How to Save Money When Buying Travel Insurance

Balancing Your Vacation Budget: Travel Insurance vs. Excursions

If you had an extra $200 to put toward your vacation, you’d probably choose a fun excursion over travel insurance. But because you’re here shopping for plans on InsureMyTrip, you already know the value of peace of mind. We travel too—and we get it. You want a travel insurance plan that covers your needs without draining the rest of your vacation budget.

How to Save Money on Travel Insurance Without Sacrificing Coverage

It’s possible to get strong protection for your trip without overpaying. Below are some practical strategies for lowering your premium while still securing essential benefits.

Only Insure What You Really Need

We always recommend insuring the total of your pre-paid, non-refundable expenses that would be lost if you canceled your trip. But it’s just as important not to over-insure.

For example, if your airline offers a voucher for a canceled flight and you’d be happy to accept it, there’s no need to include that flight cost in your insured trip total. However, if you’d prefer a cash refund, you may decline the voucher and instead file a travel insurance claim. The less you include as insurable cost, the lower your premium will be.

Adjust Emergency Medical Coverage to Fit Your Risk

Emergency evacuation coverage often ranges from $25,000 to $250,000 per occurrence. While it’s a crucial benefit, not every traveler needs the highest tier of protection. Choosing a plan with a reasonable limit can help reduce the cost of your premium without compromising safety.

Look for Family-Friendly Plan Inclusions

If you’re traveling with children, be sure to read the plan details closely. Some providers include coverage for children at no additional cost when they’re listed on a parent’s policy. These family-focused plans can significantly reduce overall premium costs while still offering reliable protection.

When You Shouldn’t Cut Corners

While it’s tempting to trim down your coverage to save money, there are benefits you may regret skipping—especially Cancel For Any Reason (CFAR) coverage.

CFAR gives you more flexibility than standard cancellation benefits. For example, if you’re traveling to the Caribbean during hurricane season, CFAR could give you the option to cancel even if your situation doesn’t meet the typical requirements listed in your plan. Yes, it raises your premium slightly, but in many cases, the peace of mind is worth the investment.