March 02, 2015
The cost of travel insurance will vary depending on a range of factors about your trip, such as:
- What country/countries you are visiting
- The type of trip you are taking
- The length of your trip
- The activities you will be participating in while away
Other individual factors that can also impact your travel insurance costs include things like age, pre-existing medical conditions and the level of cover or limits you would like.
Options that can affect your total travel insurance costs
Depending on what levels of cover you need for your trip, optional extras can also increase your premium slightly. These options can include insurance cover for:
- Travel delays
- Trip cancellations
- Baggage delays
- Passport, documents and cash
- Extreme or dangerous sports/activities
- Excess waivers on claims
- Journey resumption after cutting your trip short or returning home
- Equipment for golfing or skiing
- Rental vehicle excess waivers
- Additional valuables like iPads, cameras, phones, jewellery
- Personal liabilities and legal expenses
- Pet care if your return trip is delayed and your pet is in boarding
- Loss of income due to injuries while travelling
How can I lower the cost of my travel insurance?
While it’s important to ensure your travel insurance can cover your trip, it is possible to lower the cost of your premiums. You can:
- Increase your excesses on claims (i.e. the amount you have to pay before the insurance company will pay you)
- Consider a multi-trip package if you travel frequently
When choosing your policy, it is essential to make sure that the limits will cover your costs should something go wrong. Remember, just because a policy is cheaper doesn’t mean it is better!
What about cover limits and levels?
Limits are the total amount that the travel insurance company will pay for any one item or area of coverage. The better the level of cover, the higher the limits will usually be. This usually means that your premiums will be slightly higher, but in return, you will be getting a more comprehensive level of cover that can save you thousands if an accident or mishap occurs.
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