Top 5 Factors Impacting Travel Insurance Plan Premiums
Since airfares are getting cheaper, people are taking lesser time in planning their holidays and vacations. Customers are becoming smart and they don’t wish to keep themselves in greater risks by not taking the tourism insurance plans that can help them safeguard against theft, flight miss, and other inevitable incidents that may cause huge loss.
As most of the travel and holiday booking portals are coming up with huge discounts on travel, insurance companies are partnering with them to sell their tourism insurance plans and safeguard customer’s travel. If you think that availing a travel insurance is a must to ensure a safe and worry-free travel, then read the following factors that may make you pay higher for your travel premiums:
1.Type of the Plan
Insurance companies design different plans to cater different requirements. If you’re going a single-trip plan or a short tour, then travel plan insurance will have much lower premium than that of the multi-trip or the annual plan. It is also important to consider that student, senior citizens, and domestic travelers may get extra levy in premium, by showing their ID proofs.
2.Cover Type and Size
Availing travel insurance and deciding the sum insured to the city you are traveling to can be quite difficult as you aren’t aware of the cost of survival or medical services in a particular region. If you’re going for a vacation in a country, which has a stronger economy than yours, then it is advisable to go for an extended cover to ensure that you and your family stays safe while on travel. It is important to keep in mind that the higher the sum insured is, the costlier the policy premium would be.
Some of the features, including accidental benefits, food and hotel arrangements in case of miss of flights, and other related features are counted ad add-on features that can help you manage your survival, in case any emergency occurs. In most of the cases and if you’re lucky enough, then you can get these add-on features added to your regular travel plan as a part of travel insurance Singapore promotion benefit. You can enjoy these features at a nominal charge, depending upon your wish of adding them to your basic cover.
4.Reach and Network of Policy
If you are going for a travel plan that has widened reach and an expanded network of medical help, then the policy will be costing you higher for the benefits it is offering. Simple claim process, 24X7 accessibility, online emergency assistance services, easy payment options, and a wide network of hospitals can have increasing effects on your premium.
5.Duration of Your Travel
The clause considers the total number of days for which the protection will be availed from the insurance company. It is important to consider that the longer the duration will be, the higher the premium would get.