If you want to buy travel insurance, it is important for you to know the factors that can affect the price of travel insurance. You may have heard of other people’s bad experiences or even experienced unpleasant incidents when traveling both domestically and abroad.
Examples include baggage loss, flight delays, accidents while abroad, and other incidents. Therefore, many people are buying travel insurance to protect their travel.
However, before you buy travel insurance, you should know that the price of travel insurance for each individual is different. What do you think about travel insurance rates? Let us refer to the following section.
Is Travel Insurance Important?
Travel insurance is the safeguard insurance required by traveler to protect them from risk during the trip. Travel insurance for the traveler during the holidays is very important, especially if you travel to countries in Europe. Some countries even require a traveler who wants to apply for a visa to his country to have travel insurance.
Benefits Provided by Travel Insurance
Not all insurance policies are the same. You may see a wide range of travel insurance benefits when considering to buy this type of insurance. Here are some types of guarantees included in the travel insurance benefits.
1. Insurance Cancellation and Dismissal of Travel
This is the main reason behind most people buying travel insurance. Travel insurance will cover the non-refundable travel expenses if your trip is canceled or delayed long enough due to illness, natural disaster, and so on. The warranties vary depending on the insurer, as well as the policy you purchased specifically.
2. Baggage Guarantee and Personal Goods
No one can guarantee damage to your suitcase after checking into the check-in desk at the airport of origin until out through the conveyor at the destination airport.
If your luggage is stolen or damaged, travel insurance can usually compensate up to US $ 500 for each lost baggage, and about US $ 100 to US $ 300 for baggage delays. Even the most basic travel insurance options will guarantee this problem.
3. Accident Insurance
This is probably the second reason that people buy travel insurance, which is collateral in case of accident. This reason is the same as those who use daily health insurance. The range of guarantees is often very diverse, so be sure to review the details of your travel insurance policy.
4. Accidental Death Insurance
This type of insurance usually provides compensation in different amounts depending on the situation. For example, if you or someone you care about dies on the way or has an accident that causes disability, such as loss of sight or paralysis.
Some Factors Affecting Travel Insurance Rates
Expensive does not always mean better.
1. Age of People Traveling
The age of the traveler is considered the most important factor of the other four factors. Generally, people over the age of 65 years should spend more. If traveling with teenagers or children, you may be able to include them in your travel insurance at no extra cost, or at a lower cost. This is highly dependent on the travel insurance company and the details listed in the policy.
2. Number of People Traveling and Travel Duration
The number of people traveling and the duration of travel can affect the price of travel insurance. This is due to the increase in the variable will increase the risk guaranteed in the travel insurance.
For example, instead of traveling for a day alone, traveling abroad for three business days has the possibility of medical risks and travel disruptions going bigger. The same is true if you travel with four to five people, as opposed to two.
3. Type of Insurance or Benefit Insurance
The type of guarantee you choose will also affect the price of the insurance policy. Comprehensive basic travel insurance without additional benefits is generally cheaper than travel insurance that offers a variety of additional benefits, such as cancellation guarantee for any reason or rental vehicle accident. Similarly, travel insurance with a greater maximum guarantee for health or evacuation costs is also usually more expensive.