If you have travel plans arranged for the near future, you probably will have considered taking out a cheap travel insurance policy to help give you some peace of mind at an affordable price.
Here, you can find out all you need to know about finding affordable travel insurance and compare insurers to figure out what the best option is to suit your needs.
While the cost of travel insurance in Australia can vary between budget and premium providers, there are several things you can keep in mind which can help you to find a cheaper policy.
While all these methods for saving money on your insurance policy are valid, remember that this doesn’t mean that you must follow all of them. By only doing a couple of these things you can still find a cheap policy that will meet your needs, and won’t make too large of a dent in your finances.
Because travel insurance policies cater to a variety of needs, you should expect the cover available to roughly fall into the following categories:
Travel insurance policies on the cheaper end of the scale still provide a surprisingly thorough amount of cover across multiple categories for your trip. While different insurers’ offerings vary, as a general rule you can expect a lower-end policy to cover the majority of the important incidents that might derail your travel plans. The important caveat here is that some of these events might have lower benefit caps, so make sure that you look into this prior to taking out your policy. On the whole, you can expect the following if you choose to take out a cheap travel insurance policy:
Cheap travel insurance
Even though cheaper, basic policies will only cover a limited range of incidents, you will likely still find that if you do have extra, specific needs, then you will be able to pay slightly more for your premium in order for these to be included as well.
The best way for you to compare cheap travel insurance policies to find the right one for you is to use Savvy’s online comparison tools. This can give you a quick, easy-to-comprehend overview of all of the best policy options based on your preferences. Some factors that you should bear in mind when trying to find the best cheap policy are:
Premium vs excess
Because you are trying to keep your costs down, you will probably find that a policy which offers you the choice to pay a lower up-front premium and a higher excess on any claims will be best suited to you, as opposed to the other way around.
By sorting your policy choices by cost, you will be able to identify insurers who cater specifically to savvy travelers on a budget. By making sure you look at the options provided by these insurers you will have the best shot at finding an affordable policy.
Level of cover
Although finding the most affordable policy is important, you should not necessarily choose the cheapest policy if the cover does not account for your needs. You might find that in the long run, a medium range policy with slightly better cover will be better for you than a budget option that provides the bare minimum.
If you are travelling in a group, then you should try to find an insurer that can provide you with a group policy. These policies help all members of your group cut costs and are easier to manage.
The length of your travel plans
Depending on how long you plan to be travelling for, your insurance policy will be lesser or greater in cost. For prolonged travel you will need to pay more for your insurance than you would for a quick week away.
Many seasoned travelers learn how to find the cheapest travel insurance through trial and error, or over many years of travelling. Luckily, we offer you some tips right here so you can cut out the learning experiences and reap the benefits straight away.
Many people will travel lightly on purpose and go without many of the luxuries of home when they travel. This might mean that when you think about it, the cost of replacing your lost luggage might be far lower than you think. By taking out a policy that offers a lower allotment for this purpose, you could save on your premium.
If you travel regularly, you might find that an annual travel insurance policy might work out to be more affordable for you than multiple single-trip policies. These annual policies cover you for a twelve-month period regardless of how many trips you take and can be helpful for avid travelers or business people.
Just because one insurer’s policy is priced one way, that doesn’t mean that all similar policies will be priced similarly. It always pays to do your due diligence and to compare the best options with Savvy in order to make sure that you’re not missing out on important savings.