Factors That Affect Long Stay Travel Insurance Costs

Finding the right travel insurance for your long-term trip abroad is an important part of your preparations. From ensuring you have the guarantees you need and that you understand the policy front and back, doing the right research is essential for making the best decision for your travels.

Among others, one of the things that you should consider when choosing the best policy for you and your family is the plan's cost.

It isn't just about the initial cost, though - you'll need to consider deductibles and potential additional expenses while overseas.

We'll look into all of this and more in this helpful guide, leaving you with the information you need to make an informed decision about your well-being abroad.

How much does long-stay travel insurance cost?

Multiple factors contribute to the cost of long-stay travel insurance. Typically speaking, how much you pay will depend on:

• How much coverage you want. Do you want higher maximums for medical emergency costs? Some plans offer higher coverage amounts, but they do tend to come at a slightly higher premium.
• How many people you need coverage for. Generally speaking, the more people that you need to get coverage for, the higher the cost will be.
• Your destination(s). Are you planning to visit one country? 10? Where your insurance policy is valid can influence the price. Note: All travel insurance policies purchased through Insurte cover you for the entire Schengen area 😎
• The duration of your trip. Oftentimes, the longer the trip, the higher the price you'll pay...but not always. Some longer-term plans come at a base rate, which can be more cost-effective.

What is the average cost of travel insurance?

While it would be nice to have just an average cost you could consider, there isn't really an "average cost" when it comes to travel insurance.

The cost of long stay travel insurance is very dependent on each traveler's needs. From the type of coverage you want, to how many people you need it for, and more, it's hard to give an accurate average.

With that being said, travelers can expect to pay a few dollars a day for core coverage (emergency medical costs), then the price generally increases as you add more coverage, more people to your policy, and more dates.

Do the benefits outweigh the costs?

Yes! While it may feel like another expense to add to your list, you'll be extremely glad you have it should any hiccups arise while you're spending time away from home. In emergencies, travel insurance is your lifeline abroad.

Starting at just a few dollars a day (again, depending on your needs), it really is a small price to pay for your peace of mind.

When you buy a long-stay travel insurance policy, you're not only paying for coverage. You're also paying for expertise in a stressful situation overseas, where you might be unfamiliar with the systems and processes in place (especially when it comes to health services).

It's also worth noting that sometimes, long-stay travel insurance is mandatory, such as if it's for a Schengen visa application. In that case, your visa application will be rejected without proof of compliant travel insurance.

Does travel insurance have a deductible?

It can. Some travel insurance policies do have deductibles, which require you to hit a certain monetary threshold before your coverage begins.

With travel insurance, it's possible that some guarantees have a deductible while others don't, all within the same policy. For example, maybe 24/7 assistance doesn't have a deductible, but emergency medical expenses do.

Additionally, there may be separate deductibles for each guarantee, such as one for luggage and then a different one for Covid-19, meaning if you need to make a claim for both of those, you may have two separate deductibles to meet and that you have to meet each time.

In short, some policies have deductibles, while others don't. It just depends on whether you'd prefer to pay less upfront but more at the time of a claim or vice-versa.

What sorts of things do you still have to pay for?

What you pay depends on the policy you choose - this is why it's so important that you read the terms and conditions of the plan you're considering carefully.

Before you buy your policy, make sure you read the terms and conditions. They will tell you what you can expect in detail, including any maximums or exclusions.

One common misconception is that travel insurance has the same coverage as health insurance, but it doesn't. Travel insurance only covers emergency medical costs, not routine care or treatments. This means that while abroad, if you need to continue expected treatments (such as dialysis, for example), your travel insurance policy will not provide coverage for this.

It's really important to understand that travel insurance, even for long-term stays, is not a substitute for health insurance.

How much does travel insurance cost for 6 months?

How much you can expect to pay for insurance for a 6-month trip abroad varies greatly. There isn't a "set price".

Usually, travel insurance policies charge per day (which can be anywhere from a few dollars a day, up), though it is possible to purchase annual policies that have a base rate. If you're traveling internationally for more than 6 months, an annual policy may be more cost-effective, even if you don't actually need it for all 365 days.

For example, Mutuaide Universal through Insurte has an option that is a flat annual rate, instead of charging per day. This can save you money depending on how long you'll be abroad, so it's worth looking into.

Does travel insurance cost increase closer to the travel date?

No, the cost doesn't change when you approach your date. However, travelers need to know that there may be mandatory waiting periods before their insurance kicks in, such as 7 days. If this is the case, you may have gaps in coverage if you wait until the last minute to purchase it. Additionally, you do have to purchase your travel insurance before you depart. You can't purchase it during your trip.

Always check if there are mandatory waiting periods, especially if your trip is within the next few days.

At Insurte, we do not have any mandatory waiting periods, meaning as long as you purchase your travel insurance before your trip, you are covered.

FAQs: Long stay travel insurance cost