7 Travel Insurance Tips to Save You Money

7 Travel Insurance Tips to Save You Money

Travelling can quickly drain your bank account.  You can often spend months or even years saving up for that once in a lifetime getaway.  And if it is one of those life-changing events, you’ll need to take on another expense to ensure everything goes smoothly – trip insurance.  Most people cringe at the thought of increasing the cost of an already expensive vacation with trip insurance, but we have a few ways to help you save and make it easier to stomach:

Travel Insurance Tip #1 – Check the Deductible

When shopping for trip insurance, it is easy to be confused by the number of different options available to you by the different insurers.  An important one to be familiar with are deductibles.  For those who don’t know, the deductible is the amount you need to pay before your insurance claim kicks in.  For instance, if you need to stay overnight in a hospital out of country during your trip and the total bill was $2,000; you would need to pay the amount of your deductible to the hospital before your insurer would cover the rest.  If you’re willing to pay a higher deductible, you can often get a discount off of your trip insurance premium.  If you’re younger and not as likely to need medical assistance, or if your trip should be a relatively safe one with a lesser chance for mishap, this is a handy way to save money.  Just make sure that you will be able to handle the cost of a higher deductible.

Travel Insurance Tip #2 – Multi-Trip Plans

Are you planning on going on more than one vacation during the year? Are you a frequent business traveller?  If so, you may want to look into purchasing multi-trip insurance plans that cover you for the full year.  Purchasing trip insurance in this way can often save you considerable money over purchasing individual plans for each trip.

Travel Insurance Tip #4 – Family Plans

Travelling as a family can often complicate your trip plans.  Luckily, many insurers will offer trip insurance plans that cover your whole family.  This is often much more cost effective than purchasing individual plans for each member of the family.  As an added bonus, some insurers will even cover any children travelling under the age of 16 for free as long as the parents have purchased trip insurance for themselves.

Travel Insurance Tip #5 – Unpack Your Plan

Bargain hunters purchasing last minute trip deals will often find the option to bundle in trip insurance as part of the vacation package.  Don’t do it!  Bundled trip insurance is often way overpriced compared to similar plans bought elsewhere.  Take the time to search out better trip insurance deals and save yourself some money.

Travel Insurance Tip #6 – Medical Insurance for the Road

If you’re planning a road trip that won’t include any flights, consider just purchasing medical insurance instead.  Many trip insurance plans can include baggage insurance, trip cancelation insurance, interruption insurance in addition to medical insurance.  When travelling by car, it makes much more sense to just purchase medical insurance, saving you more money that you can put to better use during your trip.

Travel Insurance Tip #7 – Bundling

On the other hand, if you’re trip includes some time in the skies, trip insurance bundling can often make a lot of sense.  By bundling, you can include baggage insurance (in case of lost or damaged baggage), trip cancellation insurance (in case you need to forgo your trip), interruption insurance (in case you need to reschedule your return flight), and medical insurance.  Bundling is usually cheaper than purchasing each of these types of trip insurance separately.

Bonus Travel Insurance Tip – Online Multi-Insurer Search Engines

Shopping online for trip insurance is a great way to compare quotes from various insurers to determine the best plan for you at the right price.  Services like Canadian Tire Travel Insurance negotiate the best rates from multiple insurance providers based on your specific travel needs and allow you to choose the plan from the insurance provider you like best.