Those looking to take a winter sports break to go skiing or snowboarding may want to consider a group travel insurance policy. What are the advantages of opting for an all-in-one solution and will it better than individual policies?
What is Group Winter Sports Travel Insurance?
These policies offer all the features and benefits of a single-trip, single individual travel insurance policy. But, they are simply designed to cover a group of individuals rather than a single person. This may be useful if people are:
- Taking a holiday with a group of friends
- Taking a holiday with a group of extended family members
This kind of travel insurance can be set up to cover all people traveling in the group or party on an individual basis under one policy.
What are the Benefits of Taking Out Group Travel Insurance Policies?
Taking out group coverage may, firstly, simply be easier and quicker to arrange than a set of individual policies. This way, all of the group can be effectively covered at the same time. What may make this particularly attractive to groups of skiers or snowboarders, however, are the potential cost benefits.
A group policy may be a good way of saving money on insurance costs. For example, an insurance company may:
- Give a discount for group travel insurance which may rise according to how many people are included in the policy.
- Give free insurance “places” if the group is a certain size.
This may work out cheaper than every group member taking out his or her own policy.
What to Think About Before Taking Out Group Ski or Snowboarding Travel Insurance
There are circumstances where a group policy may not work as well as individual policies. This may well depend on the insurance company involved but many will increase premium charges if people:
- Are over a certain age.
- Have a pre-existing medical condition.
In some cases this may increase the costs of a group travel policy to the extent that it becomes less cost-effective for other members of the party than insuring themselves.
It may also be wise to think about the winter sports features and benefits that the group may need before choosing a multi-cover policy. Saving money at the cost of getting essential benefits may prove to be a false economy. On the other hand, there are legitimate ways to save money on winter sports travel insurance and these may be worth investigating before starting to shop around for a low cost policy.
Carol Finch - Carol Finch is the Topic Editor for Retirement Planning, Budgeting, E-Commerce & Technical/Business Writing on Suite101.
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