Travel insurance is designed to cover the cost of any unexpected events that may arise whilst you are away. When looking to purchase travel insurance there are a few things that you need to consider to ensure you get the best travel insurance policy. Once you know the policy you need and how to get the best deal you can compare the best travel insurance providers in our article, 'The best travel insurance in the UK'.
How to save money on travel insurance
In this section, we share 5 important ways you can save money on your travel insurance policy. How much you pay for your travel insurance policy will vary depending on your age, the trip destination, the trip length and whether you have any pre-existing medical conditions. To find out how much you can roughly expect to pay for a travel insurance policy, read our article 'How much does travel insurance cost?'.
1 - Check if you already have travel insurance
If you have a packaged bank account you may already have an existing travel insurance policy. If this is the case then you may not need to buy additional cover. Look carefully at the policy conditions as you need to ensure you have the right level of cover for your trip before you travel. Another thing to consider is that your packaged bank account travel insurance may have upper age limits so you may be required to purchase an additional premium to cover you if you are over the upper limit. In this instance, it would be a good idea to compare other travel insurance policies as you may be able to find it cheaper elsewhere.
2 - Have you got the best policy?
When taking out a travel insurance policy it is a good idea to check that you have the best policy for your trip, as doing so could save you some money. If you are going away on multiple trips in a period of 12 months then you may benefit from taking out an annual multi-trip travel insurance policy. It may only be a small amount more than a single trip policy but it will cover you for each of your holidays and depending on the provider it may also cover holidays in the UK.
If you are going away in a large group or as a family you may also benefit from a couple, family or group travel insurance policy. Taking out a policy that covers more than one person can work out cheaper than multiple individual policies. You may wish to consider that if an individual has a pre-existing condition, this can increase the cost of cover as a whole. This will however mean that if the trip is cancelled due to the individual's pre-existing condition then each insured person on the policy should be covered.
If you are going on a cruise or winter sports holiday you need to ensure that you have the right cover on your policy for your trip. Some insurers cover cruises and winter sports as standard but with some, you will have to add this as an optional extra. Not having the right cover could mean an insurer refuses to pay out should you need to claim. Find out more about the different travel insurance types in our article, 'What are the different types of travel insurance?'
Read all policy documents carefully so you know all activities you are planning to take part in are covered under your policy.
3 - Increase the excess
If you have the option to increase the excess amount payable upon making a claim then this could help to reduce the cost of your travel insurance premium. You should always make sure this amount is affordable however as the excess is the amount you will have to pay if you need to claim on your policy.
4 - Buy online
You may be able to save money on your travel insurance policy by purchasing a policy online and directly with an insurer. Some travel insurers such as LV= have a discount when purchasing a travel insurance policy online. One thing to consider is that most online discounts may be introductory offers and therefore may not apply if you renew the policy.
5 - Shop around
One of the best ways to save money on your travel insurance policy is by shopping around with different insurers to find the best quote. One of the quickest and easiest ways to shop around is with a comparison site such as Compare the Market* or MoneySuperMarket* as this allows you to compare multiple insurers at the same time. Whilst they compare numerous insurers, comparison sites are not always whole of market, which means certain insurers - such as Direct Line - will not show up in the results and so you may be able to get a better deal elsewhere.
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