Travel Insurance Review

as-seen-on-header

  • Home
  • COVID
    • “Cancel For Any Reason” for COVID19
    • Travel Medical for COVID19
    • State Restrictions for COVID19
    • Airline Change/Cancellation Policies
  • Best Travel Insurance
  • Beginner’s Guide
  • Hurricane
  • Reviews
  • Tips & Advice
  • About
  • Podcast
You are here: Home > Tips and Advice > Purchasing > Cost

How much does travel insurance cost?

Answer: Travel insurance vacation plans cost between 4-10% of the total trip cost.

Here’s an example: If your cruise costs $4,000, a travel insurance plan would cost between $160-$320.

Remember, this is the general range but keep in mind that basic ‘budget’ plans can be less than 4%, and premium plans can be over 12% of the trip cost (any expenses that are pre-paid and non-refundable)

The cost of travel insurance is based on these factors

The following are the main factors that affect the cost of the different travel insurance plans:

Vacation Plans (package plans) Travel Medical Plans
  • total trip cost
  • length of trip
  • age of travelers
  • options
  • length of trip
  • age of travelers
  • pre-existing conditions
  • options

A travel insurance package plan will provide protection for medical expenses, emergency evacuations, trip cancellations, loss of baggage and belongings.

Senior citizens and travelers with pre-existing medical conditions will be required to buy specific travel insurance plans. They will pay a little more because it’s deemed more likely that they will have to file a claim.

Travelers who choose a travel medical plan won’t have some of the package plan benefits, like trip cancellation coverage for example, but the plan cost can be as low as dollars per day.

Some travel medical plans also have selectable options that a traveler can add to the policy, such as hazardous sports coverage, that will raise the cost slightly, and deductibles, that will lower the cost slightly.

Optional coverages will affect the price as well

Travelers who add coverage options will pay a little more. Some of these options include:

  • “cancel for any reason”
  • “cancel for work reasons”
  • rental car coverage
  • identity theft protection
  • hazardous sports
  • deductibles
  • non medical evacuation coverage
  • concierge services
  • athlete/student coverage
  • golf course closure coverage
  • sports coverage

Adjustable coverage limits and deductibles also affect price

Many travel insurance plans have the option to select a coverage amount or deductible.

Per person coverage limits, such as the maximum for medical evacuation or life insurance, will affect the cost of the policy. If you choose $50,000 for life insurance protection versus $25,000, your policy will be slightly higher.

Some travel insurance policies apply deductibles to certain benefits, such as baggage coverage or emergency medical coverage. Similar to your health policy at home, a deductible is the out-of-pocket amount a traveler is responsible for before insurance begins picking up the remaining costs.

If you select a higher deductible amount, say $100 versus $50 for emergency medical, then your travel insurance plan will cost less.

Making adjustments to the plan to suit your comfort level is a great way to keep the cost of travel insurance affordable.

Summary

  • Travel insurance costs 4-8% of the total trip cost
  • Trip cost, trip length, and age of travelers are the main pricing factors
  • Policy add-ons or upgraded coverage limits can affect price

Related topics

  • What information do you need to buy travel insurance?
  • 9 coverages that might surprise you
  • Understanding the free look period

Click below to find the right travel insurance, with the best coverage, at the lowest price



Get a quote nowInstant prices from all companies


Get a quote nowInstant prices from all companies

About this website

My name is Damian, and I started this website in 2006 to help travelers understand travel insurance.

The site features company reviews, guides, articles, and many blog posts to help you better understand travel insurance and pick the right plan for your trip (assuming you actually need travel insurance).

I am also a licensed travel insurance agent, and you can get a quote and purchase through this site as well.

Get the Cheat Sheet

 Travel Insurance Review, Inc. BBB Business Review


ABOUT TRUST ONLINE
ustia

Popular Companies

  • Allianz Insurance
  • CSA Travel Insurance
  • Seven Corners Insurance
  • Travel Guard Insurance
  • Travel Insured
  • Travelex Insurance
  • TravelSafe Insurance

Learn about Travel Insurance

  • Beginner’s Guide
  • Coverage Guide
  • Tips and Advice
  • Company Reviews
  • Types of Plans
  • Types of Trips

Blog Article Categories

  • Learning
  • Types of Plans
  • Types of Trips
  • Coverage
  • General
  • In The News

Copyright © 2006-2019 Travel Insurance Review Inc. | XML Site Map<a title="XML Site Map"
Information on this Web site is provided for information purposes only. Any information obtained from this Web site should be reviewed with your Policy Certificate. Travel Insurance Review Inc. is not responsible for errors or consequences arising from your use of this information.