How to Get the Best Deals on Travel Insurance?

Tips to Find the Best Travel Insurance Deals

To make it as budget-friendly as possible, we have listed some of the most common ways to find the best travel insurance deals without burning a hole in your pockets:

Shop Around

One of the most effective ways to save money on travel insurance premiums is to shop and compare trip insurance policies from different travel insurance companies in India. You can use comparison websites to help you compare policies and prices easily. Policybazaar.com offers quick and easy comparisons so that you can pick the plan that suits you best.

Choose a Basic Policy

Consider your needs when selecting a travel insurance policy. Some policies may include coverage for things you don't need, such as home burglary insurance or coverage for expensive items. You can save money on premiums by selecting a basic policy that only covers the essentials like emergency hospitalisation, medical evacuation and passport loss. 

However, don’t compromise on the coverage especially if you’re buying Schengen travel insurance or trip insurance for wealthy developed nations. If you do end up in a bad situation, your basic plan may be insufficient.

Opt for a Higher Deductible

A deductible is the amount of money you pay before the insurance policy takes effect. If you select a higher deductible, you can lower your premium cost. However, be sure to choose a deductible that you can comfortably afford to pay. In case you end up filing a claim, you will have to pay that amount before getting any reimbursement benefit.

Bundle with Other Insurance Coverage

If you already have an insurance policy such as auto or life insurance, you can buy low-cost travel insurance as your other policies may cover personal accidents, trip delays etc. However, this will only work if you’re travelling domestically.

For your trips abroad, you must have a valid trip insurance policy covering key emergencies including medical expenses, trip interruption, baggage insurance etc.

Try Credit Card Travel Insurance

Did you know that your bank credit card comes with insurance benefits? If you have a credit card, chances are that it might have some insurance benefits. Credit card travel insurance is gaining popularity worldwide with coverage typically around loss or theft of luggage, cancelled trips or accidental deaths. Some premium credit cards also offer emergency medical help, loss of personal belongings or delay in checked-in luggage. 

However, this coverage is limited and there are certain restrictions. You may have to make all your purchases using that particular card, or it may only cover a few things and leave out serious emergencies like evacuation or repatriation that come with travel insurance. If you feel that your credit card insurance coverage isn’t sufficient, then get a basic plan as a backup.

Avoid Unnecessary Coverage

Take a close look at the policy you're considering and make sure that you're not purchasing coverage that you don't need. For example, if you already have health insurance that covers you abroad, you may not need to purchase medical coverage through your travel insurance. Similarly, do you really need dental emergency cover while on your foreign trip? Add-ons for travel insurance are useful but come with extra premiums. 

Only buy what you may end up needing. Do a risk assessment for the country you’re visiting. For example, a country with a high crime rate is susceptible to mugging, or a wealthy nation like Belgium will have expensive health care expenses, so you need to be covered for these risks. You can always prioritize their coverage over adventure sports or home fire insurance benefits.

Look for Discounts

Many insurers offer discounts for things like early booking, group bookings, or being a member of a professional organization. Be sure to ask your insurer if there are any discounts that you may be eligible for. You can also check for comparison websites and get considerable discounts. Especially if you’re travelling as a family with 2 or more people, you can save a lot of premium. To get an exact idea, you can use a travel insurance premium calculator. Many times, you can save anywhere between 20-40% premium if you’re going abroad with a family. 

Opt for Multi-trip Insurance

If you travel frequently, you’re better off with annual travel insurance. It is ideal for people who take over 5-6 international trips in a year. It also saves them a lot of time as you won’t have This kind of plan covers you for 300-365 days and can be renewed annually. It offers coverage for around 30-45 days per trip, so it may not be useful if you're planning to spend more time abroad. It is perfect if you tend to take international vacations routinely and don't spend more than 15-20 days abroad. Annual travel insurance also comes with special benefits, such as grace periods and extensions.

Over to You,

It's important to remember that while saving money on premiums is important, you should also make sure that you have adequate coverage for your needs. Be sure to read the policy carefully and understand what's covered and what's not before making a decision.

Deals may seem tempting, but understanding where you are covered and not covered is most important. This will save you a lot of stress and unexpected financial burdens later.