Insuring a trip can save travelers from huge financial losses when the unexpected happens, but many take the risk rather than adding the expense of an insurance policy. Travel insurance comparison site, Squaremouth, shares 3 hacks to save money on a travel insurance policy, proving coverage doesn’t need to come at a huge cost.
Insure Only Non-Refundable Trip Costs
Travelers insuring the cost of a trip can expect to spend 4-10% of their trip cost on a travel insurance policy, so it is important to remember: the lower the trip cost, the lower the premium.
To save from spending too much on a policy, travelers should only insure expenses they would lose if they are unable to travel as planned, such as airfare and hotel costs. For example, if a hotel requires travelers to pay a 50% penalty to cancel a hotel reservation, they should insure just that amount, rather than the full cost of the hotel.
Skip Cancel For Any Reason Coverage
While the Cancel For Any Reason upgrade can offer greater flexibility if a traveler needs to cancel their trip, it typically increases the cost of a policy by as much as 40% and only reimburses a portion of the trip cost. Since most common Trip Cancellation concerns are covered by standard cancellation policies, there is no reason for travelers to pay more for the benefit unless they have a unique concern that isn’t otherwise covered.
Compare Your Options
The best way for travelers to find the least expensive policy that fits their needs is by shopping around and using a third-party comparison site to compare premiums and coverages. While policies typically have similar benefits, premiums vary widely depending on the insurance provider. Travelers who are offered a policy through their cruise line, airline, or credit card should compare it with other policies on the market to make sure they are getting the coverage they need at the lowest cost.