Travelling to distant places may often require you to purchase travel insurance. These usually cover circumstances like lost baggage, stolen items, or unexpected medical expenses. Accidents do occur when you travel and insurance is one way of keeping yourself covered. If you do not like the idea of spending too much on travel insurance, there are some steps you can take to lower your insurance premiums considerably and make things easier on your wallet.
Know the coverage you need.
Know the coverage you already have before purchasing travel insurance. This is because your existing policy may already cover some aspects of your travel and you would essentially be paying for a redundant coverage with your travel policy. Taking an annual or multi-trip coverage may also be cheaper compared to a single trip coverage if you travel frequently. The former is usually cheaper in the long run.
Take a higher excess.
The excess charge is the sum that the policy holder has to pay if they make a claim before the insurance company takes over. In some cases, they can get cheaper insurance costs even with travel policies if they increase their excess.
Take out family holiday insurance.
Taking out group or family-based insurance will usually get you lower rates and more discounts than if you paid for your insurance individually.
Choose your coverage.
If you are travelling to low-risk countries, you may opt for policies that only cover medical emergencies such as hospitalization. Travels to high risk countries, however, will require more coverage such as doctor’s visits and coverage for medical emergencies. This is only if you prefer to see private physicians when you travel, which is usually more expensive compared to going to the public health care system and getting medical assistance there.
In some cases, trips can be unexpectedly cancelled. To protect yourself from unexpected trip cancellations you can purchase trip cancellation insurance so that you can have your expenses reimbursed.