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October 27, 2016 1:18 am
While traveling is exciting, it can also be stressful, especially if you are forced to make changes last minute, which can cost you time, energy, and your hard earned cash. This is where travel insurance can come in handy. But insurance itself can be pricey. Below are four tips on how to avoid overspending the next time you buy a travel insurance policy, courtesy of Squaremouth.
DON'T: Insure More Than Necessary
Travel insurance is intended to cover the money you will lose if you cancel your trip. Generally, you only need to insure your prepaid and non-refundable expenses. If that amount increases after you buy a policy, you can call your provider and increase your insured trip cost.
"If you can cancel all your hotels for just a small penalty, insure the cost of the penalty rather than the full amount of the hotels," says Squaremouth Product Manager Adam Rusin. "A lower trip cost generally means a lower premium, and you're still covered for the amount you would lose if you canceled."
DO: Compare Your Options
Travel insurance policies are not "one size fits all." Take a few minutes to research your choices using a travel insurance comparison site and determine what coverage you need. Call and speak to an agent if you aren't sure.
"We get a lot of calls from travelers looking for advice, or trying to understand and compare the coverage they're being offered by their cruise or tour operator," says Squaremouth Customer Service Director Jessica Harvey. "Customers are often surprised to see so many other options that offer the same or better benefits at a lower price."
DON'T: Upgrade to Cancel For Any Reason
While the Cancel For Any Reason upgrade offers greater flexibility to cancel your trip, it can increase the cost of a policy by as much as 40 percent, and it only reimburses a portion of your trip cost. There's no reason to pay more if your concerns are covered by standard travel insurance.
"The most common concerns we see are generally covered by standard cancellation policies, such as canceling due to an illness or a family member passing away," says Squaremouth Quality Assurance Manager Emily Phinney. "We don't recommend Cancel For Any Reason unless someone has a unique concern that isn't otherwise covered."
DO: Buy the Least Expensive Policy
A higher price tag doesn't necessarily mean better service or better benefits. Once you decide what coverage you need, choose the most affordable policy with that coverage.
Published with permission from RISMedia.
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