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Travel insurance is something every avid traveler needs to deal with. It is crucial for making sure we don’t lose out on the thousands of dollars we spend on international trips.

Without it, you could find yourself in debt after a ruined vacation. But many people are unaware of what insurance they need – and even what they already have, meaning they often pay too much.

To avoid overspending, you need a clearer idea of what is covered by your current policies and what travel insurance covers.

Here are 3 tips to help you spend wisely!

3 Tips To Avoid Paying Too Much For Travel Insurance

Check What Your Current Insurance Covers

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If you already have homeowners or renters insurance, you probably know that your possessions are covered. If your belongings are stolen or destroyed in certain scenarios, your insurer will pay out up to a certain value.

Maybe you’ve even added some extra items to your insurance, like expensive jewelry or specialized electronics.

But did you know that renters insurance covers your belongings for theft even when you’re overseas? While travel insurers will happily sell you cover for what you take with you on your travels, your belongings might already covered.

Check with your renters or homeowners insurance provider to confirm that they cover all your possessions while you travel.

Instead of paying extra out of fear of your baggage getting lost or your valuables snatched, you might be able to rely on the insurance you’re already paying for.

Find Out About Credit Card Insurance

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Travel insurance is very useful for plans which might get canceled or delayed. It will pay out claims when you’re unable to get refunds for flights and accommodation, as well as tours on which you’ve paid deposits.

But you might not need travel insurance for this purpose.

Some credit cards come with built-in insurance plans. When you use these credit cards to book trips, they automatically insure you for cancellations and delays.

Essentially, they do the job of travel insurance without you having to pay anything more than you are already paying. You will have to have paid for all your bookings with the credit card in question, and you may have to meet certain requirements in order to claim.

Not all credit card providers offer this type of insurance, but you should check whether yours does. If not, look into some of the credit cards which do offer insurance and consider getting one specifically for your travel purposes.

Don’t Get More Than You Need

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The above two tips will ensure you don’t spend money on travel insurance you don’t need. But there are types of travel insurance you’ll no matter what.

This includes health insurance, which is crucial in case you have an accident or get sick on your trip. Health care costs are different all over the world, and in some places it is relatively cheap, but major treatment will always come at a price.

So, you’ll need travel insurance for health purposes, as well as for your bookings if you don’t have credit card insurance. However, there are many more extras you can add onto your policy, so be careful not to get more travel insurance than you need.

Extras can include things like cruise cover, adventure sports, rental car insurance – if you’re not engaging in any of these activities, there’s no need to pay for it to be on your policy.

Of course, there is no single figure that you can rely on as a measure of whether you’re paying more than you should. But travel insurance should not be a major drain on your finances, and extra money on insurance you don’t need could go towards far more exciting things.

Travel insurance is necessary, but you should know what cover you already have to avoid paying too much. Consider getting a credit card with built-in insurance, and always make sure not to overspend on a level of insurance you’ll never need.

Megan is an Australian Journalist and award-winning travel writer who has been blogging since 2007. Her husband Mike is the American naturalist and wildlife photographer behind Waking Up Wild; an online magazine dedicated to opening your eyes to the wonders of the wild & natural world.

Having visited 100+ countries across all seven continents, Megan’s travels focus on cultural immersion, authentic discovery and incredible journeys. She has a strong passion for ecotourism, and aims to promote responsible travel experiences.


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