Post : The Secrets of Cheaper Travel Insurance
Title : The Secrets of Cheaper Travel Insurance
The Secrets of Cheaper Travel Insurance
How to get better travel insurance cover for less minus the stress!
Rather unbelievably almost a quarter of us Britons are going on holiday without insurance - while this is technically saving money, if you're unlucky and the worst does happen you could end up shelling out thousands and thousands of pounds which, i'm sure you'll agree, doesn't exactly make for a cheap holiday.
Current estimates suggest that almost one in three of us need to claim on our travel insurance at some point, with medical expenses, cancellation and lost luggage being the main culprits (all of which tend to require hefty compensation). So, in terms of money saving tips, the first has to be make sure you take out adequate travel insurance before you jet off!
Shop around
It's a common misconception that travel insurance is costly, this is untrue and mainly down to the loaded policies pushed by travel agents. As with any type of insurance it pays to shop around; by comparing quotes from several different travel insurance providers (thanks to the internet these can be compiled in a matter of minutes) you can choose a policy that provides you with the best value for money - cover that meets your holiday requirements at a reasonable cost.
Single-vs-Annual
It can often be much more economical to take out an annual travel insurance policy rather than insuring each of your trips singularly. This is particularly the case if you holiday more than twice a year (especially long haul), plan to visit the States (elevated levels of medical cover are needed as there is no NHS and medical care is expensive) or are likely to take part in winter sports such as skiing (as this type of cover is often included in annual policies).
Joint cover
Regardless of whether you are travelling as a couple, a family or with friends, it can be worth quoting for a joint policy as en-mass these tend to be cheaper than all having individual policies. Joint annual policies tend to be the best value for money and also mean that all parties travelling together are covered by the same level of cover should you need to make a claim. Many providers will also cover those named on the policies for separate travel too.
Honesty
It's true that by not giving your insurance company the whole picture about your health, where you plan to travel or the activities you plan to take part in you may get a cheaper quote save yourself a few pennies. However, consider for a second that the whole point of taking out travel insurance is to protect yourself against the risk of the unforeseen. So, by conning your insurance company you may effectively end up conning yourself out of your cover (as insurance companies are unlikely to pay out if they find you provided them with false information), making having travel insurance in the first place almost pointless. Excuse the pun but when it comes to taking out insurance, honesty is the best policy and will ultimately save you money if you need to make a claim.
Level of cover
When choosing a travel insurance policy you should make sure that the cover provided is adequate but not excessive to your needs - this will help to lower the cost by making sure that you are not overinsured. If you plan to take any valuables with you such as jewelery or a camera make sure these are covered up to their current value too or whether these are already covered under your home insurance as some providers offer a discount for this.
Excess
A policy excess is the amount of money you will need to cover in the event of a claim, your insurance provider then covers any further costs up to the maximum sum insured. By opting to pay an increased excess i.e. £100 instead of £50, your insurance provider is likely to reduce your premium significantly. However, do make sure that you can afford to pay the excess in the event of a claim, you should also check whether you are liable to pay excess on each item claimed for as this could potentially be very costly.
Luggage
Before you take out a travel insurance policy you should glance at your home insurance documents. Many travel insurance providers will offer a significant discount on your policy if your home insurance already covers your possessions i.e. luggage away from home. Do make sure though that your personal belonging protection extends to countries outside of the UK otherwise you could be a bit stuck!
Claims
You should always take your travel insurance documents with you when you travel (although it can be wise to leave a copy with someone at home too) as they will detail the procedures you will need to follow in the event of a claim. Your insurance company is also likely to have an emergency helpline to offer advice too. It is essential that you follow their instructions to the letter to minimise any potential problems with your claim. It is also advisable to photograph any valuables you are planning to take with you and keep these at home with their receipts for back up purposes too.
'Special circumstances'
Many providers offer specially tailored policies suited to those taking a gap year, backpacking, participating in adventure sports or over the age of 65. It is often possible to find cheaper cover and better value for money on a policy that is designed to fit your circumstances so this is definitely something worth looking into.
So...
By shopping around a little and comparing the cover provided in the policies you find, you could save yourself a bundle on travel insurance and make sure that your holiday doesn't end up costing you a lot more than you bargained for!
source; http://www.money.co.uk/article/1000208-travel-insurance-for-less.htm
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