Travel insurance can be extremely useful for those who plan to travel overseas, but the cost of these policies can add up quickly if you’re not careful. As with most things in life, you get what you pay for, and that’s certainly true when it comes to insurance policies. The following 8 tips will help you find cheap travel insurance so that you can enjoy your trip without having to worry about paying your high medical bills if something happens on your vacation.
1) Decide on a travel insurance policy
Before you buy travel insurance, do some research and compare policies. Find out what’s covered and what isn’t, what you have to pay upfront and in case of emergencies, how much emergency medical evacuation costs are covered by your policy, whether certain activities (like mountain climbing) will automatically invalidate your policy—and anything else that might affect whether or not you can get a claim if something goes wrong on your trip.
2) Decide on Your cancellation cover
When purchasing travel insurance, one of your options is cancellation cover. This option allows you to cancel your trip and receive a refund (or in some cases, a partial refund) if you cancel within a certain amount of time. Think carefully about how much time you can afford to lose before buying cancellation cover; if it takes too long, then consider buying coverage that covers only accidents or illnesses during your trip.
3) Add an emergency medical cover
If you are traveling on a short-term trip, check if your travel insurance covers emergency medical expenses. Emergency medical cover will pay for any necessary medical treatment in an emergency overseas. Depending on your policy and destination, it could also include costs associated with transporting you back home or getting you to a hospital within your country of residence. Check with your insurer before departure as some policies only provide emergency medical cover once you have arrived at your destination and not while en route.
4) Choose your excess level
Many travel insurance plans offer different excess levels. A higher excess means that you’ll be paying a larger amount towards your claims, but you will also pay less in premiums. If you’re planning on staying close to home then a high excess level might be perfect for you, however, if traveling abroad it might be better to go with a lower level. Generally speaking, most people choose an excess of around $500.
5) Secure free health care with your visa
Before you start planning for your next holiday, it’s important to know how travel insurance works in your country of destination. Your visa could entitle you to free or subsidized medical treatment, so check out any reciprocal healthcare agreements. Make sure you have travel insurance too (see below). Read on for 8 tips on getting cheap travel insurance for your next trip.
6) Maximise annual leave days
When you’re planning a trip, one of your first considerations should be working. If you have any flexibility with your time off, try to take as much time off as possible. It will save you both money and stress down the track. And don’t forget that annual leave days aren’t only for people who work 9-5 Monday to Friday!
7) Consider bundling your policies
There are several reasons why it may be a good idea to purchase more than one policy from a single provider. For example, if you travel abroad often and always stay at your family’s home during your visits, you might consider bundling both of these policies with one company.
8) Check special deals from insurers
If you’re going away on business, check whether your work travel insurance covers you abroad and if not, look for deals with providers such as STA Travel or insure4travel. Compare prices between companies before buying to ensure you get a good deal. Remember that multi-trip insurance is more cost-effective than the single-trip cover.