Travel has become an important part of our lives over the last decade; whether for work, leisure or further study abroad. With higher disposable incomes, Indians travel regularly and, with this increasing frequency, the risks associated with travel have also increased. Therefore, it is essential to know everything and all the costs associated with your trip. Travel goes beyond the major costs of flight, accommodation, transit, catering and entertainment. Costs associated with adverse events or sudden illnesses that may occur during a trip should also be considered.
That's why travel insurance is one of the most important aspects that a majority of people tend to ignore until the last minute. They tend to see an increase in the costs of their travel budget without realizing that it can save them huge financial losses in the event of an unforeseen event. Therefore, instead of avoiding travel insurance, why not look for a way to take out a good plan at a lower cost? Here are some tips that can help you save money on a travel insurance policy without spending too much money on coverage:
1. Buy travel insurance online to make comparisons
It is best to take out your next travel insurance via online platforms, as they allow you to compare the insurance quotes offered by different general insurance companies. So you can see all your options before you focus on the one that offers all the coverage you need at the lowest cost. Although most policies offer similar benefits, premiums vary depending on the insurance provider.
2. Get group insurance packages
If you are traveling with your companions or if you are in a large group on the same date, it is best to choose a package that can reduce the total cost of coverage. Although not all insurance companies offer large group discounts, there are certainly good options that you can explore.
3. avoid an agent
There are many reasons not to use a travel agent to purchase a protection plan because it offers insurance plans to earn the best commissions. These agents usually have very limited projects to offer, which come only from the insurance providers with which they are associated. In addition, while some travel agencies have licensed agents to sell travel insurance, many operate without a license. It would be a good idea to buy a plan directly from a travel insurance company.
4. Consider taking out early travel insurance
Travel insurance must be the first element of immediate purchase after booking a trip rather than waiting at the last minute. Although it costs nothing, it will bring additional benefits, such as additional coverage added to the existing policy if travel plans are changed. In addition, you will also have a longer period to have a cancellation cover.
5. Pay only for the benefits of reducing additional costs
Travel insurance covers a wide range of benefits for travelers, which mainly include financial rescue in case of sudden medical expenses and protection against trip cancellation and interruption in case emergency situation. Other benefits offered by insurers include delay in travel, personal liability, accidental death, court fees, eviction, etc. A travel insurance policy allows you to choose from a number of services. Travelers can only pay for the benefits they need to reduce excess costs.
6. Buy the multi-trip policy to benefit from attractive discounts
If you travel frequently, it is best to have an annual multi-trip policy to save time and money. This is definitely a better option than buying a single trip insurance plan. This type of policy can protect all your trips in one year and gives you the opportunity to travel with peace of mind every time without worrying about choosing the policy.
(By Subir Mukherjee, Founder and Director, GIBL.IN)