Today, traveling has grown exponentially. With growing awareness and increasing risk; purchasing travel insurance has become a mandatory part of planning any trip. But given the trip cost and ever-present financial crunch, we all look for cheap but best travel insurance plan for yourselves. The problem with this is to understand and identify what is a good deal and what is not. It also means understanding what is good coverage for you and understanding the excess in travel insurance.
Given that, we share a few valuable tips with you on how to find the cheapest but best travel insurance to provide you maximum coverage in minimum possible cost. Stay hooked!
- Avoid buying from a tour operator, airline or travel agent
Purchasing travel insurance from sources like tour operator, airline or travel agent will always cost you more because of the commission involved. You also get less opportunity to research and customize the plan to your wish. The cheapest way to Purchase Travel Insurance is online. Thanks to various comparison sites, you can scan several policies on parameters of cost versus benefits and then select the best plan at the most cost-efficient rates.
- Decide on the appropriate coverage
Regarding travel insurance, the extent of coverage options available is extensive. You would not require each and every coverage. You also need to decide the extent to which you want it covered. Before you even start looking for the best deals available; you must get a clear idea of exactly what coverage you need and to what extent. This would help you search in the right direction and select out the best plans for yourselves.
- Find appropriate and cheap coverage
The kind of coverage you need is decided by the destination you are visiting; the risks you are likely to face, the number of days of your vacation, the number of members traveling and various other factors. Your choice should be based on that. For instance, you need not add add-on and limit the sum insured if you have a short trip with fewer members. The balance should be such that you get well covered against any contingencies. For instance, you might not need covers like winter sports cover, golf cover, high-value personal items cover, etc.
This is done best via various insurance comparison sites online. You can add all the benefits that you would like and then check for the best cover. Simultaneously, check the reliability of the company. Many cheap and unknown companies out in the market might sell you a plan but can barely keep up to their words.
- Check what is already covered by your bank and home insurance
You might already have home insurance as a bundle with your car insurance. Your bank could also be providing you some kind of insurance against your card and money matters. There is no point in getting double coverage for the same thing. Thus, you can eliminate home insurance from your travel insurance plan if you already have insurance for your home. It will lower your premium and make the plan more affordable.
- Buy travel insurance at the earliest
The earlier you buy travel insurance; the cheaper it is as well as giving you the maximum benefits. A delay in purchase makes the cost go higher with less coverage. Hence, you must always make it a thumb rule to purchase a travel insurance at the earliest. Inevitably, you will land the cheapest deal.
- Go for multi-trip or annual travel insurance
If you are a person who is making three or more trips per year; then annual travel insurance would prove more advantageous and cost-effective for you. It would also save you the hassle of purchasing travel insurance every time you are planning a trip.
- Look into age limits and medical exclusions
The travel insurance premium might rise exceptionally for a senior citizen included in the plan. It might also not cover pre-existing diseases for that. Instead of paying an exceptionally high premium here; it is smarter to buy a senior citizen travel insurance plan instead. It would prove more cost-efficient. You might also consult an insurance agent who could advise you on the cheapest and best way available.
- Look out for the latest policy discounts
Insurance is a tough and highly competitive market. To beat the competition and lure travelers, many insurance companies keep launching lucrative offers from time to time. You must keep a tab on them and take advantage of them if available. It would certainly cut down the pricing.
Final words
Knowledge and research are the two arsenals that would help you land the cheapest and the best travel insurance. Purchasing it at the earliest will give you enough time to think and make the best choice. It will help you enjoy your trip to the maximum with no stress.
