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The average cost of travel insurance has increased over the past week, according to the Squaremouth travel agency. The median premium is currently $295.41, up from $263.85 last week. Please note that where you travel and the number of people traveling will affect your exact fare.
The travel insurance weekly rates at a glance:
Average Prize: $295.41
Average trip cost: $5,919.12
Average duration of the trip: 16 days
Average cost of travel insurance for the most popular destinations
Some countries are naturally more expensive travel destinations due to higher flight and accommodation costs, which could ultimately add to your travel insurance costs. But when controlled for costs, the destination doesn’t change how much you’ll spend to insure your trip.
Here’s how the prices stack up:
When people buy travel insurance
According to a travel survey by the AAA, 88% of travelers say that reimbursement after trip cancellation is the most valuable benefit of travel insurance.
According to data collected by SquareMouth over the past six months, travelers tend to purchase travel cancellation insurance 53 days before their trip. Meanwhile, travelers without cancellation insurance will purchase policy approximately 16 days before travel.
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 the cost associated with travel. For example, an aging traveler may need more emergency health insurance than a millennial.
When calculating your travel insurance premium, travel insurance providers consider the likelihood of a medical emergency.
What does travel insurance cover?
Travel insurance can help you reimburse the non-refundable portions of your trip or help you if you’re injured or have to deal with an emergency.
Travel insurance policies cover six main things:
- Travel cancellation or interruption
- Travel delays
- Medical expenses during the trip
- Damage, delay or loss of baggage
- Emergency transport
- Rental car damage
If you have a credit card, you may already have access to some of this coverage without purchasing a separate travel insurance policy. Many airline credit cards or travel credit cards offer trip cancellation, delay coverage, and baggage coverage. For example, the Chase Sapphire Reserve and Chase Sapphire Preferred cards both come with travel coverage, including trip cancellation, curtailment and delay, baggage delay, rental car, accidental death, and dismemberment coverage.
Before getting a travel insurance policy, it is essential to ensure that the terms match your needs or concerns. During the COVID-19 pandemic, this is especially important: each travel insurance company has unique refund rules and cancellation rules due to this event. Read the fine print of any travel insurance policy before purchasing.