Save Money with Cheap Travel Insurance

Only recently I decided to travel around Europe and the United Kingdom for a working holiday, I worked for a major expat bank and traveled when I could.

A few months previous to that was Christmas time, and I decided to go to Byron Bay for a 1 week holiday. What am I getting at besides bragging about holidays you may ask? Well, both times I took out Travel Insurance just in case something went wrong. Today I intend to share with you how I saved money on travel insurance by shopping around the different travel insurance providers and why Travel Insurance pays off.

Why take out Travel Insurance?

• Things can go wrong when you are overseas easily.
• Bags can be stolen.
• Covers any kind of sickness.
• Covers your plane getting hijacked (yes its true! you make $150,000 if your plane is hijacked).
• Gives you protection if you lose your passports.
• Reimburses you for travel disruptions.
• Covers accidental death.
• Covers total and permanent disability.

Will you ever use Travel Insurance?

I took out Travel Insurance when I went to Byron Bay – everyone laughed, until on the last night we were staying there we got robbed. My wallet, cards, drivers license, bank cards and more were stolen.

I did the usual and called the police and my bank to inform them of what had happened, followed by a small call to my Travel Insurance provider.

The end result was that for my $110 worth of Travel Insurance for my one week holiday – I got back the following after my wallet was stolen;

• The costs of my license and my partners license (which was in the wallet) = $150
• The cost of my wallet. = $200 Leather wallet.
• Cost of missing my plane back home (while waiting at police station) = $200

So what that breaks down to is this, I payed $150 and claimed for $550.

Had I not have had Travel Insurance I would have been out of pocket $400.

Where do I get Cheap Travel Insurance?

After calling my bank (St.George Bank and Commonwealth Bank) to ask if they gave discounts on Travel Insurance – I learnt that they both broker insurance through the same provider, NRMA. I have not liked NRMA for many reasons for many years so decided some research was in order to find a better cheap travel insurance provider.

I then found the holy grail of Cheap Travel Insurance!

A small website (at the time, its now grown into a very big broker site) that goes by the name of Travel Insurance Direct.

This website did not offer comparisons between providers, it flat out provided the cheapest rates I have ever seen in Travel Insurance history! Have a look at what they offer you and you will quickly realise how much cover you get for such little money.

Question for you:

1. Do you buy Travel Insurance?
2. Do you buy any insurance at all?
3. Do you see it as wasted money?

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