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6 best travel insurance hacks guaranteed to save money on a policy

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Travelling has become a substantial part of our lives in the last one decade; be it for work, leisure or pursuing studies overseas. Thanks to higher disposable incomes, Indians are travelling regularly and with this increase in frequency, the risks associated with traveling have also increased. Hence, it is crucial to be aware of everything and every cost related to your trip. Travelling goes beyond the key costs of flight, accommodation, transit costs, food, and entertainment. There is also the cost associated with untoward incidents or sudden illnesses that can happen while travelling which one needs to account for.

That is why travel insurance is one of the most important aspects that a majority of people tend to ignore until the last minute. They tend to think of it as an increased cost in their travel budget without realising that it can save them from huge financial losses in case any unforeseen event happens. So instead of avoiding taking a travel insurance policy altogether, why not look for ways through which you can get a good plan at a lower cost? Here are a few hacks that can help you save money on a travel insurance policy without spending a lot on the coverage:

1. Buy travel insurance online for comparisons

It is best to buy your next travel insurance through online platforms as they allow comparison of insurance quotes offered by different general insurance companies. So you can see all your options before zeroing in on the one that offers all the coverage you need at the lowest cost. While most of the policies have similar benefits, it is the premiums that vary depending on the insurance provider.

2. Get group travel insurance packages

If you are travelling with your companions or are in a huge group on the same date, it is best to go for a package that can reduce the overall cost of the coverage. While not all insurance companies offer heavy group discounts, there are definitely some good options that you can explore.

3. Avoid an agent

There are numerous reasons to stay away from a travel agent for buying a protection plan as they offer insurance plans that allow them to mint the best commissions. These agents usually have very limited plans to offer, which are only from the insurance providers they are associated with. Moreover, while some travel agencies do have a licensed agent to sell travel insurance, many are operating without a license. It would be a rather smart move to buy a plan directly from a travel insurance company.

4. Consider buying travel insurance early

Travel insurance should be the first immediate item of purchase after booking a trip rather than waiting until the last minute. While this will not cost any more money, it will bring added benefits like extra cover added to the existing policy in case of any changes in travel plans. Moreover, you will also have a longer time period to have a cancellation cover.

5. Pay only for the benefits to cut extra costs

Travel insurance covers a wide range of benefits for travellers, which primarily includes financial rescue for sudden medical expenses and protection against trip cancellation and interruption during emergency situations. The other benefits offered by insurance providers include a delay in travel, personal liability, accidental death, legal costs, deportation, etc. A travel insurance policy allows you to choose from a number of services. So, travellers can pay for only the benefits they need, to cut excess cost.

6. Buy multi-trip policy to avail attractive discounts

If you are a frequent traveller, it s better to get an annual multi-trip policy to save time and money. It is certainly a better option than buying a single travel insurance plan. This kind of a policy can protect all your trips in a year and gives you the ability to travel with peace of mind every single time without bothering about choosing the policy.

(By Subir Mukherjee, Founder & Director, GIBL.IN)