Travelling, especially when going abroad, is in itself a costly affair. It does provide amazing experiences but is also fraught with risks that can be easily covered with a suitable travel insurance policy. Hence choosing a plan that covers a wide spectrum of travel-related risks without compromising the policy’s scope of coverage is essential.
A travel insurance plan should adequately cover a wide range of possible risks you may face during your upcoming travel sojourn. Pick a policy with adequate coverage but focus on not adding unnecessary add-ons, as it will raise the cost of the policy.
Various insurance providers today offer travel insurance plans, and finding the most cost-saving policy with the widest coverage may become a challenge. Here are some tips to save money on your travel insurance policy without compromising the scope of coverage.
Ways to Save on Travel Insurance Without Coverage Compromise
1. Choose coverage benefits strictly limited to your travel risks
Often, when choosing coverage benefits, one may pick additional advantages to add extra protection to his/her plan. However, many such options come with an added cost, which can increase the premium. It is thus ideal to choose benefits strictly limited to the travel-related risks for that particular trip.
2. Pick a coverage duration that does not exceed your trip
When choosing a travel insurance plan, it is ideal to pick a policy whose coverage term ends exactly on the same day or a day or two more than the day your trip ends. The coverage term gets directly linked to the premium cost, and cutting down the duration can reduce the cost of the premium.
3. Adjust policy according to travel planning changes
If you have already purchased your travel insurance policy for a planned trip but have had to amend it, it is best to seek coverage customisation. Eliminating any covers that would not be used on the trip helps bring the cost down. For instance, if you have removed a country from your travel itinerary still covered in your policy, you can ask it to be removed to adjust your premium accordingly.
4. Choose your sum insured carefully
The sum insured by your policy must be selected carefully. Choosing a high sum insured does not justify risk coverage if the risk involved is low-cost. It will only load your premium cost and make the policy costly.
5. Pick group travel insurance instead of individual covers
If more than one person is travelling, it is best to go for a group travel insurance plan. These group policies often turn out more affordable than multiple individual policies purchased for different people with their low premium value.
Apart from these, taking care of the following things also helps cut down the cost of purchasing a travel insurance plan.
- Travel during the best of your health to avoid any medical emergencies due to illness
- Travelling at an advanced age attracts a higher premium; if possible, plan your trips while you are still young
- Choose your destination carefully, as travel insurance premium varies with the country
- Choose a policy before departing, as such purchases attract better discounts
- Plan long-term if you are a frequent traveller and go for extended coverage than multiple standalone ones
By keeping these tips in mind, you can easily save on your travel insurance policywithout compromising on its coverage benefits. Before purchasing, compare policy offers across insurance providers to get the best deal. Whether you are considering purchasing Dubai travel insurance, Maldives travel insurance, or any other country on your travel list, buying a plan online may be cheaper than getting one from an agent.
