With the rising cost of living in Ireland, many consumers are looking for ways to cut costs where possible whilst making last minute travel plans this summer.
With this in mind, Chris Lear, Managing Director of insurance broker One Sure Insurance gave his advice with RSVP Live.
He has shared his top five tips for saving money on travel insurance this year.
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Check whether you are already covered
Before spending money on travel insurance for your next trip, it is worth seeing if you already have cover from something. Paying for two insurance policies means double the cost, alongside potentially making it harder to get insurance in the future.
This existing cover could come from a premium credit card, a bank account, or your airline purchase. Home insurance can also include basic cover for personal possessions when away from home, meaning there would be no need for baggage cover.
Whilst you may not be covered for everything you need, it is cheaper to add extra cover rather than paying for a similar policy twice.
Consider annual cover
Whilst many holidaymakers will buy cover for a single trip at a time, purchasing annual cover can actually work out cheaper if you know you will be travelling multiple times in the same year.
The cost of buying policies for two separate trips often works out more expensive than paying for annual cover, depending on location and journey length. Setting aside some time to work out the maths will allow you to calculate which would be the most cost effective.
Be aware that annual cover policies sometimes put a restriction on the number of days allowed for each travel period, but otherwise covers unlimited trips across the year if each trip is within this limit.
Combine travel cover
When travelling in a group, it can often be cheaper to purchase travel insurance for the entire group, rather than purchasing it individually.
There are usually policies available for couples, families, or large groups that can be purchased at a lower cost. These options are cheaper since the risk is shared between more people and age is not factored into premiums, as with individual plans.
It is important to note that it may be more cost-effective to purchase separate policies if someone in the group has a pre-existing medical condition however, as this can require its own insurance.
Ensure all holiday activities are covered
When comparing policies, it is important to consider whether any additional activities you have planned are covered by your insurance. If not, it may be worth paying a small additional fee ahead of time rather than taking any chances.
Water or winter sports cover is unlikely to be included in travel insurance as standard due to the risks involved with these activities. This can also apply to alcohol-related injuries or any medical conditions that are not specified to the insurer during the booking process.
Make sure to check all policies carefully before buying to see whether they cover what is needed and be honest about the necessary requirements.
Apply for a EHIC Card
The European Health Insurance Card (EHIC) allows you to access public healthcare in another EU/EEA state for free or at a reduced rate. You can use it when you are travelling abroad or when you are staying temporarily in another EU State.
It is important to remember that the card is not a replacement for travel insurance as it cannot provide free treatment everywhere and will not cover payment for travelling home in a crisis.
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