Willingness to Pay Travel Insurance Addendum for Coronavirus Disease 2019 Illness Coverage in the Greater Mekong Subregion
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Abstract
This research aimed to determine the willingness to pay (WTP) to purchase a travel insurance addendum for Coronavirus Disease 2019 illness coverage in the Greater Mekong Subregion and investigate factors that might influence the WTP for this study. The bidding games technique was employed to assess the value of WTP. Furthermore, multiple regression analysis was used to determine the value of WTP and the relationship between the WTP and factors that might affect it. Data were collected from 400 Thai tourists who experienced buying travel insurance for traveling in the Greater Mekong Subregion. The finding of the study indicated that the travel insurance addendum was 26.47 baht per trip. The multiple regression analysis reported statistically significant models for age (Beta = .222, T = 4.092, p = 0.004) at the level of 0.05. The multiple coefficients of the determinant (R2) were 3.2%.
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