I have a love-hate relationship with travel insurance — it’s the umbrella I know I should bring out, yet am always tempted to leave at home.

Whether or not you should get travel insurance is up to you, but if you’ve already decided that you want it, there are actually several ways you can save money on it, such as travel insurance promotions. Some credit cards also cover you for free if you book your flights with the card.

Single-trip travel insurance in Singapore typically cost around $25+ for basic plans and up to $100+ for the most comprehensive ones. To aid you in your quest to stretch that holiday dollar, here are seven money-saving hacks when it comes to shopping for travel insurance:

1. Travel insurance promo codes & promotions (2020)

The travel insurance scene is highly competitive. Insurers are constantly offering promotions and you can also make use of limited-time travel insurance promo codes to get the cheapest.

Table last updated 30 Jan 2020. Visit MoneySmart.sg for updated promo codes, if needed.

2. Check if your credit card offers complimentary travel insurance

Complimentary travel insurance or other travel-related promotions are also available when you charge your return flights to your credit card. Usually though, the coverage is more limited.

Most credits cards in Singapore offer free travel insurance coverage for cardholders. However, to qualify, you typically need to charge return air fares to your credit card.

Do note, however, that the coverage scope and amount is usually quite limited. The DBS Altitude free travel insurance coverage, for example, only covers personal accidents and not travel inconveniences (flight cancellations, baggage loss / delay, etc).

This is more for the #Yolo travellers who don’t really care about getting insured, and see the coverage as a bonus.

3. Consider annual travel insurance

If you travel more than five to six times a year, it may be more cost-efficient for you to opt for an annual travel insurance plan. Single-trip premiums are always less value-for-money, but in order to get the bang for your buck you really do need to travel quite frequently.

For as low as $188, you can get an annual trip insurance plan that covers worldwide destinations.

4. Buy your travel insurance in a group

Certain insurers offer added discounts for group policies. If you’re travelling together and will be engaging in the same activities throughout, you’ll probably be getting very similar travel insurance plans anyway — might as well combine it for greater savings.

5. Read the T&Cs, and then re-read them again

Travel insurance is tricky because while every policy is somewhat similar, the differences lie in the nitty gritty details that can only be found in the depths of wordy T&Cs.

For example, always check that you’re not paying extra to insure trip costs that are already refundable. For instance, if your flight is refundable and you already got a flight voucher for its cancellation, your insurer does not need to reimburse it.

Also, if you’re getting opt-in coverage from an airline, make sure you read the T&Cs and agree with the level of coverage.

6. Double for any additional coverage clauses — you might not need them

Add-on coverage — like for winter sports, high value items, etc — are always chargeable, and increases the total price of your premium. So always double check to make sure you only pay for additional coverage that you need.

For instance, if you’re going on a self-drive holiday, you might be thinking of adding on car rental coverage. But before doing that, check with your preferred car rental company — most of them come with some extent of insurance to cover their rentals, so if you’re satisfied with that, you might not need to pay for your own.

7.  Lastly, get your travel insurance as soon as you book your flights!

Buying your travel insurance as soon as you confirm your flights is great because you’re immediately covered for any possible pre-trip hiccups. Examples include natural disasters, flight cancellations, etc.

Every minute you wait is a risk!

READ ALSO: Will travel insurance help if you're left stranded overseas?

This article was first published in MoneySmart.