Tips to Save Money on Travel Insurance

Overseas travel insurance becomes a real blessing when you find yourself in an unexpected situation away from home. Therefore, a lot of thought must be put in before you initiate your search for affordable travel insurance.

Here are the things you must consider before seeking travelling insurance:

• The duration of your trip: The duration of your trip determines the premium payable for your overseas travel insurance. The longer the stay, the higher the premium.
• The Travelling Distance: The cost of your travelling insurance is also affected by how far you would be travelling.
• The Activities You Have Planned: Several travel insurance policies don’t cover adventure sports such as scuba diving, mountaineering, bungee jumping, etc. And so, if you have these activities planned, you need to check the scope of your coverage or purchase an add-on for adventure sports.
• Side Trips: If your travel insurance plan is location specific and if you journey to destinations that are not specified in your policy, you will not be covered for mishaps in this extra destination.
• Medical Conditions: If you have a pre-existing health ailment, you must check if your overseas travel insurance includes coverage for it. Never take your health for granted when you are travelling.

Now that you know the factors that influence travel insurance let’s explore the ways to find the cheapest and best travel insurance.

There are several things that a travel insurance policy secures you against, and so, while you look for cheap travel insurance online, you must also check if it covers you appropriately. With that in mind, here are some tips for finding the best affordable travel insurance:

**Choose Annual/Multi-Trip Plans **

One of the best ways to find cheap travel insurance for frequent travellers is to invest in an annual plan instead of buying insurance every time you plan your trip. Not only does an annual plan help you save money on travel insurance, but it also does away with the hassle of finding a new plan every time you travel. Typically, annual plans cover your trips from the origin country to anywhere in the world for a year.

**Avoid Buying Travel Insurance on Trip Booking Websites **

Booking your travel insurance on the same website where you book your flight or trip can be convenient, but this convenience comes at a cost. This is because the premiums payable on travel websites are much higher as compared to what you will normally have to pay. And so, if you are looking to buy cheap travel insurance in India, then the best tip is to look for insurance on insurance websites.

Compare Different Plans

Buying the first travel insurance you find is a rookie mistake and will not help you in your endeavour to find cheap travel insurance online. Ideally, you must carefully analyse your insurance and then find a policy that covers all or most of these requirements. The best way to find affordable travel insurance is to compare different plans, features, and offerings. Carefully read the list of inclusions to ensure that your travel insurance plan covers you appropriately. Remember: there is no point in buying cheap travel insurance that offers a limited scope of coverage, leaving you vulnerable to mishaps when you are away from home.

Customise Your Coverage Extent

Another tip for buying cheap travel insurance in India is to customise the policy based on your suitability. While it is important to be appropriately covered, you must be mindful of your insurance purchase to not over-insure your trip beyond what is needed. For instance, buying the “cancel for any reason” coverage is a reliable safety net but is not always necessary.

Another example is medical evacuation coverage. You may not need this cover if you are travelling domestically and if you are covered under health insurance for the same. The most affordable travel insurance is one where you have analysed your needs and are covered for only what is essential.

Read the Exclusions

A common mistake several insurance seekers make is not reading the fine print or the list of exclusions in your travel insurance policy. Not only can this be an unpleasant surprise when raising a claim, but it also comes with the potential of burning a hole in your pocket. For example, if you raise a claim against your travel insurance for being injured after engaging in adventure sports, you will not be compensated for the cost of treatment. This is because adventure sports are not covered under regular travel insurance. Some other common exclusions to travel insurance include:

• Travelling for medical procedures
• Mental disorders
• Childbirth or pregnancy
• Willingly exploring an accident-prone area
• War or war-like situations

And so whenever you travel, ensure that you don’t engage in activities you will not be covered for under your travel insurance.

Now that you have learned the tips to find the cheapest and best travel insurance, it is time to secure your trip and leave your worries behind. Insurance is your safety net if something goes wrong on your trip, so money must not be the only factor influencing your insurance decision. And so, don’t buy travel insurance in a rush. Financial decisions must be well-informed and thoroughly researched, so you are appropriately secured against unforeseeable eventualities.

The comprehensive travel insurance by Tata AIG secures the traveller against a host of unpleasant scenarios, right from missed flights to lost passports and medical emergencies. For any travel-related mishap, you can simply claim a travel insurance policy and keep your savings intact.