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Cruise insurance can cost from 5% to 10% of your total trip cost, though that amount can be influenced by:
- Your age
- How much you’re spending on your trip
- The length of your cruise
- The number of people covered under your policy
And some plans may even factor into the price:
- Your destination and ports-of-call
- How far out you are from your departure date
Your Price Depends On The Element Of Risk
The cost of cruise insurance depends in large part on how big a risk the insurance company thinks you are.
Risk is based on age, trip cost, plan type, number of cruisers, and, for some plans, your destination and trip length.
Age
In general, the older you are the more you should expect to pay for cruise insurance.
Why? Because trip cancellation is the No. 1 factor in determining cruise insurance pricing – and the older you are, the more likely you are to cancel your trip.
Not every company has the same number of age bands, or defines them the same way. It’s a good idea to compare plans, coverage and price before you buy.
Cruise Cost
Expensive cruises cost more to insure than less expensive cruises –and cruise cost for insurance purposes is based on prepaid, non-refundable expenses.
A cruise where the upfront cost is extremely high (which is most cruises) means the company would have to pay more for an approved trip cancellation claim, so it makes sense to charge more to cover that cruise.
Plan Type
Basic plans are cheaper than luxury plans because they often have lower medical expense, emergency medical evacuation, and baggage limits.
However, the price difference between a less expensive plan and a more expensive plan may not be as great as the difference incoveragebetween the two plans. So compare several plans before you buy.
Even if you don’t think you need more coverage, get a quote on a basic plananda more expensive plan offering higher coverage limits, just to see how much more coverage the more expensive plan provides.
You might be surprised at how affordable additional trip protection can be.
Number Of Travelers
A single cruise insurance policy can cover multiple family members. However, each cruiser has their own premium.
Families cruising with children can also benefit from the family-friendly pricing found inExactCare®, where coverage for two children age 17 and under is included in the premium of every insured adult.
Destination
Some places are safer than others. However, many times an insurance company is more concerned with the costs associated with a destination, not its relative safety.
Consider two hypothetical cruise ports-of-call: One is largely urban but has a higher crime rate than the other country, which is mostly inaccessible jungle.
Which is a better risk, from an insurance company’s standpoint?
Actually, the urban country may be a better risk, since people who cruise there have better access to medical care, and evacuation, if necessary, is relatively easy.
The rural country may lack infrastructure, and that can lead to very expensive medical and evacuation claims should something go wrong.
Trip Length
The longer the trip, the greater the chance something might happen.
In addition, longer trips tend to be more expensive trips taken by older cruisers to more exotic destinations, often with many people covered under one policy.
You can see how these factors add up, and impact the cost of cruise insurance.
The Value More Than Justifies The Cost
Regardless of how much a cruise insurance plan costs, its value to you will be determined when you need it.
When an emergency strikes and cruise insurance helps pay your medical bills, evacuate you, or get you back home when you have to interrupt a cruise, it more than justifies its cost.
If that makes sense and you’d like a quote from Berkshire Hathaway Travel Protection, we’ve made that easy.
