How to Get the Cheapest Travel Insurance Quote?
A comprehensive travel insurance plan should include coverage for trip cancellation, medical emergencies, and evacuation/repatriation. You should also factor in how much coverage is necessary for pre-existing conditions.
Price
One of the best ways to find a cheap travel insurance quote is by shopping around. Many top travel insurance providers provide free comparison quotes on their websites or in person with a licensed agent. This method ensures you get the most competitive rate possible.
When shopping for travel insurance plans, look for ones that provide medical coverage, trip delay or cancellation coverage, and baggage coverage. Plus, many reputable insurers now offer mobile apps so you can file claims and access your documents from anywhere.
SquareMouth (a NerdWallet partner) stands out for its advanced features like its Zero Complaint Guarantee that eliminates any insurer that fails to deliver on promises of quality service. Additionally, it has a filter option to view policies with COVID coverage and a "learning center" with travel tips and articles. In 2022, Forbes Advisor crowned SquareMouth as the cheapest travel insurance provider with their rankings; showing off that there are plenty of choices for travelers of all budgets.
Coverage
Many travel insurance websites provide detailed information about each policy's coverage, enabling you to make an informed decision for your trip.
Coverage includes medical and evacuation, trip cancellation, lost or stolen baggage, as well as costs if you become sick or injured while abroad.
Travel medical insurance should provide you with access to a network of doctors and hospitals in the countries you visit, making it convenient to get treated when necessary. Furthermore, it helps you avoid paying out-of-pocket if the provider is not part of the network.
In some cases, you can add a pre-existing medical condition waiver to basic emergency medical coverage if you have a health issue. But be sure to verify whether the plan you purchase offers this benefit before purchasing it.
Excess
The excess on your travel insurance policy is the amount you will be responsible for paying if you make a claim. It's an essential component of the policy as it helps keep your premium low by preventing small claims for insignificant items.
Excess amounts may differ between policies, so it's wise to review the Product Disclosure Statement or website prior to purchasing a policy.
Top insurers typically let you select your own excess amount, reducing the amount owed in case of a claim. This practice, known as voluntary excess, can be an excellent way to save money on expenses.
To decide on the appropriate excess for you, weigh the pros and cons of each option. In particular, take into account how much money you may end up spending on medical costs while abroad.
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