Protecting your vacation with travel insurance does not have to break the bank. Consider these tips to find the best possible pricing on travel coverage for your upcoming trip.
Compare Travel Insurance Quotes
Every travel insurance company uses an in-house underwriting formula to determine how much you’ll pay for travel insurance. It’s possible to find the same level of travel insurance from five different travel insurance companies at five different price points.
The only way to know which travel insurance company has the most affordable coverage for your trip is to get a quote from multiple providers. We recommend getting a quote from at least three competing travel insurance companies before making your final choice. While getting a quote takes only a few minutes, it could end up saving you hundreds of dollars on insurance.
Determine the Right Amount of Coverage
Another way to save money on travel insurance is to opt for a policy with only the coverages that you need. For example, most travel insurance providers offer the option to add CFAR coverage, which entitles you to reimbursement for travel expenses no matter why you need to cancel your trip. While this add-on can be convenient, it is also expensive, and you can save a significant amount on coverage by opting out. Once you confirm your travel plans, you can avoid unnecessary expenses by purchasing only the coverage you need.
Check Credit Card and Employer Benefits
Before purchasing travel insurance, it can be helpful to make a call to your credit card company to learn more about your benefits. Many credit cards come with built-in perks including rental car coverage, trip cancellation protection and travel accident insurance. If you’re able to claim these coverages through your credit card company, you won’t need to buy added coverage through a travel insurer, saving you money.
If you’re traveling for business, you can ask if you have any coverage through your employer. Some large employers that fund corporate travel regularly broker discounted group travel plans for their employees, allowing you to avoid buying your own coverage. Even if your employer only offers a limited travel plan, you may only need to fund supplemental coverage to enjoy full travel protection.
Weigh the Value vs. the Cost
As you compare policy options and collect quotes, take the time to understand the exact coverage levels included in each plan. Sometimes, cheap travel insurance is cheap for a reason — a low-priced plan may exclude circumstances you expect coverage for, limiting the usefulness of your policy.
After getting a quote from a travel insurance provider, make a note of important policy details. For example, if you’re opting for CFAR coverage, how much will you be reimbursed if you cancel your trip? What types of medical conditions and injuries does your policy exclude? What is the maximum amount your insurance will pay if you miss a flight, must come home early or face another emergency? These important questions can help you compare policies and determine the value of your coverage.