There is a French Adage that goes “It is impossible to overdo luxury”. It was quite a while ago that this adage lost its relevance. And no surprise to guess that it was a British.

It was a while ago when Virgin Galactic, one of the leading potential space tourism groups headed by multi-millionaire Sir Richard Branson, announced its plan to begin passenger service aboard the VSS Enterprise.

Now the German insurance giant Allianz group will offer insurance to the space travelers. The new space travel policies will coincide with the launch of Virgin Galactic’s first flight.

Looking at the potential boom in space tourism in the coming years, the decision doesn’t come as a surprise to experts. More than 450 people have already reserved their seats at the rate of $200,000 for 5 minutes of sub-orbital trip, Allianz is looking to foray into this lucrative new segment of travel.

“We are looking into space tourism as a new market for the next generation of travelers,” said Erick Morazin, the Allianz account director in charge of this new endeavor. According to the Morazin Allianz is considering at least 20 insurance packages for now which might cost anything from around $700 and may go up to $10000.

The insurance offered by Allianz will cover space training and the duration of trip cancellation. Space travelers would also be able to claim a shortfall in the case of cancellation with the help of insurance.

However, the responsibility of the luggage of the tourists will be their own as the firm is discounting the fact that luggage might get lost in space. The insurance will be offered a few months in advance before the commercial launch of the first sub-orbital flight by Virgin Galactic.