Average cost of Travel Insurance UK » iam INSURED (2024)

Average cost of Travel Insurance UK

According to our most recent research, the average cost of travel insurance in the UK is £12.60 for single-trip cover and £21.58 for annual travel cover. The cost of travel insurance premiums starts from under £10 for shorter holidays and policies can provide very cost-effective protection for British holidaymakers.

Buying travel insurance is the easiest and best way to cover yourself financially if something unexpected happens which affects your holiday plans. Travel insurance policies can help to cover the cost of potential problems such as flight cancellations, lost or stolen luggage, medical emergencies and legal expenses, which can save you £1,000s.

Holidaymakers who don’t take out travel insurance to protect themselves and their family are at risk of significant financial loss, if anything happens before or on your holiday. Medical expenses in foreign countries are widely reported to be £1,000s for simple medical problems and there are numerous horror stories about stranded travellers.

Martin Lewis himself, highly recommends taking out appropriate travel insurance to protect your holiday. He also recommends that you should take out cover ASAB – which is As Soon As you Book.

During a recent interview on ITV’s This Morning, Martin Lewis again emphasised the importance of buying travel insurance immediately after booking a holiday. In this interview, he noted that ‘half of the point of travel insurance insurance is to cover you if anything happens before you go’.

The average cost of travel insurance is based on several key elements, including your age, travel destination and the duration of your holiday. In this article, our travel insurance experts will answer your top questions about the cost of travel insurance and how to save money on your policy.

What is the average cost of travel insurance in the UK?

Many people find it useful to look at the average cost of travel cover, to see if it’s something that will be affordable for them. Our insurance experts have compared prices from a range of top UK travel insurance providers to determine the average cost of travel insurance in the UK.

Based on this research, the average cost of travel insurance in the UK is £12.60 for a single-trip policy and £21.58 for an annual policy.

Travel insurance provider	Single-trip cover	Annual travel cover
	£7.98	£12.00
	£7.22	£24.14
	£18.49	£31.76
	£17.63	£25.85
	£11.71	£14.16

Note: In this scenario, we have used an example customer who is 30 years old and has no medical conditions. All the example quotes generated for single-trip cover are based on a 7-day trip to a European destination. All quotes in this article are accurate as of 29/02/2024.

These figures are only intended to provide a general estimate of how much you could pay, and additional factors can cause the price of travel cover to vary. The cost of your policy will be based on your situation and the trip or trips that you have planned.

A travel insurance specialist will be able to compare the best quotes for you quickly and easily so that you receive the right level of coverage for the lowest possible cost.

How to calculate the average cost of travel insurance

There are several online tools and comparison sites that can be used to give you a rough guide for how much your travel insurance policy might cost. Various elements will affect your travel insurance premiums, so the pricing can vary significantly based on each person and the holiday that they want to protect.

The quickest way to find out how much you are likely to pay and what policy might be most suitable for you is to speak to a travel insurance expert. This can be even more important for people with pre-existing medical conditions, as this can make your policy more expensive.

What is the average cost of holiday insurance based on?

Several key elements determine the average cost of travel insurance (or ‘holiday insurance’) for people in the UK. Every insurance provider will have different underwriting processes based on their own underwriting criteria and attitude to risk.

The main points for travel insurance pricing are:

1) Your age

The cost of travel insurance will increase as you get older, and specialist cover may be more affordable and appropriate depending on your age.

This doesn’t mean that cover will always be unavailable from mainstream providers, so it’s worth checking prices across the market to ensure you get the best deal.

2) Medical conditions

Insurers may view people with medical conditions as being at higher risk of needing medical treatment when they’re on holiday. This means that certain insurance providers will charge more for your cover than they would for someone with no medical conditions.

In the UK, there are plenty of travel insurance companies, and some will simply work better for people with pre-existing conditions. If you’re having trouble finding a policy that fits your budget, it’s important to seek out proper travel insurance advice.

3) Length of trip

The cost of travel insurance will get higher based on the duration of your trip. Often the cost of travel cover for a weekend trip will be significantly lower compared to the cost of covering a three-week holiday.

While covering a longer holiday can be more expensive, it can also be even more important. There are more chances for something unexpected to happen the longer that you are away, so travel insurance can provide peace of mind that you are financially protected.

4) Destination

Your travel destination will also affect the price that you pay for your travel insurance. European travel insurance policies will usually be cheaper for people who live in the UK, and Worldwide travel cover will normally cost more.

The price of your policy can also vary depending on the exact country that you are travelling to. Medical costs for example can be much more expensive in certain countries and it can be a good idea to buy a more comprehensive policy for maximum protection.

It is always best to buy the right level of cover for your specific destination, and an expert will be able to advise you if you are unsure of your best options.

5) Extra benefits (e.g. cruise cover, winter sports cover)

Many travel insurance providers will give you the option to add on extra benefits like cruise cover or winter sports cover. You can usually add on ‘gadget cover’ as well, which would cover you if electronic items such as a mobile phone or tablet are lost, stolen or damaged.

These benefits can be useful and can protect you against additional scenarios that standard travel cover wouldn’t. It will normally cost more to add these benefits though, so you should think carefully before agreeing to additional cover.

6) Activities

If you are planning to take part in high-risk activities on your trip (e.g. mountaineering), this can increase the cost of your policy. You may also need extra cover for any equipment you need to bring, or you may want extra medical cover in case you are involved in an accident.

If you’re not sure what level of cover is right, you can speak to a travel insurance specialist who will be able to assess your needs and budget to work out your best options.

7) Policy excess

As with other types of insurance (e.g. car insurance), you will usually have to pay a set amount toward the cost of any travel insurance claim. This is known as your policy excess, and there will be various excess options available when buying travel insurance.

In most cases, if you choose to have a higher amount of excess this will lower the cost of your policy. While this can be extremely helpful, you should only choose a policy excess that you are realistically comfortable with paying if you need to.

Is it worth adding travel insurance when you book a holiday?

Travel insurance can make a massive difference to your finances if something unexpected happens while you are on holiday. These policies are designed to protect you financially so that you aren’t left with expensive bills if something goes wrong.

As soon as you have bought your policy, you will be protected against anything that is covered within your policy terms and conditions. Many people wrongly believe that it isn’t worth buying travel insurance or that it is better to wait until closer to your departure date.

Martin Lewis often talks about the importance of travel insurance and booking your cover as soon as your holiday is booked (ASAB). He also works hard to highlight instances where people have had to cancel their trips last minute, resulting in significant financial losses amounting to £1000’s due to lack of travel insurance.

Unexpected events like losing a loved one or facing a serious medical diagnosis may require you to cancel your travel plans at any time. Travel insurance would help you to avoid losing all the money you had paid, as in many cases you may not be able to get a full refund from the airline, cruise provider etc.

Other events that most travel insurance policies will protect you against include:

• Accidents that require medical treatment
• Other emergency medical expenses
• Cost of repatriation to the UK if you are ill or injured
• Replacement of mobility aids or medication
• Loss or theft of personal belongings
• Delayed flights or connecting travel arrangements

Many travel agents or online travel sites (Love Holidays, On the Beach etc.) will give you the option of adding travel cover when you book your holiday. This can often be much more expensive though, or standard travel insurance may not provide enough cover for you based on your circ*mstances.

It is usually better to compare quotes yourself or speak to a travel insurance specialist who can do this for you.

What is a good amount of travel insurance?

With a policy like travel insurance, it’s important to consider how much coverage you might need and how much you can afford to spend. There isn’t a set ‘right’ amount of travel insurance to have, as this will be based on your circ*mstances and the holiday itself.

When deciding on how much cover you need, you should look at features of the policy like:

• Cover for medical expenses – If you are travelling to a country where medical care is more expensive (e.g. America), you may want a higher level of cover for medical emergencies.
• Cancellation – You should check that your policy will pay out a suitable amount to cover most or all the cost of replacement transportation if your flight, boat, train etc. get cancelled.
• Missed departures – Your policy should provide enough cover for if you miss your departure for reasons that are not your fault. This should include events like issues with public transport or being involved in an accident.
• Personal liability cover – This protects you if you need to pay for damage due to accidentally injuring someone or damaging their property.

Many guides online refer to policy features like this as ‘must-have features’ for travel insurance cover. There are other features which are useful but may not be relevant to you (e.g. cover for winter sports and activities).

If a policy is more expensive than you would like, you should assess the features that are included and if they are all necessary. If they aren’t, it can be worth checking what other policies are available as they may work out cheaper for you.

What is the average cost of travel insurance by age?

Age is one of the main factors that can affect the cost of travel insurance policies. Our insurance experts have used the latest data to highlight the difference in pricing for travel insurance based on different age groups.

These quotes are based on a single-trip travel insurance policy for a 7-day trip to a European destination. The pricing for other quotes may be higher or lower based on a longer or shorter trip duration or for Worldwide travel cover.

Note: Some travel insurance companies will not provide insurance to applicants over a set age (their ‘upper limit’). A specialist travel insurance broker will be able to help you find the right cover at the lowest price for your age.

What is the average cost of single-trip travel insurance?

Single-trip travel insurance policies will be cost-effective for most people, with prices starting at less than £10 for short trips. These policies are designed to cover one specific trip that you have planned and will protect you if anything goes wrong while you are away.

There will be different levels of cover to choose from as well, as you can add extra benefits for a higher level of protection. If you do buy a more comprehensive policy, you will often have to pay slightly more, but this can be worth it in certain circ*mstances.

Based on our most recent market research, the average cost of a single-trip travel insurance policy is £12.60.

What is the average cost of annual travel insurance UK?

With single-trip travel insurance, you are covered for a single holiday, while annual multi-trip travel insurance will cover multiple trips within 1 year (12 months). As the level of coverage is higher, you will usually have to pay more for an annual travel insurance policy.

If you travel a lot, it can be more cost-effective to buy multi trip cover rather than buying separate single-trip policies each time. It can also be a lot more convenient to manage one policy rather than several separate policies.

Based on our most recent market research, the average cost of an annual travel insurance policy is £21.58.

What is the average cost of travel insurance to Europe?

Our travel insurance experts have put together the below price comparison table to demonstrate the average difference in pricing between single-trip and annual travel insurance policies for a European holiday.

In the below examples, the ‘single-trip’ quotes are for a 7-day trip to a European destination (in this case, Spain).

Single-trip vs annual travel insurance cost

As you can see, the cost of annual travel insurance is often only around £5 more expensive than a single-trip policy. If you are a frequent traveller, you may find that annual cover will work out cheaper for you over time than buying several single-trip policies.

Note: These examples are based on quotes for a traveller with no pre-existing medical conditions or other risk factors (e.g. high-risk activities).

What is the average cost of travel insurance for seniors?

According to data from GoCompare.com, prices for travel insurance can rise ‘dramatically’ after age 65, with policies costing almost 8x more for people aged 80 and older compared to 26 – 34-year-olds.

Certain insurance providers will even have ‘upper limits’ for travel insurance, meaning that they won’t insure people over a set age.

This won’t be the case in every situation, and a specialist travel insurance provider will often be able to offer affordable and suitable cover to people aged 50 and older.

Our expert travel insurance partner Medical Travel Compared can provide cover to people of all ages, even up to age 90 and above. They work with more than 30 specialist travel insurance providers who can offer cover to older travellers, even those with medical conditions that other providers would decline.

Below are examples of real live quotes that have been generated by Medical Travel Compared for travel insurance policies for customers aged 50 and over.

Note: All the quotes above are based on an applicant with no medical conditions to declare. Any medical conditions could affect the cost of your policy, which is why it is so important to contact an expert for advice.

There is no difference in how the cost of your policy is calculated based on your age and you can fill in a simple online questionnaire HERE to quickly get a quote.

What is the average cost of travel insurance with medical conditions?

Many people online will search for what the average cost of travel insurance is for someone with a specific medical condition (e.g. ‘average cost of travel insurance with cancer’ or ‘average cost of travel insurance after a stroke’).

Unfortunately, there is not one ‘average’ cost of travel insurance with medical conditions, as the cost will depend on individual conditions and symptoms/treatments. The key to finding a fairly priced travel insurance policy will be to compare quotes from multiple providers or to speak to a medical travel insurance specialist.

When applying for travel insurance, you may be asked questions such as:

• If you have been treated for cancer, respiratory conditions, heart conditions or circulatory conditions (e.g. stroke, high blood pressure, high cholesterol)
• If you have been diagnosed with or received treatment for mental health conditions like stress, anxiety or depression
• If you have received treatment for or had a consultation with a doctor about any medical condition within the last 2 years
• If you are on a waiting list for treatment or investigations for a diagnosed medical condition
• Have you been diagnosed with a terminal illness?

The insurer may also ask questions about any medications that you are taking or any other prescribed treatments. These questions should always be answered honestly, or you risk not getting enough coverage or your policy being invalid.

Top pick for pre-existing conditions travel insurance

We are proud to work with Medical Travel Compared to provide people across the UK with top-quality travel insurance regardless of their medical history.

Medical Travel Compared is a specialist travel insurance broker, dedicated to offering travel insurance to people with medical conditions since 2013. Partnering with more than 30 specialist providers, they ensure that people with health issues still have a wide range of options for their travel insurance needs.

CLICK HERE to receive your free online travel insurance quotes, comparing the best prices and providers that are available for you.

What is the average cost of family travel insurance?

A family travel insurance policy can be a simple way to protect every member of your household when you travel. It can often be easier and cheaper to buy one travel insurance policy for the whole family, rather than several separate policies.

The average cost of travel insurance for families will vary, as factors like each person’s age and the number of travellers will affect the price. For example, the average cost of travel insurance for a family of 4 could be completely different to the cost for a family of 3, 5, 6 etc.

Any medical questions that are asked will apply to all family members, so if one person has a medical condition this will need to be declared.

Below is an example family that our experts have used to generate real live travel insurance quotes. All family members in this scenario do not have any medical conditions to declare.

EXAMPLE POLICY

Mr Smith is 35 years old and Mrs Smith is 33 years old and they are planning a holiday in Europe for the whole family which includes their two children. Their first child is 7 years old, and their youngest child is 3 years old.

They can buy a single-trip family travel insurance policy for £22.72 that would protect all 4 family members. They are also given the option to buy an annual travel insurance policy for £36.28, which would protect them for multiple holidays within the next 12 months.

What is the average cost of cruise travel insurance?

According to the Cruise Lines International Association (CLIA), travellers from the UK and Ireland took approximately 1.7 million cruises in 2022. Many holidaymakers aren’t aware that you can buy travel insurance that is specifically designed for cruise holidays.

The Times published an article which stated that the top 3 most popular destinations for cruise holidays are Antarctica, the Mekong (Vietnam and Cambodia) and India. Based on this, our insurance experts have gathered the best quotes for cruise cover in each area to determine the average cost of cruise travel insurance.

These quotes have been generated based on a cruise journey that is 14 days long and all example applicants have no medical conditions or other high-risk factors to declare. The cost for someone with pre-existing conditions could be higher and it may be worth speaking to a specialist.

Based on these quotes, the average cost of cruise travel insurance is currently £52.59 for UK holidaymakers.

What is the average cost of travel medical insurance?

You may have come across the term ‘travel medical insurance’ or ‘travel health insurance’ online. This can refer to one of several options:

• Medical cover within travel insurance: Most travel insurance policies will automatically cover you for a level of medical care if you are injured or develop an illness while on holiday. When searching for travel insurance quotes, you will usually be told what your maximum claim amount for medical expenses would be (e.g. £1,000,000, £500,000 etc.)
• Medical travel insurance: This is a specialist travel insurance policy, which will usually contain a higher level of medical cover for people with pre-existing medical conditions.
• Private health insurance with optional travel cover: If you have private health insurance, you may be able to add on benefits that extend your health coverage so that it applies while you are overseas.

The price for all these policies will vary and you should carefully consider how much medical cover will be most appropriate for you. If you are concerned about the cost of medical care while abroad, it would be best to contact an insurance expert for advice.

Another useful option would be to apply for a UK Global Health Insurance Card (GHIC) which allows you to access state medical care in EU countries. This has replaced the previous European Health Insurance Card (EHIC), but if you have an EHIC card you can still use this until it expires.

It is free to apply for a GHIC, and the card lasts up to 5 years. You can apply for a GHIC here on the NHS website: NHS – Get healthcare cover for travelling abroad

Note: You should only ever apply for a GHIC through the NHS website, as scam websites may ask for payments and the card won’t be valid.

What is the average cost of Worldwide travel insurance?

Three main types of travel insurance are available which are Domestic travel insurance, European travel insurance and Worldwide travel insurance.

Domestic travel insurance protects you for travel within the UK and European travel insurance will protect you for travel within European countries. The cost of Worldwide cover will normally be slightly higher compared to Domestic or European cover, as medical treatment costs are higher outside of Europe.

The prices can still be very reasonable though, especially if you get proper advice from a travel insurance broker. Our experts have put together the below examples to demonstrate the potential cost of travel cover for popular Worldwide destinations (America and Australia).

Average cost of travel insurance to Australia

Based on the figures above, the average cost of travel insurance to Australia is £20.64 for single-trip cover and £28.22 for annual cover.

Note: These quotes have been generated for a 2-week trip to Australia and the example applicants do not have any medical conditions or other risk factors to declare.

Average cost of travel insurance to USA

Note: These quotes have been generated for a 2-week trip to America (USA) and the example applicants do not have any medical conditions or other risk factors to declare.

Based on the figures above, the average cost of travel insurance to the USA (America) is currently £41.33 for single-trip cover and £35.30 for annual cover.

While annual travel insurance can work out cheaper for American destinations, you should ensure that the policy provides enough medical cover for American healthcare.

The cost of healthcare in America is far higher than in most other countries, so a standard annual travel insurance policy may not provide a sufficient level of cover.

How much should I pay for a travel insurance policy?

It’s a good idea to budget for potential travel insurance costs when you are thinking about booking a holiday. The cost of travel insurance for most people will usually be very reasonable starting from around £10 for a basic single-trip policy.

It’s important to choose a travel insurance policy that is affordable, but you should also make sure that it offers the right level of cover. Consider how much potential issues such as emergency medical treatment or lost luggage could cost if you had to pay out of your own pocket.

There isn’t one ‘right’ price for travel insurance, as ultimately it will come down to your own attitude to risk and how much you are willing to spend. Most people will be able to buy a decent travel insurance policy for less than £20, but of course the price will vary depending on the length of your trip and the destination.

Is travel insurance more expensive now?

The average cost of travel insurance did increase after the COVID-19 pandemic, with Which? reporting that annual travel insurance policy costs increased by about 50% between 2019 and 2020.

Prices have gone down since then, but we fully agree with Which?’s main advice, which was to shop around to find the best prices. Checking quotes from multiple providers is the best way to make sure that you don’t end up paying far more than you should for your cover.

If you are thinking about buying a more comprehensive policy or annual cover, you will need to be prepared to pay a slightly higher price.

Who is the best travel insurance provider?

There is a wide range of travel insurance policies that are available to holidaymakers in the UK. It can be hard to determine what the ‘best’ travel insurance policy or provider is for you, as there are so many options to choose from.

It can be helpful to look at things like the provider’s customer service record on independent review sites like Trustpilot. This can help to indicate if the provider is generally well-liked and can also flag up any potential issues before you buy your policy.

Other important points to think about include the levels of cover that are available, the price, any additional features and how easy the claims process is.

Consider using a travel insurance broker if you’re having trouble finding the right provider. An experienced travel insurance specialist can quickly search the market to identify the best options for your needs.

How can I save money on travel insurance?

There are some simple and easy ways to save money on your next travel insurance policy.

• Compare quotes – The simplest way to save money on your cover is to compare quotes from multiple providers to see who is offering the best prices.
• Buy annual cover – Annual cover can be cheaper for travellers who have multiple trips planned within one year. This won’t be the case every time though, so it may be worth checking quotes for single-trip policies as well.
• Buy family travel insurance – If you are planning a family holiday, family travel insurance can be a cost-effective way to protect everyone under one policy.
• Pay a higher excess – Agreeing to pay slightly more excess can significantly lower the cost of your policy, but make sure it is an affordable amount for you.
• Don’t add extras unless you need them – Only add on extra benefits to your policy if you feel that they are really going to be worthwhile and offer good value for money
• Speak to an expert – A travel insurance specialist will be able to quickly tell you which providers and policies will be most suitable for your travel insurance budget.

Frequently asked questions about travel insurance

What did Martin Lewis say about holiday insurance?

Martin Lewis is one of the UK’s most trusted financial journalists and he frequently highlights the need for consumers to buy travel insurance or ‘holiday insurance’. His main advice to holidaymakers every year is that travellers should buy their travel insurance ASAB or ‘As Soon As you Book’ your holiday. He issues this warning every year to UK travellers, as often people overlook the need for travel insurance when booking a holiday.

Buying your travel insurance immediately provides the maximum level of protection, as you can claim for issues that happen before your holiday begins.

This includes needing to cancel your holiday for reasons such as health issues or bereavement. People without travel insurance end up losing £100’s in this situation, as they don’t have any financial protection in place.

Martin Lewis is often asked to comment on policies such as travel insurance, life insurance and health insurance and our experts have written full guides for each of these topics.

What should I do if I can’t find travel insurance?

If you’re struggling to find a suitable travel insurance policy, many consumers find it useful to contact the British Insurance Brokers Association (or ‘BIBA’).

The British Insurance Brokers Association will be able to point you to an insurance broker who can help you with your travel insurance needs.

How do I choose the best travel insurance?

To decide on which travel insurance policy will be best for you, you will need to think about a few different factors. Factors like the type of holiday or destination can affect which insurance provider will be best and cheapest for you.

You can speak to our trusted travel insurance partners at Medical Travel Compared to find the best and cheapest policies by clicking HERE.