How much is Travel Insurance?
I guess everyone want to get low cost travel insurance, and yes you can. First, let me tell you why your travel insurance seems overpriced.
Many factors affect travel insurance cost, which is why we cannot exactly pinpoint the amount of funds required to get a travel insurance to. Of course, the sum you need to pay depends on how much coverages you may want. For example, if you subtract the trip cancellation coverage, the travel insurance cost would be cheaper. Instead, if you want additional travel medical insurance, the premiums would definitely be more expensive.
Aside from the numerous coverages offered, travel insurance cost also depends on your age. The insurance company will most likely cost you more if you are over 60 years old, thus explaining why senior citizen travel insurances are very costly. Travel insurance costs are also affected by pre-existing medical condition, like asthma or pregnancy. Most insurance company will classify you as high-risk customer, and they may either reject your application or charge expensive travel insurance cost to you. If you are pregnant and you are going on a trip, we suggest you read this article Pregnancy Travel Insurance.
Travel insurance averagely cost about 5 to 8% of your total travelling expenses (under the condition that you are NOT considered a senior citizen or having certain disease). So, if you spend $1.500 on a single trip (lodging, plane, foods, etc.), you would need to provide about $75 – $120 for travel insurances. Should it reach about 10% of your total expense, you might want to reconsider taking excessive travel insurance coverages.
Although it may be high-priced, travel insurance is unquestionably valuable.