Too many people overpay for the travel insurance they need when they vacation, typically because they are unaware of the following money-saving tips:
Don't bundle buying your travel insurance with buying your vacation package
When you buy coverage at the same time you book your vacation package or flight, you are generally not offered money-saving coverage or deductible options. Instead, you'll be offered a one-size fits all policy often with an unlimited coverage amount.
Through Kanetix, you can opt to buy $2 million, $5 million or even $10 million in emergency medical coverage. Realistically $2 million is likely all you would ever need, but many people fear not having enough and opt for $5 or $10 million. Even so, these higher limits are still often less expensive then purchasing a one-size fits all, unlimited coverage, policy.
Buy one policy that covers the whole family
Look at getting one policy that covers the whole family, rather than buying one policy per person. Family rates are often available and are usually cheaper. As well, if you are travelling with children, keep an eye out for those insurers who will insure kids for free when a parent is insured along with them.
Compare family travel insurance quotes.
Buy an annual, multi-trip policy
If you travel two or more times a year, an annual, multi-trip policy will likely save you money over buying a single trip policy each time you vacation. Multiple-trip policies mean that for one annual rate, you will have emergency medical travel insurance coverage for every trip you take within the year after the policy is issued. Quotes for a variety of trip lengths are available too.
- Compare annual, mult-trip travel insurance policies and quotes today .
- Read: The best kept money-saving secret for buying travel insurance
Know when an all-inclusive policy will save you money
If you need more than just emergency medical coverage, like trip cancellation & interruption coverage and loss of luggage coverage, consider buying one all-inclusive policy that typically includes these popular travel insurance options instead of buying a standalone policy for each. If you want all three, this is usually the way to go to save money.
Compare all-inclusive travel insurance policies and quotes today.
...and when it doesn't
If for example you only want emergency medical coverage and trip cancellation (because maybe you've packed everything you need into your carry-on so you've decided that 'loss of luggage' coverage isn't necessary) then buying an all-inclusive means you will have bought and paid for coverages you don't actually want. Watch what you're buying and compare it to the cost of the standalone policies to see if in your personal situation buying individually will actually save you money.
Watch for loyalty incentives
Under certain circumstances, some travel insurers will offer you a discount, up to 5 per cent off your premium price, if you have purchased from them in the past.
Compare travel insurance rate quotes from competing insurers
The one tip that likely will save you the most off your travel insurance premiums is to shop around and get quotes from competing companies. The vast range in rates available for what seems like the same coverage will surprise you. In fact, by shopping around for travel insurance you could save up to 66%*.
Compare travel insurance quotes today to save money!
Learn more about travel insurance
*The average savings found on Kanetix for emergency medical travel insurance for single travellers, age 21 - 54, for single trips of 14 days or less, as compared with the published rates of 3 Canadian banks for their equivalent emergency medical travel insurance. Actual savings vary depending on number of travellers, age, trip duration, and coverage selected. Based on research as of September 2, 2015.
