How much does travel insurance cost in 2024?
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- The average travel insurance premium this week is $297.42, down about 0.38% from last week.
- For travel to the United States, the average premium is $175 to $350.
- Travel insurance protects against baggage delays, trip cancellations and more.
The average cost of travel insurance varies throughout the year, depending on demand and school holidays. Also, keep in mind that your destination and the number of people travelling with you will affect your exact premium.
Understanding travel insurance
Travel insurance can cover both domestic and international travel, and can protect against things as mundane as delayed luggage (experts estimate that 85% of lost luggage is returned to its owner within 48 hours) or as complicated as trip cancellation.
The benefits and restrictions of travel insurance vary depending on the company and tariff. Above all, however, this insurance cover offers security.
Some credit cards offer a limited amount of travel insurance per year. If you’re interested in knowing what your credit card offers, contact your provider to verify. These plans are ideal for cancellations and interruptions, but may not cover more costly losses associated with unexpected medical expenses or emergency evacuations.
Individual travel insurance covers this and much more. Travel insurance protects travelers from unexpected events while they are away from home.
Average cost of travel insurance by destination
Some countries are naturally more expensive destinations due to higher flight and accommodation costs, which can increase the cost of travel insurance. According to SquareMouth Travel Insurance, travel insurance generally costs 5% to 10% of your total trip price.
This is what the prices look like:
Source: SquareMouth
How far in advance should you take out travel insurance?
According to a AAA travel survey, 88% of travelers say reimbursement after a trip cancellation is the most valuable benefit of travel insurance.
According to data SquareMouth has collected over the past six months, travelers most often purchase trip insurance 53 days before their trip. Travelers without trip insurance, on the other hand, purchase a policy about 16 days before their trip. Regardless of when you purchase trip insurance, trip cancellation protection can kick in and protect you from the unexpected.
Source: SquareMouth
Average cost of travel insurance by age
A traveler’s age is a major factor in determining the cost of travel insurance. The older a traveler, the higher the travel insurance premiums will be. For example, an older traveler may need more coverage for medical emergencies than a millennial.
Travel insurers take into account the likelihood of a medical emergency when calculating your travel insurance premium.
Source: SquareMouth
Get your free travel insurance quote from SquareMouth »
Tips on travel insurance rates
Travel insurance premiums range from 4% to 8% of the total cost of the trip for most providers. As with flights, cruises, etc., premiums can vary significantly depending on the season, origin, destination and other factors. This week, the average cost of a policy was just under $300.
To save money on travel insurance, tailor your policy to your specific needs and avoid unnecessary extras. You should also shop around and compare quotes from multiple insurers. If you travel frequently, you can opt for an annual plan, review existing coverage from other insurance policies or credit card benefits, and choose a policy with a higher deductible. This can significantly reduce your premiums. Always read the fine print to fully understand your insurance coverage and make sure you are not paying for superfluous or irrelevant benefits.
To find cheap travel insurance, consider using online comparison websites like SquareMouth or InsureMyTrip to compare rates from different providers. Other ways to save include buying directly from insurance companies, trying package deals from travel agents or airlines, taking advantage of insurance coverage from credit card benefits, and looking for discounts from membership organizations like AAA or AARP.
