As Europe sits in the deepest recession for decades, now more than ever it is important to make every pound count and cut back on unnecessary spending. But some things you just cannot justify going without – and travel insurance is definitely one of them.

If you think it is bad having to pay £30 for something you are unlikely to have to use, try paying foreign hospital bills running into thousands of pounds. Being uninsured overseas can really ruin your holiday, not to mention your bank balance or savings account. But that doesn’t mean you can’t minimise the cost of travel cover.

We in the UK spend more on travel each year than anyone else in Europe, and as you would expect there are an appropriately large number of insurance options available. By tailoring a policy to your needs or picking the one most suited to them, money can be saved without having to reduce the protection afforded by travel cover.

One of the most basic ways to save is to pick the right type of policy, a few examples of which are shown below: Single Trip Travel Insurance. Realistically, are you going to go abroad more than once in the coming year? This is a question we all should be considering prior to choosing a policy, because it is the most common way of saving money. as you would expect, single trip cover is cheaper than an annual or multi-trip package but would be more expensive should you purchase more than one individual journey policy in less than a year.

But that doesn’t mean this type of policy can’t go a very long way. Six months is a common allowance. especially if you travel often. There is generally no limit on the number of trips you can go on, however the duration of any one trip may be less than the length under a specific Single Trip policy.

You are unlikely to get much more than a months cover on a single trip. There are also tailor-made, specific policies out there. These really depend on the situation, for example backpacking has insurance policies built specifically to protect those who travel in this manner.

Because a standard policy has many exemptions, the activities covered here usually extend the range of cover into usually uncovered areas. It is really about predicting what exactly youll be doing when you travel. The top priority is to be covered no matter what, even if it does cost a little more.

But picking the right policy really will make sure you dont pay any more than you have to, or have to pay any hospital bills.