10 ways to save money on your travel insurance

Dreaming of your next getaway? While travel insurance is a must, there’s no need to break the bank.

Ready to make your travel dreams a reality but not so keen to burn a hole in your wallet? We all love an adventure, but let’s be real – travel costs can add up. Whether you’re a seasoned globe-trotter or a spontaneous explorer, there are smart ways to cut down, especially when it comes to insurance expenses. Follow these savvy strategies to navigate the insurance landscape and ensure your wallet stays as full as your itinerary.

1. Skip the middleman

Avoid the markup by buying directly from your insurer. This can save you a lot compared to getting it bundled with your holiday package or flights. Cut out the travel agent and airline commissions and funnel those savings into your adventures.

2. Tailor your coverage

When it comes to life and travel, it’s never one-size-fits-all. Assess your needs based on your unique travel, activities, and budget. Whether you’re after basic, medium, or comprehensive cover, choosing the right level can be a game changer. Only pay for what you need. Not going skiing? Don’t pay for winter sports then. Consider what’s essential, comfortable, and within your financial comfort zone.

3. Buy early (and before your birthday)

Seize the savings by purchasing your travel insurance well in advance – and possibly before your birthday. Many insurers factor in your age, so buying early helps lock in lower premiums. Buying ahead offers up to a year of cancellation cover, potentially saving you money on your overall holiday expenses if unforeseen circumstances force a trip cancellation. Be the early bird and enjoy both peace of mind and a happy wallet.

Purchase your insurance early to lock in a lower premium.

4. Hunt for a bargain

Who doesn’t love a good bargain? Keep an eye out for discounts, promos, and special offers, and do your research to compare different policies. Whether it’s promo codes, online purchase perks, holiday specials, or multi-policy discounts (if you’re planning more than one trip in a year), scoring a deal is definitely worth the extra time it takes. If you do want to buy coverage in a sale, check the terms and conditions for a cooling-off period if you’re prone to impulse purchasing (aren’t we all?).

5. Combine and conquer

If you’re travelling with a companion, consider combining your coverage under one policy. This will result in significant savings on the total cost of cover. Just make sure you’re both happy with the level of coverage provided by the joint policy.

Calculate your combined expenses with your travel companion. (Image: Kelly Sikkema)

6. Ask for a discount

If you’ve spotted a policy that seems tailor-made for your needs, but the price tag makes you pause, ask if you’re eligible for a discount. Many companies are open to negotiation and might consider matching the price of a competitor’s policy. Also, discounts for seniors and students might not be advertised – but that doesn’t mean they don’t exist. It never hurts to ask. The worst that can happen is a polite decline, and the best is that the extra savings will buy you a few extras on your trip.

Ask for a discount on the odd chance you’ll have more funds for travelling.

7. Don’t be cagey

When it comes to travel insurance, honesty pays. Don’t be fooled into thinking you’ll save money by withholding important information such as pre-existing medical conditions, travel destinations, and any other details requested by the insurer. Failure to provide accurate information might be shooting yourself in the foot if you do end up needing to make a claim. And read up on the ways you can accidentally void your travel insurance to avoid nasty surprises.

8. Up the excess

Many travel insurance policies offer the option to adjust the excess, allowing you to choose a higher amount. While a higher excess means you’ll have to contribute more if you do need to make a claim, it also results in lower insurance premiums. By opting for a higher excess, you can reduce the upfront cost of your policy, potentially leading to overall savings – especially if you’re pretty confident you won’t need to make a claim.

9. Know your destination

The destination(s) of your trip play a crucial role in determining the cost of your travel insurance. The places you’re headed can really shake up the cost game. Each country might have its own rules for coverage, and insurers can be a bit picky about how they classify regions. So, customising your policy based on where you’re actually going means you’re covered where it’s crucial but catch a break on premiums where it’s not. Plus, keep an eye out for smart policies that cover you for both the pricey layovers and the main event in the more budget-friendly spots so you can get the best of both worlds.

Choose your travel destination wisely.

10. Go on – sign up to the newsletter

Your inbox may be overflowing already but many travel insurance providers offer exclusive discounts and deals to their newsletter subscribers. So, if you’re really serious about savings it’s worth staying in the loop and potentially snagging a great deal for your next adventure.

Sign up to the newsletter for exclusive discounts. (Image: Glenn Carstens Peters)

For more tips and advice, read our travel insurance hub to help you navigate the ins and outs of what to do before you head overseas.