How Much Does Travel Insurance Cost?

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• The average travel insurance premium this week is $279.32, down about 1.5% compared to last week.
• For travel in the United States, the average premium is $94 to $396.
• Travel insurance protects against delayed baggage, trip cancellation, and more.

The average cost of travel insurance fluctuates throughout the year, based on demand and whether or not school’s in session. Also keep in mind that where you’re traveling and how many people are taking the trip will affect your exact premium.

Understanding Travel Insurance

Travel insurance plans can cover both domestic and international travel. It could protect against something as familiar as delayed baggage (experts estimate 85% of lost luggage is returned to its owner within 48 hours) or as complicated as trip cancellation.

The benefits and limitations of travel insurance vary based on the company and plan. Above all else, this insurance coverage offers peace of mind.

Some credit cards offer a limited amount of travel insurance annually. If you need clarification on what your credit card offers, contact your provider to verify. These plans are great for cancellations and interruptions but may not cover more costly losses associated with unexpected medical expenses or emergency evacuations.

Individual travel insurance plans include this and much more. Travel insurance protects travelers from the unexpected when away from home.

Average Cost of Travel Insurance by Destination

Some countries are naturally more expensive travel destinations due to higher flight and lodging costs, which could increase travel insurance costs. Travel insurance will generally cost 5% to 10% of your total trip price, according to SquareMouth travel insurance.

Here’s how the prices stack up:

Source: SquareMouth

How Far in Advance to Purchase Travel Insurance

According to an AAA travel survey, 88% of travelers say that reimbursement after a trip cancellation is the most valuable benefit of trip insurance.

According to data gathered by SquareMouth in the last six months, travelers tend to purchase trip cancellation travel insurance 53 days before their trip. Meanwhile, travelers without trip cancellation insurance will buy a policy approximately 16 days before their trip. Regardless of when you buy, cancellation protection can kick in to protect you against the unexpected.

Source: SquareMouth

Average Cost of Travel Insurance by Age

A traveler’s age is a significant factor in determining the cost of travel insurance. The older a traveler is, the higher travel insurance premiums are. For instance, a senior traveler may need more insurance for health-related emergencies than a millennial.

When calculating your travel insurance premium, travel insurance providers consider the likelihood of a medical emergency.

Source: SquareMouth

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