Summer is here, which means warmer weather and more travel expenses. The average cost of a trip has risen by about $200 since June 2021, according to travel insurance agency SquareMouth.
As of June 20, 2022, the average travel insurance premium is $256.47 per trip. Of course, several factors will influence the size of the premium. Older travelers, trips with large numbers of travelers, and expensive trips will increase the cost of travel insurance.
Quick overview of weekly travel insurance rates:
Average premium: $256.47 (per trip)
Average trip cost: $5,939.39
Average trip duration: 17 days
Average cost of travel insurance for a trip
The more you spend on hotels, flights and pre-booked activities, and the longer you travel, the more you spend on travel insurance.
“Travel insurance typically costs between 4% and 8% of the total trip. The cost depends on the duration of the trip, the destination and the age of the insured, ”says the US Travel Insurance Association.
Average cost of travel insurance for the most popular destinations
With cost control, destination does not affect how much you spend on travel insurance. It is worth noting that some countries naturally have more expensive airfare and lodging costs, which can ultimately increase your travel insurance costs.
Here’s how prices stack up:
When do people buy travel insurance?
According to an AAA travel survey, 88% of travelers say reimbursement after trip cancellation is the most valuable benefit of travel insurance.
According to data compiled by SquareMouth over the past six months, travelers typically purchase travel cancellation insurance up to 53 days before travel. Meanwhile, travelers without cancellation insurance will purchase a policy approximately 64 days before travel.
Average cost of travel insurance by age
The age of the traveler is an important factor in determining the cost of travel insurance. The older the traveler, the higher the cost of the trip. For example, older travelers may need more health emergency insurance than millennials.
When calculating travel insurance premiums, insurance providers take into account the likelihood of a medical emergency.
What does travel insurance cover?
Travel insurance can help you reimburse non-reimbursable parts of your trip or help you if you are injured or have an emergency. Travel insurance policies cover six main items:
- Cancellation or interruption of a trip
- travel delays
- Medical expenses while traveling
- Damage, delay or loss of luggage
- emergency transportation
- Rental car damage
If you have a credit card, you may already have access to some of these insurance coverages without purchasing a separate travel insurance policy. Many airline or travel credit cards offer trip cancellation, delay coverage, and baggage coverage. For example, Chase Sapphire Reserve and Chase Sapphire…