When you are about to embark on your dream vacation it’s important to obtain travel insurance that provides peace of mind and protects your travel investment in the event things change. Savvy travelers select policies that cover trip cancellation and interruption, medical issues, evacuation and baggage losses too.
Travel insurance policy terms and conditions vary widely so it pays to research and shop differences in coverage. For instance, you should evaluate whether you need trip interruption or cancellation insurance or if medical coverage and evacuation is your primary concern. You can often save money on a travel insurance policy that covers one or two areas of concern rather than all possible issues.
Recommendations for Saving Money
If you are looking to save money and still be protected by travel insurance it is best to follow some simple guidelines. Most consumers simply choose the travel insurance that is offered as part of the vacation booking. They do not realize that they can receive far better coverage by buying an independent travel insurance policy.
Typically, it is very expensive to buy trip insurance from your travel agent, airline or tour operator. According to GoCompare, buying insurance from a package holiday operator could cost three times as much as from a comparison site. Another study showed that buying travel coverage from an international airline was four times as expensive as purchasing an independent policy.
Another way to save money on travel insurance policies is to carefully consider the excesses in the coverage. Think of excesses as the deductibles of the travel insurance business. For example, if you have a claim of $500 and the excess is set at $150 then you would be paid $350 in the case of a loss. Evaluating the level of loss that is acceptable and setting the excesses accordingly can save you significantly on your travel policy.
Other Important Considerations
When you are purchasing travel insurance medical coverage it is extremely important to discuss any pre-existing conditions with your insurer. Pre-existing conditions can invalidate payment for a medical issue under the policy, which could result in extreme financial hardship in the event of a travel medical emergency. If you fully disclose any on-going issues your insurer can write complete coverage for an additional premium or may be able to refer you to a specialty insurance provider.
If you find yourself consistently on the go and travel multiple times per year it pays to consider Annual travel insurance. This form of coverage, while not widely known, can begin saving you money with as few as three or four trips annually. This insurance applies to any travel within the year and offers you convenient and consistent coverage. Some coverage levels, however, may be lower than policies written for individual journeys.
To save money on travel insurance be sure to evaluate and decide on the types of coverage you need. Bypass the travel insurance offered by airlines, tour operators and travel agents and instead shop a comparison site to assure you get the exact coverage you need at the most affordable price.