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Tips for pocket-friendly travel insurance

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Before every big vacation and prior to each major holiday, there’s undoubtedly going to be a lot of planning involved. Checklists for the things you need to pack, to-do lists about all the important things you need to get done before you board that plane, and perhaps even a great deal of planning about the whole itinerary - all of this will no doubt be on your mind. In addition to all this, there’s one other important thing that you need to put in place before your domestic or foreign trip. And that is your travel insurance plan.

The cost of your travel insurance policy depends on many factors like the extent of coverage offered, the duration of your trip and the destination you’re heading off to. But despite these factors, there are some tried and tested ways to help you reduce the cost on your domestic or overseas travel insurance plan. 

Here are some tips that work.

1. Shop around before you make your purchase

Hasty purchases may not be the best way to go about buying travel insurance. Take it slow, do your research, and shop around before you decide on a plan. Use online comparison tools to compare the costs of different travel medical insurance plans and match the benefits they offer against each other to identify the plans that give you the most value for money. This way, you can not only get the most cost-effective travel insurance plan, but you can also get great benefits for the money you pay. If you rush through your purchase, you may overlook many key details in the process.

2. Buy only the coverages that you’ll need

Being underinsured is one kind of a problem. But being over insured could also come with its own flip sides. It’s best to buy only the cover that you need, so you don’t end up spending additionally for the coverage you don’t really require. A comprehensive cover that checks all the essential benefits may be the best choice if you’re relatively healthy and are not traveling to a particularly dangerous destination. Keep an eye out for any added benefits that you may not really require, so you don’t end up paying extra for those additions.

3. Multi-trip covers are your new best friend

If you’re planning to take multiple trips during the year, or if you’re generally a frequent flier, a multi-trip cover could help you save a great deal in the long run. Check for domestic or overseas travel insurance plans that cover multiple trips during the year, and make your purchase depending on the destinations that you’re most likely to travel to that year. This could be more cost-effective than purchasing individual travel medical insurance plans for each trip. Additionally, if you can customize the policy even further, that’s a bonus.

4. Buy online, directly from the insurer

If you make your flight bookings or reserve your accommodation online, you’ll likely come across offers for travel insurance purchases as well on the travel websites you frequent. While it may be tempting to buy the travel cover also at one go, it’s best to head to the insurer’s website and make your purchase. This is because most travel sites offer fixed rates for everyone. On an insurer’s site, you could have the option to customize the plan. It also gives you the opportunity to compare your options, as we’ve seen earlier.

Conclusion

These tips can help you economize the costs associated with domestic and overseas travel insurance plans. And always keep in mind that when you buy your insurance policy, disclose all the necessary information completely and honestly, so your insurer will have no reason to reject your claim, if any. That way, your purchase would be worth it.

Disclaimer:  The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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