The Secrets of Cheaper Travel Insurance

Rather unbelievably almost a quarter of us Britons are going on holiday without insurance - while this is technically saving money, if you're unlucky and the worst does happen you could end up shelling out thousands and thousands of pounds which, i'm sure you'll agree, doesn't exactly make for a cheap holiday.

Current estimates suggest that almost one in three of us need to claim on our travel insurance at some point, with medical expenses, cancellation and lost luggage being the main culprits (all of which tend to require hefty compensation). So, in terms of money saving tips, the first has to be make sure you take out adequate travel insurance before you jet off!

Shop around

It's a common misconception that travel insurance is costly, this is untrue and mainly down to the loaded policies pushed by travel agents. As with any type of insurance it pays to shop around; by comparing quotes from several different travel insurance providers (thanks to the internet these can be compiled in a matter of minutes) you can choose a policy that provides you with the best value for money - cover that meets your holiday requirements at a reasonable cost.

Single-vs-Annual

It can often be much more economical to take out an annual travel insurance policy rather than insuring each of your trips singularly. This is particularly the case if you holiday more than twice a year (especially long haul), plan to visit the States (elevated levels of medical cover are needed as there is no NHS and medical care is expensive) or are likely to take part in winter sports such as skiing (as this type of cover is often included in annual policies).

Joint cover

Regardless of whether you are travelling as a couple, a family or with friends, it can be worth quoting for a joint policy as en-mass these tend to be cheaper than all having individual policies. Joint annual policies tend to be the best value for money and also mean that all parties travelling together are covered by the same level of cover should you need to make a claim. Many providers will also cover those named on the policies for separate travel too.

Honesty

It's true that by not giving your insurance company the whole picture about your health, where you plan to travel or the activities you plan to take part in you may get a cheaper quote save yourself a few pennies. However, consider for a second that the whole point of taking out travel insurance is to protect yourself against the risk of the unforeseen. So, by conning your insurance company you may effectively end up conning yourself out of your cover (as insurance companies are unlikely to pay out if they find you provided them with false information), making having travel insurance in the first place almost pointless. Excuse the pun but when it comes to taking out insurance, honesty is the best policy and will ultimately save you money if you need to make a claim.

Level of cover

When choosing a travel insurance policy you should make sure that the cover provided is adequate but not excessive to your needs - this will help to lower the cost by making sure that you are not overinsured. If you plan to take any valuables with you such as jewelery or a camera make sure these are covered up to their current value too or whether these are already covered under your home insurance as some providers offer a discount for this.