How to keep the cost of travel insurance as low as possible

For a small number of people it is possible that travel insurance will cost more than your holiday, but it’s important to remember that you are insuring yourself, not just your holiday.

Travel insurance provides medical insurance cover whilst you are away. Protecting you from the risk of incurring large medical bills if you require emergency medical treatment.

Therefore cost of travel insurance is related to the likelihood of you needing medical treatment whilst away and the potential cost of that treatment, not the cost of your holiday.

The main elements which affect the cost of travel insurance are;

  • The likelihood that you will require medical treatment abroad ie. Your medical history.
  • The cost of medical treatment for a British national in the country you are travelling to
  • The duration of your stay in that country.

The good news is, that even for those with severe medical conditions there are ways to minimise the cost of your travel insurance.

Choose your destination wisely

It pays to know how the destination country can affect the price of travel insurance.

For instance USA, Canada and the Caribbean are generally the most expensive holiday destinations to get travel insurance for, with cover costing as much as double what it would for an alternative destination. 

This is due to the expense of obtaining medical treatment in these countries. Avoiding these destinations can significantly reduce the cost of travel insurance.

Even within Europe the price can vary, with Spain often proving more expensive than Greece or Italy.

So, if you are looking for a relaxing beach holiday but are not fixed on a particular destination, try getting some travel insurance quotes for different destinations before you book.  In terms of insurance, a trip to the Maldives could be significantly cheaper than a trip to the Caribbean.

Limit the length of your holiday

Don’t be surprised that travel insurance for a 2 week holiday is likely to cost double what it costs for a 1 week holiday. 

Don’t pay for cover that you don’t need

The most important part of a travel insurance policy is the cover it provides for emergency medical treatment abroad, but most policies also include a range of other benefits which although useful are not as important.

For instance, personal possessions may already be covered by home contents insurance or if the holiday is not too expensive or you are travelling imminently, cancellation cover may not be necessary. 

The cost of travel insurance can be kept down by only buying the cover which is absolutely necessary – emergency medical and repatriation cover.

Never risk travelling uninsured.  Emergency medical treatment abroad and air ambulance transport back to the UK can quickly amount to many thousands of pounds, a cost which not many of people could afford to pay.