Traveling habits have changed significantly in recent years, and as a result, the travel insurance market has flared up last year. Although only the first quarter data were published by the Wealthyplan Bank, this trend seems to be continuing this year as well. Insurance premium revenue rose 26 percent last year compared to 2017: from $ 10.8 billion to $ 13.6 billion, and this year’s first-quarter revenue increased by 7.4 percent – the first quarter is usually a sluggish period, growth is expected for the remainder of the year.
What has changed? It’s not that people take riskier ways. Nor is it that we suddenly take more responsibility. In fact, there is no big change: half of the passengers continue to travel uninsured. But then how can premium income grow dynamically?
More and more people are traveling individually
Instead of organized group holidays, more and more people choose individual organization or partly individual and partly organized trips – in this case they organize their own travel and accommodation, but the programs are organized in advance. This also means that you have to arrange your own travel insurance. This represents a significant increase in the number of individual customers.
Credit card travel insurance
Many cards are promoted with travel insurance. That’s right, but it’s a good idea to read carefully what a card comes with. Typically, these are “barefoot” insurances, that is, not much is included and most importantly, they only apply to the cardholder. But we rarely travel alone. When traveling with family, it is important to know that the card-related insurance does not cover children and relatives. However, many banks have packages that cover the whole family, so it is worth studying the regulations and, if necessary, opting for the extended package instead of the fund.
Basic insurance is ideal for a trip to Prague with friends for a beer weekend or for a refreshment in Cyprus. The insurance covers both accident, illness and baggage damage.
Travel insurance can be arranged online at an airport taxi
If you want family-friendly insurance, everyone must be insured for the duration of the holiday. You can go to any insurance company or you can take out a travel insurance policy online, which is increasingly common. All the more so because you can take out insurance at the last minute, in the evening while packing or in the taxi to the airport. Of course, it is better to think first about what we want and what we need.
It is important to be aware of what a general travel insurance policy is and what kind of supplement it may be and should be linked to. The basic packages usually really only cover the basics: the trip itself, the accidents sustained while staying, and the luggage damage.
Simply put, if you are walking around in Rome, if you have a flower pot on your head, or your ankle spills on the Acropolis, or even a city bus accident while on the road, your insurance will be valid. However, if you go on a rafting trip or are keen on hang gliding, the basic package will probably not be enough, so the treatment of your sports accident may not be covered by your insurance.
What do you recommend for a rafting accident?
Therefore, if you are not planning a classical, seaside vacation, but cycling around Lake Garda or climbing the Pulpit Rock in Norway, you must also insure that your mountain, valley and bicycle are protected. There are packages that include these items, but we’d better check it out. Typically, this includes skiing in winter: ski insurance requires additional insurance.
In the case of extreme sports, it is worthwhile to look at what insurance coverage offers and how long it provides protection at all. It is not easy – not even above a certain altitude – to insure a high mountain climb, but it does not matter which category of water skiing, paragliding or other fun belongs.
How can you see all this?
It is virtually impossible to go through all the insurers, sit down the line and negotiate the terms, and then choose the best one and go back to conclude a contract. However, this is no longer necessary. After all, if you could book, book and pay online every minute of your vacation, why would travel insurance be different? With the Travel Insurance Calculator, you can compare offers and easily conclude a contract with a single click and pay with a simple credit card.
The calculator compares the offers
The Travel Insurance Calculator allows you to set exactly what extras we need and compare individual offers.
One of the most important elements of the comparison is the price, and there can be significant differences between offers, especially if you want something extra in the base package.
Not only can you choose what kind of activity or sport you want to add to your insurance, you can also ask for a professional photographer gear. This means that the average calculated luggage value, which is even covered by insurance, can even be significantly increased. This means that not only the price is important, but also what supplements can be requested.
A fraction of your vacation is insurance
Insurance for a simple eight-day holiday for a family of three can be covered for as little as $ 11,000, but you can take out insurance for $ 26,000. Whichever you choose, insurance premiums are a fraction of your vacation or getaway. It is better to save on accommodation and not on this, as a hospital stay abroad can cost millions.
All of the calculated offers include the classic elements: accident compensation, health care, luggage damage, emergency dental intervention. The difference is usually in the limits: the cheapest offer costs only $ 400 per tooth, for example, in emergency dental procedures, and the most expensive insurance is $ 250,000.
The situation is similar with the amount of compensation for accidental death, disability and medical expenses.
Realistic risk is worth considering
The question is how much we consider it necessary to raise these amounts. For example, the insurer pays in the event of an air disaster, the lowest price being 3 million forints and the most expensive 20 million forints. The question is, of course, how important this item is in insurance.
Unless you are realistic about your wisdom tooth popping up during your vacation, it is unnecessary to have a $ 250K limit. The situation is similar with the limits on compensation for accidental death and disability – these are unlikely to happen. However, if you are afraid that a millionth camera, notebook or gadget can be smoothly hit on a rock, it is worth prioritizing the offer that gives you a higher limit for securing valuables.