Most of us already know the importance of having life insurance. But what about travel insurance?
Some may question: “Is travel insurance still important if I already have life insurance coverage?”
The answer is yes, simply because it includes very specific travel-related protection that your generic life insurance may not have covered.
But just like every other type of insurance policy, there are many features to consider in order to select the one that suits you the best. But the bottom line is that it is crucial to allocate a budget for travel insurance into your total cost for your getaway, regardless of business or leisure. This is extremely important if something goes awry while traveling.
However, the common question that pops up in people’s minds about travel insurance is whether or not it’s expensive. That really depends because the cost of your travel insurance highly depends on various factors such as your destination, number of days, areas of coverage and more.
But do take note that cheaper travel insurance policies does not necessarily mean less protection. If cost is holding you back from getting travel insurance, there are various ways to reduce the cost of travel insurance while still getting an adequate amount of coverage — it really boils down to what you want.
- Here are 5 things that you can do to help keep the cost of travel insurance down while still ensuring you have proper coverage while traveling.
- Compare packages
- Only get what you need
- Check if your credit card offers travel coverage
- Liaise with a travel insurance agent
- Subscribe to your insurer's newsletter
Here are 5 things that you can do to help keep the cost of travel insurance down while still ensuring you have proper coverage while traveling.
Comparing packages are a great way to get a scope of the different travel insurance plans and prices that are available in the market. Whether you choose a particular provider or not, comparing will allow you to gain valuable information regarding the various price points available to you.
Only get what you need
To ensure that you are not spending more than you need to, be sure to opt for the type of travel insurance that fits your trip or holiday. Here are some examples:
- If the only luggage you are bringing with you is a carry on that will stay with you during the flight, you may not need to get baggage coverage.
- Before getting your insurance, analyse your trip and assess your coverage needs so you can pick a travel insurance plan that works best for you.
- There is no need to pay extra for coverage that you may not need, on the flip side, do not underestimate the coverage you actually need. Last thing you would want is to find yourself away from home with no enough coverage.
Check if your credit card offers travel coverage
Before you start shopping for your travel insurance, get in contact with your credit card provider. Chances are they offer some sort of travel coverage. Your credit card and benefits may not be enough to cover all your needs for your upcoming trip, but they could help to offset the costs of additional travel insurance. If you already have some level of coverage, you may not need to get as extensive of a travel insurance plan.
Most travel credit cards offer some coverage, but would require you to spend on air tickets with that card first — always read the fine print thoroughly. The Citi PremierMiles Visa Card offers up to RM300,000 travel insurance, while the CIMB Enrich Platinum covers up to RM1,000,000.
Liaise with a travel insurance agent
Sometimes a little human touch is what we need. Going through the fine print can be puzzling, and we need someone to help explain all of that to us. Enlist the help of a travel agent to shop around to find the ideal coverage. However, take note that there may be additional fees involved.
By simply signing up for an insurer’s newsletter, you may be able to save some money on your travel insurance. Often insurers offer discounts or provide coupons to those on their email lists. In addition to these monetary bonuses, you will also gain access to travel insurance tips and tricks. The more knowledgeable you are about the insurance you are buying, the higher the chance that you will be able to spot a deal.
Did you know that we also provide travel insurance tips via our weekly newsletter?
Subscribe to our newsletter today to learn how you can lower your insurance budget, get maximum protection and make full use of your policy.