Expert’s top 5 tips for the best value travel insurance

And other ways to lower the price of your insurance

As an insurance editor, one of the most common questions I’m asked is “how can I pay less for my insurance?” or “how can I get the most value out of my policy?”. Unfortunately, the reality is that many people don’t even know where to start when it comes to insurance. The topic can be confusing at best and it’s tricky if you aren’t working in the industry.

So here are some of my top tips for how to make the most of your travel insurance when you’re heading overseas.

Don’t get cover you don’t need

This is one of the biggest mistakes people make when taking out a travel insurance policy. It’s easy to go for the first one you see or the biggest brand you know, but it might not be the best policy for you. If you’re flying to London for two weeks and not setting foot on a boat, you shouldn’t be paying for cruise cover or ski cover. Removing these additions from your policy should help you lower the cost.

Compare online

Don’t just jump to the first suggestion that comes up when you Google “travel insurance”. Instead, use a comparison website specifically designed to compare travel insurance policies for you. Typically they’ll just ask you where you’re going and how long for, and then will show you a range of policies for your needs.

Don’t do whatever your travel agent says

Travel agents are fantastic at providing you with everything you’ll need for a memorable trip, but remember that they receive commission from brands to push certain products. If they’re insisting you go with a particular brand of travel insurance or one specific policy, it’s a good idea to step back and tell them you’d like to do your own research first. Whether this means reading some helpful forum posts or Googling what’s best, it doesn’t matter. It’s just helpful to do your own research before relying on word of mouth. If you don’t find anything you want, you can always go back to your agent and say you’d like the policy they initially suggested.

Keep an eye out for discounts

Often insurers will incentivise people to take out cover by offering various discounts. These can include:

• Promos and coupon codes
• Discounts for buying cover online
• Multi-policy discounts if you hold another type of cover (eg car insurance) with the same insurer
• Discounts for special customers and members – in some instances, as the customer of a particular bank, you could be eligible for a discount on a travel insurance policy from the bank’s insurance partner

Consider booking an annual policy

Got the travel bug? You can book an annual travel insurance policy and receive cover year-round through some providers. This way, you aren’t buying multiple policies and don’t need to worry about forgetting to take out your insurance. It might be a little more expensive up-front but could be far better value long term, depending on how many trips you have planned.

At the end of the day, being an avid traveller is a lot of fun – it’s just about making sure you have the right cover for your trip. Don’t buy the first policy you see! Do your research and go with the option that ends up being the best value for you.

Richard Laycock
Insurance expert
finder.com.au