Let’s face it—it feels like gas, groceries and travel costs are getting more expensive by the day. While these necessities are worth saving and spending on, it’s still frustrating to see the cost of living constantly rising! By now, thanks to the pandemic, you probably know why buying travel insurance is important. But, did you know that you can get the coverage you need AND save some money doing it? If not, this is the blog post for you; we’re sharing a few ways that can help provide a little reprieve. Read on!
How to choose the most economical emergency medical travel insurance
Travel insurance products aren’t created equally; it can be a challenge knowing what to look for and how to get the best bang for your buck.
Relying on your credit card’s travel insurance? Read “9 Credit Card Travel Insurance Coverage Issues to Avoid” to determine how your coverage stacks up.
Determine how many trips you’ll need coverage for this year
Taking one big trip?
If you’re only taking one big trip this year, a Single Trip Emergency Medical plan is the way to go. Plans vary in price based on your destination: out-of-province, worldwide (including the US) or worldwide excluding the US.
For example, if you’re travelling internationally, but not heading to the US, the Single Trip Emergency Medical Insurance Worldwide Excluding USA plan will save you money. Why, you ask? Because medical costs in countries other than the US are less expensive; therefore, the premium for your travel insurance will be lower than if you were to travel to the US.
Taking multiple trips?
If you’re planning to travel more than once this year, save money with a Multi Trip Annual Emergency Medical plan. You can choose Worldwide or Within Canada plan options; plus, you can choose your policy trip length based on the number of days you’ll be travelling for. Then, if needed, you can add an extension or upgrade your trip length for longer trips.
Bonus: At the time of renewing your Multi Trip Annual plan, you’ll get an annual renewal discount that will save you money year after year!
Save with a Family & Friends plan
Whether you’re purchasing a Single Trip or a Multi Trip Annual Emergency Medical plan, another cost-effective option is our Family & Friends plan. When two adults 59 years old or younger are travelling with up to 6 dependent children, this plan will save you on the policy premium.
Increase the deductible amount to reduce the premium cost
If you’re looking for insurance savings on your premium, one easy way to do that is to increase your deductible amount; the higher the deductible, the lower your premium will be.
How to choose the most economical non-medical travel insurance
Protect your travel investment from cancellations, interruptions, delays and quarantine
Trip Cancellation & Trip Interruption Insurance is our most popular non-medical insurance plan, and for good reason! It will protect your travel investment from being lost due to unexpected events like:
- A sick family member
- Possible pregnancy or adoption of a child
- Job volatility
- Non-issuance of a travel visa
This coverage also includes a quarantine benefit, so you won’t have to be out-of-pocket for accommodations, etc. if you do get stuck quarantining at your destination.
Budget tip! For money conscious travellers, Trip Interruption Only is a cost-effective alternative. This plan provides coverage after you leave your home and gives you access to benefits in the event you have to interrupt your trip, at a fraction of the price.
Taking one big trip this year? All Inclusive Holiday Package bundles up the savings
The All Inclusive Holiday Package is a great option for affordable all-in-one coverage! If you’re 59 years old or younger and looking for Emergency Medical protection, Trip Cancellation & Trip Interruption Insurance, Accidental Death and Dismemberment Insurance (AD&D) and Baggage Insurance, it’s the best insurance savings.
There’s no question that travel insurance is worth the investment. It never hurts to get comprehensive coverage and save a little doing so. We hope that we’ve offered you some ways to do just that! If you’re ready to learn more about your travel insurance options, contact your local insurance professional, who will walk you through the process.
Happy travels,
Melissa
