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How to save money on your travel insurance

Travel insurance is a must for all travellers both within Europe and further afield. However it can sometimes seem like a sizeable financial burden at a time when you are trying to save up for more exciting things! Read on for some tips on how to save big on travel insurance.

Travel insurance

Travel insurance covers medical expenses, cancellation, loss or theft of baggage and other losses incurred while travelling either within the UK or internationally.

Travel insurance usually covers a range of different travel options. This includes backpacking, business travel, leisure travel and adventure travel.

How to save on your travel insurance

  • Once you have settled on the policy for you then try negotiating with the insurer - it is often worth asking for a discount, particularly if you have received a cheaper quote elsewhere.
  • Arrange your travel insurance early so that you will have immediate cancellation cover in the event of a flight change.
  • Another way to reduce your premium is to increase the excess you may have to pay on a claim (for example, doubling the excess from £100 to £200 could lower the premium by as much as 40%).
  • If you are a frequent traveller then it may be worth taking out an annual policy as it is likely to be cheaper than several single policies.
  • It is also worth combining policies and using one company for all your insurance needs. You're more likely to get a discount this way.
  • Be honest when filling in your insurance application form and be sure to include all pre existing conditions.

Shop around

As with most types of insurance, travel insurance premiums can vary among insurers. Because of this it often pays to shop around. You can often save significantly on travel insurance this way. It is advisable to get quotes from as many insurance providers as possible and compare premiums and other charges.

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