actually cover your needs.
Review and adjust annually
If you use an annual plan, review it before renewal. Dropping unneeded benefits or adjusting coverage limits can help lower your travel insurance premium without sacrificing important protections.
Refrain from making small claims frequently
Frequent small claims seem compelling, but they can land you with higher premiums in the long. That said, if the cost is only slightly higher than your deductible, it is best to pay out of pocket. This will keep your claims history clean and intact and ensure you get the right deal for insurance premiums later on.
Keep trips shorter
It goes without saying. The longer your trip duration is, the higher the premiums will go. If you can, keep your vacation short (even by a couple of days would work). This is one of the easiest ways to lower your travel insurance policy premium significantly.
Balance protection with savings
Knowing how to reduce travel insurance costs is about making informed decisions. Compare travel insurance policies, customise your premium travel insurance coverage, and avoid the extras that you are definitely not going to engage in. These are just a few tips for you to unlock an affordable travel insurance, all without compromising protection. Whether you choose the best premium travel insurance or just a basic plan that is available, you can try these travel insurance savings tips to ensure your next trip is not only safe, but also budget-friendly.
Disclaimer: Plan features, benefits, coverage, and claims underwriting are subject to policy terms and conditions. Kindly refer to the brochure, sales prospectus, and policy documents carefully.
