Last updated on 03/11/2024
Travel insurance is not one-size-fits-all, so the price and conditions of a plan will vary. However, it may be useful to understand pricing guidelines to plan your travel insurance purchase.
In general, you should expect a plan will cost anywhere from 4%-10% of your total pre-paid, nonrefundable trip cost. For example, if you purchased a trip with a total cost of $5,000, travel insurance policies available to you will likely range in price from $250-$500, depending on variables.
Factors of Travel Insurance Rates
The providers will use a few pieces of personal information, other than the cost of your trip, to calculate the cost of a plan:
- Age of the travelers
- Number of travelers
- Length of travel
- Type of coverage
The age of the travelers is considered one of the most important of the four factors. Typically, a traveler that is over the age of 65 can expect increased rates. If you are traveling with minors, you may be able to add them to the plan at no additional cost, or at a lower rate – depending on the travel insurance company.
The number of travelers and length of travel can often increase the rates of the plans. This is because, with more variables, there is more risk attached to the plan. For instance, if you are traveling overseas for 21 days, as opposed to only seven, you are opening yourself up to more medical risks and risk of travel interruption. These are both reasons to use your plan. The same can be said if you are traveling with four to five people, as opposed to just two.
The type of coverage you choose will also change the rate. A basic, no-frills comprehensive plan will naturally cost less than one that includes a myriad of optional benefits like Cancel for Any Reason or rental car collision coverage. Similarly, higher coverage limits for medical expenses or medical evacuation will increase the rate over a plan with lower amounts of coverage.
Some providers may also take other factors into account which is why the policy premium may differ from trip to trip.
The Right Travel Insurance Plan
The plan rate should not deter you from purchasing the coverage that you feel you need to fully protect your trip. InsureMyTrip has hundreds of plans for all different types of travelers. The kind of protection needed by a traveler who intends to hike the Himalayas, for example, is vastly different from that needed by a family taking a short cruise to the Bahamas.
It’s not only important to compare travel insurance rates, but also coverage. This will ensure you are finding the right travel insurance plan for your trip. It can be helpful to compare travel insurance plans that offer you similar levels of coverage and are appropriate for your needs. Don’t be swayed by a lower-priced plan with benefits that don’t suit you completely; or, likewise, high-priced plans that over insure your trip.
Disclaimer: The information contained in this article serves as a general overview of benefits and should only be used for informational purposes. Refer to your individual certificate of insurance for specific coverages, exclusions and benefits. When in doubt, please contact one of our licensed agents for additional assistance.
FAQs
In general, you should expect a plan will cost anywhere from 4%-10% of your total pre-paid, nonrefundable trip cost. For example, if you purchased a trip with a total cost of $5,000, travel insurance policies available to you will likely range in price from $250-$500, depending on variables.
What is the average cost for travel insurance? ›
According to our research, the average cost of travel insurance is $204, but you could pay anywhere between $14 and $765 for travel insurance. Solo travelers can expect to pay around $60-$100 for coverage. Travel insurance provides a range of protection before and during your trip.
What is the best travel insurance to buy? ›
The Best Travel Insurance of 2024
- Travelex Insurance: Our top pick.
- Nationwide Travel Insurance: Best for baggage coverage.
- AIG Travel Guard: Best for families.
- Faye: Best cancel for any reason coverage.
- WorldTrips: Most affordable comprehensive coverage.
- Generali Global Assistance: Best for trip interruption coverage.
Unlike airfare or hotels, travel insurance premiums do not typically increase as you get closer to your departure date. While the cost of some plans may change slightly, quotes will stay relatively stable leading up to your trip.
What should be included in travel insurance? ›
Your travel insurance should always include the following cover: medical expenses and cover for getting you home if you're injured or fall ill abroad. personal injury and cover for accidents or damage caused by you. cover for lost or damaged items.
How much is travel medical insurance to Europe? ›
How Much Does Europe Travel Insurance Cost?
| Trip Details | Seven Corners | Nationwide |
|---|
| Younger couple's trip to London | $206.00 | $162.42 |
| Solo trip to Paris | $55.00 | $57.61 |
| Solo trip to Athens | $55.00 | $57.61 |
| Solo trip to Madrid | $75.00 | $76.38 |
2 more rowsSep 2, 2024
Compare The Best Travel Insurance Companies for Seniors
| Company | Recommended Plan | Average Cost* |
|---|
| Faye EXPLORE PLANS | Travel Protection Plan | $337 |
| Travelex EXPLORE PLANS | Travel Select | $585 |
| Nationwide Travel Insurance EXPLORE PLANS | Luxury Cruise | $407 |
| Generali Global Assistance EXPLORE PLANS | Premium | $298 |
5 more rows6 days ago
How much travel medical insurance do you need? Squaremouth, a travel insurance comparison site, recommends buying at least $50,000 in emergency medical coverage for international travel. For travelers going on a cruise or to a remote destination, the site recommends at least $100,000 in coverage.
How much in advance should I get travel insurance? ›
In general, you can buy coverage any time before the date of your trip. That said, it's always best to buy coverage as soon as you make your reservations.
What are two disadvantages travel insurance? ›
The more costly your trip, the more your provider will need to reimburse you for a valid claim, which increases the cost of your policy. In addition, plan costs will generally increase with age, as younger travelers may be less likely to file a claim than senior travelers based on overall health.
USAA, Nationwide, Travelers, Erie, Geico and Progressive are the cheapest car insurance companies nationwide, according to our analysis.
What is the most common type of travel insurance? ›
Package (Comprehensive Trip Insurance)
Travel insurance package plans deliver coverage for cancellations, interruption, hurricanes, medical emergencies, evacuation, lost, stolen, and delayed baggage, and more. This type of plan is the most popular because it fits the needs of most travelers.
What is the average cost of international travel insurance? ›
On average, travelers should expect to pay 6.87% of their total trip cost for travel insurance. The minimum you might expect to pay is 4.15%, but it can go as high as 15.8%.
How much is travel insurance for a trip? ›
Most travelers can expect to pay 5-10% of their insured trip costs on a travel insurance policy. Among travelers who compare and purchase plans through Squaremouth, the average cost of travel insurance is roughly $308. However, this price can vary dramatically depending on your trip details and coverage requirements.
How soon before a trip should you get travel insurance? ›
While it's possible to buy travel insurance up until just before — or even after — you depart, the best time to do so is shortly after you begin booking the trip.
How much does SafeTrip cost? ›
U-Haul SafeTrip coverage is a flat fee of $5. For this inexpensive addition to your SafeMove damage coverage, you can have protection against common mistakes while relieving yourself of several worries that accompany a busy and stressful life event like moving.
How much is flight cancellation insurance? ›
In general, you should expect that a combined Trip Cancellation and Interruption Insurance plan will cost anywhere from 4% to 10% of your total pre-paid, non-refundable trip cost.
How much is airline ticket insurance? ›
Travel insurance typically costs 5 to 10 percent of your total trip cost, though that amount can be influenced by several factors, including: Your age. How much you're spending on your trip. The amount of coverage you're choosing.
How much is cruise cancellation insurance? ›
Cruise insurance can cost from 5% to 10% of your total trip cost, though that amount can be influenced by: Your age. How much you're spending on your trip.
