Introduction:
Have you ever wondered how to lower your travel insurance? Most of us do. The travel market is very competitive, and there is no doubt that being in the market and knowing your options can help. Travel insurance is not just something that saves you money but also helps protect you from unforeseen disasters, illnesses, and other incidents that are common across the world.
As you know, travel insurance is essential for most travelers. The problem is that prices vary wildly and it can be difficult to compare options from one insurer to the next. So how can you get the best deals on travel insurance? In this article, I’ll explain what to look for when buying travel insurance so you don’t end up with a policy that costs more than your flight tickets!
Take care of any pre-existing conditions.
The first thing to do is to take care of any pre-existing conditions. If you have a pre-existing condition and you’re going on vacation, make sure you talk to your doctor about it and get it treated before you go on vacation.
If you have had surgery within the past six months, your insurance company may deny coverage for the trip at all. You can only apply for coverage once a year and then it takes about 10 days for them to respond. If you need additional coverage beyond what your policy provides, check out our travel insurance comparison tool which will help you find an affordable policy that meets your needs.
Consider an excess.
When you purchase travel insurance, you’ll generally be asked to specify the amount of coverage you want. If you’re not sure what that should be, consider an excess.
An excess is a percentage of your claim that will be paid by your insurer. It’s often referred to as a deductible, but it’s different from one in that it covers some or all of your expenses in the event of an accident or emergency that results in a claim.
For example, if you have $500 worth of medical expenses and $1,000 worth of trip cancellation expenses for your trip to Australia, but your policy doesn’t cover the first $1,000 worth of those expenses, you can increase the amount of your coverage and add them to the deductible. The excess then covers any remaining costs — up to whatever they might be.
Get a package deal.
Think of your deductible as “the thing that happens before you pay.” If you have a $500 deductible, and your travel insurance company pays $1,000 to repair your passport, they’re going to pay out $1,000. That’s what they do when they’re paying the claim. They don’t care if it was an umbrella in the wind or a fire in the bedroom. In fact, they’re probably going to look at that $500 as an expense that was already incurred.
So if you raise your deductible to $1,000, then when they pay out anything above that amount, it won’t be counted against their coverage limit. So if they paid out $1,500 and your deductible is set at $500 – so effectively only $250 is covered – then there will be no coverage for any further expenses above that amount.
Conclusion:
The basics are easy: get your pre-existing health conditions taken care of and choose an insurance company with a good reputation. After that, the math will start to work out. The first, most basic thing you should do is make sure all of your major medical expenses will be covered, especially if you’re having surgery or some other serious procedure done.
Health care is expensive, there’s no denying it. If your employer has a group plan, you might be able to get a discount on insurance premiums—and that could save you hundreds of dollars every month. But of course, the details will vary depending on your particular situation. Make sure you understand all the ins and outs before making your decision.