At CAA, we recently introduced deductibles on all our travel insurance plans. It’s a great way to save money on travel policies.
You may or may not be familiar with deductibles, but here’s how it works – a deductible is a specified amount of money that you – the insured must pay in USD should you have to make a claim – due to the unexpected occurring on your travels. Once you pay that amount, the travel insurance company will cover the remaining costs for all eligible claims.
The amount of your deductible is up to you. By paying for a deductible, your travel insurance premium will be reduced; the amount of the reduction depends on the deductible level you select.
It is not mandatory to add a deductible to your policy in order to purchase travel insurance, but there are benefits to doing so.
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