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Determining Factors of Travel Insurance Costs

In House Magazine
04 Oct 2019
Determining Factors of Travel Insurance Costs

Who doesn't love to travel? Going on a trip is a great way to relieve stress and take a break from our daily activities or work. However, you wouldn't want your travel experience to be ruined by unexpected circumstances that can disrupt your vacation.

Travel insurance can be a solution to ensure that your travel moments go smoothly. With various benefits offered, travel insurance can also protect you from potential losses or inconveniences.

But did you know? Besides the benefits offered by travel insurance, there are determining factors that affect the cost of the premium itself.

To enjoy the protection provided by the policy, as the policyholder, you need to fulfill the payment obligations. The cost of travel insurance can vary significantly and is determined by several factors.

  1. Age of the Insured Similar to other types of insurance, such as life insurance and health insurance, older ages require higher insurance costs. This is because the risk increases with age, including the likelihood of illness or incidents during the trip.

  2. Health Condition of the Insured If the insured has a pre-existing health condition before obtaining travel insurance, the insurance company may require a higher premium. Additionally, there may be certain requirements from the insurance company to report the insured's health history. Your claims may be denied if you fail to provide honest and accurate information about your actual health condition.

  3. Benefits and Coverage Offered The cost of travel insurance can be higher if it offers more comprehensive benefits. For example, travel insurance that provides coverage for both domestic and international trips will have a higher premium compared to insurance that only covers domestic trips.

It's important to note that these factors may vary among different insurance providers. Therefore, it's advisable to compare different insurance policies and consider your specific needs and circumstances before purchasing travel insurance.

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