How to Get the Cheapest Travel Insurance
Travel insurance prices can vary depending on the type of insurance included in your policy and the amount of coverage you need.
If you are traveling abroad, you may consider getting travel insurance and should be aware about what you will need to cover, such as medical, baggage or cancelled flights.
By comparing plans, talking to other services that provide travel insurance, and weighing the costs and benefits, you can choose the cheapest plan that still covers your needs.
Comparing Plans
Research plans. This can mean starting online with major travel insurance companies, and then talking to an agent to see what plans are cheapest for your needs.
You can use a number of cost comparison sites, as well as looking closely at plans provided by major travel insurance companies like Travelex and Medjet Assist.
You'll want to see if they cover rental car protection, trip cancellation or interruption, medical expenses
When you talk to an agent, you may want to ask, "What does this plan cover? Does it include medical coverage and emergency medical coverage?"
If you want to know about property loss coverage, ask, "How much is covered in terms of property? Do you cover all types of property loss, or are there some situations you won't cover like theft or acts of war?"
Use “Insure My Trip.” This is an extensive site that gives information on a variety of travel insurance plans from a variety of providers. It doesn’t cover every insurance company, so it may be in your best interest to research beyond this.
To use the website, simply enter your destination, travel dates, residence (general, not specific), and citizenship.
You’ll then input your age (and the age of any other travelers), and the cost of the trip. All of these factors will influence the price of the package.
For instance if you are 29, traveling to Spain for a couple of weeks as a US citizen, you can find comprehensive travel insurance for as little as $108.
But if you are 35, the same plan costs $123. The cost of the trip and the age of the travelers seem to affect the cost the most.
Talk to friends. Friends can often give us a wealth of information about their experiences with travel insurance (or the lack thereof).
This is a great option if you have tons of friends who travel. If you don’t, you may have rely on the online search.
Ask your friends, "So, what plans have you used in the past? What did you make sure was included? Were there any times you regretted not having certain coverage?"
Consider special policies. Family travel insurance may be cheaper than buying insurance for each individual.
If you are over 65 years old, you could also be eligible for discount travel insurance. You may also want to consider special coverage if you are differently abled.
Ask a prospective insurer, "Do you have plans that fit my special needs?" Then proceed to explain what your needs are.
If you are traveling with a wheelchair, you may need a separate plan that covers the entire cost of the chair.
Decide whether you will need annual or single-trip travel insurance. If you plan on traveling overseas 2 or more times a year, you may consider annual travel insurance because you may get a better deal.
If you only plan on taking 1 or 2 small trips in a year, then single-trip travel insurance may be the better deal for you.
If you travel quite a bit, ask your agent, "What deals are there for frequent travelers? What are the rates and perks of your annual plans?"
If you are traveling for only one or two trips in a year, you might ask, "What are differences between the annual plan and the single-trip plan, in terms of perks and rates?"
Choose carefully. See what hidden costs there are with the plan. Some cheaper plans may only cover accidental death or travel interruption.
If you get sick abroad, you’ll be wishing you had medical insurance for your trip.
Read the options of each policy carefully to make sure you have the coverage you need.
Depending on your destination, the time of year, your age and health considerations, the protections you need in your travel insurance policy can vary widely.
If you’re traveling with expensive possessions like high-end cameras, jewelry, or laptops, it may be wise to make sure your plan covers the replacement cost of these items.
If you are traveling to a dangerous locale, you may want to make sure your insurance covers some war-risk or terrorism protection. Oftentimes, insurance companies will not provide coverage for acts of war.
If you want peace of mind on your trip, it may be worth spending just a little more to get the coverage you need.
Talking to Other Providers
Check your homeowner’s rental, or life insurance policy. Some plans include some travel perks, which may cover your possessions while you travel.
Life insurance may cover accidental death or dismemberment abroad. To save the most money, you need to know what you already have and what you need.
When you call your agent, say, "I'm traveling abroad, and I need to know if your policies cover me overseas? Are there any exceptions I should know about? What are the limits of coverage?"
Talk to your health insurance provider. They probably will not cover all medical expenses accrued abroad, if they provide any at all.
It’s best to know what they cover, so you know what travel health insurance you need. You can see if your provider has travel health insurance you can buy in addition to your regular coverage.
Ask your agent, "Am I covered overseas? If so, is it only emergency care, or does it include regular care if I get a cold, say? What are the limits of coverage?"
Check with your credit card. Credit cards vary widely in their travel insurance perks.
Some only cover travel accident and luggage insurance, while others may provide some medical insurance while you travel.
Be sure to go over all the limits, coverage, etc., before deciding to rely solely on your credit card travel insurance.
