6 Ways to get a Discount on Travel Insurance

Traveling can get expensive in a hurry. Between flights, accommodations, attractions, meals, souvenirs, and insurance, travelers usually end up needing to shell out way more than they prefer to.

That's why cutting costs is paramount. With most of those aforementioned expenses, spending less is pretty straightforward; stay at hostels instead of hotels, eat cheaper foods, stay away from tourist traps, etc. Saving on travel insurance isn't as obvious. It's not necessarily harder, but it definitely requires a bit more forethought and pre-departure preparation.

So study up on these five tips, and be ready to use them next time you're planning a vacation.

1. Get an Annual Plan

Buying in bulk is always the answer when the goods being purchased are going to be used at a rate that justifies the investment. Travel insurance is no exception. Getting an annual plan is the industry's version of a bulk buy. Though annual plans won't make sense for all travelers, it's imperative that they at least put in the time to decide whether they'll be traveling enough for one to make sense. Choosing wrong between single-trip and annual policies is one of the biggest travel insurance mistakes to avoid.

2. Use a Niche Policy

A lot of people don't even realize that there are travel insurance policies tailored to specific types of situations. Whether you're a backpacker looking for long-term insurance that can allow for riskier-than-normal activities, a student who isn't getting adequate coverage from the school or government while abroad, or something else entirely, there are options that may fit your circumstances perfectly—and save you money. A niche policy will account for various inclusions better than a general one would, so it's worth taking the time to see if one exists for whatever type of trip you're planning to take.

3. Choose the Right Credit Card

Travel insurance and credit cards go together like peas and carrots, peanut butter and jelly—you get it. Scan through a list of premium credit card benefits and you'll almost always see some form of discounted—or perhaps even free!—travel insurance among them. These cards may even come with nice little related add-ons like rental car savings, exclusive event access, and other things that sweeten an already sweet deal. While cards often come with some travel insurance, be warned that their coverage and benefits vary and are subject to many pre-existing conditions and stability periods.

4. Join an Association Offering Discounts

Like credit card companies that entice potential card users with membership perks, associations will sometimes do the same thing. For example, the Canadian Automobile Association (CAA) makes it possible for members to get up to 10 per cent off when they get travel insurance with the organization as well. It's always worthwhile to see what associations will provide travel insurance benefits. Plus it could end up benefitting your life in a completely different way as well!

5. Keep an Eye out for Promo Codes

Promo codes are fantastic. They allow you to capitalize on a discount while surrendering nothing of value. You can hear about them in a variety of ways. Podcasts and emails are probably the most common ways in which people get them on their radars. Those are both fine methods, but try going out of your way to find them as well. Check Internet forums and ask around among friends. The more you widen your scope, the better a chance you'll have at finding a great promotion.

6. Grab an Early Bird Special

Inflation is just as prevalent in the travel insurance world as it is in the world of general consumerism. However, there is actually a way to shield oneself from whatever amount of inflation a policy may be subject to. Some insurers offer some kind of campaign or sale towards the end of the year where coverage for the upcoming year can be bought at the current rate—as opposed to whatever the rate will be a few months down the line. Always look out for the early bird special.