10 ways to save on your travel insurance
Travel insurance, like all insurance, can be purchased. Sure, it’s not the most exhilarating part of planning a trip, but it’s essential. Want insurance at the best price? Here are our tips for saving money, without sacrificing quality.
1. Check that you don’t already have travel insurance before buying another one
This is the basis! Your group insurance or your credit card may offer you the protections you need for your trip. Having two insurances is not economical, and it does not allow you to file two claims in the event of a problem!
However, don’t tick the “travel insurance” line on your list too quickly! You must take the time to validate that yours offers you sufficient protection. See for example the things to check if you have insurance with your credit card.
2. Opt for annual travel insurance
You are careful and you religiously buy travel insurance on each of your getaways. It’s excellent! But if you travel out of province several times a year, you should probably get annual travel insurance.
This formula is often very advantageous. You have a contract for the whole year, so you have only one formality to settle. No need to contact the insurer again before each departure. In addition, different maximum lengths of stay are offered. Above all, after a few trips – only 2 in the case of theCAA-Quebec annual travel insurance – you return to your money.
Another little trick: opt for the automatic renewal of your travel insurance. You will not risk forgetting to renew it. You do it well for your auto and home insurance, why not for your travel insurance?
Things to keep in mind about annual travel insurance
- Annual travel insurance is not always accessible to older people, for example after 80 years. If this applies to you, you will need to purchase insurance for each trip.
- Pay attention to exclusions related to pre-existing conditions. In principle, you do not have to contact your insurer before each trip, but if your state of health changes during your contract, you must notify them. This will allow you to ensure that your protections are still valid.
3. Buy your travel insurance before your birthday
In travel insurance, certain age changes are accompanied by a significant increase in premiums. Going from 54 to 55 or from 59 to 60 could drive up the price of your coverage. By buying your insurance before your birthday, you can therefore have your travel insurance at a better price.
4. Mention your membership in an order or association
Are you a member of a professional organization or order? Say it. You may be eligible for a discount. For example, when you are a CAA-Quebec member, you get 10% off theCAA-Quebec travel insurance.
5. Ask about multi-product discounts
The principle is the same as when you combine your auto and home insurance. If you already have insurance with one company, chances are you’ll get a discount on the second one. For example, with CAA-Quebec, holders of a health insurance benefit from a discount on their travel insurance.
6. Think family bonus
Many insurers cover dependent children for free emergency medical care. For example, with theCAA-Quebec travel insurance, for a family of more than 4 people, only the two adults will pay their insurance premium. In the case of a single-parent family, the premium will be calculated only for the parent and the oldest child. This is a significant saving… which may be able to offset the cost of the many souvenirs that your children will want to bring back!
7. Take advantage of the strength of the group
Your best friend and his lover will say “yes, I do” with both feet in the sand? Take advantage of the fact that you will be a large number of travelers to request a group discount for your travel insurance. This type of discount can even sometimes be offered for stays, such as tours or cruises, organized by travel agencies, without the participants knowing each other.
L’CAA-Quebec travel insurance offers an additional 10% discount to groups of 10 or more people and to those who buy a cruise or a tour explore of CAA-Quebec Travel.
8. Add a deductible to your travel insurance
The principle of travel insurance deductible is the same as for car insurance: if you make a claim, you will have to pay the part of the costs that corresponds to your deductible. Insurance takes care of the rest. The discount on your insurance premium will be calculated based on the chosen deductible. It could reach 35%!
This option can be interesting for people who have high insurance premiums to pay. But it’s much less so for those who just want to save a few dollars or those who don’t have the money to pay their portion of the costs should something go wrong. They risk paying a healthcare bill that is much higher than the savings!
9. Buy insurance only for trips to Canada if you do not leave the country
For an insurer, a trip to Canada is less risky than another elsewhere in the world: health care is cheaper here than in the United States, for example, the Régie de l’assurance maladie du Québec reimburses part of it , etc. A Quebec insured who falls ill in Ontario will therefore cost the insurer less than another who experiences the same situation, but in Maine.
That’s why an insurer gives you a better price for insurance that covers emergency medical care only in Canada. Protections for your luggage as well as in the event of trip cancellation and interruption could even be added to your insurance for next to nothing!
Remember: when traveling to Canada, you should always take out insurance. If you are not convinced, read our advice on insurance and travel in Canada.
10. Watch out for “buy before…” promotions
You can very well buy your travel insurance in advance, especially when a discount is offered before a specific date. In addition, you could avoid a sudden increase in premiums.
What happens if you don’t leave anymore? Until your coverage has taken effect, you can usually cancel your insurance and get reimbursed. If your contract includes cancellation insurance, however, you will not be able to obtain a refund.