Tips to save money on Travel Insurance

Posted on: Apr 26, 2019 | | Written by:

Tips to save money on Travel Insurance

Travel Insurance is just the right way to secure your trip from unforeseen financial losses. Some countries have mandated travel insurance, which means you cannot enter or clear your immigration process without a valid travel insurance plan for your entire stay duration. You can buy travel insurance for your business meetings, family vacation or solo backpacking trips. With your hotel bookings and flights, it goes without saying that your trip budget shoots up, however it’s imperative to have travel insurance in place as well. While you try getting the best deals on flight and offers on early hotel booking, similarly there are certain tips that can actually help you save on travel insurance.

Go for Annual Multi Trip

If you are a frequent flyer and tend to fly overseas quite often, then always go for annual multi-trip plan or frequent flyers insurance. This plan will give you coverage for a year, letting you travel to and fro, from your origin country to anywhere in the world. This saves the hassle of buying new travel insurance for every trip that you take. You also save on the money as you just need to renew or extend it once a year.

Pay Per Day

HDFC ERGO offers pay per day pricing scheme, which means you do not pay for any particular slab of days instead you pay only for the number of days you choose to travel for. For example, if you ever have to travel to any international destination for just 1 day then you need not buy a policy of any minimum slab of 7 days, which helps you save on premium as you end up paying for just 1 day’s cover. This will help you save a lot.

Comparative Study

Before buying a travel insurance, research on the number of days you choose to travel for and which all destinations you plan to cover. Depending upon those facts and number of people you are travelling with, your premium can be compared.

Though price is a prominent factor, but do not always end up doing premium comparison before buying your policy. Look at the coverage, benefits, and cashless network hospitals across the globe before buying a travel insurance plan. It’s at time better to pay a higher premium and get larger cover than remain uncovered during the time of need.

Broadly speaking, instead of trying really hard to save some bucks look at the wider picture and know that saving a few penny today may take a lot over your savings if an unfortunate event takes place while travelling. Hence, always choose a travel plan with lots of benefits and coverage than just looking at the premium factor.

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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