How to Save Money on Travel Insurance without Sacrificing Coverage
You have a fair checklist of do’s and don’ts before you buy travel insurance online. The cost of travel insurance might have left you believing that you don’t need any travel insurance policy, but you can save a lot of money and also have comprehensive travel insurance coverage.
This guide is specially made for you to uncover the secrets of saving money on travel insurance without sacrificing coverage or benefits.
7 smart ways to save money on travel insurance
Here are a few tips to saving big on travel insurance:
Assess Your Travel Insurance Needs
There are numerous Travel Insurance providers in India, but before purchasing any travel insurance policy, you should understand and evaluate your specific travel needs. You must consider some factors like your trip destination, trip duration, and the adventure activities (If you are planning an adventurous trip).
If you know what you need, then the extra coverage costs are automatically eliminated, and you only pay for the coverage you actually need.
Compare Policies and Providers
The best thing about today’s technological era is you have so many options right in front of your eyes. We recommend you compare different travel insurance policies by different insurance providers before you proceed to buy travel insurance; also, we suggest you buy travel insurance online.
Comparing different insurance policies by different providers can help you get the best deal on travel insurance, and you will end up saving big on your travel insurance.
Utilize Discounts and Bundles
This option is quite trendy these days. People are buying travel insurance in a bundle and spending a lot of money on their bundled insurance. There are plenty of insurance providers who offer discounts and amazing deals when you buy travel insurance with their other insurance products, like automobile or home insurance.
Moreover, you can also buy travel insurance for a group or family, fetch amazing discounts, and save money when traveling with others.
Understand Coverage Exclusions
It is always advised to do your homework, especially when you are entering such complicated territory. You should have a detailed understanding of the travel insurance policy and the entire travel coverage exclusions. The moment you know what is covered and what is not, you can easily plan your trip accordingly and save a lot of money.
Imagine if your policy doesn’t cover any pre-existing medical conditions, then you can plan and purchase a separate policy or make necessary medical arrangements in advance.
Higher Deductible
A deductible is something that you need to pay before insurance coverage. Most of the travel insurance providers will not tell you this, but you must choose a travel insurance policy that has a higher deductible.
The higher deductible guarantees lower premium costs and saves a lot of money in the long run. However, you have to pay more upfront costs, but rest assured, your premiums will not make you feel guilty.
Use Travel Insurance Comparison Websites
Before buying travel insurance online, you must check out the online platforms that allow you to compare different insurance policies together in a single space. These platforms show the best travel insurance in India and let you compare multiple policies from different providers.
This can help you get the most affordable and comprehensive travel insurance coverage. Some of the best travel insurance comparison platforms are Policy baazar, InsureMyTrip, Sqauremouth, etc.
Review Your Existing Coverage
If you have any insurance policies, then you must review them before choosing another travel insurance policy. Some home/health insurance policies also cover travel-related costs, and this might help you save money.
We recommend you purchase the specific travel insurance plan that you don’t have in your existing policies and save your hard-earned money.
Other small ways to save big on travel insurance
- Buy a travel insurance plan according to your destination
- Don’t buy travel insurance from travel booking platforms
- Buy travel insurance in advance
- Consider an annual travel insurance plan over a monthly coverage if you are a frequent traveler conclusion
Although insurance premium plays an important role when choosing a travel insurance policy, we suggest you look for every little detail of your policy. From coverage to limitations, inclusions, extent, destination coverage, lost luggage coverage, CFAR (Cancel for any reason coverage), etc, you must consider every factor before buying any travel insurance.
Small or big savings are savings. You must ensure everything mentioned in this article to get the most out of your travel insurance at amazing deals without paying extra.
