When you go abroad this summer, save more money for luxuries by reducing the cost of your travel cover. Here’s how to do it.
Buying travel insurance is on every summer holiday ‘to do’ list, somewhere in between booking flights and accommodation, picking up sun screen and asking your neighbour to water the plants.
When shopping around for a quote, use these handy tips to cut costs.
1) Look beyond your travel agent
Although it’s tempting to get all of your arrangements sorted in one go, you’re unlikely to get the best deal in terms of cost and needs from your travel agent.
Their cover can be quite limited and policies are usually more expensive than you’ll find elsewhere.
2) Go online
If you want to keep cost to a minimum, head to a site that allows you to compare plenty of different travel insurance quotes, just like lovemoney.com.
3) Don’t forget the others
4) Are you covered by your bank?
Some bank accounts include travel insurance as an added benefit of the account. For example the Nationwide Flex account offers free UK and European travel insurance to account holders, so long as they pay in at least £750 each month.
Many packaged current accounts - where you pay a monthly fee for a range of extras - will include travel insurance as part of the package too.
Just make sure you check exactly what the policy covers as it may be a little basic.
5) Are you covered by your home insurance?
Some home insurance policies offer cover on your possessions when away from your home. So you can make the most of this cover and skip paying for baggage cover, saving you cash.
6) Go to a specialist
You may find it a bit tricky to get insurance if you’re over the age of 65, even if you’re fit and healthy. If you’re too old to get cover from an insurer, they should ‘signpost’ you to someone who will, as part of an agreement between insurers and the Government from 2012. Unfortunately, not all of them do. Just ask and remember that persistence is key.
Try Holidaysafe, BenGo Travel and Policy Direct for single-trip and Saga, Flexicover Direct and Age UK for annual policies. Beware that some of these companies have a minimum age for cover, so keep an eye out.
7) Double-check terms and conditions
Make sure that the policy you’re going for meets your travel needs. For example, some don’t cover holidaying on a cruise ship which is pretty useless if you’re going to Sweden on an ocean liner.
8) Include more people for bigger discounts
Companies often offer better rates for families and couples. For example Protect Your Bubble offers family insurance where under 18s go for free.
9) Increase the excess
As with most travel insurance policies, there will be an excess to consider. This is the part of the claim that you agree to cover, typically £50-£100. By increasing this excess, you'll cut the cost of your policy. But remember, you are committing to covering that part of the claim, so don't go too far!
10) Annual cover for frequent travellers
For those who travel more than twice a year, a multi-trip policy is ideal. It works out much cheaper than buying single-trip policies each time you head abroad!
11) Where are you going?
Did you know Egypt, Morocco and Libya are in Europe? Sounds crazy, but many travel insurance policies include North African countries within European travel insurance policies. So don't shell out on a worldwide travel insurance policy if you don't need to!
12) Don't be too adventurous!
Many travel insurance policies don't cover "risky activities" which can mean anything from skiing to horse riding. Don't invalidate your cover by doing something like this if it isn't covered by your policy!
Any more advice? Tell us in the comments below.
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