Travel Insurance

How to save money on travel insurance

How can I save money when purchasing travel insurance? This is a commonly asked question among international travellers. Keep reading to learn how you can find an insurance plan that meets all your travel needs without taking more money out of your vacation fund than necessary.

1. Don’t insure refundable trip costs

When paying for your travel insurance policy, only cover the trip costs that are non-refundable and pre-paid. Refundable costs are not only unnecessary, but they also raise the price of your premium, making your policy more expensive.

For example, if your flight gets cancelled and the airline offers you a voucher for the cost of the flight, you can easily take it, eliminating the need for flight cancellation.

2. Avoid over-insuring emergency evacuations

Most insurers offer millions worth of coverage for medical evacuations, which is too much. On average, you’re more likely to spend no more than a couple of hundred thousand, and this is for extreme cases. So, don’t over-insure emergency evacuations, as it only raises your travel insurance costs.

However, don’t forgo it altogether either, as evacuations are too expensive to cover out-of-pocket.

3. Take an annual policy

If you travel multiple times in a year, consider purchasing an annual travel insurance policy, as it can save you a lot of money and time over covering individual trips with separate plans. Furthermore, annual policies are convenient, as you get one plan with the same coverage and assistance all year long.

4. Only buy add-ons when you really need them

Add-ons, such as Cancel for Any Reason, rental car coverage and pre-existing conditions, make your travel insurance more expensive than it should be. Therefore, you should carefully consider what add-ons you want to get and why before including them in your policy. For instance, if you’re sure you won’t rent a vehicle when travelling abroad, there’s no need to buy rental car coverage.

Try spending a little more time with your policy, reading the fine print, and understanding what’s covered or not. You can also compare policies from different providers to determine whether they cover what you need at no extra cost.

To aid the process, use our tools and resources at Compare Insurance to find your cheap schengen travel insurance plan.

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Health Insurance

Warning signs that you need to reassess your health insurace plan

Knowing which insurance provider to go with and plan to choose can be tricky in the first place. And once you’ve gone through the tedious process of choosing one it can be tempting to stick with it for longer than you necessarily should. As our needs change, so does the type of insurance plan that we require.

Is it time for you to compare cheap health insurance plans? Here is a list of warning signs to look out for.

Your health has changed

If you have previously been a generally healthy person who rarely sees the doctor but have recently had a new diagnosis, or are experiencing ongoing symptoms and suspect that they will need medical investigation and potentially treatment, you should consider looking at your plan again to check that it still meets your needs. This means you will be covered for all instances.

Your risk has increased

With the current COVID-19 pandemic, everyone is more at risk. This is not just due to the dangers of the virus but because public health services around the world are now under intense strain. It’s currently much harder to be seen at the local clinic for something that previously would have been addressed and treated quickly, such as a common ear infection. Unless your condition is an emergency, it can take weeks to get an online appointment and prescription. Private cover can help to speed things up.

You’re paying a large premium for cover you never use

You are struggling to pay your monthly health insurance premium and have only claimed for coverage a minimal number of times over the last few years. We never suggest getting rid of your health insurance, however, there is no harm in exploring other options and shopping around.

You never seem to be covered when you need to be

If you often find yourself using services that are not covered by your plan, this is a telltale sign that your current health insurance plan isn’t working for you. Your plan should enable you to access a wide range of services in your area, that are near to your home, easily accessible and without additional cost. This is more important now than ever with social distancing restrictions in place and limitations to how far people can travel.

Photo: Free image by Pixabay