Group travel insurance is available for a group of people traveling at the same time. In order to take advantage of group rates, your group has to have 5 or more travelers. This is more than possible for large family members, corporate employees, tour groups, sports teams, and more. Instead of buying an individual policy for each person, most groups will opt to buy into a group travel insurance plan. Buying group insurance is not only easier than buying an individual policy, but it’s more cost-effective and manageable for the group.
Group Travel Insurance is Less Expensive Than Individual Policies
While the cost of travel insurance does depend on the coverage you need and the length of your stay, putting together a group policy will greatly reduce the premium just by adding more people into the policy. The less risk the insurance company thinks it’s taking on, the lower your premium will become. By adding more people onto the plan, the less risk overall the insurance company will incur. So, by that logic, a group insurance policy will cost less per person than buying every person an individual policy.
Easier to Manage
Depending on how many people are traveling at once, it could be a lot of work to try to maintain a bunch of individual policies before the trip and then to contact each policy for claims. When you have a group policy, there is one number to call for any questions you have and all claims and paperwork are sent to the same address. It keeps everything in one place for you to access. The ease alone is a reason to look into group policy. For companies, it’s something you can have an HR handle or another employee who is staying in the country. For tour groups or big families, you can have one spokesperson to handle all questions and claims. Group travel insurance can give you the peace of mind that everyone covered, just in case.
Protects The Whole Group With Equal Coverage
Whenever you go on an overseas trip, there are risks. You could get sick, you could get stolen from, you could be kidnapped, you could even pass away unexpectedly. These are not things we like to think about when we travel. And when we plan a business trip, a vacation, or some other excursion, we think that surely none of this will happen. But it’s better to be safe than sorry. A group travel insurance policy will provide liability in case of any illness, injury, theft, or death. It means that the insurance company will cover any expenses without having to put you on the line. This is especially helpful for businesses and tour groups, but also benefits family reunions and other forms of travel. With a travel insurance policy, anything stolen, lost, or injured is covered under a simple premium.
Group travel insurance is highly recommended for all business travelers, Tour Groups, or sports teams who plan to take international trips together. While the risk for your group may seem small, you will be thankful for the insurance and the liability attached to that insurance should anything happen while you are traveling. Group travel insurance will even cover lost baggage, so it is worth looking into for just that alone. Group travel insurance is hopefully a measure of precaution, purchased for peace of mind that you never need to use. But emergencies do happen. And you will be glad you have this coverage if you end up needing it.
Published on September 28, 2019