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How to save money on your Travel Insurance
Moneyfacts Insurance best buys:
Top money saving tips to cut the cost of your travel insurance:
- Annual or multi-trip insurance? The general rule of thumb is that if you’re going away more than two times a year (including mini-breaks), you’ll be better off with an annual travel insurance policy.
- Travelling to the US? If you’re going to the US then annual travel insurance cover can sometimes be cheaper than single trip travel insurance. This is due to the higher medical costs in the US and the fact that annual travel insurance premiums are calculated using certain assumptions in terms of how many people will be travelling to the US.
- For annual travel insurance policies, family and/or and Europe-only is cheaper. With annual travel insurance policies, combined insurance for a couple or family tends to be cheaper. Europe only cover is also cheaper and worth considering if you’re unlikely to be travelling further afield.
- Don’t pay extra for cover you don’t need. The levels of cover on travel insurance policies can vary and there’s no point in paying for something you don’t need. In general, the following levels of cover should be adequate: £2m for medical expenses, £1m for personal liability, £3,000 for cancellations, £1500 for baggage and £250 for money.
- Read the small print. Make sure your policy covers you for cancellations, luggage and possessions, cash, legal expenses, delay, medical emergency and repatriation. It’s also important to make sure there’s a 24 hour help line.
- Think about where you’re going. If you’re travelling to a country with poor medical facilities it’s essential to make sure your travel insurance policy will pay full repatriation costs. Check the Foreign & Commonwealth Office website for travel advice by country.
- Are you doing anything hazardous? If you’re going to be doing any hazardous activities, such as scuba diving, bungee jumping etc, make sure that your travel insurance policy covers these. It’s also important to let your travel insurance provider know of any pre-existing conditions that may invalidate your travel insurance policy.
- Don’t buy travel insurance from a travel agent. Travel agents are no longer allowed to force you to take their travel insurance when booking your holiday. If your travel agent wants you to buy their travel insurance, don’t; shop around instead using a travel insurance comparison service to compare the cost.
- Think twice about credit card insurance. Credit card insurance is often only travel accident insurance, which will only cover you for an accident on a train, plane or hire car and then only if you’ve paid for it on your credit card. Some credit cards do offer free travel insurance as an incentive, but you need to check that the cover levels are adequate and make sure that you pay the holiday deposit and the full holiday cost on the credit card otherwise you won’t be covered.
- Don’t forget your European Health Insurance card (EHIC). The European Health Insurance Card entitles you to free or discounted medical treatment in any European country, plus Switzerland. It’s a good safety net but isn’t a replacement for travel insurance, as medical cover is limited and repatriation costs, lost money, luggage and cancellations cover aren’t included.
