The allianza travel insurance provider announced an October 2017 price increase, and it looks like you’ll be paying even more.
The company announced in an official statement that the increase in the price of the allianzan travel insurance is “due to an increase in our premium.”
The new price is $8,907 per year, or roughly $1,000 more than it was before the hike, the statement said.
That’s $821 per month more than its average annual price of $7,847.
The allianzo travel insurance policy was launched in the fall of 2017, but the company says it started the policy in January 2018.
Allianz said the increase comes due to an increased number of claims and a lower number of insured vehicles.
The increase is likely due to the number of trips that the policy covers, Allianza said in the statement.
According to the company, the number one factor for the increase is the number and severity of insurance claims.
The new policy includes a $1 million deductible and a $5,000 limit on coverage for the first five years, the company said.
The company also plans to expand the coverage to other cities and to other categories of insured cars.