The Travel Insurance Estimator uses a simple formula to calculate the estimated cost of your travel insurance. Here’s a step-by-step breakdown of the estimation process:

1. Input Collection:

   • The estimator collects four key pieces of information:
     • Destination Country
     • Duration of Stay (days)
     • Traveler’s Age
     • Coverage Amount ($)

2. Base Rate Determination:

   • A base rate is determined based on the traveler’s age:
     • For travelers between 18 and 65 years old, the base rate is set at 0.05 (5%).
     • For travelers under 18 or over 65 years old, the base rate is higher, set at 0.1 (10%).

3. Formula Application:

   • The estimator applies the following formula to calculate the insurance cost: Cost=(Base Rate×Coverage Amount×Duration of Stay) / 30
   • The calculation is divided by 30 to standardize the cost on a monthly basis.

4. Cost Calculation:

   • The formula is used to compute the estimated cost:
     • Multiply the base rate by the coverage amount.
     • Multiply the result by the duration of stay in days.
     • Divide the product by 30 to get the monthly equivalent cost.
     • The result is rounded to two decimal places for clarity.

5. Result Display:

   • The calculated cost is displayed as the estimated travel insurance cost.

This straightforward approach provides a quick and easy estimate of your travel insurance expenses based on the given inputs. It allows for a rough calculation to help travelers budget for their insurance needs effectively.