Travelling is coupled with a lot of risks; this is particularly true if you’re traveling abroad. Travel insurance, however, cushions you against any travel related hazards. With travel insurance, you’re covered against unforeseen travel eventualities such as medical expenses, flight delay/cancellation, personal accidents, loss of baggage checked by an international airline, private civil liability, loss of money and others.
What is the average cost of travel insurance?
Just like many insurance policies, travel insurance is available in a range of packages, with all manner of options and choices. Of course, it tailored this way so that it can address the specific needs of different prospects.
On average, the cost of travel insurance is 4-10% of your total trip cost. For instance, if your total, the pre-paid nonrefundable trip cost is $500,000, you can expect the travel insurance policies to range from $250-$400.
However, the final cost will also vary depending on an array of several factors such as;
-Age of travelers
-Length of travel
-Type of coverage
Age, in particular, plays an essential role in determining the final cost of your travel insurance. Senior citizens pay a little especially if they`ve an existing health condition.
The type of travel insurance coverage you choose also changes the rate. For instance, the primary, the no-frills comprehensive plan will naturally cost lesser than the premium or somewhat specialized policies.
What can bump the insurance cost?
Addition of optional extras in your policy can hike your cost of your premium. Examples of optional extras include;
-Cover or adventurous activities such as hiking, surfing, hot air ballooning or scuba diving.
-Cover of high-value items such as expensive stuff such as laptops, watches…
-rental car coverage to cater the excess cost charged by car rental in the event of a claim.
Finding the right travel insurance plan
Given that so many factors affect the cost of a travel insurance plan, the secret is to choose a travel plan that is within your budget range but most importantly select a plan that will address all your traveling needs.