When budgeting for your dream holiday, the cost of travel insurance is important to think about. It’s an additional price to pay, but it could save you thousands in medical bills, lost luggage or cancellations. There are a few things that can affect the cost of your policy, which we’ll explore in this guide.
What can affect the cost of travel insurance?
The cost of travel insurance can depend on a range of risks that insurers look at when working out your quote.
Age
As you get older, there’s more chance of getting ill on holiday and needing to make a claim on your travel insurance. That’s why you might notice your travel policy getting more expensive each year.
Destination
Where you’re going on holiday can also affect the cost of your travel insurance. For a trip to the States, you could expect to pay more for your policy because the cost of medical bills and the cost to get you home is far higher than in European countries.
Some countries are also lower risk because the cost of getting you home would be lower from France than from New Zealand, for example. European destinations are also often cheaper because you can access discounted or free medical care with a GHIC (Global Health Insurance Card). So if you have a medical emergency, this can reduce the cost of your claim.
Length of stay
The longer you’re away, the more likely you are to need to make a claim on your travel insurance. That’s why you’ll usually pay more for a three week trip than a weekend break, even to the same destination.
Pre-existing conditions
When you get a travel insurance quote, you’ll be asked about any pre-existing medical conditions you have.
This can affect the cost of your travel insurance, as medical conditions make you more likely to need emergency medical care when abroad. Having conditions also makes you more likely to cancel your holiday if you’re unwell, or if you have to fly home early.
Even though this can affect the cost of your policy, it’s important to be honest about your health as you’ll want to make sure you’re covered in case you need help.
Choose an insurance provider that can cover pre-existing medical conditions, as not all policies will be able to offer you cover if you have conditions, which could leave you unprotected.
Type of policy
The type of travel policy you need can also have an impact on the cost.
Single trip travel cover is normally the most affordable option, as it covers you for the dates you’re away for and cancellations up till you go. But if you like to jet off on more than one holiday a year, it could be more cost effective to go for an annual multi-trip policy.
Annual travel insurance can cover up to 12 months worth of holidays in one policy, depending on how long your trips are. This will usually have a higher upfront cost, but spread out over 2-3 holidays a year, can work out cheaper than buying several single trip policies.
How to keep the cost of your travel insurance down
Think longer term about your chosen policy
You might be just trying to cover your next weekend break to Barcelona, but do you have any other holidays on the horizon? If you do, it’s a good idea to work out whether an annual multi-trip policy will save you some money in the long-run. It could also save the hassle of organising another policy when your next trip comes around.
The cheapest option isn’t always better
When you compare quotes for your travel cover, you might be tempted to just go for the cheapest option available. But cheap policies often come with a higher excess or lower limits. This means if you need to claim, you could still be out of pocket.
Compare quotes for travel insurance
Shopping around will help you find the best travel policy that suits your needs. You can get a quote online in minutes with PayingTooMuch and compare trusted insurers to cover your next holiday with an affordable policy.
By Mikaela Bartlett
Mikaela Bartlett is SEO Editor at PayingTooMuch. She loves to explore places off the beaten path and sharing tips to make travel as easy and stress-free as possible.
