Vacationing on a Dime Series Part 2: 7 Tips on How to Buy Cheap Travel Insurance

by Super Coupon Lady on March 21, 2013 · 1 comment

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Traveling with Peace of Mind: 7 Tips on How to Buy Cheap Travel Insurance

Make sure to read Vacationing on a Dime Series Part 1: 10 Ways to Save Money While Eating Out

We seem to be seeing natural disasters more today than ever. Add that to overbooked flights, flight delays, cancelled flights, and just the unexpected change in plans due to health or family emergency and you can find yourself needing to cancel your much anticipated vacation or travel plans. People don’t want to think of something going wrong when they have travel plans. But it is important to make sure you are covered should you need to cancel them. The best way to do this is invest in travel insurance. Now in the past, most people have not thought twice about travel insurance, just opting to not purchase it at all. But today, travelers are wising up and seeing it as valuable protection for their investments. Below, you will find out exactly how to buy affordable travel insurance.

With just a little work, you can find the right travel insurance plan to get the best value cover. This will give you peace of mind as your travel date approaches, and in the event something does go wrong, you are protected and not out a great deal of money. It is important to know how to save money on travel insurance policies, and not just buy the first one that comes your way. Take a peek at these tips that will help you find a travel insurance policy that fits your need and your budget.

7 Tips on How to Buy Affordable Travel Insurance:

1. Compare: 
Use comparison sites to compare the prices of different policies. This will give you an idea of what you would like to discuss and what questions you might have should you wish to meet with an agent. Print out the comparisons for your record so you have tangible evidence of each policy. You will also be able to avoid the insurance plans with high premium rates and narrow down the programs that cover the needs you have.

2. Shop through your insurance agent:
One of the common mistakes people usually make is that they buy their travel insurance from travel agents or tour companies. This may lead you to pay high premium rates with fewer benefits. Avoid buying your travel insurance policy from any agent; instead do proper research over the internet, and then contact the agent who handles your home/car insurance.

3. Ask for multi-plan discounts:
Most insurance agents will be able to offer you discounts on travel insurance if you already have policies through them. If you have a home insurance or car insurance plan through your agent already, ask for a multi-policy discount. You will be amazed at how much you can save.

4. Think worst case scenario:
This part is no fun, but necessary and helpful. You must be covered for everything that you think could go wrong like cancellation of flights, skipping your trip in case of illness or death in family, medical emergencies, etc. By thinking of these possibilities and how much you are at risk for each, you can best pick a plan that covers your needs. For example, if you have an ill family member or flying an airline notorious for canceling flights, you will want to be sure these events are covered.

5. Don’t insure refundable trip costs:
Some trip costs are refundable and some aren’t. Because travel insurance only lets you recover nonrefundable cash losses, these costs should not be included in your travel insurance coverage because it’s unnecessary and simply raises the price of your premium. If your flight is cancelled, for example, but the airline offers you a full cost voucher for future travel, that loss is considered to be recovered and travel insurance has no obligation to provide further reimbursement.

6. Think twice about car rental coverage:
Many travel insurance plans include car rental coverage as an optional upgrade, but it’s very likely that you don’t need it. Automobile insurance companies often cover their members’ rental cars with the same coverage they have back home.

7. Take your deduction into consideration:
As with any insurance policy, the more you are willing to pay for a deduction the lower the policy will be. Find a number you are comfortable with that is feasible should you need to pay it but also keeps your policy rate at a reasonable price.

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Sadly, the unforeseen happens and can throw your travel plans into a tizzy. In this event, you will want to be insured and able to recover your money you have thus invested in your trip. At the same time, you don’t want to get duped into spending more on travel insurance than you need to.

By following these 7 Tips on how to buy cheap travel insurance, you will be able to find a plan that works for you and your budget. This preparation will help you have a more relaxing trip, and avoid mass panic and loss should an emergency arise and your trip not go as planned.

Make sure to check back tomorrow for Part 3 of our Vacationing on a Dime Series! 

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