The holiday is not the only thing you need to fork out on, travel insurance can be just as expensive. Make sure you get the best quote with these top tips.
50s Connect reports that in a recent study, ABI revealed that payments for emergency medical treatment account for over half (54%) of all travel insurance claims. To help make those getaways affordable, the following top tips reveal how you can keep travel insurance costs low.
Don’t accept the first quote. Buying travel insurance from travel agents, tour operators and airlines when booking a holiday may seem like a good idea but these policies are unlikely to be the cheapest when it comes to insuring pre-existing medical conditions.
Annual vs single trip
If you only travel once or twice a year, then single trip cover is likely to work out cheaper than an Annual. However, If you’re a frequent traveller, then an Annual policy not only gives you the freedom to jet off when you like but can save you money too.
Choose your destination wisely
Premiums for certain areas of Europe such as Spain, Canary Islands, Balearic Islands, Cyprus, Greece and Malta can be higher due to these countries operating a high level of privatised healthcare and USA, Canada, and the Caribbean are the most expensive.
Check your home insurance
Many people are not aware that their personal belongings are covered by their home and contents insurance when they travel. If your home insurance does cover you, then you could save money by excluding ‘personal belongings’ on your travel insurance.
Travelling last minute?
If you’ve booked a last minute holiday, do you really need cancellation cover? If there is absolutely no risk of you cancelling the trip, then you could select a travel insurance policy that excludes cancellation and in turn lower the premium.
Check FCO advice
Check the Foreign and Commonwealth Office travel advice and information pages for your destination before you travel – it could avoid you having to cancel if there are problems abroad.
Only payout for the cover you need
The higher the cover levels, the more expensive the policy. For example, if your holiday is costing £1,000, look for a travel insurance policy that covers cancellation close to this amount and not way in excess, such as £5,000 as you won’t need it.
Check the policy excess
Travel insurance policies that have a high excess are often cheaper to buy. However, this won’t work out any cheaper if you need to make a claim.
Get a European health insurance card (EHIC)
The EHIC is not a substitute for travel insurance, however, it can still save you money when making medical expenses claim on your policy.
It’s the best way to save money every time you travel. Insurance premiums do change and just because you got a good deal in the past doesn’t mean to say that the insurer will be able to offer you the best quote on the market the next time around.
For further advice on travel insurance, visit the comparison site Medical Travel Compared
(Story source: 50s Connect)