Going on holiday is a relaxing and joyous process. When preparing for that perfect trip, it’s important that you’re fully covered for anything that may go wrong. Building your travel insurance costs into your budget should be a high priority when you make the decision to travel.
There are various factors driving costs when insurance providers quote you, as well as things you need to closely consider before choosing a policy. This ensures that you are covered for all you intend to do on your trip.
But how much does travel insurance ultimately cost?
Your trip duration and how much you travel will play a great role in determining your insurance costs. If you are a frequent traveller, you might want to consider getting insurance which will cover all your trips during a year.
This will be higher than paying for a single trip, but you will reap the discount over the year.
Where you’re going will also impact your premium costs. Travelling locally will be cheaper than going abroad due to costs in countries being different.
How long you’re planning on travelling will also increase your insurance costs. The longer your trip, the higher the chance of you having to claim.
Be sure you are covered for the full duration of your trip, which should include the days you are flying in and out, as many insurers cover flight delays, cancellations and departure changes.
The activities you plan to do on your trip will also affect your final premium. Most insurers allow you to specify whether or not you will be engaging in any sports, such as hiking or if you will be doing any winter sports.
Winter sports, such as skiing, generally add a bit more to your premium as the likelihood of an injury increases. If your insurer does not explicitly ask you to specify this, make sure you check if it is included in your policy.
Furthermore, you might want to ensure your prized personal belonging are also covered in case something happens to them, like dropping your camera in the beautiful lake you are canoeing on in Germany.
Some insurance providers might also offer additional cover for any gadgets or sports equipment you might be taking with you. This section will also ensure your money is safe and a pick-pocketing disaster won’t break the bank.
Buying insurance for multiple people at once can also save you money. So if you and your partner are planning a trip to Spain together, get cover on one travel insurance plan.
The saving will be even greater if done for a family. But be aware of age differences. The older someone in your family, the higher the chance of their premium being more. This is especially true for adults over fifty years of age. So that skiing trip to France with you and your dad might end up costing ten pounds more. It’s best to play around with different quotes to see which combination works for you.
Older customers also tend to have a higher risk of suffering from medical conditions which may increase your premiums. However, no matter what your age, be sure to specify any pre-existing medical conditions when applying for your insurance. This may increase your premium but will ensure you’re not caught unaware should you do get into trouble abroad.
Unfortunately, economic circumstances can also affect your premium cost. When the pound takes a dive against the currency of the country you are planning to travel to, so will your insurance savings. Even though there is not much you can do about this, try not to compromise your insurance package to save costs, it is always better to be fully insured.
Finally, the travel insurance package you choose will also have a great effect on your final premium. Insurance providers generally allow you to choose from two or more insurance upgrades, which will include different benefits, excess amounts and cover. You might want to add extra hospital cover, cover for losing your passport or cover for missing flights
Now that you have all the ins and outs of what travel insurance costs, you can make the best decision for you and enjoy your time abroad to the fullest.