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.
The average travel insurance premium this week is about the same compared to last week.
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
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
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
Trip cancellation coverage of up to 100% of trip costs (for cruises) or up to $30,000 (for single-trip plans)
A-
$206
N/A
Up to 200%
Nationwide Travel Insurance offers many of the standard benefits you might see with a travel insurance policy. This can include things like trip cancellation coverage, so you can recover pre-paid costs or trip interruption in the event your vacation is interrupted by an unexpected event. There’s also baggage delay coverage and medical coverage.
Trip cancellation coverage of up to 100% of the trip cost
$218
N/A
Up to $1 Million
AXA Assistance USA keeps travel insurance simple with gold, silver, and platinum plans. Emergency medical and CFAR are a couple of the options you can expect. Read on to learn more about AXA.
Trip cancellation coverage for up to 100% of the trip cost and trip interruption coverage for up to 150% of the trip cost
874
A++
Tin Leg travel insurance offers eight travel insurance plans to meet the unique needs of travelers.
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.
Travel insurance rates through most providers fall between 4% and 8% of the total trip cost. Like the cost of flights, cruises, etc., rates may vary substantially based on the season, your original location, your destination, and other factors. This week, the average cost of a policy was close to $300.
To save money on travel insurance, tailor your policy to your specific needs and avoid unnecessary extras. You should also shop around to compare quotes from multiple insurers. Opting for an annual plan if you’re a frequent traveler, checking existing coverages from other insurance policies or credit card benefits, and choosing a policy with a higher deductible can significantly lower your premiums. Always read the fine print to understand your coverage fully, ensuring you don’t pay for redundant or irrelevant features.
To find affordable travel insurance, consider using online comparison websites like SquareMouth or InsureMyTrip to see rates from various providers. Other ways to save include purchasing directly from insurance companies, exploring package deals from travel agencies or airlines, utilizing included coverage from credit card benefits, and checking for discounts through membership organizations such as AAA or AARP.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they’re subject to change at any time and may have changed, or may no longer be available.
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