Purchasing travel insurance before going on a trip is one of the guaranteed ways of protecting yourself from unexpected bills. Although it may seem like an additional expense, it could save you thousands of dollars in the event of an unforeseen occurrence such as an accident when hiking.
Today, we are going to look at tips on how to find affordable travel insurance in the current market.
Compare and Contrast Policies
Look around to find a policy that meets your needs and preferences. What worked for your friend who also loves traveling may not be right for you. Therefore, it is imperative to compare and contrast each policy before making your final decision.
If possible, go for an insurer who can customize a plan for you without charging you insane premiums. You should also be weary of low-cost policies, as they might prove ineffective in cushioning from the various risks. In the insurance world, you get what you pay for, and so the standard policies should be avoided at all costs. Take a keen look at how much the policy covers in exclusions, filing claim processes, and additional coverage such as winter sports.
Purchase the Insurance Policy Direct
When booking your vacation, the travel agent may recommend you to a company that offers a travel insurance policy. Even though it might seem more convenient to get the policy through the travel agency, it is not recommended. Instead, do your research before committing yourself to the policy. Thanks to the internet, it is now easy to compare policies and purchase one from the insurance company directly instead of relying on a travel agent. By doing so, you might strike a better deal with the insurance company.
Purchase the Policy Early
Unknown to most, an insurance policy factors a client’s age from the time of policy purchase and not the age you are while traveling. This means that you could save hundreds of dollars on your premiums depending on your age.
Another benefit of purchasing the policy early is that it gives you enough time to make the necessary adjustments to your trip itinerary. If an unforeseen tragedy occurs before the big day, the insurance company can step in and compensate you.
Check the Various Levels Available
Most of the insurance companies nowadays offer different tiered plans to customers. The plans range from fully comprehensive all the way to basic plans. Take the time to compare these plans to identify the one that best suits your budget and needs. One of the questions you should ask yourself when selecting the plans is how much coverage you may need in case the worst happens.
Impact of Excess on Premiums
The term “Excess” is used to refer to the amount of money that you agree to pay in the event of a problem covered by the policy occurring, and you needing to file a claim to the insurance company. For example, an insurance company might offer a voluntary excess option that gives you higher excess of $300 thereby reducing the total cost of your policy. You are covered beyond $300 dollars worth of damages, but not under that amount.
Because you agree to take more responsibility, the insurance will not have to pay out as much money and consequently, you will see a drop in your premiums. It is also important to note that a policy with $0 excess, where the client does not pay anything if a covered incident occurs, will attract higher premiums.
Save By Traveling as a Group
A single policy is ideal only if you intend to travel alone. However, if you will be visiting with friends or family members, it is recommended to go for a policy that covers the whole group. Such a policy is usually more convenient and economical than buying a policy for each member of your team separately. It is also important to note that some policies may cover children, but you will be required to pay an additional fee.
Be Honest and Disclose Everything
Not disclosing all the details of your trip could help you to get lower premiums. Be warned that such a move can result in your claims being denied or the policy being deemed null and void. Check all the boxes in the policy document that you feel are important to avoid such a scenario.
It’s possible to get an affordable travel insurance policy if you take the time to search for the right one. If you contact an insurer, make sure you have a list of questions ready about the policy options. Asking questions will lead you to paths that can save you money, especially if you ask the right ones.
You can get affordable travel coverage with enough time and patience.
How did you find your travel insurance plan? Has a travel insurance policy ever saved you in a sticky situation? Share your stories and tips in the comments below.