A trip insurance policy usually costs 5-8% of the total trip cost
As a general rule of thumb, travel insurance should cost between 5-8 percent of the total trip cost. This applies to “package” plans, which provide coverage for canceled trips, medical emergencies/evacuations, and lost baggage.
It can cost more or less than this, depending on policy benefits offered by the insurance company. The more comprehensive the plan, the higher the cost.
There are several factors that determine the insurance premium
The insurance company uses several factors to determine your insurance premium, including the length of the trip and ages of travelers. It is easiest to use a comparison sit(seeÂ How to Compare Quotes with a Travel Insurance Comparison Site)
There is such a thing as paying too little for travel insurance
Even though is seems crazy, you can pay too little for travel insurance. As with many purchases, you tend to get what you pay for, and saving a few bucks on a travel insurance policy can cause nightmares if you need to file a claim.
Maybe the cost is low because there is not enough coverage. Be sure to read and understand the levels of coverage, and make sure you are comfortable with the amount that will be paid if you need to make a claim.
You might also see a low price offered by an un-reputable company. Trip Assured of Tennessee has been in the news recently for selling “travel protection” to clients, even though they did not hold an insurance license. They currently have several suits against them for unpaid claims.
Compare insurance quotes online to find the best company