Travel insurance prices up 50%

[griffindesign]

Over the past couple of days I have been pricing out travel insurance for my February dream cruise (11 in our group), and May ebta (9 in our group). The prices are 50% more than what I paid for my last ebta (2016), and similar Caribbean cruises. I even priced them out as smaller groups. Has anyone else found this lately? I have used square mouth and insuremytrip to compare pricing. Any thoughts on why they are so high, and if they might come down if I wait? Thanks.

 

[lanejudy]

My guess -- and it's just a guess -- is that travel insurance companies have had considerably payouts due to hurricanes in the past couple of years and it's impacted rate structures. Maybe someone else has direct knowledge of insurance underwriting and has a better explanation, but that's my guess.

Enjoy your cruises!

 

[LYSE]

If you don't need some of the extra generous policies out there just use a good Travel Credit card (possibly broken up to get higher coverage limits..since you do have a large group)

 

[Dug720]

My guess -- and it's just a guess -- is that travel insurance companies have had considerably payouts due to hurricanes in the past couple of years and it's impacted rate structures. Maybe someone else has direct knowledge of insurance underwriting and has a better explanation, but that's my guess.

Enjoy your cruises!

Probably that combined with the increasing number of terror attacks all over but in Europe and the warnings for Mexico and so forth specifically is driving them up.

 

[mareed]

I can see that TravelGuard Gold is the same as it's been since June 2015 when prices increased a bit for my trip at that time compared to previous prices, so no I'm not seeing any recent increase.

 

[Winston Wolf]

Over the past couple of days I have been pricing out travel insurance for my February dream cruise (11 in our group), and May ebta (9 in our group). The prices are 50% more than what I paid for my last ebta (2016), and similar Caribbean cruises. I even priced them out as smaller groups. Has anyone else found this lately? I have used square mouth and ************ to compare pricing. Any thoughts on why they are so high, and if they might come down if I wait? Thanks.

I noticed the same for our Fantasy cruise coming up this Fall

 

[griffindesign]

I can see that TravelGuard Gold is the same as it's been since June 2015 when prices increased a bit for my trip at that time compared to previous prices, so no I'm not seeing any recent increase.

Interesting, when I plug in the exact same number of people and trip cost as before it is still coming up with 50% higher even for the lower cost insurance options.

 

[griffindesign]

I guess I am wondering if it is likely to go back down if I wait a couple of months, or if it is expected to stay high.

 

[LYSE]

Interesting, when I plug in the exact same number of people and trip cost as before it is still coming up with 50% higher even for the lower cost insurance options.

I guess I am wondering if it is likely to go back down if I wait a couple of months, or if it is expected to stay high.

I'm not aware of the prices changing based off of browsing behavior like travel sites...but have you tried getting a quote while incognito or another machine/phone/internet connection?

 

[mareed]

Interesting, when I plug in the exact same number of people and trip cost as before it is still coming up with 50% higher even for the lower cost insurance options.

I just did an actual quote rather than looking at their rate chart to confirm, and it's still the same price that it's been over over 2 years for me. Are you sure you're putting in the exact same criteria as before regarding ages and trip amounts? Has someone gone to the next age category, or perhaps no longer qualified for kids free?

 

[NS8VN]

How long ago did you book these? With trip insurance the longer you wait between booking and getting insurance, the higher the price. This is because if you book a cruise and immediately get insurance then it all looks routine, while if you booked and then a few months later decide to get insurance it looks as though something has suddenly happened that makes you think you need it. Higher risk for the carrier, higher price for the consumer.

Travel insurance may be different, but in the areas I used to work in there were actuarial tables that had to be followed that factored in many different variables. These tables were not reactive to short-term issues like a hurricane, but to long-term trends. I think it is much more likely that any increase has to do with changes to your party, their health, or the timing of getting the coverage. If strict tables aren't followed then it could just be a temporary fluke of computer charting that is noticing a sudden spike in people applying. You can probably look at a chart of policy application numbers and clearly see the days Matthew and Harvey hit, thousands suddenly deciding they need trip insurance. If there is a short-term adjustment happening I would wager that is the cause and not the relatively small number of claims being made due to the storm.

 

[griffindesign]

I just did an actual quote rather than looking at their rate chart to confirm, and it's still the same price that it's been over over 2 years for me. Are you sure you're putting in the exact same criteria as before regarding ages and trip amounts? Has someone gone to the next age category, or perhaps no longer qualified for kids free?

We do have one child that is now 18. Maybe that has affected it, but I wouldn't think 50% more.

 

[griffindesign]

I'm not aware of the prices changing based off of browsing behavior like travel sites...but have you tried getting a quote while incognito or another machine/phone/internet connection?

That's a thought. I'll try, thanks.

 

[mareed]

We do have one child that is now 18. Maybe that has affected it, but I wouldn't think 50% more.

Yes, sounds like that's it. TravelGuard gold covers kids under 18 free (except NY), so you're paying for 1 extra person now compared to before. Also, the trip could be more expensive and has pushed up into the next pricing category. Here's a direct link to the Gold pricing chart that hasn't changed in at least the last 2 years: https://webservices.travelguard.com...ate=2017-09-03T10:55:25&FileType=PROD_PLAN_PR.

 

[insureman]

Haven't seen any price increase.

 

[Luv2Diz]

'How long ago did you book these? With trip insurance the longer you wait between booking and getting insurance, the higher the price. This is because if you book a cruise and immediately get insurance then it all looks routine, while if you booked and then a few months later decide to get insurance it looks as though something has suddenly happened that makes you think you need it. Higher risk for the carrier, higher price for the consumer.'

I travel a fair bit and have found the opposite to be true. We booked a trip to Europe back in November 2016 and we leave for it later this month. I checked the travel insurance when we booked and it was $200. I've checked rates about monthly since then and it has incrementally decreased to a current cost of $123. The same has been true on previous trips. I will be buying the insurance very soon.

I am currently watching insurance for our cruise next year and am hoping for a similar drop since the cruise insurance is really high right now.

 

[griffindesign]

'How long ago did you book these? With trip insurance the longer you wait between booking and getting insurance, the higher the price. This is because if you book a cruise and immediately get insurance then it all looks routine, while if you booked and then a few months later decide to get insurance it looks as though something has suddenly happened that makes you think you need it. Higher risk for the carrier, higher price for the consumer.'

I travel a fair bit and have found the opposite to be true. We booked a trip to Europe back in November 2016 and we leave for it later this month. I checked the travel insurance when we booked and it was $200. I've checked rates about monthly since then and it has incrementally decreased to a current cost of $123. The same has been true on previous trips. I will be buying the insurance very soon.

I am currently watching insurance for our cruise next year and am hoping for a similar drop since the cruise insurance is really high right now.

I think I will wait too. Thanks.