We all know the easiest way to make sure your healthcare expenses will be covered if you’re sick or injured while far from home is to purchase travel insurance for every trip. Whether that’s an out-of-country adventure or a quick hop to a neighbouring province, it’s the best way to make sure you come home with nothing but good memories.
For many of us, travel is a luxury that requires lots of forethought and careful planning. That’s why it’s so important to find ways to save on expenses – including the cost of travel insurance. Here are three tips to help!
The more often you travel, the better the deal. Consider a multi-trip annual plan! These plans end up being significantly cheaper (and more convenient) than single-trip plans if you travel more than once a year.
While you can buy tailored travel insurance policies that cover the intricacies of individual trips, you can also purchase annual travel insurance policies. If you travel a lot, these policies are generally less expensive than buying travel insurance for each vacation you take. Here’s a good rule of thumb to remember: if you travel more than twice a year, a multi-trip plan is a better deal than if you pay for each trip individually.
Travel in twos? Make sure to take advantage of your companion discounts! Your travelling companion does not need to be a family member. As long as your travel arrangements and trip dates are the same, you can save a few bucks.
Travelling with family? Get family rates! They’re cheaper than individual rates for families of three or more. Typically, rates are only twice the price of the oldest family member’s policy – and most plans do not limit the number of family members who can be included under one plan.
Choosing a plan with a deductible – the out of pocket costs for eligible expenses you pay before your plan pays – can save you money over a plan with no deductible. Are you a little bit of a risk-taker? Choosing a higher deductible means even more savings on the total cost of your travel insurance. So, plan ahead and have some money set aside to cover your travel deductible should you have a claim.
Always plan in advance! Buy your travel insurance early to take advantage of special offers, like early bird rates for snowbirds in the months of July, August, and September.
Travelling longer than expected? Save money by purchasing a travel insurance top-up rather than buying a whole new plan for the remainder of your trip. If you already have sufficient coverage for part of your trip through your group benefits or a credit card, it’s as simple as topping up with some additional days. (Be sure to check with your insurer that they allow top-ups).
While you can typically tack on travel insurance when you purchase airfare, a hotel stay or a travel package of any kind, these add-on policies aren’t always the best deal. Some of the ‘easy add on’ policies from travel agents or banks will underwrite after your accident or illness. That means you may not be covered if they discover a pre-existing condition.
At SBIS all your underwriting is done before your trip so you will know exactly what you are covered for in case of a medical emergency or illness. And, keep in mind that buying your own travel insurance policy lets you tailor your coverage to your exact needs, and you can make sure you’re getting the best coverage for the best price by shopping around.
At www.sbis.ca you can easily apply for travel insurance – and compare rates from different providers. Ready to save on travel coverage for your next trip? Call our friendly experts at SBIS today! We are happy to provide the answers to all your questions about domestic or foreign travel insurance. We’ll help you get the best coverage for your budget.