How to Save Money on Travel Insurance
Travel insurance is very important because it enables you to get assistance in case of travel emergencies. It covers you against losses that arise from theft or loss of luggage. In case you need medical evacuation, travel insurance comes in handy. Nevertheless, you don’t have to spend a fortune to get a good travel insurance policy. Here are useful tips to help you save money on travel insurance.
Avoid ‘Opt-In’ in Booking Websites
It might look easy but when you visit booking websites, skip the checkbox for the travel insurance. That’s because you may not have time to read details of the policy. The policy sellers use a language that does not explain everything fully. What’s more, you won’t have access to the necessary upgrades or different plans too.
Don’t Insure Refundable Costs of a Trip
There are refundable and non-refundable trip costs. Travel insurance allows you to recover non-refundable cash when lost. Therefore, make sure that the travel insurance plan that you choose does not include these costs because it’s not necessary and it raises the premiums.
Avoid Costly Evacuation Coverage
Most travel insurance plans offer evacuation coverage at a high price. However, evacuations rarely cost this much. As such, check the cost of evacuation to avoid being over-insured. $250,000 to $500,000 is adequate for evacuation coverage.
Buy Car Rental Insurance Plan if You Really Need It
Car rental is included in most travel insurance policies as an optional upgrade. However, you will most likely need it. Auto insurance companies cover rental cars for members with the coverage that they have at home. Check with the auto insurance company to know your rental cars coverage. Your credit card may also provide protection for rental cars if you use it to rent a car. Your card may also cover what is called “loss of use” charges. This cover can range between $30,000 and $50,000. If possible, avoid coverage for car rental and use credit card or auto insurance.
Avoid ‘Cancel for Any Reason’ if You Don’t Need It
Most travelers assume that they need cancel for any reason just because they do not understand causes of trip cancellation that are covered by the policy. Cancel for any reason is basically an upgrade option. That means it costs extra. It allows travelers to cancel their trips for 50% to 100% of the insured costs of the trip without giving an explanation. Covered reasons for cancelling a trip provide coverage for several reasons. Common among them include job loss, traffic accidents, terrorism, and hurricanes among others.
Follow these tips and you will save money on travel insurance then channel that money towards making your trip more enjoyable and memorable.