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Tips For Saving Money On Your Travel Insurance

Tips For Saving Money On Your Travel Insurance

There are many tips on saving money on travel insurance available. Bear these tips in mind when searching for cheap travel insurance quote and you will be able to save money on travel insurance. It is though important to realize that the cheapest travel holiday insurance is not always the best choice. Your travel insurance comparisons must always consider both the insurance price and the cover on offer.

What Are Your Travel Insurance Needs?

Many things affect the price of your International Travel Insurance Quote, like your age, your health, where you are going, for how long you are traveling, how often you travel, etc.

Some of them you can control, like where you are going and for how long. This means you can choose to travel to destination that offer cheaper travel insurance and make sure you stay within the closest trip length bracket. In addition, if you travel frequently then multi-trip travel insurance might also help you to save money on travel insurance.

Other factors you have less control over, like your age and your health. You can on the other hand choose carefully what to cover and for how much, and the level of risk (excess level) you are willing to take. This will actually have more impact on the price of your travel insurance. By examining carefully your travel insurance needs you will only pay for what you need, not for some extras you do not need... even if they might be nice to have.

What To Cover And For How Much?

What to cover, and for how much, will depend on your individual circumstances and your trip. Insurance is all about risk. Not only for the insurance company but also for you, i.e. what you cover and for how much will depend on how much risk you are willing to take.

The more vulnerable you are, i.e. if you have some health problems or are getting on in age, the less risk you are likely to want to take. The more risk your trip includes, i.e. if going skiing, climbing Mt. Everest, or traveling around the world, the less risk you should take.

If you have health problems or are getting on in age then the medical cover is likely to be the most important to you, i.e. more important than delays or lost baggage. While lost baggage might be more important if you are in good health but traveling with expensive personal belongings, like sporting equipments or cameras.

When you have decided what is the most important for you to cover (and it is usually number of things, like medical treatment, baggage cover, cancellation, etc), then you must decide how much to cover it for. If what to cover depends mainly on your individual circumstances, then how much to cover it for, depends largely on the level of risk you are willing to take.

How much to cover for should as well take your circumstances and your trip into consideration. For example, lower medical cover might be fine if you are young and healthy and your trip does not include any extreme activities. Anyway, not many are likely to claim back $20 million in medical expenses so why pay more for that. Also, you might not need cancellation cover if you are flying with a low cost airline, i.e. when you have paid off the excess there might be little left to claim!

Most insurance providers offer basic travel insurance cover and you can then add various extras on top of it... for increased premium. Many of those extras are nice to have but if you want to save money on travel insurance you should choose the extras carefully.

They usually also allow you to exclude some benefits, i.e. pre-existing medical conditions or baggage cover. This will of course help you to keep your insurance cost down, however only exclude items you feel comfortable not being covered for.

You might also agree to higher excess level, as it will get the price of your insurance down, often significantly. You should though always base this on your circumstances. If something happens and you would foresee problem with paying off the excess then you might want travel insurance with zero excess. Car rental is a good example. You can usually reduce your insurance premium somewhat against raising the excess, often to a very high amount. Could you pay that amount off the car got stolen or damaged? If not, saving some dollars might not be worth the risk.

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