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Factors that affect the cost of travel insurance

Content 23/02/2024 14

Questions when people learn about travel insurance services will often surround questions about factors affecting the cost of travel insurance and factors affecting the quality of travel services. Below, HoaBinh Tourist will provide you with some information for reference about the costs required when registering for this type of insurance service.

What factors affect the cost of travel insurance?

When you request custom-limit insurance packages, the travel insurance premium calculation formulas used by the insurance company will be based on the following two main factors:

  • Trip costs: If you want to have policies that protect your rights in case of trip cancellation or trip shortening, the cost of travel insurance will be determined based on the total cost of your trip.

Note that you need to declare the total cost of your trip accurately because it is not only the cost of air tickets and hotels but also includes all travel expenses, tickets to events, and public services. amusement park…

  • Age: Age is a factor that affects insurance costs quite a lot because older tourists also have a higher risk of health problems, and health insurance costs will be higher.

Travel insurance costs are similar to other types of insurance and are calculated based on possible risks. Normally, companies will provide travel insurance for people under 75 years old. You can ask our staff for advice if you have any age-related insurance policy requirements.

Domestic and foreign travel insurance costs

Travel insurance costs can vary and are often divided into two types: domestic travel insurance and foreign travel insurance.

1. Domestic travel insurance costs

So what factors affect insurance costs when choosing a domestic trip? Factors that affect insurance costs will be the travel time (number of days) and the benefit limit you want to choose. This type of insurance is only for tourists who plan to participate in trips, sightseeing, and vacations within the territory of Vietnam.

2. Overseas travel insurance costs

This type of insurance is for tourists who want to take trips outside Vietnam's borders. Besides, the cost will be calculated using the travel insurance fee formula based on the trip duration and the insurance package you choose to use. However, there are currently a number of insurance companies that offer year-round travel insurance services.

This program allows unlimited trips and countries within a year with full insurance benefits. Annual travel insurance is suitable for people who want to have many trips during the year or have to travel a lot for business, helping to save maximum time and money.

How can I save on travel insurance costs?

To maximize travel insurance costs, you should carefully review all policies and benefits you are entitled to when signing up for insurance. You can consider an insurance package that allows you to choose from different benefits and levels of insurance at an appropriate cost.

Besides, you should also carefully consider the factors that affect the cost of the type of insurance you choose. Then, make a plan to sign up for the necessary benefits and eliminate the benefits you think you don't need.

As mentioned above, an annual travel insurance plan, which covers your trips for 365 days, can also save you a fair amount of money if you travel frequently throughout the year. The best way to learn about insurance costs is to learn about reputable, quality insurance companies. After consulting the available services, you can contact a consultant to receive a quote, guidance, and a more detailed explanation of insurance policies.

Above are some shares from HoaBinh Tourist about factors affecting travel insurance costs. Hopefully, the above information will help you on your trips. If you have any questions or need advice, please contact our hotline at 0939.311.911 - 0913.311.911 for dedicated support.


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