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Why Don't Travel Insurance Carriers Offer Customized Insurance?

Why Don't Travel Insurance Carriers Offer Customized Insurance?

[caption id="attachment_257" align="alignnone" width="600"] null I don't want to go parachuting![/caption]

We are often asked by customers why it is not possible to have a specific plan created just for them. If I am not traveling with baggage, do I have to have baggage cover, for example? Or, I want to buy a policy that covers Extreme Sports, but do not ever intend to go parachuting - can I have that excluded, and pay less?

This is very difficult, unfortunately

Every policy that you see available has to be filed with each of the states. So, here in the USA, that is 50 different filings, plus another for DC and one more for Puerto Rico. Within each filing are the various risk tables associated with the way in which an insurer calculates a premium - age, trip length, location, coverage levels, trip cost etc.


Some travel insurers will have add-ons, such as Extreme Sports. This involves pooling the risk of a group of Extreme-Sport people, and sharing the costs associated with probable claims among the group.

Every modification of a risk involves more calculations, more filings, for smaller and smaller groups. This is not a happy place for insurers, as they are reliant upon the laws of large numbers to help them spread risk. Insurers like large groups of similar people doing similar things. Insurers do not like small groups of insureds as they cannot adequately spread risk.

Some good news, though. When you are shopping around at a site like AARDY, you are getting the best possible price. Our prices are the same as the insurers themselves, so you will save a lot of time in your search.

Safe travels!

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