The immediate issue will always be the necessity to buy the cheapest travel insurance policy for every trip that you will take. Every time you think about it, your mind will always split into three, whether there is need for it right at the start of your adventure or just after you got yourself into a mishap (like losing your luggage or worse, getting robbed). Or it may also be if there is still a need after some years travelling without any incident at all. Travel insurance, even if what you have right now is the cheapest will always be one of those vital services that hopefully will never be used. And when you don't, you are sure to complain that you are not getting something in return for your investment. 

Finding yourself in this crossroad is never easy. If you look for the cheapest travel insurance policy because you want to save a bit of money while travelling against the likelihood of any unfortunate incident from happening to you, then you are just making things complicated. Everything boils down to "it all depends."

To start with, you must understand that there are many travel insurance ground rules, and you have to consider them all so you can determine if there really is a need for a travel insurance policy for every trip that you plan to make. Keep in mind though that a good coverage for your medical needs and for your possessions are among the main investments that you should provide for yourself. Also, policies from different travel insurance companies differ from each other entirely. This means that you will have to scour every corner just to get the best, and cheapest coverage that you can find that will best suit your travelling needs and requirements. Here are more considerations that you might wish to know:

• A short-term travel insurance policy, usually less than six months will not normally cover you in the area or country that you resided.
• Another smart idea is to get yourself insured for much shorter periods, as little as a week. You may not realize this now, but most plans and policies are designed to be flexible when it comes to providing coverage on specific trip dates. This means you won't have to make extensions, you can simply buy coverage that is just enough for your travel schedule.
• The effects of pre-existing conditions – Most of today's travel insurance plans made it clear that they will not be liable for any pre-existing conditions. Others will require that you enlist with them first for about a year, and sometimes more so they can include it in the coverage plan.
• For those carrying their laptops and electronic gadgets with them, they should know that there are limits on electronics claims (i.e. you might not want to bring your iPad with you...)
• Paperwork - Receipts of stolen "big items" and even police reports are needed for  claims processing.

These are just some of considerations that you need to study first before you continue with your quest for the cheapest travel insurance policy that you can find. You can never know what will happen to you out there. You can save money, or things may go the other way around.