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The average cost of travel insurance increased over the past week, according to travel agency SquareMouth. The average premium is currently $270.13, down from $301.00 last week. However, keep in mind that where you are traveling and how many people are traveling will affect your traveller’s exact insurance premium.
Weekly rates for travel insurance at a glance:
Average premium: $270.13
Average trip cost: $5,793.35
Average duration of the trip: 16 days
Get your free travel insurance quote with SquareMouth »
What is travel insurance?
Travel insurance plans can cover both domestic and international travel. This could protect against something as familiar as delayed luggage (experts estimate that 85% of lost luggage is returned to its owner within 48 hours) or as complicated as trip cancellation.
Travel insurance benefits and limits vary by company and plan. Above all, this insurance coverage provides peace of mind.
See insider picks for the best travel insurance »
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 unforeseen medical expenses or emergency evacuations.
Individual travel insurance plans include this and more. Travel insurance protects travelers against the unexpected while away from home.
Insider’s Featured Travel Insurance Companies
Editor’s note
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Average cost of travel insurance according to the most popular destinations
Some countries are understandably more expensive travel destinations due to higher flight and accommodation costs, which could increase travel insurance costs. But when controlled for price, the destination does not change the amount you will spend to insure your trip.
Here’s how the prizes stack up:
Source: Square Mouth
When people buy travel insurance
According to a AAA Travel Survey88% of travelers say reimbursement after trip cancellation is the most valuable benefit of travel insurance.
According to data collected by SquareMouth over the past six months, travelers tend to purchase trip cancellation travel insurance 53 days before their trip. Meanwhile, travelers without trip cancellation insurance will purchase a policy approximately 16 days before their trip.
Source: Square Mouth
When is the best time to travel?
Travel costs and insurance rates vary based on travel demand, fuel costs and other economic factors. Costs may also vary depending on your preferred destination. If you’re looking for the cheapest time to travel, we recommend booking early with cancellation coverage for any reason.
Overall, monthly travel insurance rates remained stable month over month. However, international travel costs may experience larger discrepancies.
Average cost of travel insurance by age
A traveler’s age is an important factor in determining the cost of travel insurance. The older a traveler, the higher the travel insurance premiums. For example, an older 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: Square Mouth
Get your free travel insurance quote with SquareMouth »
What does travel insurance cover?
Travel insurance can help reimburse non-refundable parts of your trip or help you if you are injured or face an emergency.
Travel insurance policies cover six main elements:
- Trip Cancellation or Interruption
- Travel delays
- Medical expenses during the trip
- Damaged, delayed or lost baggage
- Emergency transportation
- Rental car damage
If you have a credit card, you may already have access to some of these coverages without purchasing a separate travel insurance policy. For example, many airline credit cards or travel credit cards offer trip cancellation, delay and baggage coverage.
For example, the Chase Sapphire Reserve and Chase Sapphire Preferred Cards both come with travel blanketincluding trip cancellation, interruption and delay insurance, baggage delays, rental cars, accidental death and dismemberment coverage.
Before taking out a travel insurance policy, it is essential to ensure that the conditions correspond to your needs or concerns. During the COVID-19 pandemic, this is especially important – each travel insurance company has unique reimbursement and cancellation rules due to this event. So read the fine print of any travel insurance policy before buying it.
Is travel insurance worth it?
Many customer reviews speak of peace of mind. Travelers didn’t need to use travel insurance, but they’re glad they had it. Sometimes travelers need to file a claim for lost baggage, medical or hotel expenses, etc. This is the true test of value for traveler insurance.
When travel insurance companies have online claims handling, customer support by phone or chat, and pay claims quickly based on plans purchased, it’s worth it. However, when the claims process is too cumbersome and takes weeks or even months, the value of travel insurance may not be so clear.
The adage “you get what you pay for” applies when shopping for the best travel insurance companies. The more you are willing to spend, the more comprehensive your travel insurance coverage can be. Trusted providers also offer faster claims and better customer service. Insider recommends comparing at least three quotes to find competitive rates and high customer satisfaction ratings to cover your next trip.
Insider’s Featured Travel Insurance Companies
Editor’s note
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Travel Insurance Pricing FAQs
Travel insurance rates from most providers are between 4% and 8% of the total cost of the trip. Much like the cost of flights, cruises, etc., fares can vary widely depending on the season, your originating location, your destination, and other factors.
Above all, travel insurance covers the unpredictability of life. This could include common issues such as lost luggage and unexpected accidents on the road. It can also cover larger incidents like the COVID pandemic, political unrest in areas like Peru, or major winter storms affecting multiple US states or countries.
Travel insurance quotes are available online at providers’ websites. We recommend going through broker sites like Squaremouth to get multiple quotes for easy comparison online.
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