Have Travel Insurance premiums skyrocketed?

[BlewWater]

I always expect costs to increase every year, especially with the current pandemic. But have travel insurance premiums really more than doubled in just two years?

 

I've received quotes for travel insurance for a 2022  cruise. I am comparing these quotes to premium amount I actually paid for a 2020 World Cruise.

My total insurable costs for the upcoming 2022 trip are about 10% less than the insured costs of our 2020 cruise.

But the quoted premiums are more than double what we paid for our 2020 cruise. I am comparing premiums for the same policy with the same insuring company. And quotes from other insurers are relatively similar, so I know this new quote isn't just an outlier.

 

What have other people who are regular purchasers of travel insurance experienced in terms of premium increases?

 

 

[klfrodo]

Not much of an increase if any that I've noted. That's just me though.

 

Then again, since insurance is heavily regulated by each State, Province, and Country of residence, I would think that might have something to do with coverage changes and price increases.

Edited April 21, 2021 by klfrodo

[iamtrustworthy]

5 hours ago, BlewWater said:

I always expect costs to increase every year, especially with the current pandemic. But have travel insurance premiums really more than doubled in just two years?

 

I've received quotes for travel insurance for a 2022  cruise. I am comparing these quotes to premium amount I actually paid for a 2020 World Cruise.

My total insurable costs for the upcoming 2022 trip are about 10% less than the insured costs of our 2020 cruise.

But the quoted premiums are more than double what we paid for our 2020 cruise. I am comparing premiums for the same policy with the same insuring company. And quotes from other insurers are relatively similar, so I know this new quote isn't just an outlier.

 

What have other people who are regular purchasers of travel insurance experienced in terms of premium increases?

 

 

Hi BlewWater,

 

Two of my companies had 40%+ increase, a few had 10%+ increases and other companies will be raising prices soon. One company I use specifically for expensive trips barely raised their prices.

 

The increases depend on how much they paid in claims. Some companies hadn't raised prices for 5 years.

 

Steve Dasseos

Edited April 22, 2021 by iamtrustworthy
typo

[Gail & Marty sailing away]

It has gon up a bit ...