How to Get Cheap Travel Insurance

Buying travel insurance is part of getting ready for any holiday, and getting a good deal is just as important. We all know that vacations are not cheap. We spend thousands of dollars yearly on flights, cruises, car rental, hotels, and tours. So it is understandable that we would want to save money on some aspect of our vacation in an attempt to keep the expenses down.

Moreover, try not to think of travel insurance as just another expense you should avoid while planning your trip. Instead, think of travel insurance as protection for the financial investment you made in your vacation.

Buying travel insurance is part of getting prepared for any vacation, and getting a good deal is just as important. A good travel insurance plan can help pay trip medical expenses, reimburse you for deposits lost if you have to cancel the tip, and much more. When traveling overseas, one must always take into account cheap and better international travel insurance​ coverage. Travel insurance policies now become essential when traveling.

Booking travel always carries some degree of uncertainty. Travel insurance provides a safety net so you can step out with confidence. Insurance is designed to cover the big financial risks you don’t want to bear alone. You may not need travel insurance for inexpensive trips, but it can provide a sense of security when you prepay for pricey reservations or a big international trip.

This article will provide a detailed guide on how to get cheap travel insurance that still has good coverage.

How to Get Cheap Travel Insurance

The biggest price factors in travel insurance are the total trip cost, your age, and the length of your trip. Travel insurance will often cost between 4% to 10% of the trip expenses you’re insuring. However, most travel insurance providers or companies provide cheap worldwide insurance packages. These packages are based on your wants and requirements. You're the one in the position of selecting the ideal coverage to suit your trip.

Moreover, travel insurance is generally very affordable and can save a huge amount of money on medical bills or canceled trips. This is why it is also necessary that you buy travel insurance as soon as you've booked your flight. So you will be covered if you can't go or your trip is canceled.

Here are some tips and advice about finding cheap travel insurance that still has good coverage.

Shop Around

Comparing travel insurance policies from different providers by shopping around is your best bet for getting a policy customized to your needs and at a price you want. As with most insurance, comparing policies from multiple providers can potentially save you hundreds of dollars. Travel insurance policies often include most of the same benefits, but the price and coverage amounts can vary considerably from policy to policy.

However, if you don't know which provider to go with, then you should research a list of plans on a comparison site. These sites will often include plans from the best travel insurance companies along with customer reviews. Some of the popular insurance comparison sites include SquareMouth, InsureMyTrip, TravelInsurance, Insubuy, and AardY.

Moreover, another alternative is by using a travel insurance agent. You can get help identifying the coverage you want and then price-shopping the options.

Consider Buying an Annual Travel Insurance Policy

Annual travel insurance policies are primarily designed to provide travel medical insurance for multiple trips, and at a better overall price. So if you are taking one or two trips a year, buying travel insurance for each one makes sense. But if you are planning multiple trips, buying a policy for each one gets not just expensive, but also inconvenient.

Check Your Credit Card's Benefits

When you’re considering travel insurance for an upcoming trip, you’ll be happy to know that some components of your trip may already be covered. Your credit card may offer travel insurance as a built-in perk. When you book a trip with your credit card, depending on the card you use, you may already receive trip cancellation and interruption coverage. The key here is that you must charge the entire trip on that credit card.

Therefore, when deciding on what level of coverage you need, make sure you check to see what you already get with your credit card. And then decide what additional coverage you would like. Moreover, travel medical protection is usually not included with your credit card, so if you’re looking for more comprehensive coverage, it makes sense to purchase a general trip insurance policy.

Value Should be More Important Than Cost

The age-old adage: “you get what you pay for” definitely does apply when it comes to travel insurance. Cost should not be the only factor when you’re buying travel insurance. A cheap travel insurance policy that lacks good benefits won’t pay off in the end. In general, the less you pay for it, the less coverage you will get, though this isn’t necessarily a bad thing. If you only have a limited budget, it is better to buy cheap travel insurance that is affordable and at least covers some of your trip risks rather than buying no cover at all.

Moreover, other tips on finding cheap travel insurance include:

• Avoid Unnecessary Coverage
• Be cautious about buying upgrades that you likely don’t need.

Factors that Affect Travel Insurance Cost

Generally, keep these factors in mind when considering different travel insurance options. The price will vary depending on the following:

• Length and cost of the trip: The longer and more expensive the trip, the higher the policy cost.
• Cost of local health care: High health-care costs in your destination can drive up the price of trip insurance.
• Medical conditions you want to be covered: Conditions you already have will increase the cost of travel insurance coverage.
• Amount and breadth of coverage: The more risks a policy covers, the more it will cost.
• Your age: Generally the older you are, the higher the price.
• Any optional supplement you add to your policy: Cancel For Any Reason, Interrupt For Any Reason, and more.

Final Thoughts

Unpredictability is one of the mind-opening joys of travel, but travel insurance should contain no surprises. However, buying travel insurance only makes sense if you purchase enough coverage to protect the investments you made in your trip. Therefore, a cheap travel insurance plan is not always the best. You should compare pricing, but you should also make sure you're buying coverage from a quality provider. Additionally, check that your coverage comes with inclusions and limits that make sense for your trip.