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Travel Insurance Premium Calculator

Travel Insurance Premium Calculator is an online tool that calculates the premium for a selected travel insurance plan. It is an instrument that helps a prospective traveller to get an estimate of the cost of buying a travel insurance policy. Travel insurance premium calculator also helps him to compare the premium of multiple travel insurance plans at one place before buying any one of them. The traveller can use the information provided by the travel insurance premium calculator to select the best travel insurance policy for his/ her trip.

A travel insurance premium calculator takes into account all the information related to the insured’s trip to work out the premium of the selected travel insurance policy. Such factors include the coverage opted, duration of the trip, age of the travellers, travel destination, etc.

What is Travel Insurance Premium?

Travel insurance premium refers to the monetary charge or fee that has to be paid while buying a travel insurance plan. A travel insurance policy is a type of insurance that a traveller purchases to stay protected against any unforeseen emergencies during his trip. It is a safety shield that protects the traveller in case an unfortunate circumstance leads to financial losses or disrupts the trip. Some of the common covers offered by most travel insurance policies are medical cover, trip cancellation, loss of passport, hijack cover, personal accident, loss of check-in baggage, delay in the arrival of check-in baggage, trip delay, personal liability and missed connection flight among others.

Basically, a travel insurance premium is the cost of buying an insurance policy that has to be paid to the insurance provider. The insurance premium has to be paid only once throughout the tenure of a travel insurance policy. Only after you pay the premium amount, you can avail the coverage offered under your travel insurance policy.

Significant Benefits of Travel Insurance Premium Calculator

Travel insurance is a document that ensures the safety of the insured traveller while undertaking a domestic or international trip. In order to get the maximum required coverage for the minimum possible cost, you should be aware of the amount of premium you’ll have to pay. With a travel insurance premium calculator, you can know in advance how much premium you need to pay on buying a specific travel insurance plan. Following are some of the most common benefits of using an online travel insurance premium calculator are:

  • Get an estimated amount of premium that you will have to pay before the actual purchase of a travel insurance policy
  • Compare the coverage and premium charged by different insurance companies at one place
  • You can check and compare the coverage and premium of different travel insurance policies online without the need of visiting the branches or agents of the insurance providers
  • You can check the premium rate for a travel insurance plan any time of the day and from any part of the world
  • You can also monitor the change in the premium if you add or remove an add-on cover
  • Helps to choose the best travel insurance policy for you

Factors Affecting Travel Insurance Premium

There are certain aspects that help to determine the premium for a travel insurance policy. You have to enter certain information in the travel insurance premium calculator to help work out the premium for you. Take a look at some of these factors below:

  • Age of the traveller - The age of the travellers play an important in estimating the premium of a travel insurance policy. The amount of premium charged varies with the age of the traveller. For instance, the premium amount for a 75-year-old traveller will be more than the premium charged to a 25-year-old traveller.
  • Travel Destination - The price of a travel insurance policy changes with the destination of the traveller. For instance, the premium amount charged to a person travelling to Singapore will not be the same as the premium charged to a person travelling to the United States of America.
  • Duration of the Trip - The duration of your trip also helps to ascertain the premium of a travel insurance policy. There are different travel insurance plans if you are going on a single trip or will be travelling frequently. As a result, the travel insurance premium also varies.
  • Sum Insured - The sum insured amount that you choose under your travel insurance plan also reflects on your travel insurance premium. The higher your sum insured amount, the more the amount of premium you’ll have to pay at the time of buying a travel insurance policy.
  • Frequency of the Trip - The number of times a traveller plans to travel domestic or international within a year also influences their travel insurance premium. There are specific travel insurance plans for frequent flyers, especially business travellers, who travel multiple times a year. Such people buy a multi-trip travel insurance policy to get all their trips covered under one policy and as a consequence pay a higher amount of premium.
  • Coverage Opted - One of the most crucial factors that affect your travel insurance policy is the coverage. The cover that you opt under your travel insurance plan refers to the protection that you get during your trip. The greater the coverage you opt for, the higher your travel insurance premium gets.
  • Add-On Cover - Add-on cover refers to the additional cover that a traveller opts for to get extra protection during his trip. Since add-on covers come with additional cost, it increases your insurance premium amount.

How to Use Travel Insurance Premium Calculator by Policybazaar?

Policybazaar is an online insurance aggregator that provides a travel insurance premium calculator. This travel insurance premium calculator by Policybazaar works out the premium for a travel insurance plan. You can compare the premium for different travel insurance plans using a travel insurance premium calculator from within the comforts of your home. In other words, the travel insurance premium calculator by Policybazaar helps you buy the best travel insurance policy available in India.

How to Start Using Travel Insurance Premium Calculator?

The procedure to use Policybazaar’s travel insurance premium calculator is very simple and customer-friendly. All you have to do is to follow the steps given below to begin using the travel insurance premium calculator by Policybazaar:

  • Visit the website of Policybazaar
  • Select travel insurance
  • Fill up the required details in the travel insurance premium calculator, which includes destination, age of the travellers and date of travel
  • Select if you’ll be going for a single or multiple trips
  • Choose whether you have a medical condition or not
  • Click on ‘proceed’
  • Enter your mobile number as well as the medical condition, if any
  • Submit the information

You can compare the premium charged by the various travel insurance plans calculated by the travel insurance premium calculator.

Written By: PolicyBazaar - Updated: 30 October 2019
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