A Guide to Saving Money on Travel Insurance
Looking after the pennies is something every Yorkshire native is brought up to be proud of. But saving money where an additional expense is unnecessary is something everyone can get behind, especially in the case of buying travel insurance, which many people only do begrudgingly anyway.
That said, anyone who truly respects the value of money also understands the good sense of getting the right kind of cover for any trip instead of leaving things to chance. If you end up with your flight home cancelled and have to pay for a new one out of your own pocket, or if you fall ill abroad and face a potentially hefty medical bill, the last thing you want is to be caught without adequate insurance or any cover at all.
The key is to know how to find the right policy for your needs at the best possible price. While having insurance is better than taking a chance without, you don’t need to feel ripped off for the privilege. Here’s a quick guide to some key things you need to know to ensure you always get a good deal.
Single vs multi-trip insurance
Standard travel insurance policies are often divided into two distinct types. Single trip policies do what the name suggests – they cover you for one trip and are valid for a specified period determined by a fixed start and end date. Multi-trip insurance, on the other hand, lets you travel more than once without having to buy separate policies. They are valid for a fixed period, usually a year.
If you are only likely to venture abroad once or maybe twice in any given year, buying single trip policies each time will probably work out cheaper. However, for more regular travel, multi-trip cover can save you money. You can also look out for annual travel insurance deals being bundled in as incentives with other types of insurance or financial products like credit cards.
One thing to watch out for, however, is that multi-trip policies only provide you with a standard form of cover. If you intend to go skiing or on a cruise, your annual policy may not cover you, meaning you will have to buy specialised single trip cover all over again and end up spending more money overall.
Follow this link to find out more about the right kind of insurance for you.
Travel insurance for pre-existing medical conditions
If you have a diagnosed medical condition, you must declare this when you buy a travel insurance policy. Travel insurance covers any medical expenses you might have to pay for treatment abroad, which can be very expensive. If you don’t declare your condition, any cover you buy is likely to be declared invalid, leaving you with no protection if you do need medical assistance.
Many people, however, are shocked by the high prices they are quoted when they declare a medical condition to their travel insurance provider. The key is not to accept the first price you are quoted – general travel insurance providers are not geared up to providing the kind of bespoke medical cover people with a specific condition need, and compensate for their lack of expertise in this area by applying punitively high premiums just to protect themselves from all eventualities.
Fortunately, there is a healthy market for specialist providers who do understand the requirements and associated treatment costs of any number of medical conditions, and are happy to provide policies on that basis. Shop around, and you could find insurance hundreds of pounds cheaper than what a general provider might initially quote you. If you really want to keep your costs down, it also pays to research the private health care costs of different destinations and base your decision on where to go on that information. As travel insurance premium calculations are based on the cost of private healthcare, cheaper prices in a certain country mean cheaper travel insurance.
Travel insurance for older travellers
As with people with long-term medical conditions, older travellers can be shocked by the prices they are quoted for travel insurance, simply on account of their age. From the age of 50 upwards, travel insurance providers assume that customers are more likely to make a claim, and adjust their prices upwards accordingly. What is more, they continue to apply these price hikes incrementally as people get older, with examples of shocking year-to-year increases not uncommon, eventually pricing some older would-be travellers out of buying a policy altogether.
Again, the key tip for older travellers is to shop around. Specialist providers focusing on the over-50s market are plentiful and help to keep the market competitive. The problem is, prices quoted can vary so much it is easy to be put off by a couple of eye-watering quotes. Better deals are out there, especially online, so keep at it.