Whenever you embark on a trip as a group, it is advisable to apply for a group travel insurance policy. You never know what awaits in a foreign land, and it is only wise if you have coverage against risks such as medical emergencies, cancellation, interruption, and many more. However, costs for group travel insurance plays a vital role in the type of policy you settle on, bearing in mind that it will cover for all individuals listed (usually five or more).
Cost Per Person
On a primary basis, most insurance will give a ballpark estimate on how much of your total trip costs you’ll remit to your policy. It is likely to be ranging from 3%-4% of the entire group travel cost. In the same breath, the price per person will be divided equally among all the traveling members depending on the policy budget. What’s more, high-end coverage policies will likely charge a non-refundable 10%-12% of the total travel cost.
Cost Per Policy
Most insurers agree that policy pricing depends on several factors, including your group size. For medical and cancellation packages, they include.
• The overall cost of the group trip
• Number of people needing insurance and their ages
• Where you are headed for the journey and how long it will take
• Operational coverage
Cost Breakdown of Specific Types of Group Travel Coverage
There are a few essential coverage packages in group travel insurance. Most of them will include.
• Baggage coverage- $400-$500 per person
• Evacuation coverage- $100,000 for the whole group
• Missed connection coverage- at least $250 per person
• Emergency medical coverage- at least $25,000 per person
• Trip cancellation coverage- at 100% of the policy price
• Trip interruption coverage- at 150% of the policy price
Are Some Destinations More Expensive Than Others?
When it comes to risk coverage, anything is possible. For example, if you are planning a trip to skiing resorts overseas, it means that you will pay more on your policy because the destination bears a higher risk.
The best way to cut down on additional charges for unique destinations would be to evaluate costs for group travel insurance that offer a chance for a combination of terms. You can even seek special discounts.
Are There Any Discounts for Groups That Have an Existing Policy with The Company?
Yes. All you need to do is get hold of any seasonal offers or promo coupons from your insurer and activate them. It will enable you to save up to 20% of your total policy remittance fees.