How Much Should You Pay for Travel Insurance?

If you are planning an overseas trip, chances are that you would have heard about travel insurance. It safeguards your trip financially against a multitude of risks that you may encounter during your journey. Moreover, its relevance has increased since the COVID-19 pandemic with affordable travel insurance cost. If you want to know how much does travel insurance cost for any trip, you have landed at the right place.

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* Price shown is for a 15 day trip to UK with a 1 lakh dollar coverage for an adult of age 25 years

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Plans include Covid-19 global coverage

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* Price shown is for a 15 day trip to UK with a 1 lakh dollar coverage for an adult of age 25 years

Why is Travel Insurance Necessary for Your Trip?

Travelling gives you the opportunity to explore new places while leaving your worries behind. But unpredictability is the reality of life and even a carefully planned trip can go haywire. 

Not only can it lead to major financial losses but you may also end up getting stranded in a foreign country. Only a travel insurance policy can come to your rescue if you face such unforeseen challenges during your trip.

For example, imagine you went on a solo trip to Amsterdam. In an unfortunate incident, you are robbed of your belongings and end up losing your wallet as well as your passport. 

This can be a scary situation to be in a foreign country with no friends and families around. But if you had covered your trip by a travel insurance policy, you will be able to get a copy of your passport as well as cash for emergency use from your insurance provider. All these additional expenses can we avoided by paying a small price of travel insurance.

Therefore, securing your trip with travel insurance can allow you to have a stress-free trip. Right from medical emergencies and baggage loss to personal liability and trip cancellation, travel medical insurance will cover you for all kinds of emergencies, which you are likely to face during your trip. 

How Much Does Travel Insurance Cost You?

How much Pay for Travel Insurance

The cost of a travel insurance policy is calculated on the basis of the risks associated with the trip. The higher the risk factor, the higher will be the cost of travel insurance premium. 

However, there is no exact figure that we can tell you for the price of travel insurance policy. This is because the travel insurance cost depends on several factors and is not the same for everyone. It will not only vary from one trip to another but also from one traveller to another. 

So how much does travel insurance cost? Generally, the average cost of travel insurance is somewhere between 4% to 12% of the total cost of your trip. For example, if the total cost of your trip is Rs 1 lakh, then your travel insurance policy may cost you somewhere between Rs 4000 to Rs 12,000. 

This can certainly change with your age, trip duration and several other reasons. To get a better idea about how much does travel insurance cost, you can also use a travel insurance premium calculator.

However, the exact travel insurance premium may depend on certain factors related to the trip and the travellers. Let’s read on to know more about these factors.

Factors Affecting the Cost of a Travel Insurance Policy

Travel insurance is made to suit different kinds of travellers- your travel insurance cost will change with your age, the place you're going or the insurer you're opting for.

However, for an easy estimate, you can expect the price of travel insurance to cost 4%-12% of your overall pre-paid trip costs. This will of course vary if you opt for a comprehensive coverage or additional coverage because of add-ons.

The cost of a travel insurance policy can be determined on the basis of the following factors:

  1. Travel Destination

    The destination of your trip largely affects the cost of your travel insurance policy. If you are travelling to another city in India, you will be charged with a lower premium. But if you are going to a foreign country, you will have to pay a higher premium amount. Similarly, if you travel to a relatively safe country, your travel insurance premium will be lower. But if you travel to a country that is prone to natural disasters, the cost of your international travel insurance policy will be higher.

  2. Number of Travellers

    The number of travellers to be covered under the policy also affects its premium. The higher the number of travellers, the more will be the cost of the travel insurance policy. This is because the risk factor increases with more travellers and so does the liability of the insurance company. As a result, you are charged a higher premium.

  3. Age of the Traveller

    The cost of your travel medical insurance policy will also depend on the age of the people covered under the trip. An elderly traveller will have to pay a higher premium to avail travel insurance coverage. This is because elderly people are more prone to facing a medical emergency during their trip as compared to younger people.

  4. Trip Duration

    The duration of your trip also impacts the cost of your travel insurance policy. The longer the duration of the trip, the higher the premium price will be. For instance, you will have to pay a higher premium if you are travelling for a month as opposed to travelling for a week.

  5. Type of Travel Insurance Policy

    The type of travel insurance policy that you choose also affects your premium price. The wider the scope of coverage, the higher will be the cost of travel insurance. For example, you will have to pay a higher premium if you buy an international travel insurance policy as compared to buying domestic travel insurance.

Travel Insurance is Mandatory in Some Countries

Although most countries give you the freedom to choose to buy travel insurance for your trip, you don’t get that liberty with a few countries. Schengen countries, such as France, Germany, Netherlands, etc. require all Indian travellers to carry a valid travel insurance policy while visiting. In fact, you will not be granted a Schengen visa unless you buy travel medical insurance policy.

The case is similar in countries like the USA where you need to mandatorily buy student travel insurance to obtain a student visa. Thus, you are advised to check beforehand if travel insurance is mandatory to obtain the visa for the country where you plan to travel.

Summing It Up,

Travel insurance has become an absolute necessity ever since the COVID-19 pandemic entered our lives. The possibility of facing adversity while travelling has never been more real before the pandemic and only travel insurance can pull you out of its financial implications. Therefore, you must cover your trip under travel insurance without fail. Do keep the above-mentioned factors in mind to get an estimate for the cost of your travel insurance policy.

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