1) Buy travel insurance before your birthday
The price of travel insurance factors in your age on the day you purchase the policy, not your age when you’re travelling. So if you buy a travel insurance policy before your next birthday you could save money!
2) Become a loyal customer
Some travel insurance companies give their returning travellers a discount on their next travel insurance policy. If you’re a regular traveller, check if the company you’re planning on travelling with will provide discounts for future policies.
3) Only pay for travel insurance benefits you need cover for
A lot of travel insurance policies can be somewhat generic and may automatically include cover for skiing, cruising, hiring a car, bungy jumping, expensive luggage etc. So shop around and find a policy that only provides cover for the type of holiday you are going on. All these ‘extras’ only mean you are paying more for your policy.
4) Consider buying a Multi-trip policy
If you’re travelling several times in a year, you may find you get a better deal by purchasing one multi-trip policy rather than a policy for each separate trip. Compare the prices of single trip travel insurance policies with a multi-trip travel insurance policy before making your decision.
5) Find out if you need cover for stop-over destinations
Keep an eye out for travel insurance policies that can cover you for both your stopover destinations that are in a higher cost region, and your actual destination in a lower cost region.
For example, if you’re flying from Australia to France with a 24 hour stopover in the United Arab Emirates (UAE), some travel insurers will provide you with cover for the stopover with a policy for travel to France, which is generally less expensive than a policy to travel in the UAE. Other travel insurers will require you to purchase a policy for travel to the UAE and France.
6) Buy travel insurance for all your travel companions
Some travel insurance companies will provide a discount on duo policies (policies for two people travelling together who may be friends, cousins, family members or a couple), family policies and group policies. This means that purchasing a policy with someone else or a whole group can be cheaper per person than everyone purchasing their own individual policies. Ask your potential travel insurers for a group discount!
7) Increase your excess and reduce your upfront cost
A few travel insurers give you the choice of a few excess levels. The higher the excess, the cheaper the policy. However, keep in mind that you’ll only be reimbursed for amounts over the excess level if you need to make a claim.
8) Buy directly from a travel insurance company
It’s often cheaper to buy directly from a travel insurance company rather than through a travel agent, cruise line, airline or tour company. You can usually do this online or over the phone so there’s no reason to visit a store.
9) Buy early and have cancellation cover for longer
If you buy a policy with cover for unexpected cancellations, cover is in place as soon as you purchase your travel insurance policy. You can often buy a travel insurance policy a year in advance, so you can have a years’ worth of cancellation cover if something goes wrong before you travel.
While this will not save you any money on the upfront cost of your travel insurance, it may save you money on the cost of your holiday if you have to cancel for an unexpected reason, such as becoming sick or injured.
10) Check what is covered by your home and contents insurance
A travel insurance company may allow you to add on extra cover for specific items such as a guitar, an expensive handbag or hearing aids. However these items may be already covered with your home and contents insurance so you may be able to avoid doubling up on insurance for these items. Check the cover provided by your home and contents insurance to determine whether this is the case.
11) Use comparison websites
Take advantage of Comparison websites such as Compare The Market. Comparison sites provide a quick overview of policies offered by different companies. You can compare the benefits you want and then choose the policy offering the best deal.
12) Look for sales
Most businesses have sales throughout the year and travel insurance companies are no different. Keep an eye out for sales or special promotions during the typical sales periods of Easter, End of Financial Year, Christmas and Boxing Day.
13) Check whether you already have travel insurance
You may already have complimentary travel insurance from your bank or credit card which you can activate before travelling. Check whether this will provide you with the cover you need and avoid buying another policy unnecessarily!
14) Check whether kids are included
Some travel insurance companies will provide cover for up to 10 dependant children and grandchildren aged 20 and under on the one policy. So if you’re travelling as a family, get a family policy and you may pay less for travel insurance for the children!
15) Check for a cooling off period
You might see a great deal on a travel insurance policy and want to buy straight away so you don’t miss out. At times like these, check to see if the travel insurance company has a cooling off period which will allow you to cancel for any reason within a certain number of days.
You can then take advantage of the sale or deal and cancel the policy later if it isn’t the right one for you or you find a better deal.
16) Your policy is automatically extended during claimable incidents
If your planned transport home is delayed due to a claimable incident such as a natural disaster or serious illness, your policy may be automatically extended at no extra charge. However, you should contact the emergency assistance team and ensure you’ll have cover in your circumstances.
17) Ask for a price match
If you find a travel insurance policy at a lower price to the one offered by the company you prefer, ask your preferred company if they can match the price. They might not be able to, but it doesn’t hurt to ask!
18) Ask if you’re entitled to a discount
Concession holders like seniors and students may be entitled to a discount. Again, it doesn’t hurt to ask for a discount!
19) Search for coupon codes
Some travel insurance companies promote themselves with coupon codes and may offer a discount such as 10% off or $5 off. The best way to find these coupon codes is to Google ‘coupons codes’ for the company you want to go with.
20) Add-on rental vehicle excess insurance
Your travel insurance can save you money on rental vehicle insurance excess. Some policies include cover for rental vehicle insurance excess automatically, others offer it as an add-on and it’s usually cheaper than what the rental car insurer will charge.
This won’t save you money on the cost of your travel insurance policy, but it may save you money in the event that there is damage to your rental vehicle.
Bonus Tip!
21) Sign up for newsletters
Some travel insurance companies send out e-newsletters monthly and discount offers intermittently. So sign up, keep an eye on your inbox and you could SAVE!
