A travel insurance calculator provides an estimated figure that you will have to pay as the premium when you buy a travel insurance plan.
As someone rightly said, travel is the only thing that you buy that makes you richer. However, travel comes with its own share of unexpected events. To protect your finances when these events occur, a travel insurance policy is essential. It is also important that you are aware of the premium that you will pay for the policy. A travel insurance calculator can help you in that regard.
A travel insurance calculator is a tool offered by insurers that gives you an estimate of the premium for a travel insurance plan. Using the information provided by you, the travel insurance calculator uses an automated formula to give you an approximate premium. This is immensely helpful as it helps you understand the costs of a travel insurance policy so that you can select the best one.
Helps you compare insurance plans
The premium is an important factor for many people in choosing an insurance policy. When you are aware of the premiums that different travel insurance plans incur thanks to the travel insurance premium calculator, you can compare them and select the most suitable one for you.
Simple and easy to use
Using the travel insurance calculator is easy and simple. All you have to do is enter a few details as asked and it will provide you immediate results. No need to make or enter complicated formulations to use the travel insurance premium calculator.
Helps with travel budget planning
Planning for travel is important, especially when it comes to financing. Being aware of the premium for your travel insurance plan helps you budget your trip. You can keep aside a certain amount of money for your travel insurance premium and plan the other expenses accordingly.
Error-free estimations
Since the travel insurance premium calculator is an automated tool, there is no scope for errors. No matter how large or complex the information, you can rest assured that the result will be swift and error-free.
Saves your time
Using a travel insurance calculator eliminates the need to reach out to your insurance agent to know the premium of every travel insurance plan in the market. You can simply visit the insurer’s website and get the right figures yourself.
Allows you to curate an affordable travel insurance plan
With a travel insurance premium calculator, you can adjust or modify the coverage of the travel insurance plan and check the effect it has on the premium accordingly. This way, you get to curate a travel insurance plan in a manner suitable to you.
The result is an estimation only
It is important to realize that the result predicted by the travel insurance calculator is simply an estimate. The actual premium might differ from the estimation since the insurer may have their specific way of calculating the premium.
The premium varies between insurers
As mentioned earlier, different insurers have their own way of calculating the premium. So, the calculator may show you the same amount on different platforms after you enter the same information. However, the actual premium amount quoted by those insurers may differ.
The details required may differ from insurer to insurer
As you visit different sites to use a travel insurance premium calculator, you will notice that different insurers require varying details. Some may ask for the gender of the individuals while others may skip on that part.
Age of the insured members
The age of the insured is a major determining factor when it comes to the premium of a travel insurance policy. The higher the age, the more will be the premium as older people are relatively at more risk of getting sick and hospitalized.
Duration of the trip
The premium of a travel insurance policy will be higher if the trip duration is long since the coverage is being provided for a larger number of days.
The destination/s of the trip
The destination of the trip also determines the premium amount. Since different places have varying medical treatment rates and carry different sorts of risks, the premium for the travel insurance policy also varies.
The number of people insured
The premium will increase as you add more people into the travel insurance plan since the coverage is being extended to multiple individuals. Travel insurance plans can also be purchased by solo travelers.
Medical conditions of the insured
When using a travel insurance calculator, you will be asked if you or any of the people looking to be insured have a pre-existing medical condition. The presence of medical conditions in any of the insured members can considerably increase the premium of the travel insurance plan.
A travel insurance premium calculator can be used on a phone, tablet, laptop, or PC as long as it has an active internet connection. Let’s understand how to use it.
After you have visited the website, you need to go to the travel insurance calculator webpage. You can also run a search for ‘travel insurance premium calculator’ and you will get a list of reliable calculators.
Now, you have to enter the information as asked by the travel insurance premium calculator. This would include the number of people looking to be insured, trip duration, destination/s, age of the travelers, the number of trips that you are planning to take and insure, and so on.
You also have to enter personal details including your name, number, email, and lastly, the pre-existing medical conditions you or the other travelers may have.
Now, all you have to do is click on the ‘calculate premium’ on the travel insurance premium calculator and get swift results. You can keep modifying the variables until you arrive at a premium suitable for you
Emergency medical treatment
A travel insurance policy covers the finances when the insured members are hospitalized on an emergency basis. This comprehensively includes the cost of transportation to the hospital, urgent dental treatment, accident coverage, as well as providing a daily hospital allowance.
Loss or delay of checked-in baggage
Getting your checked-in baggage lost or delayed is more likely than you think. A travel insurance policy helps you cover the cost that you will incur in this scenario. In case of a total loss, you will be compensated as per the policy wordings.
Loss of passport
Losing a passport while in a foreign land can be a traumatic experience. Having a travel insurance policy can help. A travel insurance policy helps you cover the costs that occur as a result of this situation. Not only does it assist you in getting a duplicate passport done but also recompenses the amounts for the same.
Personal liability coverage
Getting involved in an accident where you become liable for the damages can be a serious cause of worry during foreign travels. A travel insurance policy can help such liabilities from causing a dent in your travel budget.
Repatriation of mortal remains
If an unfortunate, unforeseen event leads to the death of the policyholder, the travel insurance policy takes on the responsibility of transporting the remains of the person back to India.
Hijack distress allowance
The hijack distress allowance coverage of the travel insurance plan offers you an allowance when you or your carrier is attacked by terrorists/hijackers.
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