Are you planning a trip in these summer holidays? Where are you planning to go? Have you prepared your travel checklist? Is it a solo trip or you are travelling with a group of backpackers? Is it going to be a road trip or a short excursion to an exotic place? Have you considered which travel insurance will you be purchasing for this trip?
By the time you figure out the answers to all these questions, we can help you with the answer to one of the most important questions – What are the factors affecting your travel insurance that you should consider before buying the same?
Factors that affect your travel insurance premium are:
- Destination of your travel – There are a few countries where having a travel insurance is mandatory. So, if you are planning a trip to these countries you should check out their travel policies and opt for a travel insurance plan that can help you overseas. Also, the premium of your travel insurance policy changes based on destinations with low and high risks. If you are travelling to a country where the odds of happening something unfortunate are high, so will be the premium cost. Also, remember that the duration of your stay is also an important factor that determines the cost of your travel insurance premium.
- Number and age of the travellers – If you are taking a solo trip, then the SI (Sum Insured) for the travel insurance policy will be less and hence the premium for the same will also be less. However, if you are taking a group trip, then travel insurance will depend on the age and medical history of everyone in the group. In general, the cost of travel insurance premium increases with more number of people travelling together and it is more for older people, as the risk associated is more for them.
- Type of insurance plan – The coverage you select for your trip, domestic or international, directly affects the cost of travel insurance premium. The type of plan is different for single trip, multi-trip, student travel insurance, senior citizen travel plans, corporate travel, business trips, leisure trips and so on. The coverage for all these plans is different and thus the cost of premium also varies accordingly.
- Add-on covers opted by you – Travel insurance premium slightly increases with the travel insurance add-on covers you opt to buy along with your travel insurance policy. However, it does not mean that you should not purchase any add-on cover. Add-on covers enhance the coverage of your base policy and thus you should choose them carefully based on your requirements. For ex. if you are a senior citizen and travelling to Schengen countries, then you can opt for Bajaj Allianz’s Schengen add-on cover. This cover can enable you to get complete coverage for medical expenses and evacuation in case of emergency. You can opt for this cover by paying a minimal cost and enjoy your trip hassle-free.
- Medical conditions of travellers – As explained earlier, the medical history and the prevailing medical conditions of every traveller in the group determine the premium cost of your travel insurance plan. As a standard exclusion, most of the travel insurance policies will not cover the pre-existing illnesses, or if they offer to cover the pre-existing conditions, the cost of premium might be relatively higher as compared to other travel insurance policies.
For more information on our travel insurance plans, visit Bajaj Allianz General Insurance