A Clever Way to Save Money on Travel Insurance: Pay for Trip Upfront

Travel Insurance Center has seen an interesting trend that could save you on your next trip — many of our recent customers booking vacations through Overseas Adventure Travel are paying for their whole trip upfront in order to take advantage of a 10% discount.

Many travel providers offer a pay-upfront discount, but there’s an added bonus of shelling out the full cost at booking time. Because travel insurance premiums are calculated based on trip cost, this also saves you money when you purchase travel insurance.

For example, say the total cost for your family of four — ages 52, 48, 24 and 21 — is $24,000. If you took advantage of the 10% discount for paying the full cost upfront, you would save $2,400. Now, say we recommend Travelex’s Travel Select to insure your family and the trip cost. The total premium for that plan could be roughly $935 on that original cost. But by paying for the whole trip cost upfront and saving 10% on the trip cost, you save $101 on your insurance, too, as your trip cost per person has dropped from $6,000 to $5,400!

Plus, you’re insuring the trip right out of the gates, so you have the peace of mind that comes with knowing you are covered for a paid-in-full trip that isn’t until November 2018. That’s quite a ways away, and who knows what can happen between now and then.

Even though planning and paying for a vacation upfront can save people a lot of money, about 74% of Americans have gone into debt to pay for a vacation, according to a recent study from financial planning company Learnvest, as reported in USAToday. Seeing how much you can save, however, can help motivate you to sock away money that trip, instead of going into debt. As soon as you book a paid-in-full trip, call Travel Insurance Center at 1-866-979-6753, and we’ll help find a policy that saves you even more on your next vacation. Or use our expert recommendation tool.