Stop overpaying for travel insurance: 5 expert tips to cut costs

By: soNomad

Have you noticed a steady increase in your travel insurance premiums each year? Are you tired of shopping around for the coverage you need? Do unexpected surcharges make you wonder if you’re paying more than you should?

If any of these situations resonate with you, it's highly likely that you're being overcharged for your travel insurance. But fear not, because it's time to take action and make a change.

To better understand how travel insurance is priced, three key factors typically influence travel insurance premiums: age, medical condition, and duration of stay. 

Here are our top tips to save on travel insurance.

Tip 1: Add a deductible to your travel insurance to save money

You're likely familiar with deductibles from your car or home insurance, but did you know they also apply to travel insurance?

Choosing a deductible between $200 and $10,000 can lower your travel insurance premium, with higher deductibles leading to greater savings. For example, adding a $1,000 deductible on your policy can save you 20% on your premium. 

Tip 2: Choose an annual multi-trip plan

If you're a frequent traveller, opting for an annual multi-trip insurance plan can be a smart financial decision. Instead of buying separate travel insurance for each trip, this plan provides coverage for multiple journeys within a single year.

This approach can lead to substantial savings compared to purchasing individual policies for every trip. For instance, if you are 66 years old and planning three trips of 30 days each, your premium would be $170 per trip (a total of $510) compared to selecting a 30-day multi-trip annual plan for $235, which represents savings of $275.

If your trip is longer than the number of days covered by your multi-trip annual plan, you can simply purchase a top-up for the extra days.

Tip 3: Don’t wait until the last minute to visit your doctor before departure:

Don't make the common mistake of waiting until a month before your trip to see your doctor. Schedule your annual checkup at least three to six months before departure, as many insurance policies require a stability period of 90 to 180 days for coverage.

If there are any changes in the required stability period (such as a change of medications), you may need to purchase a Reduced Stability Period option.

 

Tip 4: Embrace travel despite pre-existing conditions:

Don’t let pre-existing conditions hold you back from exploring the world. While many Canadian insurers decline travellers with medical histories, leaving them uninsured and vulnerable to high hospital costs, there are better options.

The good news is that specialized companies like soNomad understand these realities and offer plans designed to cover travellers with medical conditions.

Tip 5: Make sure to get coverage for all your activities:

Don't assume your travel insurance automatically covers activities like scuba diving or skiing, especially for Canadian travellers. Some companies exclude these activities, which could leave you responsible for the full cost of hospital bills.

Comprehensive coverage for these activities can help avoid unexpected costs. For example, coverage for a seven-day ski trip in Jackson Hole can cost as little as $39 for a 65-year-old traveller, ensuring both safety and affordability.

The bottom line

If you’re travelling soon, remember these smart ways to save on your travel insurance. To find affordable coverage, compare travel insurance quotes online today. 

soNomad is a fast-growing Canadian-based travel insurance company committed to making travel insurance accessible for all travellers. As an insurtech, soNomad uses technology to keep costs affordable and offers a variety of plans, including medical insurance, trip cancellation insurance and visitors insurance for those coming to Canada. 

Also read

• Annual multi-trip travel insurance: The smart way to travel more often
• Snowbird travel insurance – What you need to know
• Do you need travel insurance within Canada?