(866) INSUBUY
(866) 467-8289
8 AM - 9 PM CST Seven Days a Week Source ID: Insubuy
(866) INSUBUY467-82898 AM - 9 PM CST Seven Days a Week

Factors That Affect Visitors Insurance Premiums

Factors That Affect Visitors Insurance Premiums

What are the factors that affect visitors insurance premiums? People shopping for visitors insurance have a wide variety of choices, as there are many products available in the market today, with many agents and internet web sites offering the same kind of products. Therefore, prospective consumers often wonder how the visitors insurance premium is determined and why they have to pay a different amount than what their friend paid for their parents.

Factors That do NOT Affect Premium

First and foremost, a factor that does not affect the premium is the place you purchase the insurance. No matter where you purchase visitors medical insurance from, for the exact same product, the prices are always going to be the same. They will not vary based on the agent, web site, or if directly from the insurance company because insurance prices are heavily regulated by law and it is not legal to offer a different price for the exact same insurance.

That allows you to focus on the benefits of the insurance and service of the seller, rather than your skills to bargain.

Factors That Affect Premium

There are many factors that affect the premium for visitors health insurance, as listed below:

  • Product Type

    There are primarily two types of visitors insurance plans:

    • Fixed Coverage: Pays a fixed amount for each and every procedure and you pay the difference entirely out of your pocket. These are low cost plans.

    • Comprehensive Coverage: Pays in terms of percentage and limits your out of pocket expenses. Such plans cost more.

  • Chosen Product

    Various products from different insurance companies have different costs, even if all other factors are the same.

  • Age

    In general, health conditions of an older person are not as good as that of a much younger person. It is definitely possible that some older people are much healthier than some younger people. But as the visitors insurance plans are not medically underwritten, premiums are higher for older age. They have to look at overall average health condition of a particular age group to determine the premium.

  • Coverage Duration

    Most visitors insurance plans charge the premium on a per day basis. Therefore, you pay only for the exact number of days you are traveling. Of course, premium for 6 months of insurance would naturally be higher than the premium for a weeklong trip. Because of daily premium, premium for 31 days would be higher than premium for just 30 days. Even if someone is renewing the insurance on a monthly basis, and if the insurance charges based on number of days, your premium every month may fluctuate due to number of days in a given month.

  • Policy Maximum

    Policy maximum is the maximum amount the insurance company pays in case of an eligible expense. As you choose a higher policy maximum, you will pay a higher premium.

  • Deductible

    A deductible is the amount to be paid by you before the insurance company starts paying for eligible expenses. As you choose a higher deductible, you will pay a lower premium. Alternatively, as you choose a lower deductible, you will pay a higher premium.

  • Citizenship

    Some insurance plans charge higher premiums to non-U.S. citizens compared to U.S. citizens because the plans for non-U.S. citizens would typically include coverage in the U.S. where medical costs are the highest in the world.

  • Coverage Area

    If you choose coverage including the USA, you will have to pay a higher premium compared to if you choose coverage excluding the USA. Of course, if any part of your trip includes the U.S., you will have to choose coverage including the USA.

    There is typically no difference in premium between coverage areas of 'USA Only', 'USA and During Travel', and 'International Including USA' because the medical costs in the U.S. is the highest in the world. Therefore, as long as the U.S. coverage is included, you are already paying the higher premium.

  • Dependent Children

    Some insurance plans provide free coverage for a dependent child under the age of 9 years for every parent insured. Therefore, it would be advisable to choose such an insurance plan for a family with young, dependent children traveling together. Such plans are called "family friendly plans."

  • Optional Coverages

    • Pre-Existing Conditions: Most visitors insurance plans that provide coverage for acute onset of pre-existing conditions provide such coverage at no additional cost. However, some plans may charge a higher amount for limited pre-existing conditions coverage.

    • Hazardous Sports: If you are planning to participate in hazardous sports during your trip such as jet skiing, scuba diving, bungee jumping, snow skiing etc., those are typically excluded from the base policy and you will have to pay extra to purchase coverage for such hazardous sports activities. As each policy covers and excludes different activities, and their additional premium may be different, please make sure to check various policies with respect to the specific activities you will be doing.

    • Other: Some policies provide optional coverages for higher loss of checked luggage coverage or to increase accidental death & dismemberment amounts.

Did you know?

Prices are regulated by law.

You cannot find a lower price anywhere for the same product.

Learn More

Why purchase insurance from Insubuy®?

Same Price. Better Service.®

There are many advantages in purchasing from Insubuy® and no disadvantages.

Learn More

Visiting USA?

Healthcare costs are very high in the U.S.

Buy U.S. based visitors insurance and enjoy your trip.

Learn More

Traveling abroad?

Did you know that your insurance may not cover you abroad or that it may only provide limited coverage?

Purchase travel medical insurance that includes emergency medical evacuation.

Learn More

New immigrant to USA?

You would not be eligible to enroll in Medicare for the first 5 years.

Purchase new immigrant medical insurance to bridge the gap.

Learn More

Going on a vacation?

You could lose your non-refundable trip costs if you had to cancel your trip.

Buy a trip cancellation insurance package plan and be worry-free.

Learn More

Are you an exchange visitor to USA?

The U.S. Department of State requires all J visa holders to purchase compliant insurance.

Buy J visa medical insurance to meet your requirements.

Learn More

Traveling to Europe?

Schengen countries require most non-US citizens to purchase Schengen visa insurance.

Make an instant purchase online and get instant visa letter.

Learn More

Traveling frequently throughout the year?

You don’t need to purchase travel insurance for every trip.

Purchase annual multi trip travel insurance for your travels.

Learn More

International student in the U.S.?

Most schools require international students to purchase health insurance.

Purchase international student health insurance that meets most school requirements.

Learn More

To continue with the application please scroll down to confirm this notice

CALIFORNIA RESIDENTS SPECIAL NOTICE

1. THE INSURANCE POLICY THAT YOU ARE APPLYING TO PURCHASE IS BEING ISSUED BY AN INSURER THAT IS NOT LICENSED BY THE STATE OF CALIFORNIA. THESE COMPANIES ARE CALLED "NONADMITTED" OR "SURPLUS LINE" INSURERS.

2. THE INSURER IS NOT SUBJECT TO THE FINANCIAL SOLVENCY REGULATION AND ENFORCEMENT THAT APPLY TO CALIFORNIA LICENSED INSURERS.

3. THE INSURER DOES NOT PARTICIPATE IN ANY OF THE INSURANCE GUARANTEE FUNDS CREATED BY CALIFORNIA LAW. THEREFORE, THESE FUNDS WILL NOT PAY YOUR CLAIMS OR PROTECT YOUR ASSETS IF THE INSURER BECOMES INSOLVENT AND IS UNABLE TO MAKE PAYMENTS AS PROMISED.

4. THE INSURER SHOULD BE LICENSED EITHER AS A FOREIGN INSURER IN ANOTHER STATE IN THE UNITED STATES OR AS A NON-UNITED STATES (ALIEN) INSURER. YOU SHOULD ASK QUESTIONS OF YOUR INSURANCE AGENT, BROKER, OR “SURPLUS LINE” BROKER OR CONTACT THE CALIFORNIA DEPARTMENT OF INSURANCE AT THE FOLLOWING TOLL-FREE TELEPHONE NUMBER 1-800-927-4357. ASK WHETHER OR NOT THE INSURER IS LICENSED AS A FOREIGN OR NON-UNITED STATES (ALIEN) INSURER AND FOR ADDITIONAL INFORMATION ABOUT THE INSURER. YOU MAY ALSO CONTACT THE NAIC’S INTERNET WEB SITE AT WWW.NAIC.ORG.

5. FOREIGN INSURERS SHOULD BE LICENSED BY A STATE IN THE UNITED STATES AND YOU MAY CONTACT THAT STATE’S DEPARTMENT OF INSURANCE TO OBTAIN MORE INFORMATION ABOUT THAT INSURER.

6. FOR NON-UNITED STATES (ALIEN) INSURERS, THE INSURER SHOULD BE LICENSED BY A COUNTRY OUTSIDE OF THE UNITED STATES AND SHOULD BE ON THE NAIC’S INTERNATIONAL INSURERS DEPARTMENT (IID) LISTING OF APPROVED NONADMITTED NON-UNITED STATES INSURERS. ASK YOUR AGENT, BROKER, OR “SURPLUS LINE” BROKER TO OBTAIN MORE INFORMATION ABOUT THAT INSURER.

7. CALIFORNIA MAINTAINS A LIST OF APPROVED SURPLUS LINE INSURERS. ASK YOUR AGENT OR BROKER IF THE INSURER IS ON THAT LIST, OR VIEW THAT LIST AT THE INTERNET WEB SITE OF THE CALIFORNIA DEPARTMENT OF INSURANCE: www.insurance.ca.gov.

8. IF YOU, AS THE APPLICANT, REQUIRED THAT THE INSURANCE POLICY YOU HAVE PURCHASED BE BOUND IMMEDIATELY, EITHER BECAUSE EXISTING COVERAGE WAS GOING TO LAPSE WITHIN TWO BUSINESS DAYS OR BECAUSE YOU WERE REQUIRED TO HAVE COVERAGE WITHIN TWO BUSINESS DAYS, AND YOU DID NOT RECEIVE THIS DISCLOSURE FORM AND A REQUEST FOR YOUR SIGNATURE UNTIL AFTER COVERAGE BECAME EFFECTIVE, YOU HAVE THE RIGHT TO CANCEL THIS POLICY WITHIN FIVE DAYS OF RECEIVING THIS DISCLOSURE. IF YOU CANCEL COVERAGE, THE PREMIUM WILL BE PRORATED AND ANY BROKER’S FEE CHARGED FOR THIS INSURANCE WILL BE RETURNED TO YOU.

07/11
LSW1146D

Cuba Notice

Travel to Cuba remains subject to restrictions imposed by U.S. sanctions, administered by the US Treasury. Only those who qualify for travel authorized under US Treasury's regulations and who comply with the terms of such authorization can legally travel to Cuba. Individuals traveling to Cuba must meet the following criteria in order to qualify for travel authorized under one of the general licenses outlined below:

Criteria for travel authorized by the US Treasury

If you have read and agree to the terms of both Notices: California and Cuba, please click the continue button if you wish to complete the application process. Otherwise, please click cancel to abort the application process.

To continue with the application please scroll down to confirm this notice

CALIFORNIA RESIDENTS SPECIAL NOTICE

1. THE INSURANCE POLICY THAT YOU ARE APPLYING TO PURCHASE IS BEING ISSUED BY AN INSURER THAT IS NOT LICENSED BY THE STATE OF CALIFORNIA. THESE COMPANIES ARE CALLED "NONADMITTED" OR "SURPLUS LINE" INSURERS.

2. THE INSURER IS NOT SUBJECT TO THE FINANCIAL SOLVENCY REGULATION AND ENFORCEMENT THAT APPLY TO CALIFORNIA LICENSED INSURERS.

3. THE INSURER DOES NOT PARTICIPATE IN ANY OF THE INSURANCE GUARANTEE FUNDS CREATED BY CALIFORNIA LAW. THEREFORE, THESE FUNDS WILL NOT PAY YOUR CLAIMS OR PROTECT YOUR ASSETS IF THE INSURER BECOMES INSOLVENT AND IS UNABLE TO MAKE PAYMENTS AS PROMISED.

4. THE INSURER SHOULD BE LICENSED EITHER AS A FOREIGN INSURER IN ANOTHER STATE IN THE UNITED STATES OR AS A NON-UNITED STATES (ALIEN) INSURER. YOU SHOULD ASK QUESTIONS OF YOUR INSURANCE AGENT, BROKER, OR “SURPLUS LINE” BROKER OR CONTACT THE CALIFORNIA DEPARTMENT OF INSURANCE AT THE FOLLOWING TOLL-FREE TELEPHONE NUMBER 1-800-927-4357. ASK WHETHER OR NOT THE INSURER IS LICENSED AS A FOREIGN OR NON-UNITED STATES (ALIEN) INSURER AND FOR ADDITIONAL INFORMATION ABOUT THE INSURER. YOU MAY ALSO CONTACT THE NAIC’S INTERNET WEB SITE AT WWW.NAIC.ORG.

5. FOREIGN INSURERS SHOULD BE LICENSED BY A STATE IN THE UNITED STATES AND YOU MAY CONTACT THAT STATE’S DEPARTMENT OF INSURANCE TO OBTAIN MORE INFORMATION ABOUT THAT INSURER.

6. FOR NON-UNITED STATES (ALIEN) INSURERS, THE INSURER SHOULD BE LICENSED BY A COUNTRY OUTSIDE OF THE UNITED STATES AND SHOULD BE ON THE NAIC’S INTERNATIONAL INSURERS DEPARTMENT (IID) LISTING OF APPROVED NONADMITTED NON-UNITED STATES INSURERS. ASK YOUR AGENT, BROKER, OR “SURPLUS LINE” BROKER TO OBTAIN MORE INFORMATION ABOUT THAT INSURER.

7. CALIFORNIA MAINTAINS A LIST OF APPROVED SURPLUS LINE INSURERS. ASK YOUR AGENT OR BROKER IF THE INSURER IS ON THAT LIST, OR VIEW THAT LIST AT THE INTERNET WEB SITE OF THE CALIFORNIA DEPARTMENT OF INSURANCE: www.insurance.ca.gov.

8. IF YOU, AS THE APPLICANT, REQUIRED THAT THE INSURANCE POLICY YOU HAVE PURCHASED BE BOUND IMMEDIATELY, EITHER BECAUSE EXISTING COVERAGE WAS GOING TO LAPSE WITHIN TWO BUSINESS DAYS OR BECAUSE YOU WERE REQUIRED TO HAVE COVERAGE WITHIN TWO BUSINESS DAYS, AND YOU DID NOT RECEIVE THIS DISCLOSURE FORM AND A REQUEST FOR YOUR SIGNATURE UNTIL AFTER COVERAGE BECAME EFFECTIVE, YOU HAVE THE RIGHT TO CANCEL THIS POLICY WITHIN FIVE DAYS OF RECEIVING THIS DISCLOSURE. IF YOU CANCEL COVERAGE, THE PREMIUM WILL BE PRORATED AND ANY BROKER’S FEE CHARGED FOR THIS INSURANCE WILL BE RETURNED TO YOU.

07/11
LSW1146D

If you have read and agreed to the terms of this notice and wish to continue, please click the continue button. Otherwise, please click cancel to abort the application process.

Cuba Notice

Travel to Cuba remains subject to restrictions imposed by U.S. sanctions, administered by the US Treasury. Only those who qualify for travel authorized under US Treasury's regulations and who comply with the terms of such authorization can legally travel to Cuba. Individuals traveling to Cuba must meet the following criteria in order to qualify for travel authorized under one of the general licenses outlined below:

Criteria for travel authorized by the US Treasury

I certify that I have read the above and that all individuals applying for coverage qualify for travel authorized under one of the general licenses per US Treasury regulations.

Reset Application

Pressing “CONFIRM” will reset the whole application and erase all the data previously entered.

If you have already saved this application, you will still be able to retrieve the application with the information previously entered. Details for retrieval would have been given at the time of saving, which can be done any time after the initial quote.