Last updated on 03/11/2024
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. For example, if you purchased a trip with a total cost of $5,000, travel insurance policies available to you will likely range in price from $250-$500, depending on variables.
Factors of Travel Insurance Rates
The providers will use a few pieces of personal information, other than the cost of your trip, to calculate the cost of a plan:
- Age of the travelers
- Number of travelers
- Length of travel
- Type of coverage
The age of the travelers is considered one of the most important of the four factors. Typically, a traveler that is over the age of 65 can expect increased rates. If you are traveling with minors, you may be able to add them to the plan at no additional cost, or at a lower rate – depending on the travel insurance company.
The number of travelers and length of travel can often increase the rates of the plans. This is because, with more variables, there is more risk attached to the plan. For instance, if you are traveling overseas for 21 days, as opposed to only seven, you are opening yourself up to more medical risks and risk of travel interruption. These are both reasons to use your plan. The same can be said if you are traveling with four to five people, as opposed to just two.
The type of coverage you choose will also change the rate. A basic, no-frills comprehensive plan will naturally cost less than one that includes a myriad of optional benefits like Cancel for Any Reason or rental car collision coverage. Similarly, higher coverage limits for medical expenses or medical evacuation will increase the rate over a plan with lower amounts of coverage.
Some providers may also take other factors into account which is why the policy premium may differ from trip to trip.
The Right Travel Insurance Plan
The plan rate should not deter you from purchasing the coverage that you feel you need to fully protect your trip. InsureMyTrip has hundreds of plans for all different types of travelers. The kind of protection needed by a traveler who intends to hike the Himalayas, for example, is vastly different from that needed by a family taking a short cruise to the Bahamas.
It’s not only important to compare travel insurance rates, but also coverage. This will ensure you are finding the right travel insurance plan for your trip. It can be helpful to compare travel insurance plans that offer you similar levels of coverage and are appropriate for your needs. Don’t be swayed by a lower-priced plan with benefits that don’t suit you completely; or, likewise, high-priced plans that over insure your trip.
Disclaimer: The information contained in this article serves as a general overview of benefits and should only be used for informational purposes. Refer to your individual certificate of insurance for specific coverages, exclusions and benefits. When in doubt, please contact one of our licensed agents for additional assistance.
FAQs
In general, you should expect a plan will cost anywhere from 4%-10% of your total pre-paid, nonrefundable trip cost.
Is travel insurance worth it for road trip? ›
Many drivers don't think of travel insurance for trips by road, but it's wise to have protection against travel-related financial losses. Whether you're in your own car or camper or have rented a vehicle, road trip travel insurance can cover a variety of travel-related incidents.
Is InsureMyTrip legit? ›
Is InsureMyTrip.com legit? It indicates an expandable section or menu, or sometimes previous / next navigation options. Yes, InsureMyTrip is a reputable travel insurance comparison tool. It has been in the market for over 20 years and has served millions of customers.
Can I add insurance to my flight after booking? ›
The short answer is: It's not too late! You absolutely can buy travel insurance after booking your trip. However, it's always best to purchase insurance as early in the process as possible.
Does travel insurance cost increase closer to departure date? ›
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).
What does travel insurance not cover? ›
Travelling against medical advice or to get medical treatment. If your doctor says it's not safe for you to travel, then you won't be covered. Similarly, if you go abroad to get planned treatment, sometimes called 'medical tourism', a standard policy will not cover this – you'll need specialist insurance instead.
When should I buy travel insurance? ›
Travel insurance is designed to protect a traveler from certain unforeseeable events—not things that are easily foreseeable, or things that have already happened at the time you purchase your plan. That's why it's smart to buy insurance as early as possible in the booking process.
Is trip insurance the same as travel insurance? ›
Trip insurance (also known as travel insurance) is primarily focused on the prepaid non-refundable trip cost that you may lose in case you can not go on your trip due to covered reasons. In other words, the primary focus is on trip cancellation coverage.
Do credit cards come with travel insurance? ›
While it would be ideal if all credit cards provided travel insurance benefits, this simply isn't the case. Travel rewards credit cards often offer insurance, though coverage limits and types of protections vary by card. You'll generally see the highest levels of coverage with high-annual-fee travel credit cards.
Is it better to get single trip or annual travel insurance? ›
This will depend on how many trips you make per year. If you know you will only go on one or two holidays abroad in a 12-month period, a single trip policy will most likely be the best option. However, if you take several trips abroad each year, an annual multi-trip policy could be cheaper.
We suggest you buy a travel protection plan as soon as possible. Here's why: That way you maximize your coverage period in case you need to cancel your trip. All sorts of things can impact your travel plans and force you to cancel your trip.
Why use InsureMyTrip? ›
InsureMyTrip works unbiasedly to provide you with recommendations that fit your coverage needs. Our mission is to pair every trip and traveler with the right plan.
Does AARP offer international travel insurance? ›
While there are no AARP travel insurance products or discounts available for seniors, members can use the AARP website for trips and tricks on how to plan for international travel and information regarding how to choose the right insurance plan for older travelers.
Are road trips cheaper than flying? ›
drive: The cost factor. For shorter trips, driving will usually be cheaper, unless you have rewards miles or you get an awesome deal on your plane ticket. But it makes sense to check! BeFrugal.com has a Fly or Drive calculator that can estimate the true costs of driving vs.
How to calculate the cost of a trip? ›
Look into the cost of lodging, vehicle rentals, fuel costs, flight costs, and any other expenses you may incur. Gather all of your costs together and keep them organized so you can plan for expenses and calculate your costs. You can also use a formula to figure out your fuel costs if you're driving to your destination.
Is Allianz travel insurance good? ›
Allianz is a popular choice among business travelers due to its AllTrips Executive travel insurance policy with coverage for lost, stolen or damaged business equipment and rental car insurance. Earning 4.1 out of 5 stars, our expert reviewers think Allianz is a great choice for international travel insurance.
