For most people, researching cheap travel insurance is a chore compared to listing out the places they will visit when they travel. However, finding the right travel insurance with all of the necessary coverage is a very rewarding challenge. “Cheap” might not always be the cheapest, but you can still find something that’s not too costly that should offer everything you need.

The Eiffel Tower in Las Vegas
Werner Kunz via Compfight

Here are a few things to consider when looking for good, yet inexpensive travel insurance:

Annual multi-trip and single trip travel insurance

For those who are traveling once every three years, they can benefit from single trip travel insurance. For those who travel at least three times a year can potentially save money when availing of annual multi-trip travel insurance. Choosing a policy for frequent flyers can save you time from purchasing travel insurance each time you travel.

Cancellation coverage

It’s not uncommon for a trip or vacation to be cancelled due to medical or unforeseen emergencies. Travelers usually plan for a certain trip and pay for their hotel tickets in advance. If they cannot make the trip their deposit will be lost or the hotel will charge them a cancellation fee. Cancellation cover is included in most travel insurance policies where any lost deposit or cancellation charges will be taken care of by the insurance itself.

Having the option of removing this option to make your travel insurance cheaper is not a good practice unless you are certain you can afford it. Being able to recover the money from cancelling the trip is worth more than not having the cancellation cover added to your travel insurance.

Trip delay coverage

This coverage reimburses you for any pre-paid expenses you aren’t able to use due to flight delays such as your hotel accommodations, restaurant reservation and local transportation. Most travel insurance policies provide this coverage in case of carrier issues, bad weather, sickness or injury.
Not including this option can be a gamble since flight delays can happen at any moment. Here are a few things to consider if you should take the trip delay option and make a calculated risk:

1. Are the local and foreign (the country or place you will be traveling to) weather forecasters predicting any future bad weather?

2. Are there local and foreign news reporting any tension with the government or with the airport where you flight is located?

3. Are there any reports of a disease or flu spreading locally or within the country you are visiting?

Accidental death and permanent disability coverage

Accidents can happen at any time during anyone’s vacation or trip. Accidental death covers any accidental injury which results in your death while permanent disability covers any accidental injury which results in total loss of function in any part of your body. Most travel insurance companies offer both these coverage within the same option.

Taking this option will depend on where you will be traveling to. Going to a safe environment or a frequently visited tourist attraction where there is almost no risk of an accident is when you can consider not taking this option.

When considering the options to take on your travel insurance, always research on the possible outcome of your trip. You will be able to determine the right option to take to make your travel insurance cheap without compromising any necessary coverage.

Hannah Gregorio is working as a freelance writer for a travel insurance company.

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