Anna-Marie Duthie, Travel Insurance Expert at Defaqto, comments on how holidaymakers can cut the cost of travel insurance without reducing their cover.

As the Easter holidays approach, many are looking forward to their first holiday of the year but with the cost of living at an all-time high, many are looking to cut back on their insurance. However, skimping on cover could be a false economy, according to independent financial information and ratings experts, Defaqto.

Travel insurance policies can vary widely, and you may not need the most expensive one on the market; it is worth checking what is included before buying.

One area when you can cut back is where you have already have cover elsewhere. For example, baggage cover may not be needed if you have worldwide personal possessions cover within your home insurance and so wouldn’t need to include it within your travel policy.

It is also worth looking at an annual policy instead of a single trip policy. Consider how many times you are going away as sometimes an annual policy can be just as cost effective as single trip, especially if there is a chance you may go away more than once.

Anna-Marie Duthie, Travel Insurance Expert at Defaqto, says: 

The cost of living crisis is affecting everyone but if you are planning on taking a trip overseas, it can be a false economy to skimp on travel insurance. You don’t need to buy the most expensive policy on the market but you should make sure it has sufficient cover for your needs. Instead, you may be able to take off add-ons, such as baggage cover if you already have equivalent insurance within your home policy, for example. It is also worth making sure you have an up to date GHIC card, which will provide some medical assistance in most countries abroad, which may reduce or save you having to pay an excess if you need to claim on your insurance.

Full release: How to cut the cost of travel insurance without cutting cover