Extensive Travel Equals Hefty Insurance Costs
Yup, we love to travel and because we travel so much, our travel insurance covers are extensive. They cover a lot of things and the best part of it all is that we need not take up multiple covers for various needs. Now the cost of travel insurance can increase or decrease depending on many things. Some of these factors are…
- The country you visit.
- The kind of trip you take (adventure is always costlier).
- Length of the trip.
- Activities you may engage in.
There are many other factors like any pre-existing medical conditions, if you are a smoker and so on but those are mostly generic and apply to all kinds of insurance covers such as complete motor trade insurance, life insurance and the sorts.
Now based on the level of cover required for a trip, as well as the extras you take – your premium can increase significantly. The following covers are usually available to any traveller.
- Trip cancellations
- Passport, cash and documentation loss
- Travel delays
- Excess claims or waivers
- Extreme sports and dangerous activities
- Equipment rental
- Valuables such as jewellery, phones, cameras and iPods
- Pet care if pet is in boarding and your return is delayed
- Loss of income due to injuries sustained on your trip
How can I lower the cost of my travel insurance?
Although you must ensure your travel insurance covers you entirely on your planned trip, there are ways to reduce the premiums.
- Take multi-trip packages instead of single-trip packages
- Increase the excesses on claims.
Remember that with travel insurance cheaper is not always better. Your cover should protect you when you need it otherwise it is money wasted.
Another thing to keep in mind is the levels and cover limits. Basically, be aware of the amount the insurance company is willing to reimburse or pay for a specific item or area of coverage. Better covers get higher limits usually but it also means more premium.