How Can I Minimise The Cost Of Travel Insurance?

Travel insurance for your international trips provides maximum benefits at a reasonable cost. The coverages accompanying your plan are designed to protect your wallet in times of unprecedented risk. Yet, some plans can be too pricy for one’s liking. Some travellers cut out entirely on purchasing travel insurance because of budgetary restrictions. However, travelling uninsured can turn out to be a much costlier affair.

Here you will understand what factors affect your travel insurance premium rates and how you can get the perfect plan at the right price. 

• Age and Health conditions of the Travellers: Older travellers are usually charged higher rates than younger travellers. This is because those above 50 years of age may face more risks, especially in terms of health, when compared to 18+-year-olds. Pre-existing diseases should be disclosed, if any, at the time of purchase.

• Duration of the trip and Destination: Another significant factor is how long your trip will last and where you are travelling. Your travel insurance policy holds from the date of departure to the scheduled date of return of the policyholders.

• Sum Insured: The sum insured is the maximum insurance amount paid through various benefits. A higher sum insured results in a higher premium rate, which results in the policyholder availing adequate coverage when applying for a potentially huge claim.

Other factors, like discounts offered by the company and the type of plan you choose, also influence the amount you pay. So now the big question is, 

Start by Picking the Right Plan

When looking for travel insurance, you can easily shop around and compare plans and their quotes online. This gives you a sense of the range of options available in the market. Picking the right plan also means understanding each plan's covers and identifying the ones that best suit your needs. You can choose the most cost-effective plan with maximum benefits that are compatible with you. 

Buy your policy at the earliest

Purchasing your travel insurance early on comes with price reduction benefits. Insurance companies prefer customers who purchase their plans before their departure date. You also have the option to alter your existing travel plans if you need to cancel the trip. If you’ve booked a last-minute trip and need to buy travel insurance urgently, you might have to pay more unnecessarily.

Group insurance > Individual insurance

Rather than buying single individual policies for all travellers, a group option can be more cost-effective. For example: If you are planning a family vacation, purchasing a comprehensive group policy will prove cheaper than buying individual policies for all family members. 

Location, Location, Location

Your premium rate also depends on where you’re going and for how long. A less expensive over a high-cost area, a longer duration of your trip, and travelling to a particular country during peak travel season are all directly proportional to your premium.

Covers and their Costs

Buying your travel policy is a matter of safety. You can customize your plan with specific insurers to get covers that you know are most valuable to you. This eliminates paying for additional covers, which are beneficial but don’t cater to you. Choose a flexible plan. For example: If you are not someone indulging in adventure activities, you can remove that cover (and its accompanying costs) from your policy. Some standard covers you need to have in your travel insurance are baggage, flight-related and medical coverage.

Long-Term Planning

If you are a frequent traveller, you can choose a multi-trip or annual plan rather than purchasing single-trip plans. This saves you time and money. Reading your policy document carefully for any exclusions or restrictions of these plans is essential. The policyholder should be compatible with the policy to have a smooth trip and even in the event of filing a claim.

With these tips, you can purchase travel insurance and save on costs. Buy Digit’s International Travel Insurance online with premiums starting at just ₹225/-