Travel insurance… it can be costly, especially on a shoe-string budget. So should you get it????
The short answer is… Yes.
The long answer is… nearly always, yes.
Whilst it might seem expensive, travel insurance is actually the cheapest insurance you’ll ever buy because it’s health, home, and contents insurance all rolled into one! Essentially, it is a must-have for any traveler. It can provide you with peace of mind and financial security in case of unexpected events, such as flight cancellations, medical emergencies, or lost luggage. However, with so many travel insurance options available, it can be challenging to find one that meets your needs and budget. In this post, we will explore various tools and hacks you can use to find the cheapest travel insurance available.
Use comparison websites
There are several websites that allow you to compare travel insurance policies from different providers. Some of the most popular ones include InsureMyTrip, Squaremouth, and TravelInsurance.com. These sites allow you to enter your trip details and requirements and then provide you with a list of available policies with their prices and coverage details. This way, you can compare policies side by side and choose the one that best suits your needs and budget.
Check with your credit card company
Some credit card companies offer travel insurance as a benefit to their cardholders. Before you purchase travel insurance, it’s worth checking whether your credit card company provides this benefit. If they do, you can save money by using your credit card for your travel expenses and taking advantage of the free travel insurance. Make sure to read the Ts & Cs VERY carefully though as there are always qualifying criteria and varying stipulations on what and how much it covers. Over the years travel insurance on credit cards has been getting worse, to the point where unless you pay a hefty fee for something like a Platinum Amex, the policy is probably not worth the paper it’s written on.
Look for discounts
Many travel insurance providers offer discounts for various reasons, such as buying online, being a student, or traveling in a group. Some providers also offer loyalty discounts if you have purchased travel insurance from them before. Before you purchase travel insurance, make sure to check whether any discounts are available and take advantage of them. Flighthacks.com, Groupon, australiancoupons.com.au and australianfrequentflyer.com.au all offer a range of discount coupons for you to use at checkout!
Consider the level of coverage
When purchasing travel insurance, it’s essential to consider the level of coverage you need. If you’re traveling to a high risk country, you may need a policy with higher coverage limits. To find out the current alerts, risks and warnings for a country check out Smarttraveller (one of the few actually GREAT government websites!). However, if you’re going on a short trip and don’t plan on engaging in any adventure activities, you may be able to get away with a basic policy that only covers medical emergencies and trip cancellations.
Which brings us to the “nearly always” in my long answer above…
The one time I think travel insurance is perhaps not entirely necessary, is when you are going on a short trip to somewhere safe and familiar. Say, visiting friends for a weekend in Auckland. That being said, when you choose not to get insurance, YOU ASSUME ALL THE RISK. You might be perfectly happy with that, but just don’t come crying to me if it doesn’t work out! I know from experience that the one time I chose not to get travel insurance was the one time I missed a connecting flight because our other international service ran late, it cost me nearly $800, about 3-4 times the price of buying insurance!
Lesson Learned.
Check the insurer’s reputation
Before you purchase travel insurance, it’s important to check the insurer’s reputation. Look for reviews online and ask other travelers about their experiences with the company. If you’re in North America, you can check the insurer’s rating with the Better Business Bureau. If you’re Down Under, start with the Smart Traveller CHOICE guide and work from there through different reviews sites like Fastcover and Choice. Best to ensure that they are a reliable and trustworthy company before buying.
Opt for an annual policy
If you’re a frequent traveler, it may be more cost-effective to purchase an annual travel insurance policy rather than individual policies for each trip. Annual policies cover multiple trips throughout the year, and you only need to pay one premium. This can save you money in the long run and provide you with the convenience of not having to purchase travel insurance every time you travel.
In conclusion, finding the cheapest travel insurance available requires a bit of research and effort. However, by using comparison websites, checking with your credit card company, looking for discounts, considering the level of coverage, checking the insurer’s reputation, and opting for an annual policy, you can save money while ensuring that you have the coverage you need for your travels. Don’t forget to read the policy’s fine print to understand the terms and conditions and ensure that you are fully covered in case of any unforeseen events.
