travel insurance typical cost

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The Average Cost of Travel Insurance – Facts & Statistics [2023 Data Study]

Alex Miller

Founder & CEO

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Keri Stooksbury

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4 Quick Statistics on Travel Insurance

What is travel insurance, types of travel insurance, what factors influence cost, how to pick a travel insurance plan, final thoughts.

We may be compensated when you click on product links, such as credit cards, from one or more of our advertising partners. Terms apply to the offers below. See our Advertising Policy for more about our partners, how we make money, and our rating methodology. Opinions and recommendations are ours alone.

As a result of the COVID-19 pandemic, Americans have changed the way they travel and the way they book their travel experience. Booking without travel insurance may have been something you did pre-COVID-19, but is not a risk many are willing to take now.

Booking a travel experience is an investment; you want to protect that investment by spending a little extra on travel insurance. With travel hitting pre-pandemic levels, there was a 235% increase in travel insurance claims in 2022 compared to the same period in 2019, according to Squaremouth , a travel insurance review site. 

Travel insurance will not only protect you from changes and cancellations before your trip but also from any unexpected incidents that could happen during your trip. This guide will walk you through everything you need to know about travel insurance , from prices to what impacts premiums, different types of policies, and how to find a carrier. 

• $303.58 was the average travel insurance premium between August 2022 and August 2023.¹
• Travel insurance typically costs 5% to 10% of your total trip cost.
• At age 35, the average premium for travel insurance sits at about $122. ²
• Travel insurance gets more expensive with age. The average cost for a 95-year-old is $415.²

You can think of travel insurance as a version of health insurance for your booked trip. Travel insurance is insurance meant to help protect you from things that could go wrong while traveling , such as lost luggage, flight delays that lead to missed connecting flights, and even illnesses. Some policies will even cover flight accidents, rental car coverage, and more. What your travel insurance covers will depend on the type of plan you buy and how much you want to spend. 

Travel insurance is not a one-size-fits-all plan. There are varying levels of insurance that will depend on many different factors. The 2 main travel insurance types are Comprehensive and Travel Medical Plans .

If you are traveling for a long period of time or to a place where you feel like you may need a more specialized plan, some insurers do offer plans that entail protections such as:

• Medical Evacuation: Medical evacuation insurance will cover the cost and coordination of emergency transportation to the nearest adequate treatment center if you become seriously ill or injured while traveling and require immediate care. It can also pay for you to be transported back to a hospital back in the U.S. 
• Accidental Death : Accidental death travel insurance plans are very similar to life insurance policies. When purchasing an accidental death insurance plan, you would name a beneficiary at the time of purchase, and in the event of your death while traveling, that person would receive the benefit. 
• Flight Accident Coverage: Flight accident insurance covers accidents that may happen when flying on a commercial flight, such as death and dismemberment. 

Talk to your travel insurance provider to confirm everything you want and need is covered by the plan you chose. It is also good to confirm in the fine print what is not covered.

Hot Tip: Our introductory guide to travel insurance covers policies, common exclusions, and more so that you can get the maximum benefit from it!

How Much Does Travel Insurance Cost?

Just like car insurance and health insurance, the cost of travel insurance will vary depending on multiple factors, and in general, you can plan to spend between 5% to 10% of the total trip cost for a comprehensive policy with trip cancellation.

An AdvisorSmith study of 50+ policies in late 2021 found that the  average cost of travel insurance in the U.S. was $95. The survey breaks down the average cost of travel insurance by the level of coverage your policy might fall into:

• Basic coverage — $93
• Middle-tier coverage — $111
• Comprehensive coverage — $137

However, a more recent study of Squaremouth  data observed later in the pandemic indicates that policy costs are rising. The average overall cost for a travel insurance premium purchased on Squaremouth between August 2022 and August 2023 was $303.58.

There are 5 main factors that will determine the cost of your travel insurance policy:

• Total trip cost
• Age of travelers
• Policy type
• Length of travel
• Total coverage amounts

When looking at the cost of travel insurance by age, you can see major shifts in the pricing. According to Value Penguin , the average cost of travel insurance from ages 1 to 30 hovers around $104 to $107 for the premium , but when you start to get above the age of 30 is where you have a spike in prices. At age 35, the average premium sits at about $122, but that price drastically increases for age 95, with an average premium of $415. 

So how do you know what the right plan is for you? Picking a travel insurance plan will depend on a few different factors and what you are looking to protect, but a few tips for picking a plan are below:

• Think about your main concerns when traveling. Getting hurt, losing luggage, or missing a flight? These will all help you pick a plan that is right for you.
• Think about the financial risk of your travels. If something happened, could you cover the cost?
• Check to see if any parts of your trip are refundable.
• Take a look at what kind of coverage your credit cards offer .
• Check what kind of coverage your health insurance has for traveling.
• Get quotes from multiple travel insurance providers to find the best rates.
• Read all disclosure statements before buying a policy.

Bottom Line: Learn how to find the best travel insurance policy for your situation in our ultimate guide to buying the best travel insurance .

With travel back in full swing and airlines struggling to keep up with demand , make sure to protect your trip with a travel insurance plan. Whether you are planning a weekend trip out of your home state, going on a beach vacation in Mexico, or backpacking around Europe, there is a travel insurance plan that will allow you to travel stress-free.  Read our guide to find some of the cheapest travel insurance policies currently available.

¹ Squaremouth. (n.d.) Live Travel Insurance Data. https://www.squaremouth.com/live-data?date_range=last_365_days ² Moon, C. Average Cost of Travel Insurance: by Policy, Age and Insurer. ValuePenguin. https://www.valuepenguin.com/travel-insurance/average-cost-travel-insurance#Average-Cost-of-Travel-Insurance . Retrieved October 4, 2023.

Frequently Asked Questions

Is travel insurance really worth it.

With the unpredictability of travel in 2022, investing in travel insurance is worth the extra money. Travel insurance could save you hundreds or even thousands on travel-related expenses.

What is not covered by travel insurance?

It is best to check with your provider on what is not covered by your plan. Typically, travel insurance plans do not cover things like a “change in mind” about traveling, lost tickets, weather that limits activities, etc.

How much should I plan to spend on travel insurance?

Travel insurance will cost about 5% to 10% of your total trip cost. Price will vary depending on things like age, length of trip, and total cost of trip.

Will my travel insurance cover COVID-19?

It is always best to check with your insurance provider, but most standard travel insurance plans will cover trip cancellation due to sickness. What it will not cover is the “fear” of traveling because of COVID-19.

Find out more with our guide to Travel Insurance With COVID-19 Coverage .

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Cost of Travel Insurance

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• Top Companies
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• How To Choose

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How Much Does Travel Insurance Cost?

Average costs and how travel insurance premiums are set

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Travel insurance can protect your financial investment in a trip by offering reimbursement if your travel plans are canceled or interrupted due to covered reasons, as well as providing emergency medical care and other benefits. Generally speaking, you can expect travel insurance to cost between 4% and 10% of your total prepaid, nonrefundable trip cost. Younger travelers will usually pay less for comparable coverage than older travelers. Benefits also vary by plan, and you’ll pay more for comprehensive coverage with higher limits. 

We’ll cover the cost of travel insurance from six popular companies, the factors influencing the cost of travel insurance, and the best companies to consider. 

Key Takeaways

• Travel insurance can protect your financial investment in a trip by offering reimbursement if your travel plans are canceled or interrupted due to covered reasons, as well as providing emergency medical care and other benefits.
• Generally speaking, you can expect travel insurance to cost between 4% and 10% of your total prepaid, nonrefundable trip cost.
• Younger travelers will usually pay less for comparable coverage than older travelers.
• Benefits also vary by plan, and you’ll pay more for comprehensive coverage with higher limits. 

Compare travel insurance quotes on TravelInsurance.com .

The cost of travel insurance varies based on your age, trip cost, and the company and plan you select. To give you an idea of what you might pay for a travel insurance plan, we collected quotes for two ages and trip costs for an eight-day trip to Costa Rica booked the day of the query and departing from Florida in three months. Quotes are per traveler and do not include optional upgrades. 

Emergency medical coverage in a travel insurance policy is often secondary to your primary health insurance. This means you must first file a claim with your primary insurance company to determine how much your travel insurance policy will cover.

Other Companies to Consider

• InsureMyTrip
• World Nomads
• GeoBlue (medical only)

Factors Influencing Travel Insurance Costs

When purchasing travel insurance, your trip length may impact which policies you can get, and the timing of your purchase might impact whether preexisting medical conditions are covered—but these factors don’t typically impact your premium. Your destination also doesn’t influence your premium. Costa Rica travel insurance will cost the same as travel insurance for a trip to Europe, provided all other factors are equal. Instead, the cost of travel insurance is based on the following factors. 

Travel insurance is more expensive for people who are older since they’re at a greater risk of having medical problems. Travel insurance companies charge a higher premium to account for that risk. However, even if you’re traveling in retirement, you probably can find low-cost travel insurance that meets your needs. 

Premiums are also calculated based on your total trip cost. Since it costs more to reimburse a $10,000 canceled trip than a $1,000 trip, insurance companies charge higher premiums for more expensive trips. 

The higher your coverage limits and the more benefits you add (e.g., cancel for any reason , adventure sports coverage, pet medical), the more expensive your premium will be. Companies often present a selection of plans at different tiers or benefit levels. 

Top Travel Insurance Companies

• Travelex : Travelex offers plans with trip interruption coverage of up to 150% and emergency evacuation coverage of up to $500,000. Optional upgrades include adventure sports coverage, cancel-for-any-reason coverage , pet medical, pet return, and additional medical coverage of $50,000 for medical expenses and $500,000 of medical evacuation coverage. Travelex policies are underwritten by two reliable companies, Berkshire Hathaway and Zurich Insurance Group, which earn an A++ (Superior) and A+ (Superior) AM Best financial-strength rating, respectively.
• Allianz Travel Insurance : Allianz offers a variety of single and multi-trip plans, and you can opt to buy medical coverage or travel cancellation coverage separately. The company offers high coverage limits, and most plans include epidemic coverage for COVID-19. For a single trip, Allianz offers up to $50,000 in emergency medical coverage and up to $250,000 for emergency medical transportation. Cancel anytime coverage and rental car coverage are available as optional upgrades. Also, the two underwriters for Allianz, Jefferson Insurance Company and BCS Insurance Company, earned financial strength ratings of A+ (Superior) and A- (Excellent) from AM Best.
• HTH Travel Insurance : HTH offers short and long-term medical plans along with full trip protection plans. Plans offer high medical coverage limits, with at least $50,000 in emergency medical coverage and $500,000 in coverage for emergency medical evacuation. The company reimburses up to 200% of the trip cost due to interruption. All plans also include at least $500 in trip-delay coverage and $250 in missed-connection coverage. Plans are underwritten by Nationwide, which has an A (Excellent) financial strength rating from AM Best. Also, more than 90% of customers on travel insurance marketplace InsureMyTrip recommend the coverage.  
• Nationwide : Nationwide offers single- and multi-trip plans along with a package designed for cruises. Plans are comprehensive, covering at least $75,000 in emergency medical and $250,000 for medical evacuation coverage, as well as reimbursement for up to 125% of the trip cost due to interruption, depending on the plan. Accidental death and dismemberment (AD&D) and rental car coverage are available as add-ons, and COVID-19 diagnosis may be covered as part of your trip-cancellation coverage. Nationwide has an A (Excellent) financial strength rating with AM Best.
• Seven Corners : Seven Corners’ offerings include travel medical, trip insurance, and annual plans. Trip insurance plans offer at least $100,000 in emergency medical coverage and $250,000 for emergency medical evacuation. However, the basic plan doesn’t cover pre-existing conditions. Add-ons include rental car coverage and optional cancel-for-any-reason and interrupt-for-any-reason coverage. COVID-19 diagnoses are treated the same as other illnesses that trigger coverage. Trip interruption and cancellation policies are underwritten by United States Fire Insurance (USFI), which has an A (Excellent) financial strength rating from AM Best. Travel medical policies are underwritten by USFI if you live in Colorado, Maryland, New York, and South Dakota, and either Lloyd’s of London or Crum & Forster SPC if you live in other states.
• Travel Guard by AIG : Travel Guard offers some of the cheapest premiums we could find, especially for young people, but medical limits on the basic plan may not be sufficient. Trip insurance plans offer at least $15,000 in emergency medical coverage and $150,000 for emergency medical evacuation. However, you may need to purchase an exclusion waiver to get coverage for preexisting medical conditions. COVID-19 is treated like other illnesses under the plan. The company offers few upgrades, but rental car coverage is available. AIG has an A (Excellent) financial strength rating with AM Best.

How To Save Money on Travel Insurance Costs

• Don’t pay for coverage you don’t need : Check what’s covered by your credit card, health insurance, homeowners insurance, and, in some cases, car insurance, and try to get a policy that fills in the gaps.
• Compare premiums across companies : While the cheapest plan isn’t necessarily the best, some companies may offer better rates than others for the same coverage. For example, some companies are more affordable for older travelers. It’s a good idea to compare quotes for the coverage you need. 
• Consider an annual plan : If you travel frequently, you may save money by purchasing an annual plan. But you should compare a plan’s benefits and make sure you’re getting more bang for your buck vs. a trip-based plan. Also, keep in mind that annual plans may not be available in all states. 
• Avoid cancel-for-any-reason coverage if possible : You might think you can rest easier with cancel-for-any-reason coverage, but these policies typically cost significantly more and often provide inferior coverage. You should avoid this coverage type unless it’s necessary for your trip. 

How To Choose the Best Travel Insurance

Decide which coverage types are important to you.

Travel insurance is a package of coverages that may include some or all of the following:

• Travel cancellation and interruption : Provides reimbursement if your trip is canceled or interrupted for certain reasons, like an injury or unforeseen natural disaster
• Travel medical coverage : Provides temporary health insurance if you become sick or injured while traveling
• Emergency medical evacuation : Pays to evacuate you to the closest adequate medical facility if necessary
• Accidental death & dismemberment : Pays a sum to you if you lose a limb or to your beneficiaries if you die in an accident
• Baggage loss or damage : Reimburses you for lost or damaged baggage and personal items
• Cancel-for-any-reason coverage : Allows you to cancel in any circumstance and receive partial reimbursement, but it’s more costly. 

Some travel insurance packages may also include extras like car rental coverage, baggage delay, pet medical, and missed connection coverage. Most travel insurance plans also include some form of travel assistance. Decide which coverages you want, then check to see what’s already covered by your credit card and your existing insurance policies before purchasing a travel insurance plan. 

Evaluate Company Ratings

In the process of comparing companies, you’ll want to consider more than just the price of the policy and the coverage offered. You should also check that the insurer has an A- (Excellent) financial strength grade or better from AM Best , and evaluate customer reviews from third-party companies like TrustPilot, ConsumerAffairs, and the BBB. 

Compare Premiums

Depending on your age and trip cost, some travel insurance companies may offer a lower premium than others. That’s why it’s important to compare quotes. You can collect quotes directly from each insurance company’s website, or you can use an insurance aggregator site that allows you to view quotes from a handful of companies with just one application. 

Review Policy Limits and Exclusions

When comparing premiums, look at the policy details and compare limits and exclusions. For example, some insurance companies won’t reimburse you if your trip is delayed, and some may exclude coverage for preexisting conditions. Additionally, medical coverage may exclude injuries from certain activities, like scuba diving. 

Consider Endorsements

Some insurers offer commonly excluded coverages as endorsements to your travel insurance plan for an additional premium or as an included feature in certain packages. Pay attention to what’s available if you’re looking for an extra layer of protection. For example, while travel insurance plans commonly exclude pandemics and epidemics, most plans from Allianz include an epidemic coverage endorsement that will cover cancellation, interruption, medical care, and more in the event of a COVID-19 diagnosis. 

Buy As Soon As Possible

To get coverage for preexisting conditions, you typically need to buy travel insurance soon after purchasing your trip or making a deposit on the trip. Furthermore, travel insurance typically only provides coverage for unforeseen circumstances, so if you wait until a weather event has been announced to buy coverage, that weather event may not be covered. The sooner you buy travel insurance after purchasing your trip, the fewer exclusions you’ll have to worry about. 

What Is Travel Insurance?

The term “travel insurance” typically refers to a package of coverages that helps protect against a variety of things that can go wrong before and during your trip. The best travel insurance will reimburse you for the total cost of your trip if it gets canceled or interrupted for certain reasons, like an injury or the death of a family member. It also provides temporary major medical coverage and emergency evacuation coverage should you become injured or ill while traveling. Many plans also offer additional benefits or optional endorsements, such as cancel-for-any-reason coverage.

Is Travel Insurance Worth It?

It’s up to you. You’ll need to weigh the risks of forgoing travel insurance against the cost of a policy. You may have sufficient coverage from a travel credit card or other insurance policies that make travel insurance coverage unnecessary. However, if you’ve purchased an expensive vacation that’s nonrefundable, or if your health insurance plan won’t cover you where you’re traveling, then travel insurance is likely worth it.

How to Get Travel Insurance

If you’re looking to buy travel insurance , a good place to start is with company reviews. Then, get travel insurance quotes to compare costs and coverage. Almost all travel insurance companies allow you to buy coverage instantly online, and it’s best to pay for the coverage as soon as possible after you book your trip.

What Does Travel Insurance Cover?

While coverages vary from one plan to the next, most travel insurance policies cover trip cancellation and interruption, short-term major medical coverage, emergency evacuation, and lost or damaged baggage. Most also offer additional benefits, such as cancel-for-any-reason coverage , pet medical, and adventure sports coverage.

Travel insurance can be helpful since it covers medical expenses and trip protection for cancellations and delays. Travel insurance also provides emergency medical evacuation. However, not all plans cover preexisting conditions and younger travelers tend to pay less than older travelers. Be sure to read the fine print within the plan to fully understand the coverage.

InsureMyTrip. “ How Much Does Travel Insurance Cost? ”

Travelex. “ Compare Travel Insurance Plans .”

AM Best. “ AM Best Affirms Credit Ratings of Zurich Insurance Group Ltd and Its Main Rated Subsidiaries .”

AM Best. “ AM Best Affirms Credit Ratings of Berkshire Hathaway Homestate Insurance Company and Its Affiliates .”

Allianz Travel. “ Trip Cancellation & Travel Insurance .”

Allianz Travel. " Travel Insurance and COVID-19: The Epidemic Coverage Endorsement Explained ."

Allianz Travel. " OneTrip Emergency Medical Plan ."

AM Best. “ BCS Insurance Company .”

AM Best. “ AM Best Affirms Credit Ratings of Allianz SE and Its Rated Subsidiaries .”

HTH Travel Insurance. " Benefits Schedule ."

HTH Travel Insurance. " TripProtector Economy Benefits ."

AM Best. “ AM Best Downgrades Credit Ratings of Nationwide Mutual Insurance Co & Its P/C Subs; Affirms Credit Ratings of Life Affiliates .”

Insuremytrip. “ Travel Insurance Reviews HTH Worldwide .”

Nationwide. " Single-Trip Essential Plan ."

AM Best. “ United States Fire Insurance .

Seven Corners. " Seven Corners Trip Protection Basic ."

Travel Guard. " Essential Travel Insurance Plan ."

AM Best. “ United States Fire Insurance .”

Washington, D.C. Department of Insurance, Securities, and Banking. “ Taking a Trip? Information About Travel Insurance You Should Know before You Hit the Road .”

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Average Travel Insurance Cost

Take a look at our deep dive into the average cost of travel insurance in the U.S.

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The average cost of travel insurance in the U.S. is $95 , based on an AdvisorSmith study of over 50 travel insurance policies. This coverage is becoming more and more popular in the U.S., particularly as the pandemic disrupted travel plans in 2020, forcing many consumers to cancel or postpone planned trips. As travel ramps back up, Americans are more interested in protecting their travel plans, spurring high demand for travel insurance.

Get a quote on Travel Insurance

Average cost of travel insurance.

Travel insurance premiums vary widely depending on a number of factors, including the cost of the trip, number of travelers, traveler age, mode of travel, and more. In our study of more than 50 travel insurance policies, we found the average cost of travel insurance in the U.S. to be $95 for a one-week international trip. Prices did vary widely, however, depending on the insurer, and our analysis showed premiums ranging from a low of $39 to a high of $210.

In order to better understand how different variables—including the number of travelers, traveler age, trip cost, and coverage level—impact the premiums you end up paying, we conducted a study using quote estimates from a variety of insurers. We used a sample traveler profile for our study, which was a 30-year-old male traveler residing in California and traveling to the United Kingdom for a one-week trip with a total cost of $2,500. 

Average Cost of Travel Insurance by Trip Cost

The total cost of your trip will be a main driver in determining the price of your travel insurance premiums. The higher the cost of your trip, the more you’re likely to pay in premiums as any claims you’ll file will have a higher chance of being costlier than for a lower-priced trip. 

In our analysis, we found that premiums generally fell between 4% and 5% of the total cost of your trip. Below you’ll find the average premiums broken down by the total cost of the trip.

Average Cost of Travel Insurance by Age

Depending on your age and the ages of those traveling with you, your insurance premiums can vary widely. Generally, younger travelers can expect to pay less, while older travelers can expect to pay more, with travelers over the age of 60 seeing large jumps in cost. This can be attributed in part to the fact that older travelers are at higher risk of becoming injured or ill on a trip.

In our analysis, we found average prices differed from a low of $92 for a young child to a high of $805 for a centenarian. Below you’ll find average costs broken down by age.

Average Cost of Travel Insurance by Number of Travelers

The number of travelers on your trip also plays a large role in the pricing of travel insurance. As you can expect, the more people on your trip, the higher the risk. And if you have older travelers with you on your trip, your premiums will likely be higher. If you are a group of young, healthy travelers, it’s likely your premiums will be lower.

Below you’ll find our analysis of the average cost of travel insurance for travelers of varying group sizes.

Average Cost of Travel Insurance by Coverage Level

Travel insurance plans offer different bells and whistles depending on the insurer and on the particular plan you select. Some plans are more comprehensive than others, and as expected, more comprehensive plans will cost more. Generally, insurers will offer a few types of plan packages, in addition to various add-ons you can add to supplement your coverage.

Below is a breakdown of the average cost of travel insurance by coverage level. We took a look at basic, mid-level, and full coverage offerings. While the plans varied depending on the insurer, they primarily differed by sublimits and covered risks.

What’s covered by travel insurance and what’s not?

Travel insurance coverage differs significantly depending on the insurer and the particular coverage you purchase. Each insurer has a variety of options and endorsements that you can add to your policy and packages the policies differently, so when shopping for travel insurance, you’ll need to closely examine exactly what the insurer is offering. 

Generally, travel insurance offers coverage for the following:

• Trip cancellations or interruptions
• Travel delays or flight cancellations
• Lost, stolen, damaged, or delayed baggage
• Medical expenses
• Emergency medical evacuation
• Rental car coverage
• Hotel or cruise ship protection

In terms of exclusions, travel insurance typically does not cover pre-existing health conditions and activities that are deemed risky. 

More recently, many travelers have been wondering if travel insurance covers COVID-19. Most travel policies won’t provide coverage for trip cancellation due to fear of travel or if your trip is canceled due to a government body, health authority, or travel supplier restricting or canceling travel due to COVID-19. However, if you fall ill due to COVID-19 prior to your departure, many insurers will cover trip cancellation. Additionally, if you contract COVID-19 on your trip, most insurers treat this as any other illness, offering medical and emergency coverage. 

What determines the cost of travel insurance?

Travel insurance pricing can vary widely depending on a number of variables. Your best bet is to understand the type and level of coverage you’re looking for and gather quotes from a variety of insurers. To better understand what impacts the premium you’re quoted, the following are a few factors that affect travel insurance cost:

• Trip cost. The more your trip costs, the more it will cost to insure, given that your claims are likely to be costlier for a more expensive trip.
• Coverage limits. As with other types of insurance, the higher your limits, the higher your premiums will be, as the insurer has a higher chance of paying out more for a given claim.
• Deductible. The deductible amount is what you’ll need to pay out-of-pocket on a claim before the insurer starts to provide coverage. Generally, the higher the deductible you choose, the lower your premium will be.
• Coverage options. Many insurers offer a bevy of add-on options, including cancel for any reason (CFAR) coverage, rental car coverage, and more. Premiums will increase as you add on more options.
• Traveler age. The older the traveler, the higher the cost of travel insurance. This is to account for the fact that older travelers are at higher risk of becoming ill or injured on a trip.
• Number of travelers. The more travelers on your trip, the higher the cost to insure. 
• Length of trip. The longer your trip, the higher your premiums will be. Longer trips mean a higher chance for a claim.

Methodology

AdvisorSmith used quote estimates from 53 different travel insurance policies in order to determine average costs for travel insurance. Quote estimates also made use of various sample traveler profiles.

For the main sample traveler profile, we used a 30-year-old male traveler in good health, planning to travel by direct flight to the United Kingdom from California on a 1-week vacation. In order to determine how other variables factored into premium costs, we used multiple traveler profiles that varied by age, number of total travelers, and trip cost.

Expert Commentary

AdvisorSmith spoke with the following experts to provide critical insight on the state of travel insurance.

Ralph Hoffman

• Associate Professor of Marketing
• Gwynedd Mercy University

Aniruddha Pangarkar

• Assistant Professor of Marketing
• University of Wisconsin-Green Bay

Elaine Luther

• Professor of Business Management
• Point Park University

More Experts

Q. what, if any, long-term impact will the pandemic have on the travel insurance market.

Ralph: The CDC continues to change travel rules, so it is difficult to say what long-term impact the pandemic will have. However, I would think that travelers will be more in tune to find travel insurance coverage that protects them from such events in the future.

A pandemic can create huge payouts for interrupted travel, so the cost to the consumer of such insurance will likely increase as demand goes up. It is going to require the consumer to be very diligent when comparing policies to see what is covered. Consumers are also going to need to compare what percentage of reimbursement is covered by different plans.

Aniruddha: When the COVID-19 pandemic, which started almost 16-18 months ago, was raging and at its absolute worst, there were travel restrictions, and fewer Americans traveled due to fear of contracting the virus. In the last 3-4 months, with many Americans undergoing full vaccination, the situation has somewhat changed, and with almost a year of work from home/social distancing norms, there are many who want to be adventurous and are willing to travel.

What this means is that travel insurance for a trip assumes great importance and travelers are very vigilant about this. This is because travelers want to protect themselves in case there is one more wave of COVID in the United States, or if the countries they are traveling to are experiencing a sudden surge in cases.

One has to also keep in mind that when the pandemic suddenly started, many travelers had to abandon or cancel travel plans at the last minute because they had not taken travel insurance, and without such coverage, they were hit hard. There is a significant financial impact that can be felt without travel insurance coverage, especially if it’s a family that is traveling. That is why travel insurance has become a must-have and necessity in today’s COVID-impacted world.

Travel insurance companies recognize this and have built in provisions, such as “Cancel for Any Reason” (CFAR) for travelers. The travel insurance industry that was adversely impacted by the pandemic in 2020 is slowly recovering and creating innovative new products like CFAR. If travelers take CFAR, they can cancel a trip because of COVID-related illness, quarantine requirements, boarding problems, or a surge of cases in the country they are visiting, etc.

Also, many foreign countries such as Thailand, Jordan, Aruba, etc., require COVID coverage for visitors. Despite the add-on cost, CFAR upgrade has become popular with travelers, but a word of caution—it is important to read the fine print, be aware of exactly what features your insurance is covering/what your coverage will pay for, and more importantly, when in doubt, ask questions to the travel insurance company.

Elaine: The pandemic has resulted in heightened awareness by consumers of what types of risks are related to travel, including medical risks. As a result, the purchase of travel insurance might become a standard cost budgeted by consumers when planning a trip.

In addition, the pandemic has highlighted the types of risks that will be related to travel going forward, including new ones such as unanticipated travel restrictions imposed by countries, or new health-related events.

Q. What are the driving factors behind consumers purchasing travel insurance, and has that changed because of the pandemic?

Ralph: The cost of travel can be very high, depending on the venue. Younger people have a much more global perspective and travel at greater rates than generations in the past. Younger consumers, given their income stage, may be more likely to want to pick up travel insurance to protect the money they are spending.

It would seem that the greatest driving factor behind consumers purchasing travel insurance will be affordability. It may be the case that travelers of any age who have not purchased insurance in the past might be more inclined to do so in the future.

The added insurance cost might result in consumers shortening their travel dates to cover the additional expense. Another consequence might be that consumers spread out the time between travel plans due to the increased cost. Such decisions will be based on what insurers end up charging.

The pandemic would likely also impact what destinations people are considering when making travel plans in the future. Travel destinations that are in pandemic hotspots may be uninsurable or may bring a hefty insurance cost. This would likely impact the travel industry as consumers look for destinations that are less risky and thus may carry lower travel insurance costs. This could certainly have a negative economic impact on some hotspot countries that rely heavily on tourism.

Aniruddha: The pandemic has definitely impacted the lucrative travel business because lots of travelers were unwilling to take the risks of traveling due to the fact that almost all countries were experiencing a major surge. Social distancing norms and gradual information about the virus (which was still new and did not have any precedent) unfolding left many travelers confused. For example, the notion that older people and young children are more at risk from the COVID-19 virus resulted in several families canceling travel plans in 2020.

Travel insurance has always been considered a safe way to hedge your bets and maintain flexibility against any kind of uncertainties, and against the backdrop of the uncertainty caused by the COVID-19 pandemic, it becomes supremely important. With several Americans having gone through vaccination, and with the advent of summer and school vacations, many consumers want to travel. But even then, there is always the fear of another pandemic wave either within the U.S. or while traveling internationally. In such a situation, travel insurance that allows for cancellations, partial refunds, illness, hospitalization, quarantine, etc., is very important. Therefore, consumers are purchasing travel insurance, which is an important consideration during these testing times.

Elaine: Consumers still want to travel. In fact, indications are that there is quite a bit of pent-up demand for vacation travel. However, consumers might also have different risk factors that might make them more fearful about traveling during uncertain times. As a result, if they can purchase insurance that allows them to have flexibility and to avoid financial risk, they might feel more comfortable about making travel plans.

Q. What are the main insurability challenges that travel insurers face in a post-COVID world?

Ralph: It is my understanding that a pandemic is not always a covered event in some travel insurance policies. Potentially huge payouts by insurance companies will drive insurance costs up if demand for such coverage remains high. Because of this, we may see more competition between insurers trying to entice consumers to carry their insurance, and such competition may control price escalation to some degree.

No matter what the result, consumers will need to spend more time educating themselves and comparing plans to make sure they find the right policy that meets their needs.

Aniruddha: First, let us take a look at some of the challenges that consumers face in the post-COVID world because these are interrelated with challenges faced by travel insurance companies. Consumer challenges are regarding when to purchase travel insurance. With the devastating rates at which the COVID virus infects entire countries, there is considerable risk in planning your travel too far in advance. On the other hand, if travelers plan a trip on short notice, then there is the possibility that they will be unable to cancel the trip or not have the same flexibility offered if they purchase earlier (because of conditions built around the coverage).

The CFAR that many companies are offering is a good option but needs careful review of the fine print involved, which can be cumbersome and slightly complex, especially for first-time travelers. Along with this, there are other issues for consumers, such as COVID-testing costs (mandated by certain countries, if international travel is involved), quarantine costs, hospitalization costs, death and funeral costs, evacuation costs, etc. This can be pretty intimidating even for experienced travelers. Travelers are also flustered by reading all the fine print of what is covered and what is not.

Based on these consumer challenges, what are the challenges that a travel insurance company can likely face? First, how can companies optimize service processes because of heightened travel demand and consumer questions focused around travel; second, how can travel insurance companies introduce innovative new products that are a win-win for both the company and the traveler; third, how can travel insurance companies conduct market research to understand consumer concerns and needs; and fourth, how can travel insurance companies streamline processes and work with third-party partners/vendors when their travelers are stranded due to COVID-19 restrictions in a foreign country/or need emergency medical services/hospitalization? Therefore, to sum it up, it is important for travel insurance companies to work with consumers, co-create value, provide unparalleled service, and ease concerns through transparency and clear communication.

Elaine: Because consumers are now more knowledgeable about travel-related risks, they will be more demanding when shopping for travel insurance policies. Insurers will have to be agile enough to modify their policies and coverage in response to those increased demands.

In addition, there are new risks that were probably not factors in the past. Normal activities, like rerouting planes due to weather conditions, might result in significant issues, if the planes land in countries that won’t admit certain passengers, based on where they live or if they are vaccinated. Insurers will need to develop policies and levels of coverage for those events.

And currently, medical travel insurance is separate from travel insurance. Perhaps Insurers will begin to package these coverages. Or they might develop à la carte pricing for different types of add-on coverage. They might also consider partnering with airlines or other travel-related businesses, in order to share travel risks.

If handled properly, travel insurance coverage could be modified to address the concerns of consumers, while improving the profits of insurers.

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How Much Does Travel Insurance Cost?

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• The average travel insurance premium this week is $285.76, about the same compared to last week.
• For travel in the United States, the average premium is $92 to $403.
• 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.

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.

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.

Get your free travel insurance quote with SquareMouth »

Travel Insurance Rate Tips

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.

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Next time you’re booking travel, it may be tempting to skip purchasing a travel insurance policy to cut corners and save some money. But saving a little now could actually end up costing you more later — if you lose your baggage, need to cancel your trip, or encounter unexpected medical costs while traveling.

According to Bankrate’s 2022 Travel Woes survey , “79% of travelers who have taken an overnight trip outside their local area this year experienced at least one travel-related issue.” Having travel insurance in place can keep these minor issues from turning into major, trip-ruining disasters.

What is travel insurance?

Travel insurance is a type of insurance policy that protects any money spent on domestic or international travel. Many travel agencies and airlines offer travel insurance as an add-on to your booking, although you can also seek out your own policy on any travel you book yourself.

Types of travel insurance

A few of the different types of travel insurance you may want to consider include:

• Damage to personal property or rental cars
• Trip cancellation
• Lost baggage
• Coverage for medical expenses abroad
• Accidental death or flight accident coverage

The cost of these policies varies based on the type of travel insurance you purchase, as well as the value of your trip and your personal risk factors. The amount of coverage you elect can also affect your rates. Where policies have different tier plans available, you’ll generally pay more for higher levels of coverage.

You may be able to get your next trip covered through your credit card perks. Some credit cards, particularly the best travel cards , offer travel insurance and discounts, with higher-fee cards typically offering higher levels of coverage. If you’re a frequent traveler, it could be in your best interest to read the fine print on your credit card to see if you can take advantage of any of these benefits.

How much is travel insurance?

The amount you’ll pay for travel insurance will depend on a few different factors such as your age (travel insurance prices tend to increase the older you get), the number of travelers you’ll need to insure and the length of your overall trip. Still, experts say you can expect to shell out anywhere from 4 to 11 percent of the total cost of your trip on your travel insurance policy.

Travel insurance policies generally fall into one of three tiers: basic, middle-tier, and comprehensive coverage.

Insurance policy tiers

Average cost of travel insurance by age.

Travel insurance providers evaluate risk in the same way traditional insurers do when it comes to their premiums. The older a traveler is, the more they can expect to pay for coverage, as older travelers are more likely to become ill or injured on a trip. For example, a 2021 analysis conducted by AdvisorSmith found that average prices differed from a low of $92 for a young child to a high of $805 for a centenarian.

Here’s a breakdown of the average cost of travel insurance by age.

While higher costs are more common among older travelers, affordable policies can still be found. Shopping around and comparing quotes from different providers is key to finding the right level of coverage at the right price point.

Average cost of travel insurance by trip cost

The total length of your trip can also directly impact the amount you can expect to pay for travel insurance. A two-week trip will likely cost you more than a weekend getaway, and the higher the overall trip cost, the higher the premium will be in most cases.

According to data from AdvisorSmith, average premiums range from $50 for a trip that costs $1,000 to $447 for a $10,000 trip.

Average cost of travel insurance by number of travelers

One factor you should take into consideration when planning your trip and selecting a travel insurance policy is the number of travelers in your group. The more people you’ll be traveling with, the higher your premium will likely be, because there’s a greater risk of your insurer having to cover unexpected costs. This is especially true for older groups who also have an increased likelihood of incurring medical expenses during a trip.

Per AdvisorSmith, a single adult traveling alone can expect to pay an average of $111, while a party traveling with two adults and two children will pay closer to an average of $167.

2023 travel insurance outlook

With the COVID-19 pandemic restrictions largely behind us, travel has surged since the second half of 2022. And with that surge has come higher prices for nearly all kinds of travel reservations, on top of the high inflation being experienced in the rest of the economy.

While inflation is beginning to cool , consumers are likely to continue feeling its sting for the foreseeable future. In fact, Bankrate’s 2023 survey on summer travel found that nearly two-thirds (62 percent) of those who say they can’t afford a vacation this year cite inflation or rising prices as a primary concern.

These higher travel costs are yet another reason the purchase of travel insurance remains popular, as travelers increasingly see the value of insuring their larger investments into more expensive trips.

Why do I need travel insurance?

Is travel insurance worth it, how do i buy travel insurance, what does travel insurance cover.

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Comparing the Wells Fargo Autograph Journey: How does it stack up against other premium travel cards?

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Average Cost of Travel Insurance in 2024

Alex is a MarketWatch Guides team writer that covers automotive and personal finance topics. She’s worked as a content writer for over a dozen car dealerships across the U.S. and as a contributor to several major auto news websites.

Tori Addison is an editor who has worked in the digital marketing industry for over five years. Her experience includes communications and marketing work in the nonprofit, governmental and academic sectors. A journalist by trade, she started her career covering politics and news in New York’s Hudson Valley. Her work included coverage of local and state budgets, federal financial regulations and health care legislation.

The average cost of a standard travel insurance policy is $221 , according to research conducted by the MarketWatch Guides team. However, the destination, number of travelers, trip price and more can affect the exact cost of a policy. For example, we found a 30-year-old taking a $5,000, two-week trip to the United Kingdom could pay anywhere from $88 to $176 for a standard travel insurance plan.

Key Takeaways The average cost of travel insurance is about 3% to 5% of a trip’s total value, according to quotes gathered by our research team across different travel insurance providers for various traveler profiles.  Factors such as total trip costs, coverage levels, travel destinations, traveler ages and trip payments can affect the price of a travel insurance policy. Travel insurance can be worth the cost and provide peace of mind if you must cancel your trip, experience a travel interruption, lose your baggage, experience a medical emergency or more.

Why Trust MarketWatch Guides

Our editorial team follows a comprehensive methodology for rating and reviewing travel insurance companies. Advertisers have no effect on our rankings.

Companies Reviewed

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Rating Factors

How Much Does Travel Insurance Cost?

According to our research, the average cost of travel insurance is $204 , but you could pay anywhere between $14 and $765 for travel insurance . While this may seem like a wide price range, it’s important to understand that travel insurance is not a “one price fits all” purchase.

Travel insurance provides a range of protection before and during your trip. If you must cancel your vacation for reasons stated in your policy, travel insurance can reimburse you for nonrefundable expenses. It can also help cover medical care and evacuation costs in an emergency. One way to predict your travel insurance cost is to look at your trip cost — most insurance policies cost between 3% and 5% of your total trip cost.

Use the calculator below to get an estimate of your travel insurance policy cost:

Travel Insurance Cost by Total Trip Price

The main factor that affects travel insurance costs is the total price of your trip. The more your trip costs, the more a travel insurance company will need to reimburse you if you file a valid claim . For example, if you’re taking a $10,000 trip to Japan versus a $3,000 trip, you’ll likely pay more for a policy offering the same amount of coverage.

To better understand the cost of travel insurance by trip price, we gathered quotes from multiple providers for a 30-year-old traveler taking a two-week trip to the United Kingdom . The chart below outlines the average policy cost across those quotes for different trip values. 

Cost of Travel Insurance by Provider

Our team collected quotes for all plans offered by 24 travel insurance companies for eight traveler profiles. Some companies are cheaper than others, such as Battleface, due to low coverage limits or limited coverage options. Other companies, like Allianz or Faye, are more expensive because of higher medical limits, more coverages and more add-on options.

The premiums below reflect the average of all quotes collected for that provider.

Average Travel Insurance Cost by Age

Age is another factor that affects travel insurance costs. Generally, younger travelers may be less likely to file a claim than older travelers since they are often healthier and may not have pre-existing conditions. Due to the higher chance of travel insurance providers receiving a claim from older travelers , plan costs generally increase with age .

We gathered quotes from 20 different providers for a $4,000, two-week trip to the United Kingdom to learn more about how travel insurance costs increase by age. From this data, we found virtually no increase in policy costs for travelers aged 20 to 30 years. However, travelers aged 30 and up saw policy costs increase with age. Based on our research, an 80-year-old will pay 303% more than a 20-year-old for the same policy.

See the table below for a closer look at percent increases for policy costs based on age. 

Travel Insurance Cost by Number of Travelers

The number of travelers under a travel insurance policy can also affect the total cost.

While travel insurance prices increase slightly depending on the number of people, one policy for the entire group is likely cheaper than purchasing a solo policy for every traveler.

We gathered quotes for a $5,000, two-week trip to the United Kingdom for different groups of travelers and found that adding just one traveler to a plan can increase costs by 8.3% , on average. While this is the average increase across quotes from 20 different providers, your costs may differ, as we found plan cost ranges widely varied.

Our research team attributes this extensive cost range to the provider, chosen plan, and whether or not coverage includes children for free. Many providers, such as Travelex , offer plans for travelers 17 years and younger for no additional cost. 

See the table below for a closer look at travel insurance costs by number of travelers.

Cancel for Any Reason (CFAR) Travel Insurance Cost

Cancel for any reason (CFAR) coverage is usually sold as a travel insurance add-on. A typical travel insurance plan includes standard trip cancellation coverage, which takes effect as long as the reason for cancellation is listed within your policy terms. With CFAR coverage, however, you can cancel your trip for a reason not typically covered by your provider. For example, while your policy may cover an unexpected cancelation due to severe weather, CFAR coverage would allow you to cancel because you no longer want to take the trip.

CFAR coverage typically reimburses 50% to 75% of your prepaid trip costs. However, note that many companies reserve CFAR coverage for comprehensive plans. Because CFAR coverage increases the risk taken on by the insurance provider, it can significantly raise the price you pay for coverage. Costs vary by insurance provider, so gathering quotes across different providers that offer this add-on can help you find coverage that fits your needs.

To better show you what CFAR coverage could cost when added to a policy, we gathered quotes for a 30-year-old traveler taking a two-week, $5,000 trip to the United Kingdom. 

What Impacts the Cost of Travel Insurnace?

Each travel insurance provider prices its policies using a specific formula and underwriting process. While travel insurance is not a “once price fits all” type of coverage, the primary factors influencing policy pricing were fairly consistent across the companies we’ve reviewed. Take a closer look at some of these factors in the sections below.

Most insurance providers offer 100% reimbursement for trip cancellation and 150% for trip interruptions. A general rule of thumb when purchasing a policy is the more expensive your trip is, the more expensive your premium will likely be. This is because your travel insurance provider would potentially need to pay more if you file a claim for a covered cancellation or interruption.

If you choose a travel insurance policy with multiple protections and higher coverage limits, you can typically expect to pay more for coverage. Extra coverages outside of standard offerings — such as car rental collision coverage or CFAR coverage — can increase your policy premium.

Destinations 

Some destinations, notably those in more remote areas, may have less robust medical infrastructures. This increases the likelihood of needing a medical evacuation in the event of an emergency. Because of this, you can likely expect to pay more for travel insurance to a remote destination.

Traveler Age

Older men and women may have medical conditions that impact travel plans, increasing the price of insurance. As previously stated, our research team found that an 80-year-old will pay 303% more than a 20-year-old for the exact same policy. If you’re an older traveler, you can anticipate more for a travel insurance policy.

Trip Payments

The date you paid for your travel can also affect your premium and the type of add-ons available. Buying a policy immediately after booking your trip could save you money and provide a greater protection window for trip cancellation benefits, which usually begin on your plan’s effective date. Alternatively, you can generally expect to pay more for coverage if you paid for your trip weeks or months before shopping for insurance. If you want CFAR coverage, providers may implement timelines for when you must purchase a policy. 

How To Save on Travel Insurance

If you’d like to insure your trip but want to keep policy costs low, we recommend shopping around and comparing travel insurance companies and available plans . Many providers allow you to customize your coverage to fit your needs, and one company may offer a similar plan that’s cheaper overall compared to other options.

Customization is another factor to consider when trying to save on travel insurance costs. While you shop, keep in mind what your travel itinerary entails. For example, you might opt out of emergency medical and evacuation coverage if you’re traveling domestically — especially if you have an active health insurance policy through a domestic healthcare provider.

In addition, you can save money by not overinsuring your trip. Consider your health, destination and trip cost when deciding which coverages you need. For instance, if you’re traveling to a remote area without a robust medical system, you may consider purchasing higher medical evacuation coverage than if traveling to an urban area with access to hospitals.  

While there are ways to lower travel insurance costs, cheaper coverage is not always better. 

“Choosing travel insurance to protect your trip, health and belongings is not usually the time to go bargain basement shopping,” said Angela Borden, a product marketing specialist at Seven Corners. “While any travel insurance is usually better than none, deciding to go with the cheapest plan you can find often comes back to haunt you in an emergency.”

Domestic vs. International Travel Insurance Costs

Typically, international travel can result in spending more on prepaid — and often non-refundable — trip costs. An international vacation can involve more than one flight, and if you choose non-refundable hotels or excursions, you could lose a large amount of money without a travel insurance plan. 

However, the more your prepaid expenses, the more your policy will cost you — meaning insurance for an international trip could cost you more than for domestic travel. In addition, many domestic healthcare plans will likely not cover medical care abroad . A plan with emergency medical and evacuation coverage is worth considering while traveling internationally, but it will cost you more than a travel insurance plan without this protection.

According to a Pollfish survey our team conducted in February 2024, 46% of the 1,000 U.S.-based respondents were traveling domestically within the U.S. the last time they bought a travel insurance policy. Many companies sell travel insurance for domestic vacations , which can offer less expensive coverage that’s better suited for this type of trip. For example, the Seven Corners Trip Protection USA plan provides trip cancellation and trip interruption coverage, forgoing emergency medical or air travel benefits. This may be ideal if you’re traveling by car and already have a domestic health insurance plan.

What To Consider Before Buying Travel Insurance

To ensure you select the best travel insurance policy for your individual needs, you can consider the following factors.

Coverage Needs

It is important to consider the type of protection you need while traveling. If your trip spans a few days, you may only need basic trip cancellation coverage, whereas a month-long trip may warrant additional medical coverage. Additionally, consider your health, as many domestic health insurance policies do not cover health care outside U.S. borders. Also, think about any add-on coverage you may need. If you foresee needing to cancel your trip for a reason not covered under policy terms, for example, you may want to invest in CFAR coverage.

Credit Card Travel Insurance

It’s worth calling your credit card company before purchasing a travel insurance plan to see if you already have benefits. Many credit cards, such as the Chase Sapphire Preferred card, offer travel perks such as rental car coverage, trip cancellation protection, trip delay coverage and more. If you’re comfortable with the amount of coverage provided by your credit card, you can reconsider buying a separate travel insurance policy — saving you money you can put toward other travel expenses.

Claims Processes

We recommend you read up on how a provider handles its claims. Can you, as the policyholder, file a claim multiple ways? How quickly does the provider issue reimbursements? Note that some providers allow you to upload required claim documents online, whereas others require you to submit documents through the mail. We recommend speaking to insurance representatives directly to learn more. You can also browse customer reviews from third-party aggregators, such as the Better Business Bureau (BBB) and Trustpilot, to better understand how a provider handles claims.

Do I Need Travel Insurance?

Not every traveler will need a travel insurance policy. Borden, quoted earlier, provides more insight: “There are times when travel insurance might not be worth it — the most common being if you don’t have many, if any, prepaid trip expenses.” She also points out that this could be the case if you’re staying with family and foregoing hotel expenses. “You don’t need to insure trip expenses if they’re already covered by someone else,” she added.

Is Travel Insurance Worth the Cost?

According to the U.S. Department of Transportation , one in five flights experienced a delay in 2023. Travel insurance can help provide coverage if you experience a delay — one of the many scenarios where a policy can be worth the cost. If you need to cancel your trip, experience a trip interruption, lose your baggage or experience a medical emergency abroad, travel insurance can help you recoup some prepaid, nonrefundable expenses. 

If you’re looking for peace of mind as you plan your trip, we recommend gathering quotes from multiple travel insurance providers to find coverage that suits your needs and your budget.

Frequently Asked Questions About the Cost of Travel Insurance

Does travel insurance cover covid-19.

Yes, many travel insurance policies consider COVID-19 a covered reason for trip cancellation or delay. Note that providers cover trip interruptions and cancellations caused by the COVID-19 pandemic on the condition that you were healthy when you purchased the policy.

Should I purchase “cancel for any reason” coverage?

Cancel for any reason (CFAR) coverage allows you to cancel your trip even for reasons not listed in your insurance provider’s policy. If you are worried about illness or general travel or wish to have the flexibility of canceling, CFAR coverage may be worthwhile. Note that this add-on reimburses up to 75% of your trip costs, not the entire amount.

How much does travel insurance usually cost?

You can expect to pay $35 to $200 per trip, depending on the total trip cost and your age, among other factors. Based on quotes we pulled from five popular providers, the average cost of travel insurance for a $1,000 trip to Cancun, Mexico, for a 35-year-old male is $45.

Does travel insurance cover 100%?

Yes, trip cancellation coverage may cover 100% of your costs if you cancel your trip for a covered reason, such as illness, a family emergency or military deployment. If you purchased CFAR coverage, you can cancel for any reason but will only recoup around 50% to 75% of trip expenses.

What company offers the most affordable travel insurance?

In our review, we found that Travelex’s Basic policies were some of the most affordable on the market. Other affordable travel insurance providers include Nationwide and Faye, which specialize in streamlined online applications and issuance. We recommend getting a quote from each of our recommended providers before buying coverage to ensure you’re getting the best rates.

Additional Travel Insurance Resources

• What Is Travel Insurance?
• Best Travel Medical Insurance Companies
• Single-Trip Travel Insurance
• The Best Senior Travel Insurance Companies
• Travel Protection vs. Travel Insurance
• Best Group Travel Insurance Companies
• Last Minute Travel Insurance
• Should You Buy Travel Insurance for Domestic Vacations?
• Travel Insurance for Pre-Existing Conditions

Methodology: How We Collected Cost Data

Our team reviewed travel insurance companies in-depth to provide the most accurate and up-to-date pricing information available. While your policy price will vary based on your trip details, traveler ages, number of travelers, destination and more, we took the following steps when collecting data to get a full scope of industry pricing.

• 30-year-old couple taking a $5,000 vacation to Mexico
• 65-year-old couple taking a $7,000 vacation to London
• 30-year-old couple taking a $7,000 trip to London
• Family of 4 taking an $8,000 vacation to Mexico
• 19-year-old taking a $2,000 trip to Paris, France
• 27-year-old taking a $1,800 trip to Athens, Greece
• 23-year-old taking a $4,000 trip to Europe (Italy, Spain, Ireland, Greece, longest time spent in Italy)
• 51-year-old taking a $2,000 vacation to Madrid, Spain
• Cost data by provider:  To figure out how the average cost for each provider, we collected sample quotes for all the insurance policies they offer. Then, we took the average of these estimates for each type of trip across all their policies to find out the provider’s average cost.
• Cost data by age:  We evaluated cost data for seven ages in increments of ten years starting at 20 years old. We collected 20 sample quotes for each age and averaged them to get the typical cost for that age group. Sample quotes were collected for a variety of policies, from medical-only to comprehensive travel insurance plans.
• One 30-year-old traveler
• A 30-year-old couple
• Two 30-year-old adults and one 5-year-old child
• Two 30-year-old adults, one 5-year-old child and one 7-year-old child
• Cost by trip price: To get accurate pricing by trip price, we collected 20 quotes each for 11 differently priced trips. We started at a $1,000 trip and increased the trip price by $1,000 increments until $10,000, then collected quotes for a $15,000 trip. We averaged the 20 quotes for each trip.

We manually collected all cost information from each company’s respective website.  Learn more about our review standards .

If you have questions about this page, please reach out to our editors at [email protected] .

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On This Page

• Key takeaways

What’s the average cost of travel insurance in 2024?

Factors that impact the cost of travel insurance, examples of cost fluctuations based on trip details, how much should i spend on travel insurance, faq: cost of travel insurance.

• Recommended articles

Related topics

How much is travel insurance | average cost in 2024.

• The average cost of travel insurance for US travelers is $307 per trip – based on travel insurance sales data for the past 12 months (Jan 2023 – Jan 2024).
• Data from Squaremouth shows that between April 2022 and January 2024, the average cost of travel insurance for US travelers was 4.60% of their total trip cost – below the industry standard of 5% - 6%.
• From 2022 to 2024, US travelers had an average trip cost of $6,343 as prices rise due to inflation.
• The final cost of travel insurance for your trip will depend on specific factors such as the total trip cost, destination , type of plan, and more.
• Aim to spend 6% of your total trip cost or less when buying travel insurance to ensure you are getting a fair deal. Anything less than this is considered a great deal.
• Using a travel insurance comparison tool is the best way to find the lowest prices on travel insurance policies.

Understanding the average cost of travel insurance is key for identifying how much travel insurance could cost you.

To help you choose the best travel insurance for you needs, we analyzed policies from 31 different providers, including companies like AXA Assistance USA, IMG, John Hancock Insurance Agency, and Seven Corners, to discover the average amount people spent on travel insurance polices over the last year.

As of 2024, travel insurance plans typically cost about 5% to 6% of the total cost of your trip. This has always been a known figure in the travel industry, and our review of travel insurance quotes from top providers in the industry corroborates this figure for 2024.

The data shows that, for trips costing between $1k - $50k, travel insurance premiums can range from as low as $60 to $2,756 , respectively.

Ultimately, how much you end up paying for travel insurance depends on the specific details if your trip, and many of the factors that determine the cost of travel insurance are within your control.

For example, the following are all influencing factors that can be adjusted to help reduce the cost of your travel insurance:

• the trip destination
• the length of your trip
• the total trip cost
• the types of coverage you choose

In this guide, we’ll show you how much travel insurance costs and how to get a free insurance cost estimate for your trip using our website. To start, here is an in-depth look at the average cost of travel insurance and how the price has fluctuated over the past year.

The average cost of travel insurance for US travelers is around $307. This is based on a study of insurance sales data from 31 travel insurance providers over 12 months (January 2023 - January 2024).

There has been a progressive increase in travel spending over the last year, and the average cost of trips for US travelers increased roughly 21% from $5,988 in January 2023 to $7,427 in January 2024.

On average, travel insurance is around 5%-6% of the total trip cost, and the average trip cost for US travelers from April 2022- January 2024 was around $6,343.

As prices in increase globally thanks to inflation, this has driven up the overall price of insurance policies – as it means the plan must cover a more expensive trip.

Below is a graph showing the changes in the average cost of travel insurance over the last year as well as the average price US travelers paid for their trips.

Average Cost of Travel Insurance by Month (2022 - 2024)

As seen in the chart above, the average travel insurance price has also gone up over the last year and a half – rising from $236 per trip in April 2022 to $303 per trip in January 2024.

That said, the cost of travel insurance varies between travel insurance providers. Therefore, it pays to compare plans from multiple providers before opting for a specific plan. The tool (below) is a good place to start.

Our top picks for travel insurance

Seven corners, generali global assistance.

As we’ve seen above, prices fluctuate depending on your trip details and how much coverage you want.

Travel insurance typically reimburses you for the total cost of your trip. As a result, this is one of the main factors that decide how much travel insurance costs. The reality is, more expensive trips require travel insurance premiums on the higher end, whereas budget-friendly vacations are typically much less expensive to insure. As an added example, some travel insurance plans like trip cancellation and trip interruption insurance can reimburse you for anywhere from 100% to 150% of your total trip costs. In these cases, it only makes sense that the cost of the insurance plan is higher.

Trip length

The length of your trip impacts travel insurance costs since you need coverage for more days. Also, the longer the trip the higher the possibility of something going wrong. This means that the insurance company must assume a greater risk. You’ll typically pay a lot more for a trip in Spai n that lasts two weeks, for example versus just one week. Likewise, you’ll typically pay higher premiums for multi-trip or annual travel insurance plans versus one-off plans.

Age of traveler

The age of the traveler is an important factor in determining travel insurance costs. Senior travelers have an increased probability of falling ill or injuring themselves which means more medical expenses, which makes purchasing senior travel insurance crucial. In light of this, some travel insurance companies have an age limit to their policies.

Amount of travelers

Insuring a family or a large group inevitably costs more than insuring a solo trip. After all, more travelers in your group means there are more opportunities for things to go wrong which can lead to a higher payout from the insurance company. Despite this, some travel insurance providers, such as Travelex , offer free coverage for children ages 17 and under who are on the same plan as their parents or grandparents.

Type of plan

The type of travel insurance plan you buy can also affect the overall cost. For example, opting for a comprehensive travel insurance plan is more expensive than opting for medical coverage only or a cruise travel insurance plan specifically designed to cover potential risks on a cruise. You typically won’t get perks like baggage insurance, coverage for travel delays, or trip cancellation insurance when you forgo a comprehensive plan, but it can reduce the overall cost of your travel insurance policy. Therefore it’s important to consider what types of coverage you deem essential for your trip.

Coverage limits

Every travel insurance policy comes with a limit to how much the company will pay when you make a claim. The lower the limit, the less the plan will cost. A good example of this is travel medical insurance and medical evacuation insurance which usually make up the bulk of your travel insurance cost. These types of coverage typically have higher payout limits than other categories such as baggage insurance. Opting for less coverage will lower your overall cost, but that doesn’t mean it’s a good idea. When opting for cheap travel insurance we always recommend maintaining robust coverage limits.

Pre-existing conditions

Pre-existing conditions aren’t usually covered by travel insurance plans, but if they are, the policy tends to cost more than a standard policy. If you want coverage for pre-existing conditions you typically have to purchase a waiver for an extra fee ‘X’ days after making your initial trip deposit. (The amount of days depends on the company.) In the eyes of insurance companies, those with pre-existing conditions are more likely to need medical assistance while abroad. Therefore, plans that cover pre-existing conditions are usually more expensive.

Deductible amount

A deductible is the amount of money you must pay toward a claim before the insurance will start to pay out. Some travel insurance plans have a deductible, but this is always the case. Opting for a higher deductible can lead to a lower overall cost , whereas choosing a lower deductible or no deductible means paying more. Always read the fine print to ensure there are no surprise charges.

Add-ons & additional coverage

Travel insurance policies offer all kinds of add-ons that can cause the cost of coverage to skyrocket. Some of the most popular add-on coverages include cancel for any reason travel insurance (CFAR), interruption for any reason (IFAR) coverage, rental car coverage, insurance for sports equipment, and coverage for pre-existing medical conditions. Just one of these could increase your travel insurance policy by around 50%, so beware of add-ons if you are trying to keep costs down.

To help you understand these concepts better, we worked through some real-world examples and compared a range of travel insurance quotes for various trips, ages, and types of plans.

Then, we found the average cost of travel insurance based on the following variables:

• Total trip cost
• Age of the travelers
• Type of coverage

1. Average cost of travel insurance by trip cost

Using the LA Times Compare tool, we got quotes for a seven-night trip with costs ranging from $1,000 to $50,000.

The chart below shows how much the average trip cost for one person (age 35) impacted premiums in 2023:

We received travel insurance quotes for all the top providers to prepare this analysis, and we weren’t surprised to find that more expensive trips required higher travel insurance costs overall.

As you can see from the chart above, the cost of a vacation will greatly impact the premiums each insurance company charges. Still, we found that average travel insurance costs for all trips worked out to approximately 5% to 6% of the trip cost, on average.

2. Average cost of travel insurance by age

To give you an idea of the average cost of travel insurance as it pertains to age, we compared plans for a seven-night trip costing $2,500 for one traveler.

We got quotes using the LA Times Compare tool for the same trip parameters, only altering the age of the traveler from 20, 30, 40, 50, 60, 65, and 75.

The chart below provides an overview of the average cost of travel insurance by the age of the traveler:

As you can see from the study above, the travel insurance premium for a $2,500 trip ranges from 4% of the trip cost for travelers ages 20 to 30 up to 8% of the trip cost for a 65-year-old and 12% of the total trip cost for a 75-year-old. Therefore, it’s safe to say that age matters to travel insurance providers, although this is more true for people 60 years old or older.

Travel insurance companies price premiums based on the level of risk they’re taking for each covered trip, and it’s not surprising that it’s riskier to insure older travelers who are more likely to experience a medical event.

3. Average cost of travel insurance by type of coverage

While it’s difficult to answer how much is travel insurance, across different providers with different coverage options and limits, we got quotes for different plans from several top providers to give you an idea.

The chart below shows how much you would pay for travel insurance that covers a seven-night vacation for a total cost of $3,000 if you went with a budget plan, mid-tier coverage, or premium travel insurance:

Based on this study, it’s clear to see that the type of insurance policy you choose impacts the total cost, whether you opt for budget travel insurance, a middle-tier plan, or comprehensive coverage with exceptional limits.

4. Average cost of travel insurance with add-ons

As we mentioned earlier, add-ons can significantly increase the cost of travel insurance policies.

To give you a concrete example of this, we chose to study the cost of travel insurance plans with cancel for any reason insurance (CFAR) added to the policy.

Cancel for any reason travel insurance that lets you cancel a trip and be reimbursed for 50% to 80% of your prepaid trip expenses. This coverage can be used for any reason at all, even if you simply change your mind and decide to stay home.

The chart below shows how much two adult travelers would pay for some travel insurance plans for a seven-night trip with a total cost of $5,000.

While having CFAR coverage can be beneficial for travelers who are not entirely sure of their trip plans, this optional add-on can cause travel insurance premiums to increase by anywhere from 38% to 65%. Ultimately, we found that the average cost of adding CFAR to a policy equals approximately 48.6% of the premium.

You should aim to spend 6% or less of the total cost of your trip when searching for travel insurance. Anything less than 5% is considered a great price.

As an example, this means that travel insurance for a $5,000 vacation should cost between $250 and $300 – approximately.

If we follow this same rule, the cost of travel insurance for a $2,500 trip should be between $125 and $150, and premiums for a $15,000 trip should cost you between $750 and $900.

While these numbers are based on industry standards and internal research, our research did find some exceptions to this rule.

For example, travel insurance premiums tend to increase for:

• Older travelers
• Plans with higher coverage limits
• Plans that cover more than one traveler

People over the age of 60 can expect to pay the most. Plans that cover more than one traveler also cost more in general, as do travel insurance plans with higher coverage limits.

If you are hoping to get the best deal on travel insurance, you should take the time to compare at least three or four travel insurance plans side-by-side. Not only should you compare plans based on the types of coverage offered and the policy limits, but you’ll want to look at your out-of-pocket expenses, too.

From there, you’ll want to make sure your plan covers every conceivable issue you may run into, from missed connections to the contraction of COVID-19. With some research and planning, you can purchase coverage that puts travel-related issues aside so you can enjoy a worry-free trip.

You can get a free quote using our tool below. Simply enter your dates and destination to get a customized quote.

What is the approximate cost of travel insurance?

Travel insurance costs approximately 5% to 6% of the total cost of your trip. Based on travel insurance sales data from 31 different providers over the past year (from April 9, 2022 – April 9, 2023), the average cost of travel insurance for US travelers is $283 per trip . The average trip lasted 16 days and cost around $6,003.

Is it worth paying for travel insurance?

Travel insurance is worth it if you don’t have other types of insurance in place to cover the cost of incidents while traveling. The added expense of buying travel insurance can be well worth it if you run into a costly issue during your vacation. A lot of times, US health insurance does not work abroad. As an example, a conservative estimate for the cost of medical evacuation while traveling is around $25,000. However, this cost increases exponentially if you are overseas and need to be sent home, or are traveling in remote locations. Without travel insurance, you would be forced to pay for this cost out-of-pocket.

Who should get travel insurance?

Seniors, families, pregnant travelers , and those with pre-existing health conditions are prime examples of people who should buy travel insurance. However, there are some situations where travel insurance is essential for everyone. If you’re traveling overseas where your traditional health insurance coverage will not apply, even across the border in Canada , for example, travel insurance is the only way to ensure your medical expenses are covered.

Not only that, but trip insurance can reimburse you for non-refundable trip costs relating to hotels and flights you booked, missed connections, and medical expenses you rack up overseas. These costs can easily exceed the cost of travel insurance premiums, sometimes by tens of thousands of dollars. Keep in mind that flight insurance booked through an airline may not cover extra expenses such as medical complications.

Does travel insurance cover COVID-19 related issues?

Since COVID-19 has become commonplace, most travel insurance companies cover it the same as any other illness. This typically includes treatment or hospitalization from getting sick. Some travel insurance companies even cover doctor-ordered quarantine if you come down with COVID-19 during a covered trip and will cover the costs of extending your stay if you are forced to quarantine.

All travel insurance policies highlighted on our site include additionally COVID-19 travel insurance . If you are shopping elsewhere, make sure to read over the fine print before you select a plan as not all travel insurance policies offer this coverage.

Is travel insurance a one-time fee?

Some companies may offer options for paying in installments, but typically, travel insurance is a one-time fee that you pay upfront before going on your trip. Multi-trip travel insurance or annual travel insurance plans can cover more than one trip per year and may offer installment payments. However, most people buy a single travel insurance policy before each trip and a one-time fee.

What percentage of trip cost is travel insurance?

According to our research, travel insurance costs between 5% to 6% of the total trip cost for most travelers. All things considered, this is a small price to pay for peace of mind and being able to enjoy a worry-free trip.

Holly D. Johnson is an award-winning personal finance writer who covers topics like insurance, investing, credit and family finance. As a leading voice in the travel and loyalty space, Johnson has traveled with her family to more than 50 countries over the last decade.

The author has also written extensively on the power of household budgeting, and she even co-authored a book on the topic. Zero Down Your Debt: Reclaim Your Income and Build a Life You’ll Love was originally published in 2017, and it teaches families how to use zero-sum budgeting to reach their financial goals. She is also the co-owner and founder of the family finance and travel website, ClubThrifty.com.

Johnson’s 10+ years of writing have focused on helping families make important financial decisions at each stage of their lives. The author also applies the financial principles she teaches to her own life, and she is currently on track to retire in her late 40’s with her partner. She currently lives in Central Indiana with her husband and children, and she is a regular contributor for Bankrate, CNN, Forbes, U.S. News and World Report Travel and many other notable publications.

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How Much Does Travel Insurance Cost in 2024?

Last Updated: February 23, 2021 April 18, 2024

The cost of travel insurance varies from traveler to the next, and depends on multiple key factors including your trip length, travelers ages, the type of coverage you choose, and the plan’s coverage limits.

Each travel insurance provider calculates premiums slightly differently to appeal to their target demographic. This is why you may see two travel insurance companies offering near identical policies at widely different price points.

The Average Cost of Travel Insurance in 2024

For the most part, you can expect to pay between 5-10% of their insured trip costs on a travel insurance policy. So for a $5,000 trip, for example, you may see premiums ranging from $250 to $500 for a comprehensive policy that includes cancellation, medical, delay, and baggage coverage.

If cancellation coverage isn’t important to you, you can opt for a medical-only plan. These plans may not offer as many benefits as a comprehensive plan, but can be purchased at a significantly lower price point.

Squaremouth helps hundreds of thousands of travelers compare and purchase travel insurance each year. Among those travelers, the average cost of travel insurance plans is $308.

See a further breakdown of travel insurance costs below:

Does Higher Premiums Mean Better Coverage?

No, not always. Just because a policy is priced higher does not necessarily mean that it offers better coverage. Oftentimes, you can find adequate travel insurance coverage at an affordable price by comparing policies from different providers.

We never want to see travelers overspend on travel insurance. If there are multiple policies available that meet your coverage needs, we recommend going with the least expensive option.

What Determines the Cost for Travel Insurance?

The premium varies by policy, depending on five primary factors: total trip cost, age of travelers, length of travel, the policy type, and total coverage amounts.

Other factors may have an impact for select policies, such as your state of residence, your destination, and any policy add-ons you may want to include as part of your coverage.

Total Trip Cost

In the context of travel insurance, your total trip costs refers to your prepaid, non-refundable trip expenses relating to a trip. In most cases, this will include expenses such as hotel accommodations, flight costs, pre-booked excursions, and tours.

If you want Trip Cancellation and Trip Interruption coverage, you will need to insure all or some of your trip costs when you buy travel insurance. How much you insure dictates how much reimbursement you are eligible for in the event you need to cancel your trip.

The cost of your trip will usually impact your travel insurance premium, with more expensive trips resulting in higher premiums.

Age of Travelers

Each provider has a different target demographic, and will structure their premiums to attract customers in that age group. However, in general, travel insurance policies are more expensive for older travelers.

In addition to the age of travelers, the number of travelers on a policy can also impact its cost. Generally, the cost of travel insurance increases with each additional insured traveler.

Length of Travel

Travel insurance is designed to cover you from door-to-door, starting when you leave home and ending when you return. The longer your trip, the higher a policy’s premium. Most travel insurance companies allow a Maximum Trip Length of 90 days or less.

If you need to purchase travel insurance for a trip that exceeds 90 days, Squaremouth recommends considering an Annual travel insurance plan .

Policy Type

The cost of travel insurance can vary dramatically depending on what type of travel insurance policy you choose.

Comprehensive travel insurance policies are the most common type of plan, and provide coverage for the most common travel disruptions, such as cancellations, trip delays, medical emergencies, and personal belongings. As previously mentioned, this type of plan is often more expensive than medical-only plans that don’t offer as many benefits.

Purchasing an Annual travel insurance policy, which covers any number of trips taken within a 365 day period, will also impact your premium. These plans can be cost effective if you are a frequent traveler and take at least 2-3 trips per year.

Total Coverage Amounts

Coverage amounts refer to the maximum dollar amount a travel insurance provider will reimburse you under each benefit. The higher the coverage limit, the stronger level of travel protection the policy provides. The best travel insurance companies offer plans that provide strong coverage across all major benefits.

Coverage amounts included in a travel insurance policy can vary significantly from one plan to the next, especially the medical coverage. Policies with higher amounts of coverage are often more expensive.

Before you buy travel insurance, consider which benefits are most important to you and will provide the most peace of mind. Doing so will help you determine what coverage amounts make the most sense for your trip.

Optional Coverage That Will Directly Increase Your Policy’s Premium

Certain travel insurance benefits are considered add-ons or “optional upgrades,” and will result in a direct increase in the cost for travel insurance policies. Those benefits include Cancel For Any Reason, Pre-Existing Condition, Accidental Death and Dismemberment, and Rental Car Damage.

Cancel For Any Reason

Cancel For Any Reason partially refunds your trip payments if you cancel for a reason that is not specifically covered by your policy. This benefit is only available for up to 30 days after your initial trip booking, and will generally increase your policy’s premium by about 40-50%. In 2024, the average CFAR policy costs travelers $632.

Accidental Death and Dismemberment

Accidental Death and Dismemberment is the only travel insurance benefit that will provide a lump sum payment to travelers. There are three types of Accidental Death and Dismemberment protection, which include  24 Hour AD&D, Flight Only AD&D, and Common Carrier AD&D. This coverage will pay a predetermined amount in the event of loss of life or a limb during your trip.

Rental Car Damage

Coverage for Rental Car Damage is an optional add-on that many providers offer. This benefit can cover the cost of damage or theft of a rental vehicle during your trip.

Is Travel Insurance Worth It? 

Travel insurance is absolutely worth the cost if you have concerns about your trip. Many travelers purchase insurance for the peace of mind that if something goes wrong before or during their trip, they’re covered.

The most common reason travelers get coverage for their trips is for international medical insurance. Since most primary health insurance providers don’t cover policyholders overseas, travel insurance can reduce the risk of paying hefty out-of-pocket medical expenses.

With that said, travel insurance is not a requirement for most destinations, and many travelers can utilize existing coverage they may already have through their travel credit cards. Most credit card travel insurance plans provide a wide-range of other travel disruptions, including travel delays, baggage delays, baggage loss, and emergency evacuations. With that said, few travel credit cards offer cardholders cover medical evacuations and emergencies.

To get the best price, Squaremouth recommends getting travel insurance quotes from multiple providers. As always with insurance, it’s recommended to pay attention to the fine print and be aware of any exclusions listed in the plan’s details before making a decision.

Downselling to Help You Save Money

Squaremouth understands that many travelers have the misconception that more expensive is better. However, the cost of a travel insurance policy does not dictate the quality.

Our core goal is making sure travelers don’t spend more than they need to on travel insurance. For that reason, whether on the phone or through our online resources, we always recommends that travelers look for the least expensive policy that offers the coverage they need.

June 1, 2020

Due to travel restrictions, plans are only available with travel dates on or after

Due to travel restrictions, plans are only available with effective start dates on or after

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How to Calculate Trip Cost for Travel Insurance: The Simple Guide

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Insurance benefits underwritten by BCS Insurance Company (OH, Administrative Office: 2 Mid America Plaza, Suite 200, Oakbrook Terrace, IL 60181), rated “A” (Excellent) by A.M. Best Co., under BCS Form No. 52.201 series or 52.401 series, or Jefferson Insurance Company (NY, Administrative Office: 9950 Mayland Drive, Richmond, VA 23233), rated “A+” (Superior) by A.M. Best Co., under Jefferson Form No. 101-C series or 101-P series, depending on your state of residence and plan chosen. A+ (Superior) and A (Excellent) are the 2nd and 3rd highest, respectively, of A.M. Best's 13 Financial Strength Ratings. Plans only available to U.S. residents and may not be available in all jurisdictions. Allianz Global Assistance and Allianz Travel Insurance are marks of AGA Service Company dba Allianz Global Assistance or its affiliates. Allianz Travel Insurance products are distributed by Allianz Global Assistance, the licensed producer and administrator of these plans and an affiliate of Jefferson Insurance Company. The insured shall not receive any special benefit or advantage due to the affiliation between AGA Service Company and Jefferson Insurance Company. Plans include insurance benefits and assistance services. Any Non-Insurance Assistance services purchased are provided through AGA Service Company. Except as expressly provided under your plan, you are responsible for charges you incur from third parties. Contact AGA Service Company at  800-284-8300 or 9950 Mayland Drive, Richmond, VA 23233 or [email protected] .

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Best Annual Travel Insurance in 2024

Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money .

If you’re a frequent traveler, annual travel insurance may be something you’ve been considering. Unlike single-trip insurance, annual travel insurance plans can cover you for an entire year, no matter how often you’re on the road.

Let’s look at the best yearly travel insurance companies, why we choose them and the coverage you can expect.

Factors we considered when picking travel insurance companies

We used the following criteria when choosing which companies we thought were best:

Cost . Annual plans can be expensive — depending on the type of coverage you choose — so we wanted ensure that they stayed affordable. 

Types of coverage . Travel insurance for annual travelers can be limited in its coverage. We picked the ones with the broadest range of coverage for possible travel disruptions.

Coverage amounts . Annual trip insurance isn’t worth much if your limits are too low. Instead, we wanted plans with reasonable coverage amounts. 

Customizability . If your travels take you to different places, you’ll want the ability to customize your plan. The best annual travel insurance plans can provide this. 

» Learn more: What does travel insurance cover?

An overview of the best annual travel insurance

We gathered quotes from various travel insurance companies to determine the best annual travel insurance policies. In these examples, we used a year-long trip by a 22-year-old from Alabama. We indicated the main countries of travel as France and Malaysia, and when asked, put the total trip costs at $6,000.

The average cost for an annual travel insurance plan came out to $220. The plans ranged from $138-$386.

Let’s take a closer look at our top recommendations for annual travel insurance.

1. Allianz Travel

What makes Allianz travel insurance great:

Lower than average cost.

Provides health care and travel insurance benefits.

Includes rental car insurance up to $45,000. 

Here’s a snippet from our Allianz Travel insurance review :

“AllTrips Basic (annual plan) is suitable for those who would like emergency medical coverage while abroad but don't need trip cancellation and interruption benefits. The AllTrips Prime, Executive and Premier plans provide an entire year of comprehensive travel insurance benefits.

The Executive and Premier plans offer various levels of trip cancellation and interruption benefits. The Executive plan is specifically designed for business travelers since it offers protection for business equipment.”

2. Seven Corners

What makes Seven Corners great:

Offers up to $20,000 for acute coverage of pre-existing conditions. 

Includes up to $1 million for emergency medical evacuation. 

Optional add-on for adventure sport activities.

$0 deductible available. 

Here’s a snippet from our Seven Corners review :

“Seven Corners offers one annual policy called Travel Medical Annual Multi-Trip. The policy can be customized depending on how long you plan to be away from home for any one trip. You can travel as much as you like during the 364 days, so long as any one trip doesn’t exceed the option selected — 30, 45 or 60 days.”

What makes IMG great:

Good customizability with medical evacuations and sports coverage. 

Low $250 deductible.

Includes coverage for semi-private hospital rooms. 

Here’s a snippet from our IMG review:

“Some policies provide emergency medical evacuation coverage, while others skip this benefit entirely. This benefit may be more important to you if you travel to a remote location or engage in physical activity such as trekking.

More comprehensive plans may include other benefits such as assistance with acquiring a new passport, reimbursing reward mile redeposit fees or coverage for pre-existing conditions. If these are something you’re interested in, be sure to check that your policy includes these options.”

4. Trawick International

What makes Trawick International great:

100% coverage for trip cancellation and trip interruption. 

Emergency medical evacuation included. 

Trip delay reimbursement coverage. 

Here’s a snippet from our Trawick International review :

“Trawick International is a comprehensive travel insurance provider that offers trip delay and cancellation insurance, baggage delay coverage, medical coverage and medical evacuation, rental car damage protection, and even COVID-19 coverage among its various policies.

Trawick covers trips for worldwide destinations, including for foreign nationals coming to the U.S.”

What does travel insurance cover?

You’ll find a wide variety of coverage types offered by travel insurance policies. This is true whether you're purchasing a single-trip or annual travel insurance plan. Here are some common types you can expect to find:

Accidental death insurance .

Baggage delay and lost luggage insurance .

Cancel for Any Reason insurance .

Emergency evacuation insurance .

Medical insurance .

Rental car insurance .

Trip cancellation insurance .

Trip interruption insurance .

How to choose the best annual travel insurance policy

While we’ve highlighted some of the best annual travel insurance companies, the truth is that the best plan for you isn’t going to be the best plan for someone else. If you’re interested in buying annual travel insurance, you’ll want to collect a variety of quotes to see which policy best fits your needs.

This may mean opting for a plan that covers pre-existing conditions or one that specifically includes high-risk activities. Or, if you’re in a country where health care is notoriously expensive, you may want to choose a policy with higher maximums.

Many credit cards come with complimentary travel insurance .

Whatever the case, do your research first and review all the plan details before making your purchase.

» Learn more: How to find the best travel insurance

If you want to buy annual travel insurance

Annual travel insurance can be a great option if you’re often out of town. With such a wide range of policies available, selecting a plan that fits your needs is easy. We’ve done some of the work for you by choosing the best annual travel insurance companies, all of which made the top of the list for their cost, customizability, types of coverage and plan maximums.

Like any travel insurance policy, the cost of your plan is going to vary. Factors that may affect the cost of your annual travel insurance include your age, where you’re going, how long you’ll be traveling, your policy maximums and whether preexisting conditions are included.

Although not all travel insurance providers offer annual travel insurance, many of them do. We’ve gathered together the five best, including Allianz Travel, World Nomads, Seven Corners, IMG and Trawick International.

How to maximize your rewards

You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2024 , including those best for:

Flexibility, point transfers and a large bonus: Chase Sapphire Preferred® Card

No annual fee: Bank of America® Travel Rewards credit card

Flat-rate travel rewards: Capital One Venture Rewards Credit Card

Bonus travel rewards and high-end perks: Chase Sapphire Reserve®

Luxury perks: The Platinum Card® from American Express

Business travelers: Ink Business Preferred® Credit Card

on Chase's website

1x-10x Earn 5x total points on flights and 10x total points on hotels and car rentals when you purchase travel through Chase Travel℠ immediately after the first $300 is spent on travel purchases annually. Earn 3x points on other travel and dining & 1 point per $1 spent on all other purchases.

75,000 Earn 75,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $1,125 toward travel when you redeem through Chase Travel℠.

1x-5x 5x on travel purchased through Chase Travel℠, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases.

75,000 Earn 75,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's over $900 when you redeem through Chase Travel℠.

1x-2x Earn 2X points on Southwest® purchases. Earn 2X points on local transit and commuting, including rideshare. Earn 2X points on internet, cable, and phone services, and select streaming. Earn 1X points on all other purchases.

50,000 Earn 50,000 bonus points after spending $1,000 on purchases in the first 3 months from account opening.

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Is travel insurance worth it?

April 30, 2024 | 2 min read

Planning a trip and wondering if you need a travel insurance policy? Keep reading to learn more about travel insurance to decide whether it’s right for you.

Key takeaways

• Travel insurance can provide financial protection if things go wrong before or during a trip.
• You might get travel insurance to cover potential losses from trip cancellations or delays, lost baggage or medical issues.
• Factoring in details specific to your trip and balancing with existing coverage might help you decide whether travel insurance is right for you.

Earn 75,000 bonus miles

Redeem your miles for flights, vacation rentals and more. Terms apply.

What does travel insurance do?

Travel insurance is a type of specialized protection that might help protect against financial losses from airline delays, medical issues or other unexpected occurrences. Some travel insurance plans focus on specific things, like lost baggage or health care. Others offer a wide range of benefits under a single plan. It’s a good idea to make sure you understand the terms and conditions, because coverage varies.

When might travel insurance be beneficial?

Some of the situations where it can help to have travel insurance include:

Interruptions and cancellations

Trip delay insurance covers food and lodging expenses if you experience an airline delay. Trip cancellation insurance can reimburse your prepaid costs if an illness forces you to cancel entirely.

Baggage issues

Baggage loss coverage can reimburse you if your luggage is lost, stolen, damaged or delayed.

Medical emergencies

Travel health or medical insurance can cover everything from medication to emergency medical evacuation if you become sick or injured when traveling abroad .

When might travel insurance be unnecessary?

There’s no right or wrong time for travel insurance. It depends on your circumstances. But when deciding whether travel insurance is worth it, you can consider things like:

• Type and length of trip: If the trip’s refundable, you might not need extra protection. And a short or cheap trip might not be worth the cost of coverage.
• Your existing coverage: Check existing policies and agreements. If you have coverage through your health insurance provider, credit card issuer or card network, you may not need more.

Considering travel insurance in a nutshell

Travel insurance can offer peace of mind if anything goes wrong before or during a trip. But it may not always be worth it. If you’re considering travel insurance coverage, looking at your situation, your trip and the terms and conditions of your existing insurance policies could help you determine whether the benefits outweigh the costs.

If you’re interested in getting insurance coverage from a credit card, you can check out the benefits that come with Capital One rewards credit cards .

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Pet Insurance

Figo pet insurance review 2024

Mandy Sleight

Scott Nyerges

“Verified by an expert” means that this article has been thoroughly reviewed and evaluated for accuracy.

Heidi Gollub

Published 6:00 a.m. UTC May 6, 2024

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Maximum annual coverage

Average monthly cost for dogs, average monthly cost for cats, why it’s the best.

When you sign up for Figo pet insurance, you only have a one-day waiting period for accidents before coverage begins. The waiting period for illness is 14 days. Figo pet insurance plans offer up to 100% reimbursement.

Pet insurance plans

Accident and illness plan

• Deductible: $100, $250, $500, $750, $1,000 or $1,500.
• Annual coverage limit: $5,000, $10,000 or unlimited.
• Reimbursement percentage: 70%, 80%, 90% or 100%.

Wellness plan

Figo offers a wellness plan that reimburses you for vaccines and routine care.

Optional riders

• Veterinary exam fees: Provides coverage for exam fees related to the diagnosis and treatment of covered conditions.
• Wellness (basic/plus): Covers routine care including dental and can help pay for spay/neuter and vaccinations.
• 5% multi-pet discount.
• 5% military discount (not available in FL, NY, TN or WA).

Customer reviews

Figo has a score of 4 out of 5 (great) on Trustpilot based on more than 1,900 reviews. Many of the complaints focused on annual premium increases.

• Up to 100% reimbursement available, but only if you don’t choose unlimited coverage.
• No upper age limit for enrollment.
• Multiple deductible options, from $100 to $1,500.
• 6-month waiting period for orthopedic problems, but can be waived.
• Veterinary exams not covered without a rider.
• Treatment for behavioral problems not covered without a rider.

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Why trust our pet insurance experts

Our team of pet insurance experts evaluates hundreds of pet insurance products and analyzes thousands of data points to help you find the best product for your situation. We use a data-driven methodology to determine each rating. Advertisers do not influence our editorial content. You can read more about our methodology below.

• 4,000+ pet insurance rates reviewed.
• 500+ coverage details evaluated.
• 5 levels of fact-checking.

About Figo pet insurance 

Figo was launched in 2015, offering accident and illness pet insurance for cats and dogs. Policyholders can also access Pet Cloud, which connects you with other pet owners wanting to meet up for activities and helps you find pet-friendly businesses in your area.

Figo pet insurance reviews are mostly positive, though some have frustrations with claims denials and the appeals process. While pet insurance policies are similar among insurers, there are exclusions you should pay attention to before purchasing a policy, so there aren’t any surprises on what’s covered and what’s not.

Figo pet insurance rates

Figo pet insurance rates depend on your ZIP code, coverage choices and your pet’s age and breed. The table below shows sample rates for dog breeds averaged across 25 ZIP codes.

Source: Petinsurer.com. Rates are based on the average monthly cost of pet insurance for dogs at ages 3 months and 3 years, with a $250 deductible and 80% reimbursement level.

What Figo pet insurance covers

Buying pet insurance from Figo gives you coverage for accidents and illnesses. This comprehensive pet insurance coverage will usually cover expenses for:

• Alternative and holistic treatments.
• Cancer treatments, like chemotherapy and radiation.
• Chronic conditions that aren’t pre-existing.
• Congenital and hereditary disorders.
• Dental injuries or illnesses.
• Emergency vet care.
• Veterinary specialist treatment.

Figo Powerups

Figo offers additional coverage options called Powerups that pet owners can add to their plan for an extra cost.

Veterinary exam fees for accidents and illnesses

This Powerup covers veterinary exam fees for your pet’s accident and illness visits, which otherwise would not be covered by your Figo pet insurance.

Wellness and preventative coverage

With this Powerup, Figo will cover preventative and wellness care for your pet. Figo offers two tiers, basic and plus, that have the fixed coverage amounts shown below.

Extra care pack

The Extra Care Pack Powerup provides several benefits that you may find valuable:

• Advertising and reward. Up to maximum annual policy benefit.
• Final respects benefit. Up to $250 for burial or cremation expenses.
• Vacation cancellation. Up to maximum annual policy benefit if your pet requires life-saving treatment and you need to cut your vacation short.
• Boarding fees at a licensed kennel if you’re hospitalized.
• Pet theft for loss or straying. Up to $150 if your pet isn’t found within 30 days.
• Third-party property damage liability. Up to $10,000 per policy period for property damage your pet causes and you’re held liable for.

What Figo pet insurance doesn’t cover

There are specific procedures and conditions that Figo pet insurance doesn’t cover, such as:

• Breeding, pregnancy and birthing.
• Cloned pets or cloning procedures.
• Cosmetic or elective surgery.
• Experimental procedures.
• Pre-existing conditions.

Curable pre-existing conditions, like diarrhea and ear infections, may be covered if your pet doesn’t show any signs or symptoms within a year of their last treatment.

Figo pet insurance discounts

There are two Figo pet insurance discounts you may be eligible for:

• Mutlipet. Pet owners who enroll two or more pets automatically receive a 5% discount. 
• Military. There is also a 5% military discount available in most states, except Florida, New York, Tennessee and Washington.

How Figo compares to other pet insurance companies

Via Petted’s website

Source: PetInsurer.com. Average monthly pet insurance cost assumes unlimited reimbursement (or the highest level offered by that company), a $250 deductible and a 80% reimbursement percentage for a dog insurance accident and illness plan. These top-rated pet insurance company rates are based on the average cost to insure dogs and cats of various ages, breeds and ZIP codes.

Methodology

To find the best pet insurance , we analyzed 15 pet insurance companies using data provided by PetInsurer.com.

Each pet insurance company was eligible for up to 100 points, based on its performance in the following key categories:

• Cost: 50 points. We calculated average rates for accident and illness pet insurance plans for dogs with the highest level of coverage available, a $500 deductible and a 90% reimbursement percentage.
• Annual coverage limits: 10 points. Pet insurance companies that offer an annual reimbursement level of $100,000, or unlimited annual coverage scored in this category.
• 24/7 vet line: 10 points. Insurance companies that offer access to a 24/7 vet line earned points. Being able to call for medical advice might save you money on vet visits.
• Routine wellness plan: 10 points. Pet insurance companies that offer an optional wellness plan add-on scored full points. Wellness plans can reimburse you for preventative care for your pet.
• Pays vet exam fees: 10 points. If a pet insurance plan includes pet exam fees, the insurer received 10 points. If this is offered as a coverage add on, the insurer received 5 points.
• Multipet discount: 5 points. Pet insurance companies that offer a discount for insuring more than one pet received full points.
• Euthanasia or end of life expenses included: 5 points. If euthanasia or other end of life expenses are covered in pet insurance plans, a pet insurance company scored in this category.

Figo pet insurance review FAQs

Yes, Figo has waiting periods before covering your pet’s eligible veterinary care: 

• There is a one-day waiting period for accidents and a 14-day waiting period for illnesses.
• For hip dysplasia and other orthopedic conditions, there is a six-month waiting period. 
• If your pet has a curable pre-existing condition, it will be eligible for coverage on those conditions if it goes 12 months without receiving treatment.

Figo pet insurance will cover dental injuries and illnesses under its comprehensive pet insurance plan. Dental cleanings are only covered if you purchase the extra wellness and preventative care coverage Powerup.

No, Figo pet insurance does not cover pre-existing conditions, which is any condition your pet was diagnosed or treated for in the 12 months before purchasing your Figo pet insurance policy. Figo does make an exception for curable pre-existing conditions, like bladder, ear, respiratory or urinary tract infections, diarrhea or vomiting.

No, Figo does not offer the option to pay your vet directly. Figo offers reimbursement by check or direct deposit. After completing the claim, a mailed check takes seven to ten business days to arrive, while direct deposit takes three to five business days.

Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.

Blueprint has an advertiser disclosure policy . The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.

Mandy is an insurance writer who has been creating online content since 2018. Before becoming a full-time freelance writer, Mandy spent 15 years working as an insurance agent. Her work has been published in Bankrate, MoneyGeek, The Insurance Bulletin, U.S. News and more.

Scott Nyerges is a veteran journalist with experience in insurance and consumer reviews. Before contributing to USA TODAY Blueprint, Scott was the senior insurance editor and content strategist for U.S. News and World Report. He's also written and edited for Consumer Reports, MSN, Cheapism and Consumer Search. He loves helping people make smart money decisions. Scott's expertise lies in car insurance, home insurance, life insurance, pet insurance and small business insurance. He has a bachelor's degree in journalism from The University of Missouri-Columbia.

Heidi Gollub is the USA TODAY Blueprint managing editor of insurance. She was previously lead editor of insurance at Forbes Advisor and led the insurance team at U.S. News & World Report as assistant managing editor of 360 Reviews. Heidi has an MBA from Emporia State University and is a licensed property and casualty insurance expert.

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FinanceBuzz

8 Reasons It’s Worth It To Buy Travel Insurance (And 6 Times To Skip It)

Posted: July 12, 2023 | Last updated: April 7, 2024

Life is full of unexpected events and complications, and that doesn’t stop just because you’re traveling. If anything, travel may have even more surprises than your day-to-day life at home.

Travel insurance can help you avoid wasting money if you have to cancel a trip due to illness, need medical coverage while you’re traveling, or send you home for medical reasons.

However, it may not always be necessary and can sometimes be a waste of money. Keep reading to learn when you should and shouldn’t opt for travel insurance.

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Safety net for international travel

The number one reason people buy travel insurance is to cover an expensive trip. And if you’re traveling overseas, chances are your travels will cost a lot of money.

In addition, there are potential complications when it comes to international travel, from losing luggage during connecting flights, missed or canceled flights, sickness, and more.

And if something catastrophic happens in a foreign country, travel insurance provides evacuation so you can get home safely.

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Medical coverage

Getting sick or injured is unpleasant enough when you’re in the comfort of your home, but it’s a new beast entirely when you’re abroad.

Generally, you can expect basic medical expenses to be covered through your travel plan, often including dental. Medicare will not cover medical expenses in a foreign country. If you’re traveling overseas, travel insurance for potential medical costs is worthwhile.

Cover rental car mishaps

Renting a car is a great way to get around when traveling because you can explore a place on your own. Using taxis or ride-share services may cost more money. However, even the best drivers make mistakes, and no one can protect themselves from reckless drivers.

Your U.S. car insurance won’t cover you when driving in a foreign country. So choosing the car-rental insurance option when you buy travel insurance may be a good move.

Be aware that most travel insurance rental-car plans cover collisions and may not cover medical expenses, damages to other cars or property, or personal property damage or loss.

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Pre-existing conditions often aren’t covered

Unfortunately, as with many health insurance plans, travel insurance often won’t cover pre-existing conditions. Travel health insurance is usually meant for unforeseen illnesses or injuries instead of complications due to an existing medical issue.

Even travel insurance companies that cover pre-existing issues often only cover physical maladies and exclude mental conditions and typical pregnancy-related symptoms and complications.

Protect lost luggage

A big fear for travelers is losing their luggage, either having it not arrive at the destination or stolen during their trip. Most airlines will offer reimbursement for luggage they lose, but it can take quite a while for this to process.

Travel insurance will cover the cost of replacing your clothing and other items while you wait for your luggage to be located and can also cover theft and damage.

Cover valuable items and gear

You should consider buying travel insurance if you’re traveling with valuables, including expensive jewelry, art, or even pricey sporting or adventure gear.

You’ll need to talk to the insurance agency specifically about covering your valuables, as they may need to be insured separately. Depending on your homeowners insurance policy, your jewelry may be covered even when you travel.

Sporting goods, including golf clubs, will not be covered by your homeowners insurance if you’re traveling, so you will need travel insurance to replace them if they’re lost, damaged, or stolen.

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Emergencies happen

While we do our best to prepare for the worst-case scenario, we can’t stop life from happening. Things like medical emergencies, a death in the family, or other catastrophes can halt your travel plans.

If you have travel insurance, rescheduling or cancellation fees will be covered, allowing you to deal with the emergency at your own pace. You won’t have to worry about losing the money spent on the trip and subsequent fees.

Natural disaster coverage

Are you planning a fall trip to the Gulf Coast or Florida? Consider your travel destination and the time of year you're going.

If you’re visiting someplace prone to natural disasters, especially seasonal occurrences like tornadoes, hurricanes, wildfires, and such, travel insurance can help you recoup your money should these events interrupt your travel plans.

Similarly, if a natural disaster occurs during your trip, often, insurance will pay to move you to a more secure location.

Extreme adventures may not be covered

Your insurance will most likely cover typical travel-related injuries but don't expect your medical bills to be covered if your itinerary involves extreme adventures or dangerous exploits.

Surfing, sailing, kayaking, bungee jumping, scuba diving, skiing, snowboarding, and other extreme sports do not fall into everyday illnesses or injuries. For these activities, consider getting a specific plan for adventure activities.

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Shaky travel companies

If you booked your trip through a travel company and it goes bankrupt, travel insurance may provide a safety net to ensure you get your money back.

Airlines, cruise ships, travel companies, and other travel-related businesses suffered during the pandemic, and many may not be on solid financial ground yet.

This may not be covered in a basic insurance plan, so make sure your agent adds financial default coverage if you are concerned about the health of your travel provider. 

In the situation any company or organization closes or is otherwise inoperable during your trip, you’ll be covered.

Now let’s look at times you may not need travel insurance.

Your credit card offers travel protections

Before purchasing travel insurance, consider which credit card you have. Many of the top credit cards  offer travel protections.

Some protections you may already have include lost luggage, rental car insurance, trip delay, and trip interruption or cancellation.

Credit card programs often don’t cover medical or other interruptions, so consider your priorities before choosing this option.

You have a domestic trip

If you’re traveling within the U.S. and its territories, travel insurance may not be necessary. For example, you won’t need medical coverage as your health insurance should be honored nationwide.

Domestic travel is also usually much less expensive. If you’re taking a cheap, last-minute, or nonstop flight and staying at an inexpensive hotel or rental, the cost of travel insurance may not be worth it.

One exception might be a family trip to Disney World. The estimate for a trip for a family of four in 2023 is more than $6,000, so travel insurance might be money well spent in this case.

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Don’t add expense to cheap trips

Not all travel is planned. Whether traveling for work, a family emergency, or just a last-minute vacation, you likely don’t need insurance in these circumstances. Odds are, you’re packing light, and both your flight and hotel are relatively inexpensive.

In these scenarios, the things insurance covers won’t be relevant, including baggage loss, flight cancellations, hotel issues, and so on. 

Not only will these costs likely be minimal, but they can be disputed with your airline or hotel, although it may take a little while to get your money back.

The airline has a flexible rebooking policy

If you’re buying travel insurance to cover the cost of rescheduling a flight, you’re better off purchasing a refundable ticket at a higher price. And some airlines have more flexible policies now.

Many airlines allow last-minute ticket changes and will even help you reschedule your flight within a specific timeframe. The timeframe and policy vary by airline, and you may be subject to a nominal cancellation or rebooking fee, but it will be significantly less than insurance.

Insurance will not cover political unrest

One emergency situation insurance probably won’t cover is war or political unrest. If you’re visiting a location with political tensions and your trip is canceled as a result, don’t expect your insurance to cover the costs.

Insurance companies generally follow the travel advisories the U.S. State Department issued for medical and political situations.

Similarly, insurance won't cover these costs if you have to leave your trip early for safety concerns. Consider your destination's political environment before booking your travel or buying insurance.

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Your hotel may cover cancellations

Many hotel cancellation policies have tiers depending on the booking you make. For example, some may have free cancellation within a specific period, while others charge different rates for rooms booked as non-refundable or partially refundable.

If your sole reason for purchasing insurance is hotel flexibility, consult with the hotel before you book. They may have a policy as flexible as your insurance or can work with you should something unexpected arise.

Penalty-free cancellations for major hotels tend to be around 24-48 hours prior to arrival.

Bottom line

Travel insurance may be pricey, but it’s a lifesaver in many situations. However, in others, it’s overkill and a waste of money.

Every travel situation is different, so consider your specific needs when purchasing. And, if you want more money to cover your insurance, consider these ways to make extra cash for travel funds.

More from FinanceBuzz:

• 7 things to do if you’re barely scraping by financially.
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