The premium for travel insurance can be high, sometimes well over €300 a year. That obviously has a lot to do with the cover the travel insurance provides. This cover is not always necessary, and by removing it, it is possible to save money on travel insurance. Still, there are other ways to save money on travel insurance as well. The main options are listed below. This page describes the situation in the Netherlands.
Ways to save money on travel insurance
Saving money on insurance is always useful. Especially when it comes to travel insurance. That is why we give you tips on how you can save money on your travel insurance.
Choosing annual travel insurance
Travel insurance can be taken out for one trip or simply on a continuous basis for a full year. If you take only one short holiday a year, single-trip travel insurance will be the cheapest solution. With several trips and large families, there is a good chance that annual travel insurance is a better choice.
In general, as soon as someone takes out single-trip travel insurance for two to three weeks of holiday a year, annual travel insurance can already become the better option. In practice, however, a detailed calculation has to be made, and it depends on factors such as the holiday destination, the insurer's rates and the make-up of the family. Once there are more than four weeks of travel a year, however, annual travel insurance is almost always a better choice.
Removing cover
The problem with many travel insurance policies is that the cover is often far too extensive. After all, besides travel insurance there are other insurance policies, and double cover is quite common. Anyone who wants to save money on travel insurance should put all their policies side by side and check what travel insurance is and is not useful for. The following insurance policies should definitely be included:
- Supplementary health insurance for abroad
- Home contents insurance with cover outside the home
- Breakdown assistance insurance (car insurance)
- Legal expenses insurance
- Accident insurance
Next, do not only think about double cover, but also dare to remove other unnecessary cover. Cover for dangerous sports is really not needed for a holiday in the Spanish sun. Simple measures, such as limiting the maximum number of days covered, can already affect the premium. Not every insurer is willing to adjust the policy very flexibly, but then it may still pay to take a look at another, "less favourable" policy.
Start from a standard trip
Annual travel insurance should fit the policyholder's standard trip. If a trip outside Europe is on the agenda once every twenty years, worldwide cover is really not necessary. Special winter sports cover for skiing once every ten years is not worth it either. Make sure your travel insurance fits your standard needs which, just like the travel insurance, are ongoing. If there is a deviation, it is always possible to arrange more extensive and more expensive cover on a one-off basis.
Comparing travel insurance policies
Comparing travel insurance policies is one of the most efficient ways to save money on travel insurance. As with other insurance policies, a comparison should be made regularly, every one to three years. What is the cheapest travel insurance today does not have to be the cheapest next year.
Reviewing your travel insurance
Life is full of changes. Children can change your travel pattern. Instead of trekking in Nepal, it is now camping in Normandy. It is only logical that the travel insurance should then be dusted off and looked at again. The same also applies, however, if, for example, a new health insurance or legal expenses insurance policy is taken out. These insurance policies often have different terms and conditions, and then the travel insurance needs some adjusting. In other words, comparing insurance policies every few years is not enough: also review all the requirements you originally set, and do not simply look for a cheaper version of your current cover.
Read also: Switching to another travel insurance policy.
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Frequently asked questions about saving money on travel insurance
How do I judge whether or not I need a certain type of cover?
When analysing a type of cover, it is recommended to go through the following step-by-step plan. Based on this, it becomes clear whether or not a type of cover is necessary. [1. Determine how big the risk is]
For each type of cover, determine how likely it is that the damage will occur. For example, the risk of legal proceedings is smaller if no car is used. Traffic offences abroad are one of the main reasons why legal assistance may be needed.
[2. Determine the damage if the risk does occur]
It is not enough just to check how big the risk is. For example, the risk of a lightning strike and a fire is not very high, but because the damage would be unaffordable, we still take out buildings insurance. The same exercise should also be done for travel insurance.
[3. Calculate the compensation from the travel insurer]
The insurer will not always pay for the full damage. An excess is very common, but there are often other limitations as well. Sometimes the limitations can mean that the insurance loses its usefulness.
[4. Check that there is no double cover]
Take a look at your other insurance policies and check whether the risk is not already insured in some other way. Pay close attention to the terms and conditions in both policies. If a risk is already sufficiently insured, it can be left out of the travel insurance.
[5. Can you bear the financial loss yourself?]
In principle, insurance exists to cover damage that cannot easily be borne. We do not take out insurance for an ice cream that might fall on the ground, but we do for liability in a car accident. For a short city trip, cancellation cover is probably unnecessary, but for a trip around the world it is not. Weigh up the pros and cons for each type of cover.
Do I need cover for cash?
This cover can be useful, but be very critical. The terms and conditions are often very unfavourable and cash is usually only covered to a limited extent, while the effect on the premium is greater. It is a better idea simply to take less cash with you and use a credit card abroad.
Is accident insurance useful?
Accident insurance is certainly useful at a younger age. It pays out an amount in the event of permanent disability caused by an accident while travelling. Especially if certain risks are taken, for example during treks in the mountains, accident insurance is quite useful. As the policyholder gets older, accident insurance becomes somewhat less important. Here too, it is important to pay attention to the limitations and exclusions of the cover. For motorcycle accidents, for example, a limitation often applies, especially if the victim was not wearing a helmet (even if this is not compulsory abroad).
Is cover for replacement transport or accommodation useful?
Often not. The risk of a car running into problems abroad is real, but the costs are often limited and you can easily bear them yourself. Moreover, the cover often only starts if the vehicle has not been repaired after two days, and maximum amounts apply. This cover is only advisable if the damage is financially unaffordable.
I have an old car. Surely I need car breakdown assistance cover?
That does indeed sound tempting, but read the terms and conditions carefully. Some insurers do not provide cover for old cars. What counts as an old car differs from insurer to insurer. Some insurers apply an exclusion for cars that are ten years old or older, while other insurers even use lower thresholds of eight years.