How much travel insurance do you need? (2024)

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How much travel insurance do you need? (2)

If you're a routine traveler then you probably already know the benefits of travel insurance — from the potential savings from cancellations and delays to essential medical coverage, the list of covered reasons is numerous.

With travel insurance, you can get up to 100% reimbursem*nt for any travel-related expenses covered by your plan. It's essential for pricey vacations, especially international trips, and busy travel periods like holidays when costs are higher and there's a greater chance of potential issues.

There are some simple ways to save on travel insurance policies. One of the most important steps you can take to shave some money off your plan is to determine how much coverage you really need. Most of the time, a comprehensive travel insurance policy is the best route to take.

Insert your trip and traveler information into SquareMouth's site to view dozens of travel insurance policies that may fit your needs. Don't wait — start viewing your options now!

Determining how much travel insurance you need

When determining how much travel insurance you need, you should consider these factors:

  1. Cost
  2. Coverage


The cost of travel insurance hovers between 5% to 10% of your total trip costs, according to travel insurance marketplace SquareMouth. In 2019, before the COVID-19 pandemic hit, the average cost of a comprehensive policy with trip cancellation cost around $354, the site reports. Meanwhile, a policy without cancellation coverage hovered around $80.

When you're searching for policies, try to stay within that recommended range. If your total reaches above that, then you're probably paying too much.

"It's a common misconception that a more expensive travel insurance policy will provide better or more reliable coverage. However, the rating and reputation of a travel insurance policy does not factor into the policy's premium," SquareMouth explains, adding that it will "always recommend the least expensive policy that matches your coverage needs."

When you search for travel insurance policies, you can sort the listings from least to most expensive, ensuring you see the cheapest available options. Check it out.


Coverage and cost go hand in hand. The more coverage you get, the more expensive your plan may be. Again, the majority of travel experts recommend getting the least expensive plan that still contains the coverage you need.

Typically, a basic comprehensive plan — which includes perks like trip interruption, delays and cancellations, medical emergencies and more — is more than enough for travelers.

Here's what you need to ask yourself before buying travel insurance:

  • How much does my trip cost?
  • What activities do I have planned?
  • Who am I traveling with, and do they need coverage, too?
  • Does my destination have any insurance requirements?
  • Do I need medical coverage, and if so, how much?
  • Do I need any travel insurance add-ons?

The answers to these questions can help you eliminate unnecessary coverage. Every plan is different, but the coverage amounts and benefits may vary. Determine how much you really need. For example, SquareMouth recommends international travelers get around $50,000 in Emergency Medical coverage and $100,000 for cruises or travel to remote areas.

Carefully review the full details of your travel insurance policy. To find a basic plan that's affordable, search SquareMouth now.

Shopping for travel insurance plans

One of the most effective ways to get competitive prices is to compare different providers and policies. SquareMouth says it has more than 100 policies available for travelers to compare at any given time.

To see what kind of prices and plans you qualify for, insert the following information:

  • Trip information: Departure and return dates, destination
  • Traveler information: Residence, citizenship, number of travelers and ages
  • Total trip cost: Trip cost amount, deposit date, outstanding payments and more

Once you fill out SquareMouth's easy form, you can view the results and view dozens of different policies and prices. Remember to click "full policy detail" to get a full picture of the provider's offer. As SquareMouth suggests, buy the plan that is both affordable and covers all of your needs.

How much travel insurance do you need? (2024)


How much travel insurance do you need? ›

Again, the majority of travel experts recommend getting the least expensive plan that still contains the coverage you need. Typically, a basic comprehensive plan — which includes perks like trip interruption, delays and cancellations, medical emergencies and more — is more than enough for travelers.

How much travel insurance do I really need? ›

How much travel medical insurance do you need? Squaremouth, a travel insurance comparison site, recommends buying at least $50,000 in emergency medical coverage for international travel. For travelers going on a cruise or to a remote destination, the site recommends at least $100,000 in coverage.

Is 250000 enough for medical travel insurance? ›

If you read any of our other articles, you'll remember that we always offer a simple recommendation for Medical Insurance. Overseas travelers should have these minimum levels of protection: Medical Insurance Coverage - $100,000. Medical Evacuation Coverage - $250,000.

What is the coverage limit for travel insurance? ›

What Is Policy Maximum for Travel Insurance? A policy maximum is the highest amount that the insurance company will pay for eligible expenses. Policy maximums can typically range between $10,000 and $8 million, but will vary from plan to plan.

How much travel insurance do I need USA? ›

How much travel insurance do I need for the USA? It's important that your travel insurance for America provides good medical cover, enough to pay for any healthcare treatment you may need if you fall ill or are injured while there. Don't underestimate how much treatment can cost there.

What percent of trip should travel insurance cost? ›

Travel insurance is not one-size-fits-all, so the price and conditions of a plan will vary. However, it may be useful to understand pricing guidelines to plan your travel insurance purchase. In general, you should expect a plan will cost anywhere from 4%-10% of your total pre-paid, nonrefundable trip cost.

What to look for in travel insurance? ›

What cover should travel insurance include?
  • medical expenses and cover for getting you home if you're injured or fall ill abroad.
  • personal injury and cover for accidents or damage caused by you.
  • cover for lost or damaged items.
  • cover for lost or delayed baggage.
  • cover for cancellation or missed departure.

What is the best health insurance for international travel? ›

Based on our comprehensive review, the companies offering the best travel medical insurance are Faye, IMG, Travelex, AIG Travel Guard and Allianz. Travel medical insurance is a specialized type of coverage that helps pay for medical bills and emergency evacuations if you're hurt or become sick while traveling.

What does travel insurance not cover? ›

Most travel insurance policies won't pay out if you're negligent while under the influence of alcohol or drugs, and have an accident or have property stolen.

What is the best international travel insurance for seniors? ›

Summary: Best Senior Travel Insurance Companies
CompanyForbes Advisor RatingTop-scoring policy for seniors
Tin Leg4.8Gold
Travel Insured4.8Worldwide Trip Protector
USI Affinity4.8Ruby
Generali Global Assistance4.5Premium
8 more rows
1 day ago

Does travel insurance get more expensive closer to the trip? ›

Unlike other aspects of your travel experience like airfares or hotel-room rates, the price of travel insurance doesn't increase the closer you get to your travel date. There's no financial penalty if you wait to buy travel insurance (except for those bonus coverages, of course).

Is it worth adding travel insurance? ›

Travel insurance can be useful, but it's not always necessary. The key to knowing if you need travel insurance is figuring out your specific risks for any given vacation, then deciding if you can buy coverage that adequately protects you from any financial losses and pitfalls that might occur.

How much medical insurance do I need for travel to Europe? ›

A comprehensive travel policy with at least $50,000 in medical coverage is recommended when traveling to Europe or any country where you don't have health insurance. Travel medical insurance will cover expenses related to an unexpected injury or illness.

Is excess travel insurance worth it? ›

Having the right amount of insurance is hassle enough. Here's the thing, though: Excess insurance is not a bad thing when it comes to travel medical insurance. In fact, excess travel medical insurance as included in a Generali travel protection plan is something you should definitely consider for your next vacation.

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