Travel Insurance Rates Today: November 8, 2022

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The average cost of travel insurance has fallen, according to travel agency Squaremouth. The average premium is currently $266.76, down from $285.59 last week. Keep in mind that where you’re traveling and how many people are taking the trip will affect your exact rate.

Travel insurance weekly rates at a glance:

Average premium: $266.76

Average trip cost: $5,649.09

Average trip length: 16 days

Average cost of travel insurance by most popular destinations

Of course, some countries are more expensive travel destinations due to higher flight and accommodation costs, which can ultimately increase your travel insurance costs. But when controlling for costs, the destination doesn’t change how much you’ll spend to insure your trip.

Here’s how the prices stack up:

Source: SquareMouth

When people buy travel insurance

According to a AAA travel survey, 88% of travelers say that reimbursement after a 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 cancellation travel insurance 53 days before their trip. Meanwhile, travelers without cancellation insurance will buy a policy around 16 days before their trip.

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Source: SquareMouth

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 is, the more costs are associated with the trip. For example, a senior traveler may need more insurance for health-related emergencies than a millennial.

When calculating your travel insurance premium, travel insurance providers take into account the likelihood of a medical emergency.

A traveler’s age is an important factor in determining the cost of travel insurance. The older a traveler is, the more costs are associated with the trip. For example, a senior traveler may need more insurance for health-related emergencies than a millennial.

When calculating your travel insurance premium, travel insurance providers take into account the likelihood of a medical emergency.

Source: SquareMouth

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What does travel insurance cover?

Travel insurance can help compensate you for non-refundable parts of your trip or help you if you are injured or face an emergency.

Travel insurance policies cover six main things:

  • Trip cancellation or interruption
  • Travel delays
  • Medical expenses during travel
  • Baggage damage, delays or loss
  • Emergency transport
  • 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. Many airline credit cards or travel credit cards offer trip cancellation, delay coverage, and baggage coverage. For example, the Chase Sapphire Reserve and Chase Sapphire Preferred cards both have some travel coverage, including trip cancellation, interruption and delay coverage, baggage delays, rental cars, accidental death and dismemberment coverage.

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Before getting a travel insurance policy, it is essential to make sure that the terms suit your needs or concerns. During the COVID-19 pandemic, this is especially important – each travel insurance company has unique refund rules and cancellation rules due to this event. Read the fine print of any travel insurance policy before you buy it.

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