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Making sure you have comprehensive travel insurance before you set off on holiday is a must - it could save you thousands of pounds if an accident should occur. However your premium can add a lot more to the cost of your holiday, which may not leave you as much to spend away as you’d hoped. If you're willing to take a little longer looking, these helpful tips can help you lower the cost of your travel insurance, so you can save more to enjoy your trip.
Getting an annual travel policy instead of separate ones will come at a reduced overall rate, which is especially valuable if you’ll be travelling multiple times in the year.
Your excess is the amount you promise to pay if you have to make a claim. By increasing this you’ll be able to reduce the cost of your premium, however you’ll need to make sure you can afford it in case you actually do make a claim.
It’s normally cheaper to combine policies if you’re travelling as a couple or a family, as opposed to paying separately.
Although you may be tempted to buy your travel insurance in one go as you book your holiday with a travel agent, they will almost always offer a higher premium than you can find elsewhere. Try to avoid your travel agent’s insurance and shop around for the better deals.
Opting for cover from a cashback website could save you more money.
Confirm that your policy doesn’t include cover for anything you won’t need, such as adventure travel or extra luggage. Insurance premiums will also vary from country to country due to medical provision, so to save money it’s also a good idea that you get a policy to cover only the places that you will actually be visiting.
You can lower your premium by removing your cancellation cover, though if you cannot travel for any reason you won’t be able to get any money back for your holiday.
For items such as your luggage, you may already be covered by your home insurance, so it’s always best to check beforehand. If this is the case, you’ll need to ask your travel insurance provider if you can exclude the cover of possessions from your travel policy. Your bank or credit card provider may have also included travel cover in their service, although this may be basic so you’ll have to check.
