Travel insurance can be an expensive beast.
Here are ten great ways to save money the next time you buy travel insurance:
1. Only buy what you need. A few years ago, travel insurance only meant medical travel insurance, but today there are a bevy of add ons that can up the price significantly. Trip cancellation, interruption, baggage and flight delay insurance can increase your costs significantly.
2. Up the deductible. You’ll almost always pay more for a zero deductible policy.
4. Look at your credit card perks. Check to see if you already have travel insurance coverage on one of your credit cards or through a work or spousal policy.
5. Consider a multi-trip policy. If you travel regularly, an annual policy (which lets you take multiple trips in one year) might be cheaper than buying several single trip policies.
6. Check if you’re insured already.If you’re thinking of buying baggage or personal effects coverage, call your home or tenant’s insurance company to see if you already have coverage under an existing policy. Many home insurance policies will offer some coverage for your belongings while you’re away from home.
7. Look into a family discount. If you’re traveling as a family, shop around for a about a family discount. Many insurance companies will insure minor children for free under their parent’s travel insurance policy.
8. Add on rental car coverage. Consider getting a policy that includes car rental coverage if you’ll be renting a car on your trip. This can be much cheaper than buying insurance with the car rental company, as rental car agencies often charge a fortune for insurance. Be careful, though, as many car rental insurance policies only cover damage to the car, and won’t insure you for damage to other vehicles, or liability if you injure someone in an accident.
9. Consider credit card travel insurance. Look into getting a credit card with travel insurance coverage included as a perk. Many credit cards offer multi-trip travel insurance policies as part of their perks package. Make sure you purchase your flights and accommodation using your credit card.
10. Cheapest isn’t always best. Make sure you get insurance that meets your needs. For example, if you plan on bungee jumping, skydiving, or any other adventurous sport (even hiking!), make sure your policy covers sports. Many policies won’t cover claims that are related to a preexisting medical condition (including diabetes), or cover camera or computer equipment.
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*As always, the information on this page is from one Canadian traveller to another. We have spent years abroad and have gotten to know the ins and outs of the industry however we are not travel insurance agents. If you have any travel insurance questions, please talk to a qualified travel insurance agent or broker. Finally, policies and plans can and do change all the time, without warning, so always consult your insurance policy since that is the legal document to which you are agreeing to.
*This article is only intended as general advice. Please check your own policy carefully.