ST. PETERSBURG, Fla. March 26, 2020 — With travel prices at an all time low, travelers taking advantage of these deals can also save when it comes to travel insurance.
Travel insurance comparison site, Squaremouth.com, explains two ways travelers can capitalize on affordable travel and purchase a cheap policy that provides the coverage they need.
Pricey Cancellation Coverage May Be Unnecessary
While travel insurance cannot be discounted because of strict regulations, Squaremouth.com recommends that travelers only insure the cost they would lose if they canceled their trip. Today, many travel suppliers are offering refunds for cancelled trips, meaning travelers have little or no trip costs to insure on a policy.
Travel insurance typically costs about 10% of a traveler’s trip cost, but without a trip cost insured that premium becomes much less. By choosing not to insure their trip cost, travelers can save money on comprehensive travel insurance policies that still include other important benefits. A search on squaremouth.com for two 50-year-olds planning a two-week trip that costs $5,000 shows they can save over $100 by choosing a comprehensive policy that does not include cancellation coverage.
Important Medical Coverage Can Be Surprisingly Affordable
For travelers looking to save money, Squaremouth.com recommends they consider purchasing a travel medical policy instead of foregoing travel insurance all together. Not having medical coverage during a trip could turn a medical emergency into a major financial loss, much greater than the price of a policy.
Many travelers may not realize that Medicare and most U.S. health insurance providers do not provide coverage for international trips, however comprehensive travel insurance policies can include emergency medical and medical evacuation benefits.
Even though the Emergency Medical benefit can provide thousands of dollars of coverage, it can be surprisingly affordable on a standard travel insurance policy. A search for two 50-year-olds taking a two-week trip shows policies including the medical benefit amounts above start at just $40.
Travelers can search for inexpensive policies that include important medical benefits and do not include cancellation coverage on squaremouth.com here.
To keep travelers informed about their insurance options amidst the coronavirus pandemic, Squaremouth.com created The Traveler’s Guide to Travel Insurance for the Coronavirus Pandemic. This resource is updated daily as events unfold.