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How Much is Travel Insurance?

On This Page

Key takeaways

What’s the average cost of travel insurance in 2024?

Factors that impact the cost of travel insurance, examples of cost fluctuations based on trip details, how much should i spend on travel insurance, faq: cost of travel insurance.

Recommended articles

Our top picks for travel insurance

Seven corners, generali global assistance.

As we’ve seen above, prices fluctuate depending on your trip details and how much coverage you want.

Travel insurance typically reimburses you for the total cost of your trip. As a result, this is one of the main factors that decide how much travel insurance costs. The reality is, more expensive trips require travel insurance premiums on the higher end, whereas budget-friendly vacations are typically much less expensive to insure. As an added example, some travel insurance plans like trip cancellation and trip interruption insurance can reimburse you for anywhere from 100% to 150% of your total trip costs. In these cases, it only makes sense that the cost of the insurance plan is higher.

Trip length

The length of your trip impacts travel insurance costs since you need coverage for more days. Also, the longer the trip the higher the possibility of something going wrong. This means that the insurance company must assume a greater risk. You’ll typically pay a lot more for a trip in Spai n that lasts two weeks, for example versus just one week. Likewise, you’ll typically pay higher premiums for multi-trip or annual travel insurance plans versus one-off plans.

Age of traveler

The age of the traveler is an important factor in determining travel insurance costs. Senior travelers have an increased probability of falling ill or injuring themselves which means more medical expenses, which makes purchasing senior travel insurance crucial. In light of this, some travel insurance companies have an age limit to their policies.

Amount of travelers

Insuring a family or a large group inevitably costs more than insuring a solo trip. After all, more travelers in your group means there are more opportunities for things to go wrong which can lead to a higher payout from the insurance company. Despite this, some travel insurance providers, such as Travelex , offer free coverage for children ages 17 and under who are on the same plan as their parents or grandparents.

Type of plan

The type of travel insurance plan you buy can also affect the overall cost. For example, opting for a comprehensive travel insurance plan is more expensive than opting for medical coverage only or a cruise travel insurance plan specifically designed to cover potential risks on a cruise. You typically won’t get perks like baggage insurance, coverage for travel delays, or trip cancellation insurance when you forgo a comprehensive plan, but it can reduce the overall cost of your travel insurance policy. Therefore it’s important to consider what types of coverage you deem essential for your trip.

Coverage limits

Every travel insurance policy comes with a limit to how much the company will pay when you make a claim. The lower the limit, the less the plan will cost. A good example of this is travel medical insurance and medical evacuation insurance which usually make up the bulk of your travel insurance cost. These types of coverage typically have higher payout limits than other categories such as baggage insurance. Opting for less coverage will lower your overall cost, but that doesn’t mean it’s a good idea. When opting for cheap travel insurance we always recommend maintaining robust coverage limits.

Pre-existing conditions

Pre-existing conditions aren’t usually covered by travel insurance plans, but if they are, the policy tends to cost more than a standard policy. If you want coverage for pre-existing conditions you typically have to purchase a waiver for an extra fee ‘X’ days after making your initial trip deposit. (The amount of days depends on the company.) In the eyes of insurance companies, those with pre-existing conditions are more likely to need medical assistance while abroad. Therefore, plans that cover pre-existing conditions are usually more expensive.

Deductible amount

A deductible is the amount of money you must pay toward a claim before the insurance will start to pay out. Some travel insurance plans have a deductible, but this is always the case. Opting for a higher deductible can lead to a lower overall cost , whereas choosing a lower deductible or no deductible means paying more. Always read the fine print to ensure there are no surprise charges.

Add-ons & additional coverage

Travel insurance policies offer all kinds of add-ons that can cause the cost of coverage to skyrocket. Some of the most popular add-on coverages include cancel for any reason travel insurance (CFAR), interruption for any reason (IFAR) coverage, rental car coverage, insurance for sports equipment, and coverage for pre-existing medical conditions. Just one of these could increase your travel insurance policy by around 50%, so beware of add-ons if you are trying to keep costs down.

To help you understand these concepts better, we worked through some real-world examples and compared a range of travel insurance quotes for various trips, ages, and types of plans.

Then, we found the average cost of travel insurance based on the following variables:

Total trip cost
Age of the travelers
Type of coverage

1. Average cost of travel insurance by trip cost

Using the LA Times Compare tool, we got quotes for a seven-night trip with costs ranging from $1,000 to $50,000.

The chart below shows how much the average trip cost for one person (age 35) impacted premiums in 2023:

We received travel insurance quotes for all the top providers to prepare this analysis, and we weren’t surprised to find that more expensive trips required higher travel insurance costs overall.

As you can see from the chart above, the cost of a vacation will greatly impact the premiums each insurance company charges. Still, we found that average travel insurance costs for all trips worked out to approximately 5% to 6% of the trip cost, on average.

2. Average cost of travel insurance by age

To give you an idea of the average cost of travel insurance as it pertains to age, we compared plans for a seven-night trip costing $2,500 for one traveler.

We got quotes using the LA Times Compare tool for the same trip parameters, only altering the age of the traveler from 20, 30, 40, 50, 60, 65, and 75.

The chart below provides an overview of the average cost of travel insurance by the age of the traveler:

As you can see from the study above, the travel insurance premium for a $2,500 trip ranges from 4% of the trip cost for travelers ages 20 to 30 up to 8% of the trip cost for a 65-year-old and 12% of the total trip cost for a 75-year-old. Therefore, it’s safe to say that age matters to travel insurance providers, although this is more true for people 60 years old or older.

Travel insurance companies price premiums based on the level of risk they’re taking for each covered trip, and it’s not surprising that it’s riskier to insure older travelers who are more likely to experience a medical event.

3. Average cost of travel insurance by type of coverage

While it’s difficult to answer how much is travel insurance, across different providers with different coverage options and limits, we got quotes for different plans from several top providers to give you an idea.

The chart below shows how much you would pay for travel insurance that covers a seven-night vacation for a total cost of $3,000 if you went with a budget plan, mid-tier coverage, or premium travel insurance:

Based on this study, it’s clear to see that the type of insurance policy you choose impacts the total cost, whether you opt for budget travel insurance, a middle-tier plan, or comprehensive coverage with exceptional limits.

4. Average cost of travel insurance with add-ons

As we mentioned earlier, add-ons can significantly increase the cost of travel insurance policies.

To give you a concrete example of this, we chose to study the cost of travel insurance plans with cancel for any reason insurance (CFAR) added to the policy.

Cancel for any reason travel insurance that lets you cancel a trip and be reimbursed for 50% to 80% of your prepaid trip expenses. This coverage can be used for any reason at all, even if you simply change your mind and decide to stay home.

The chart below shows how much two adult travelers would pay for some travel insurance plans for a seven-night trip with a total cost of $5,000.

While having CFAR coverage can be beneficial for travelers who are not entirely sure of their trip plans, this optional add-on can cause travel insurance premiums to increase by anywhere from 38% to 65%. Ultimately, we found that the average cost of adding CFAR to a policy equals approximately 48.6% of the premium.

You should aim to spend 6% or less of the total cost of your trip when searching for travel insurance. Anything less than 5% is considered a great price.

As an example, this means that travel insurance for a $5,000 vacation should cost between $250 and $300 – approximately.

If we follow this same rule, the cost of travel insurance for a $2,500 trip should be between $125 and $150, and premiums for a $15,000 trip should cost you between $750 and $900.

While these numbers are based on industry standards and internal research, our research did find some exceptions to this rule.

For example, travel insurance premiums tend to increase for:

Older travelers
Plans with higher coverage limits
Plans that cover more than one traveler

People over the age of 60 can expect to pay the most. Plans that cover more than one traveler also cost more in general, as do travel insurance plans with higher coverage limits.

If you are hoping to get the best deal on travel insurance, you should take the time to compare at least three or four travel insurance plans side-by-side. Not only should you compare plans based on the types of coverage offered and the policy limits, but you’ll want to look at your out-of-pocket expenses, too.

From there, you’ll want to make sure your plan covers every conceivable issue you may run into, from missed connections to the contraction of COVID-19. With some research and planning, you can purchase coverage that puts travel-related issues aside so you can enjoy a worry-free trip.

You can get a free quote using our tool below. Simply enter your dates and destination to get a customized quote.

What is the approximate cost of travel insurance?

Travel insurance costs approximately 5% to 6% of the total cost of your trip. Based on travel insurance sales data from 31 different providers over the past year (from April 9, 2022 – April 9, 2023), the average cost of travel insurance for US travelers is $283 per trip . The average trip lasted 16 days and cost around $6,003.

Is it worth paying for travel insurance?

Travel insurance is worth it if you don’t have other types of insurance in place to cover the cost of incidents while traveling. The added expense of buying travel insurance can be well worth it if you run into a costly issue during your vacation. A lot of times, US health insurance does not work abroad. As an example, a conservative estimate for the cost of medical evacuation while traveling is around $25,000. However, this cost increases exponentially if you are overseas and need to be sent home, or are traveling in remote locations. Without travel insurance, you would be forced to pay for this cost out-of-pocket.

Who should get travel insurance?

Seniors, families, pregnant travelers , and those with pre-existing health conditions are prime examples of people who should buy travel insurance. However, there are some situations where travel insurance is essential for everyone. If you’re traveling overseas where your traditional health insurance coverage will not apply, even across the border in Canada , for example, travel insurance is the only way to ensure your medical expenses are covered.

Not only that, but trip insurance can reimburse you for non-refundable trip costs relating to hotels and flights you booked, missed connections, and medical expenses you rack up overseas. These costs can easily exceed the cost of travel insurance premiums, sometimes by tens of thousands of dollars. Keep in mind that flight insurance booked through an airline may not cover extra expenses such as medical complications.

Does travel insurance cover COVID-19 related issues?

Since COVID-19 has become commonplace, most travel insurance companies cover it the same as any other illness. This typically includes treatment or hospitalization from getting sick. Some travel insurance companies even cover doctor-ordered quarantine if you come down with COVID-19 during a covered trip and will cover the costs of extending your stay if you are forced to quarantine.

All travel insurance policies highlighted on our site include additionally COVID-19 travel insurance . If you are shopping elsewhere, make sure to read over the fine print before you select a plan as not all travel insurance policies offer this coverage.

Is travel insurance a one-time fee?

Some companies may offer options for paying in installments, but typically, travel insurance is a one-time fee that you pay upfront before going on your trip. Multi-trip travel insurance or annual travel insurance plans can cover more than one trip per year and may offer installment payments. However, most people buy a single travel insurance policy before each trip and a one-time fee.

What percentage of trip cost is travel insurance?

According to our research, travel insurance costs between 5% to 6% of the total trip cost for most travelers. All things considered, this is a small price to pay for peace of mind and being able to enjoy a worry-free trip.

About the Author

Holly D. Johnson is an award-winning personal finance writer who covers topics like insurance, investing, credit and family finance. As a leading voice in the travel and loyalty space, Johnson has traveled with her family to more than 50 countries over the last decade.

The author has also written extensively on the power of household budgeting, and she even co-authored a book on the topic. Zero Down Your Debt: Reclaim Your Income and Build a Life You’ll Love was originally published in 2017, and it teaches families how to use zero-sum budgeting to reach their financial goals. She is also the co-owner and founder of the family finance and travel website, ClubThrifty.com.

Johnson’s 10+ years of writing have focused on helping families make important financial decisions at each stage of their lives. The author also applies the financial principles she teaches to her own life, and she is currently on track to retire in her late 40’s with her partner. She currently lives in Central Indiana with her husband and children, and she is a regular contributor for Bankrate, CNN, Forbes, U.S. News and World Report Travel and many other notable publications.

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Best overall
Best for cruises
Best for reputation
Best for preexisting conditions
Best for digital nomads
Best low-cost
Best for road trips
How we reviewed travel insurance companies

Ultimate Guide to Choosing the Best Travel Insurance in June 2024

Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate insurance products to write unbiased product reviews.

Traveling is an adventure, a leap into the unknown, a story waiting to unfold. But every story needs a safety net, and that's where travel insurance comes in. In this guide to the best travel insurance, we'll embark on a journey to help you better understand travel insurance and uncover the benefits that make it an indispensable companion for any traveler.

Our Picks for the Best Travel Insurance Companies

Best overall: nationwide travel insurance.

Runner-Up: AXA Assistance USA
Best for Cruises: Travel Guard
Best Reputation: C&F Travel Insured
Best for Pre-existing Conditions: Tin Leg Travel Insurance
Best for Digital Nomads: WorldTrips Travel Insurance
Best Low-Cost Option: Trawick International Travel Insurance

Best for Road Trips: Travelex Travel Insurance

How we rate travel insurance »

Compare the Best Travel Insurance Companies

The best travel insurance companies offer comprehensive coverage options for a wide range of people and needs. For this guide, we looked at coverage options, customizability, and the best companies for specific situations, such as pre-existing conditions.

Here are Business Insider's picks for the best travel insurance companies in 2024.

Trip cancellation coverage of up to 100% of trip costs (for cruises) or up to $30,000 (for single-trip plans)
Check mark icon A check mark. It indicates a confirmation of your intended interaction. Three cruise-specific plans to choose from
Check mark icon A check mark. It indicates a confirmation of your intended interaction. Annual travel insurance plans available
Check mark icon A check mark. It indicates a confirmation of your intended interaction. Strong trip cancellation coverage
Check mark icon A check mark. It indicates a confirmation of your intended interaction. Cancel for any reason coverage available
con icon Two crossed lines that form an 'X'. CFAR insurance not available with every single plan
con icon Two crossed lines that form an 'X'. Medical coverage is lower than what some competitors offer

Nationwide Travel Insurance offers many of the standard benefits you might see with a travel insurance policy. This can include things like trip cancellation coverage, so you can recover pre-paid costs or trip interruption in the event your vacation is interrupted by an unexpected event. There's also baggage delay coverage and medical coverage.

Cancel for any reason coverage available

Nationwide Travel Insurance is of the largest players in the travel insurance space, offering nearly endless options for any customer on the travel spectrum, including annual travel insurance plans which can offer frequent travelers the flexibility to "set it and forget it" on their travel insurance coverage.

Nationwide Essential also offers some of the most affordable policies in the market compared to similar plans from competitors, which makes it a great pick for just about anyone. Buyers can discuss bundling options as Nationwide also sells homeowners, auto, pet, and other insurance products. Its travel insurance quoting is just as easy as it has been with other Nationwide insurance products.

Read our Nationwide Travel Insurance review here.

Best Travel Insurance Runner-Up: AXA Assistance USA

Trip cancellation coverage of up to 100% of the trip cost
Check mark icon A check mark. It indicates a confirmation of your intended interaction. Generous medical evacuation coverage
Check mark icon A check mark. It indicates a confirmation of your intended interaction. Up to $1,500 per person coverage for missed connections on cruises and tours
Check mark icon A check mark. It indicates a confirmation of your intended interaction. Covers loss of ski, sports and golf equipment
Check mark icon A check mark. It indicates a confirmation of your intended interaction. Generous baggage delay, loss and trip delay coverage ceilings per person
con icon Two crossed lines that form an 'X'. Cancel for any reason (CFAR) coverage only available for most expensive Platinum plan
con icon Two crossed lines that form an 'X'. CFAR coverage ceiling only reaches $50,000 maximum despite going up to 75%

AXA Assistance USA keeps travel insurance simple with gold, silver, and platinum plans. Emergency medical and CFAR are a couple of the options you can expect. Read on to learn more about AXA.

Silver, Gold, and Platinum plans available
Trip interruption coverage of up to 150% of the trip cost
Emergency medical coverage of up to $250,000

AXA Assistance USA offers consumers a great option for no-stress travel insurance: low-priced plans, generous coverage limits on key categories including primary insurance on lost luggage, and up to 150% reimbursement for qualifying trip cancellations.

While add-ons are limited and rental car coverage is not included by default on cheaper plans, AXA is a perfect fit for travelers who don't plan to drive (or who already hold a travel credit card with rental car coverage), and don't need any additional bells and whistles.

Read our AXA Assistance USA Travel Insurance review here.

Best for Cruises: AIG Travel Guard

Trip cancellation coverage for up to 100% of the trip cost and trip interruption coverage for up to 150% of the trip cost

Check mark icon A check mark. It indicates a confirmation of your intended interaction. Trip cancellation coverage of up to 100% of the cost, for all three plan levels
Check mark icon A check mark. It indicates a confirmation of your intended interaction. CFAR covers up to 75% of total trip costs (maximum of $112,500 on some plans)
Check mark icon A check mark. It indicates a confirmation of your intended interaction. Medical coverage of up to $500,000 and evacuation of up to $1,000,000 per person
Check mark icon A check mark. It indicates a confirmation of your intended interaction. Includes COVID coverage
Check mark icon A check mark. It indicates a confirmation of your intended interaction. Above average baggage loss and delay benefits
Check mark icon A check mark. It indicates a confirmation of your intended interaction. High medical evacuation coverage
con icon Two crossed lines that form an 'X'. Premiums may run slightly higher than competitors

Travel Guard is a well-established and highly rated name in the travel insurance industry. It offers three main coverage options to choose from, and in general its policies have above-average coverage for baggage loss and baggage delays, plus high medical evaluation coverage limits.

Trip cancellation coverage for up to 100% of the trip cost
Trip interruption coverage for up to 150% of the trip cost
Preexisting medical conditions exclusions waiver must be purchased within 15 days of initial trip payment
Annual travel insurance plan and Pack N' Go plan (for last-minute trips) available

Travel Guard is well-known insurance provider, and a great fit for travelers who want to ensure that they can get their money back in the event of canceled or interrupted travel plans.

While the company's policies can be pricey compared to its competitors, the high medical and evacuation limits make AIG a solid choice for older travelers who value peace of mind and simplicity over highly customizable plans that may be bolstered with medical upgrades.

Read our AIG Travel Guard review here.

Best for Reputation: C&F Travel Insured

Check mark icon A check mark. It indicates a confirmation of your intended interaction. Offers 2 major plans including CFAR coverage on the more expensive option
Check mark icon A check mark. It indicates a confirmation of your intended interaction. Cancellation for job loss included as a covered reason for trip cancellation/interruption (does not require CFAR coverage to qualify)
Check mark icon A check mark. It indicates a confirmation of your intended interaction. Frequent traveler reward included in both policies
Check mark icon A check mark. It indicates a confirmation of your intended interaction. Up to $1 million in medical evacuation coverage available
con icon Two crossed lines that form an 'X'. Medical coverage is only $100,000
con icon Two crossed lines that form an 'X'. Reviews on claims processing indicate ongoing issues
C&F's Travel Insured policies allow travelers customize travel insurance to fit their specific needs. Frequent travelers may benefit from purchasing an annual travel insurance plan, then adding on CFAR coverage for any portions of travel that may incur greater risk.

While every travel insurance company has negative reviews about its claims process, C&F Travel Insured 's claims process has a consistent stream of positive reviews. One customer wrote that C&F processed a claim within 48 hours. Additionally, C&F regularly responds to customer reviews within one business week, making reviews a consistent way to reach the company.

Additionally, in C&F's fine print, it mentions that any claims that take more than 30 days to pay out will begin to accrue interest at 9% APY.

C&F's reputation isn't the only thing to speak highly of. It offers an array of add-ons uncommon in the travel insurance industry, such as Interruption for Any Reason insurance and CFAR coverage for annual plans. C&F also offers discounts for children on its Protector Edge plan and free coverage on its Protector plan.

Read our C&F Travel Insured review here.

Best for Pre-Existing Conditions: Tin Leg Travel Insurance

Check mark icon A check mark. It indicates a confirmation of your intended interaction. Policy coverage includes most pre-existing health conditions
Check mark icon A check mark. It indicates a confirmation of your intended interaction. Generous medical and evacuation amounts for peace of mind
Check mark icon A check mark. It indicates a confirmation of your intended interaction. COVID coverage included by default on all insurance plans
Check mark icon A check mark. It indicates a confirmation of your intended interaction. Offers a wide range of plans for various budgets and travel needs
Check mark icon A check mark. It indicates a confirmation of your intended interaction. Some plans offer CFAR, “cancel for work reasons,” financial default, and unemployment coverage
con icon Two crossed lines that form an 'X'. Limited add-on coverage options
con icon Two crossed lines that form an 'X'. Baggage loss and delay coverage is low compared to competitors

Tin Leg travel insurance offers eight travel insurance plans to meet the unique needs of travelers.

Tin Leg was founded in 2014 by the travel insurance industry experts at Squaremouth. Designed to meet the most common needs of travelers, these policies offer comprehensive Trip Cancellation and Trip Interruption benefits, and a range of Emergency Medical and Medical Evacuation limits.

Tin Leg Travel Insurance is a great fit for travelers with medical issues in particular. Seven of Tin Leg's eight travel plans include coverage for pre-existing conditions as long as you purchase your policy within 15 days of your initial trip payment.

Thanks to coverage for pre-existing medical conditions as well as for potential COVID-19 infection while traveling, this company offers some of the best financial investment options for travelers who are or will be exposed to higher health risks and issues.

Read our Tin Leg Travel Insurance review here.

Best for Digital Nomads: WorldTrips Travel Insurance

Check mark icon A check mark. It indicates a confirmation of your intended interaction. Affordable base plans that can be customized with add-ons including rental car, pet care, hunting and fishing, and vacation rental coverage
Check mark icon A check mark. It indicates a confirmation of your intended interaction. Insurance plans available for international student travelers
Check mark icon A check mark. It indicates a confirmation of your intended interaction. Trip delay coverage benefit that kicks in after just five hours
Check mark icon A check mark. It indicates a confirmation of your intended interaction. Pre-existing conditions waiver can be purchased within 21 days of initial trip payment
con icon Two crossed lines that form an 'X'. Lower medical, evacuation and accidental death limits
con icon Two crossed lines that form an 'X'. Limited, secondary baggage loss coverage although baggage protection can be upgraded at a low cost
con icon Two crossed lines that form an 'X'. No special coverages for pets, sports equipment, etc.

WorldTrips has been a reputable travel insurance provider for more than 20 years. Unsurprisingly, it boasts an A+ rating from the Better Business Bureau and positive reviews from thousands of customers.

Travel medical insurance (Premium, Group, Annual, and International Student options)
Trip cancellation insurance
Trip protection insurance

WorldTrips Travel Insurance has affordable premiums, highly customizable add-ons, and generous coverage for core categories of travel insurance. All this makes it a great option for digital nomads, students studying abroad and backpackers.

However, travelers should keep in mind that plans are not particularly flexible, and coverage amounts are limited unless you plan ahead to pay for the areas and amounts that you need.

Read our WorldTrips Travel Insurance review here.

Best for Affordability: Trawick International Travel Insurance

Trawick Trawick International Travel Insurance

Check mark icon A check mark. It indicates a confirmation of your intended interaction. Useful for adventurous travelers headed to higher-risk destinations
Check mark icon A check mark. It indicates a confirmation of your intended interaction. Affordable plans with varying levels of coverage
Check mark icon A check mark. It indicates a confirmation of your intended interaction. 10-day free look option
Check mark icon A check mark. It indicates a confirmation of your intended interaction. Generous baggage loss replacement policy
Check mark icon A check mark. It indicates a confirmation of your intended interaction. Trip delay coverage kicks in after just six hours
Check mark icon A check mark. It indicates a confirmation of your intended interaction. Some policies allow a CFAR add-on
Check mark icon A check mark. It indicates a confirmation of your intended interaction. Up to $1 million medical evacuation coverage limit
con icon Two crossed lines that form an 'X'. Baggage and trip delay coverages don’t kick in until after the 12-hour mark
con icon Two crossed lines that form an 'X'. International student policies available for temporary stints abroad
con icon Two crossed lines that form an 'X'. Complaints about claims not being paid or involving an intermediary to resolve claims

Trawick International travel insurance offers plans customized to diverse travelers' needs. We look at coverage options, claims processing, pricing, and other important factors for savvy travelers.

Travel medical insurance
Trip protection and cancellation
International student insurance
Visitor medical insurance (for traveling to the US)

Trawick International Travel Insurance is another insurance provider with robust medical travel insurance that can help higher-risk and anxious travelers find peace of mind while on the road. This company offers one of the most generous medical evacuation policies in the market, although travelers will need to remember to add on rental car coverage if they need it.

Read our Trawick Travel Insurance review here.

Check mark icon A check mark. It indicates a confirmation of your intended interaction. Options to cover sports equipment
Check mark icon A check mark. It indicates a confirmation of your intended interaction. Option to increase medical coverage
Check mark icon A check mark. It indicates a confirmation of your intended interaction. Can cancel up to 48 hours before travel when CFAR option is purchased
Check mark icon A check mark. It indicates a confirmation of your intended interaction. Affordable coverage for budget-conscious travelers
Check mark icon A check mark. It indicates a confirmation of your intended interaction. Includes generous baggage delay, loss and trip delay coverage
Check mark icon A check mark. It indicates a confirmation of your intended interaction. Optional "adventure sports" bundle available for riskier activities
con icon Two crossed lines that form an 'X'. Only two insurance plans to choose from
con icon Two crossed lines that form an 'X'. Medical coverage maximum is low at up to $50,000 per person
con icon Two crossed lines that form an 'X'. Pricier than some competitors with lower coverage ceilings
con icon Two crossed lines that form an 'X'. Some competitors offer higher medical emergency coverage

Travelex travel insurance is one of the largest travel insurance providers in the US providing domestic and international coverage options. It offers a basic, select, and America option. Read on to learn more.

Optional CFAR insurance available with the Travel Select plan
Trip delay insurance starting at $500 with the Travel Basic plan
Emergency medical and dental coverage starting at $15,000

Travelex Travel Insurance offers three plans:

Travel Basic
Travel Select
Travel America

The Travelex America plan is meant for trips limited to the U.S., but it has the highest coverage limits in many areas compared to its other programs. If you're flying somewhere, the lost baggage limits are higher. Its natural strengths shine for road trippers, though. Travelex America adds coverage for roadside service and rental car coverage for unexpected accidents. It also covers pets should you be involved in an accident while on the road.

While your standard auto insurance does extend to car rentals within the U.S. for a limited time, any accident would affect future rates. Travelex would eliminate the risk of reporting to your auto insurance provider for minor incidents within its purview.

Read our Travelex Travel Insurance review here.

Introduction to Travel Insurance

Why travel insurance is a must-have.

The unpredictable nature of traveling – from flight cancellations to medical emergencies – can turn your dream vacation into a nightmare. Travel insurance acts as a personal safeguard, ensuring that unexpected events don't drain your wallet or ruin your trip.

Understanding Different Types of Travel Insurance

Not all travel insurance policies are created equal. From single-trip travel insurance policies to annual travel insurance plans , from minimal coverage to comprehensive protection, understanding the spectrum of options is your first step in finding the right fit for your journey.

Key Features to Look for in Travel Insurance Coverage

Travel insurance for medical emergencies.

Imagine falling ill in a foreign country; daunting, right? A robust travel insurance plan ensures you don't have to worry about how much emergency medical care while traveling will cost, even in the most remote corners of the globe. This coverage will often come in tandem with emergency medical evacuation coverage.

Trip Cancellation and Interruption Benefits

Life is full of surprises, some less pleasant than others. Trip cancellation and interruption coverage ensures that you're not left out of pocket if unforeseen circumstances force you to cancel or cut your trip short. You may also look for cancel for any reason and interruption for any reason options, which will reimburse you for a percentage of your nonrefundable fees, but expands the covered reasons you can cancel a trip. You can find our guide on the best CFAR travel insurance companies here.

Coverage for Personal Belongings and Baggage Loss

Losing your belongings is more than an inconvenience; it's losing a piece of your world. Insurance that covers personal belongings and baggage loss ensures that you're compensated for your loss, helping you to rebound and continue your adventure.

Support and Assistance Services

In times of trouble, having a lifeline can make all the difference. Look for insurance that offers 24/7 support and assistance services, giving you peace of mind that help is just a phone call away. Also, check websites that field customer reviews like Trustpilot, the Better Business Bureau, and InsureMyTrip , to see how well a company responds to customer requests.

Choosing the Best Travel Insurance

Reputation and reliability of the travel insurance provider.

A provider's reputation is not just about being well-known; it's about reliability, customer satisfaction, and the ability to deliver on promises. Researching and choosing a reputable provider is a cornerstone in ensuring your safety and satisfaction.

Understanding the Policy's Fine Print

The devil is in the details, and understanding the fine print of what your travel insurance policy covers is crucial. Be aware of coverage limits, exclusions, and the process for filing a claim to avoid any unpleasant surprises.

Customer Reviews and Feedback

In the age of information, customer reviews and feedback are goldmines of insight. Learn from the experiences of others to gauge the reliability and customer service of the insurance provider you're considering. While the ratings are important, you should also look at whether or not a company responds to customer complaints.

How to Get the Most Out of Your Travel Insurance

Knowing your policy inside out.

Familiarize yourself with every aspect of your policy – what it covers, what it doesn't, how to file a claim, and who to contact in an emergency. Being informed means being prepared.

Steps to Take When a Problem Arises

If you face an issue during your travels, knowing the immediate steps to take can make all the difference. Keep important contacts and your policy details handy, and remember, your insurance provider is there to assist you.

How to Pick the Best Travel Insurance Company for You

There isn't a one-size-fits-all policy that works perfectly for every traveler. Young, healthy solo travelers can opt for much cheaper plans that offer bare-bones coverage, while families juggling complex itineraries will do best by investing in a robust policy that can help defray any costs associated with lost baggage, delayed transportation or other trip-impeding obstacles.

That being said, you can't go wrong with a travel insurance provider that boasts a reputable history and offers a wide range of customizable plans. In some cases, you may be comparing plans that are only a few dollars' apart from each other. In such situations, you should generally opt for the insurance company that offers the strongest customer service. It's also worth considering whether or not the travel insurance provider has been reviewed by other travelers with similar itineraries to your own.

An insurance aggregator like InsureMyTrip or Squaremouth is one of the best tools for searching travel insurance policies. Once you input the specifics of your travel itinerary, you'll be able to see hundreds of search results to compare the ones that catch your eye. If the options are too overwhelming, use the filters to the left of your search page to eliminate as many irrelevant plans as possible.

How We Reviewed the Best Travel Insurance Companies

To come up with our list of the best travel insurance companies, we evaluated each insurer based on the following factors:

Guide Methodology: What We Considered

Policy Types

Travel insurance is essential, but often underused partly because people aren't getting what they want. Business Insider's 2023 travel study showed 10.65% of travelers surveyed bought cancel for any reason insurance. Cost may be a factor, but in many cases, the coverage is more affordable than you might think. Regardless, companies must offer a diverse range of coverage options. We award five stars to companies offering all standard coverages and additional options like pet and sports equipment protection.

Our 2023 travel study indicated the majority of purchases were made through the travel provider (ex: flight protection insurance when you're purchasing your airline tickets). While these may be sufficient for some customers, we look for companies offering a more comprehensive range of services.

According to the U.S. Travel Insurance Association, the average cost of travel insurance will be between 4% and 8% of total travel expenses. Anything beyond that price point should include additional benefits beyond the standard inclusions, such as CFAR protection or upgraded medical coverage. Anything below that 4% threshold may leave you lacking important or sufficient coverage in an emergency.

Convenience and Flexibility

Whether you're an infrequent traveler or a suitcase warrior, a good travel insurance company should have you covered. In many cases, you might not even have to talk to a person in order to purchase your policy.

Many people think of travel insurance in context with specific trips, but most of these top contenders sell both single-trip and multi-trip policies, also known as annual travel insurance. Some companies also offer plans specifically designed for cruisers, students abroad, and business travelers. (Read our guide to the best cruise travel insurance companies for more details.) Finally, all of these providers offer multiple options for getting the specific areas and amounts of coverage that you want.

Claims Handling

Most travelers never have a large claim. Premiums are low, and it provides peace of mind for the just in case situations. So they leave reviews based on their reduced stress levels. But what happens if you lose your luggage or have to stay a few extra days due to an unexpected accident? Will your insurance carrier cover your claim without all the hassle? We check real customer reviews to sort this out for you.

Ease of Use and Support

When purchasing, during your trip, and throughout the claims process, you may need extra support. Does the company have a 24/7 help line? Does it have an online or mobile system allowing you to self-manage? Essentially, what are the options when you need help? We look at the big picture to evaluate the average customer experience with each company.

You can read our full insurance rating methodology for even more details.

Best Travel Insurance FAQs

There isn't a one-size-fits-all solution for every traveler. Determine the benefits that are most important to you, like baggage delay coverage, medical coverage, and trip delay coverage, then look for a company with solid customer ratings, especially when it comes to processing claims.

Travel insurance will pay out if you experience a covered event, such as a travel delay or delayed or lost baggage. If you're looking to get travel insurance for a specific reason, such as needing to potentially cancel your trip due to work reasons, make sure your policy will cover you in that situation before purchasing it. You should also check customer reviews to see other travelers' claims experiences, as it varies wildly from company to company.

The average cost of travel insurance is 4% to 8% of your total trip cost, so it could vary widely depending on where you're traveling and the length of your trip. Your age, the number of people in your group, and other factors can also influence how much you'll pay.

Most comprehensive travel insurance policies include travel medical coverage that can come in handy if an emergency occurs and you need medical evacuation. Some travel insurance plans offer more specialized coverage for travelers with pre-existing conditions , so shop around if medical coverage is a top priority for you.

$100,000 should be a sufficient medical coverage limit for travel insurance. If you're planning on doing extreme sports or anything particularly risky on your trip, you may want to increase your coverage level. A high medical coverage limit is especially useful when you're purchasing cruise travel insurance, since medical evacuations are more involved at sea.

Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards .

Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.

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The Average Cost of Travel Insurance – Facts & Statistics [2023 Data Study]

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Founder & CEO

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The Average Cost of Travel Insurance – Facts & Statistics [2023 Data Study]

4 quick statistics on travel insurance, what is travel insurance, types of travel insurance, how much does travel insurance cost, how to pick a travel insurance plan, final thoughts.

We may be compensated when you click on product links, such as credit cards, from one or more of our advertising partners. Terms apply to the offers below. See our Advertising Policy for more about our partners, how we make money, and our rating methodology. Opinions and recommendations are ours alone.

As a result of the COVID-19 pandemic, Americans have changed the way they travel and the way they book their travel experience. Booking without travel insurance may have been something you did pre-COVID-19, but is not a risk many are willing to take now.

Booking a travel experience is an investment; you want to protect that investment by spending a little extra on travel insurance. With travel hitting pre-pandemic levels, there was a 235% increase in travel insurance claims in 2022 compared to the same period in 2019, according to Squaremouth , a travel insurance review site.

Travel insurance will not only protect you from changes and cancellations before your trip but also from any unexpected incidents that could happen during your trip. This guide will walk you through everything you need to know about travel insurance , from prices to what impacts premiums, different types of policies, and how to find a carrier.

$303.58 was the average travel insurance premium between August 2022 and August 2023.¹
Travel insurance typically costs 5% to 10% of your total trip cost.
At age 35, the average premium for travel insurance sits at about $122. ²
Travel insurance gets more expensive with age. The average cost for a 95-year-old is $415.²

You can think of travel insurance as a version of health insurance for your booked trip. Travel insurance is insurance meant to help protect you from things that could go wrong while traveling , such as lost luggage, flight delays that lead to missed connecting flights, and even illnesses. Some policies will even cover flight accidents, rental car coverage, and more. What your travel insurance covers will depend on the type of plan you buy and how much you want to spend.

Travel insurance is not a one-size-fits-all plan. There are varying levels of insurance that will depend on many different factors. The 2 main travel insurance types are Comprehensive and Travel Medical Plans .

If you are traveling for a long period of time or to a place where you feel like you may need a more specialized plan, some insurers do offer plans that entail protections such as:

Medical Evacuation: Medical evacuation insurance will cover the cost and coordination of emergency transportation to the nearest adequate treatment center if you become seriously ill or injured while traveling and require immediate care. It can also pay for you to be transported back to a hospital back in the U.S.
Accidental Death : Accidental death travel insurance plans are very similar to life insurance policies. When purchasing an accidental death insurance plan, you would name a beneficiary at the time of purchase, and in the event of your death while traveling, that person would receive the benefit.
Flight Accident Coverage: Flight accident insurance covers accidents that may happen when flying on a commercial flight, such as death and dismemberment.

Talk to your travel insurance provider to confirm everything you want and need is covered by the plan you chose. It is also good to confirm in the fine print what is not covered.

Hot Tip: Our introductory guide to travel insurance covers policies, common exclusions, and more so that you can get the maximum benefit from it!

Just like car insurance and health insurance, the cost of travel insurance will vary depending on multiple factors, and in general, you can plan to spend between 5% to 10% of the total trip cost for a comprehensive policy with trip cancellation.

An AdvisorSmith study of 50+ policies in late 2021 found that the average cost of travel insurance in the U.S. was $95. The survey breaks down the average cost of travel insurance by the level of coverage your policy might fall into:

Basic coverage — $93
Middle-tier coverage — $111
Comprehensive coverage — $137

However, a more recent study of Squaremouth data observed later in the pandemic indicates that policy costs are rising. The average overall cost for a travel insurance premium purchased on Squaremouth between August 2022 and August 2023 was $303.58.

What Factors Influence Cost?

There are 5 main factors that will determine the cost of your travel insurance policy:

Total trip cost
Age of travelers
Policy type
Length of travel
Total coverage amounts

When looking at the cost of travel insurance by age, you can see major shifts in the pricing. According to Value Penguin , the average cost of travel insurance from ages 1 to 30 hovers around $104 to $107 for the premium , but when you start to get above the age of 30 is where you have a spike in prices. At age 35, the average premium sits at about $122, but that price drastically increases for age 95, with an average premium of $415.

So how do you know what the right plan is for you? Picking a travel insurance plan will depend on a few different factors and what you are looking to protect, but a few tips for picking a plan are below:

Think about your main concerns when traveling. Getting hurt, losing luggage, or missing a flight? These will all help you pick a plan that is right for you.
Think about the financial risk of your travels. If something happened, could you cover the cost?
Check to see if any parts of your trip are refundable.
Take a look at what kind of coverage your credit cards offer .
Check what kind of coverage your health insurance has for traveling.
Get quotes from multiple travel insurance providers to find the best rates.
Read all disclosure statements before buying a policy.

Bottom Line: Learn how to find the best travel insurance policy for your situation in our ultimate guide to buying the best travel insurance .

With travel back in full swing and airlines struggling to keep up with demand , make sure to protect your trip with a travel insurance plan. Whether you are planning a weekend trip out of your home state, going on a beach vacation in Mexico, or backpacking around Europe, there is a travel insurance plan that will allow you to travel stress-free. Read our guide to find some of the cheapest travel insurance policies currently available.

¹ Squaremouth. (n.d.) Live Travel Insurance Data. https://www.squaremouth.com/live-data?date_range=last_365_days ² Moon, C. Average Cost of Travel Insurance: by Policy, Age and Insurer. ValuePenguin. https://www.valuepenguin.com/travel-insurance/average-cost-travel-insurance#Average-Cost-of-Travel-Insurance . Retrieved October 4, 2023.

Frequently Asked Questions

Is travel insurance really worth it.

With the unpredictability of travel in 2022, investing in travel insurance is worth the extra money. Travel insurance could save you hundreds or even thousands on travel-related expenses.

What is not covered by travel insurance?

It is best to check with your provider on what is not covered by your plan. Typically, travel insurance plans do not cover things like a “change in mind” about traveling, lost tickets, weather that limits activities, etc.

How much should I plan to spend on travel insurance?

Travel insurance will cost about 5% to 10% of your total trip cost. Price will vary depending on things like age, length of trip, and total cost of trip.

Will my travel insurance cover COVID-19?

It is always best to check with your insurance provider, but most standard travel insurance plans will cover trip cancellation due to sickness. What it will not cover is the “fear” of traveling because of COVID-19.

Find out more with our guide to Travel Insurance With COVID-19 Coverage .

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About Alex Miller

Founder and CEO of Upgraded Points, Alex is a leader in the industry and has earned and redeemed millions of points and miles. He frequently discusses the award travel industry with CNBC, Fox Business, The New York Times, and more.

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Tin Leg Travel Insurance Coverage Review – Is It Worth It?

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Is travel insurance worth it?

The right policy can protect your belongings, your bank account and your peace of mind..

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On April 24, 2024, the White House established new rules for airlines , mandating automatic and timely refunds for passengers whose flights had been changed, delayed or canceled . That's a big relief to travelers, but there are still many unexpected situations where travel insurance can be a lifesaver before or during your trip.

"Travel insurance is often an overlooked investment until the unforeseen happens," says Beth Godlin, president of Aon Affinity Travel Practice . "It's designed to give travelers peace of mind and financial protection against travel risks."

A policy doesn't have to be expensive, according to Godlin, to add a layer of protection and security.

Getting travel insurance

How do i get travel insurance, what does travel insurance cover.

New airline regulations in 2024

How much does travel insurance cost?

Bottom line

There are many options in the travel insurance marketplace: Aggregator site Squaremouth lets you get price quotes from different carriers and, because it receives a commission from the insurance companies on its site, users aren't charged any additional fees.

Allianz has both single-trip and annual plans, with a Cancel For Any Reason (CFAR) policy that reimburses up to 80% of prepaid, non-refundable expenses. That's more than most similar plans on the market.

In addition to trip cancellation, Allianz's popular OneTrip Prime plan includes travel interruption, emergency medical care and emergency transportation. Children 17 and under are covered for free when traveling with a parent or grandparent.

AIG's Travel Guard® plans are great if you need to customize coverage: The mid-range Travel Guard Preferred plan pays out 100% for trip cancellation and 150% for trip interruption, with up to $50,000 in coverage for medical expenses and up to $500,000 for emergency evacuation. There's even a payout of up to $1,000 if you miss your connection.

Travel Guard® Travel Insurance

The best way to estimate your costs is to request a quote

Policy highlights

Travel Guard offers a variety of plans to suit travel ranging from road trips to long cruises. For air travelers, Travel Guard can help assist with tracking baggage or covering lost or delayed baggage.

24/7 assistance available

If you're booking a trip with an aggregator site like Expedia , review the details of any travel policy that's offered. Plans are usually based on the elements of the trip (hotel, flight, rental car, etc.) and can differ every time you book.

Travel insurance generally covers your expenses, your belongings and your well-being. When shopping for a policy, look for these benefits:

Trip cancellation

If your trip is canceled for a covered reason, a policy will often reimburse airline tickets, hotel rooms, rental cars, tours, cruises and other prepaid, non-refundable expenses. Covered situations can include illness or injury, the death of a family member or traveling companion, job loss, military deployment and even unplanned jury duty, according to Allianz's Daniel Durazo.

Cancellations can also be covered if a natural disaster, severe weather or airline strike prevents your carrier from getting you to your destination for at least 24 hours.

CFAR plans provide a lot more flexibility and typically reimburse 50% to 75% of your expenses. But they can bump up the cost by about 40%, said Durazo. Policyholders are also still usually required to cancel no later than 48 hours before their scheduled departure.

Trip delay

Should you experience a hiccup in your plans, your policy can provide some relief: Food, lodging and local transportation are usually covered if a delay is due to severe weather, airline maintenance or civil unrest.

"For a traveler to be eligible, they must be delayed for the minimum amount of time listed on their policy," said Squaremouth spokesperson Megan Moncrief. "Some policies are very lenient and provide benefits for any length delay, while others list a length requirement — usually somewhere between three to 12 hours."

Daily payout limits range from $150 to $250 per traveler, according to Moncrief, while the total policy limit can be anywhere from $500 to $2,000. Save any receipts to submit with your reimbursement claim.

Don't miss: The best credit cards with trip delay insurance

Trip interruption

Should you need to cut your trip short due to illness or injury, or if there's a family emergency back home, your policy may reimburse non-refundable expenses you forfeited.

It may also cover the cost of a one-way economy airline ticket home.

Baggage loss

Airlines are required to compensate passengers for luggage lost in transit, but a travel insurance policy may have a higher benefit limit. It could also cover you if your bags, passport or other possessions are lost, damaged or stolen once you've gotten to your destination., The Platinum plan from AXA Assistance USA has a $3,000 benefit limit for lost luggage, well beyond the $1,700 that airlines are required to provide on international flights. AXA has offices in more than 50 countries, with multilingual operators available 24 hours a day to help reschedule flights, book hotels and make other arrangements.

AXA Assistance USA Travel Insurance

AXA Assistance USA offers several travel insurance policies that include travel interruption, trip cancellation, and the option of cancel for any reason (CFAR) coverage.

Travel insurance doesn't cover every loss: Cash is not reimbursable and many policies won't reimburse for expensive jewelry or heirloom items. Read your policy carefully to see what is included.

Medical expenses and emergency evacuation

If you travel within the U.S., your health insurance should cover any illness or injury you sustain. If you're traveling abroad, though, your plan may provide little or no coverage. The right travel insurance should cover doctors' fees and hospital bills, Durazo said.

The provider can also help coordinate care and ensure you're at a medical facility that's up to U.S. standards.

An emergency medical evacuation can cost anywhere from $15,000 to over $200,000, Durazo added.

New airline regulations in April 2024

The Biden administration announced on April 24, 2024 , that it had finalized new rules requiring airlines to issue cash refunds to passengers if their flights were canceled or significantly changed, their checked luggage was significantly delayed or if purchased services, like Wi-Fi, were not provided.

Refunds must be automatic and made via the same form of payment as the original purchase. Travelers must be reimbursed within seven business days if the refund is going to a credit card. (Other forms of payment can take 20 calendar days to be reimbursed.) The new Department of Transportation regulations also require airlines and ticket agents to disclose upfront any fees for changing or canceling your reservation, seat selection, checked bags or carry-ons. The Biden administration has targeted junk fees across numerous industries, including credit card companies. It said the rule will help consumers avoid unneeded or surprise charges that can quickly add up and obscure the real cost of a seemingly inexpensive ticket.

A travel insurance policy typically costs between 4 and 10% of the overall price of your trip. The cost can vary:

Plans with higher limits and more optional coverage cost more.
A plan with a CFAR benefit can cost up to 40% more.
Older travelers typically pay more because there's more of a likelihood of a claim being filed.

Whichever plan you choose, read the fine print so you understand what you're paying for.

While regulations on airlines are becoming increasingly stringent about reimbursing travelers for delayed or canceled flights, that doesn't do you any good if it wasn't the airline that put a kink in your plans. Travel insurance covers numerous scenarios, from medical emergencies to tropical storms. It could be particularly useful if:

You've spent a lot on prepaid, non-refundable expenses
You're traveling internationally where your health insurance won't apply
You're traveling to a remote area
Your flight involves multiple connections or destinations

"When deciding if travel insurance is right for you, ask yourself how much you could stand to lose if you had to cancel at the last minute," said Godlin.

If you're not as concerned about risk, your credit card may offer built-in travel protection if you book with that card: Chase Sapphire Preferred® , Southwest Rapid Rewards® Plus Card and the *American Express® Gold Card all come with trip cancellation and interruption coverage, among other benefits.

*Eligibility and benefit level varies by card. Terms, conditions and limitations apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

Chase Sapphire Reserve®

Earn 5X total points on flights and 10X total points on hotels and car rentals when you purchase travel through Chase Travel℠ immediately after the first $300 is spent on travel purchases annually. Earn 3X points on other travel and dining & 1 point per $1 spent on all other purchases plus, 10X points on Lyft rides through March 2025

Welcome bonus

Earn 75,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $1,125 toward travel when you redeem through Chase Travel℠.

Regular APR

22.49% - 29.49% variable

Balance transfer fee

5%, minimum $5

Foreign transaction fee

Credit needed.

Terms apply.

Read our Chase Sapphire Reserve® review.

Southwest Rapid Rewards® Plus Credit Card

Earn 2X points on Southwest® purchases, 2X points on local transit and commuting, including rideshare; 2X points on internet, cable and phone services; select streaming. 1X points on all other purchases

Earn 85,000 bonus points after spending $3,000 on purchases in the first 3 months from account opening.

21.49% - 28.49% variable

Foreign transaction fees

Excellent/Good

American Express® Gold Card

4X Membership Rewards® points at Restaurants (plus takeout and delivery in the U.S.) and at U.S. supermarkets (on up to $25,000 per calendar year in purchases, then 1X), 3X points on flights booked directly with airlines or on amextravel.com, 1X points on all other purchases

Earn 60,000 Membership Rewards® points after you spend $6,000 on eligible purchases with your new Card within the first 6 months of Card Membership.

Not applicable

See Pay Over Time APR

See rates and fees , terms apply.

Read our American Express® Gold Card review .

Research your card's travel benefits before making any purchases related to your trip.

Policies vary, but most comprehensive plans cover travel cancellation and interruption, baggage loss, medical care and emergency transportation.

While the price for coverage varies, most policies cost between 4% and 10% of the trip's prepaid, non-refundable expenses.

When should I get travel insurance?

It's best to take out a policy within days of making your reservations.

Does travel insurance cover COVID-19?

If you contract COVID-19 before or on your trip, it may be covered by your policy's trip cancellation/interruption benefit . You'll likely have to confirm your test results with a diagnosis from a healthcare provider.

Bottom line

Travel can be a wonderful experience, but it involves a lot of time, planning and money. Missing a single connection can have a cascade effect that impacts your flight, hotel room, dinner reservations and more. A good travel insurance policy can provide peace of mind so you can focus on your vacation.

Compare and find the best life insurance

Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox. Sign up here .

Meet our experts

At CNBC Select, we work with experts with specialized knowledge and authority. For this story, we interviewed Beth Godlin, president of Aon, which provides custom travel insurance for tour operators, cruise lines, travel websites and others. We also spoke with former Squaremouth Megan Moncrief and Allianz communications director Daniel Durazo.

Why trust CNBC Select?

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every insurance article is based on rigorous reporting by our team of expert writers and editors . While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

Catch up on CNBC Select's in-depth coverage of credit cards , banking and money , and follow us on TikTok , Facebook , Instagram and Twitter to stay up to date.

For rates and fees for the American Express® Gold Card , click here .

Best homeowners insurance companies in California of 2024 Liz Knueven
Guardian life insurance: High age limit and no-medical-exam policies Liz Knueven
Last chance: Chase raises Sapphire Preferred and Reserve cards' welcome bonus to 75,000 points Andreina Rodriguez

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Average Cost of Travel Insurance in 2024

Alex Carver is a writer and researcher based in Charlotte, N.C. A contributor to major news websites such as Automoblog and USA Today, she’s written content in sectors such as insurance, warranties, shipping, real estate and more.

Tori Addison is an editor who has worked in the digital marketing industry for over seven years. A journalist by trade, her experience includes communications and marketing management in the nonprofit, governmental and academic sectors.

The average cost of a standard travel insurance policy is $221 , according to research conducted by the MarketWatch Guides team. However, the destination, number of travelers, trip price and more can affect the exact cost of a policy. For example, we found a 30-year-old taking a $5,000, two-week trip to the United Kingdom could pay anywhere from $88 to $176 for a standard travel insurance plan.

Key Takeaways The average cost of travel insurance is about 3% to 5% of a trip’s total value, according to quotes gathered by our research team across different travel insurance providers for various traveler profiles. Solo travelers can expect to pay around $60-$100 for coverage. Factors such as total trip costs, coverage levels, travel destinations, traveler ages and trip payments can affect the price of a travel insurance policy. Travel insurance can be worth the cost and provide peace of mind if you must cancel your trip, experience a travel interruption, lose your baggage, experience a medical emergency or more.

Why Trust MarketWatch Guides

Our editorial team follows a comprehensive methodology for rating and reviewing travel insurance companies. Advertisers have no effect on our rankings.

Companies Reviewed

Quotes Collected

Rating Factors

How Much Does Travel Insurance Cost?

According to our research, the average cost of travel insurance is $204 , but you could pay anywhere between $14 and $765 for travel insurance . While this may seem like a wide price range, it’s important to understand that travel insurance is not a “one price fits all” purchase.

Travel insurance provides a range of protection before and during your trip. If you must cancel your vacation for reasons stated in your policy, travel insurance can reimburse you for nonrefundable expenses. It can also help cover medical care and evacuation costs in an emergency. One way to predict your travel insurance cost is to look at your trip cost — most insurance policies cost between 3% and 5% of your total trip cost.

Use the calculator below to get an estimate of your travel insurance policy cost:

Travel Insurance Cost by Total Trip Cost

The main factor that affects travel insurance costs is the total price of your trip. The more your trip costs, the more a travel insurance company will need to reimburse you if you file a valid claim . For example, if you’re taking a $10,000 trip to Japan versus a $3,000 trip, you’ll likely pay more for a policy offering the same amount of coverage.

To better understand the cost of travel insurance by trip price, we gathered quotes from multiple providers for a 30-year-old traveler taking a two-week trip to the United Kingdom . The chart below outlines the average policy cost across those quotes for different trip values.

Cost of Travel Insurance by Provider

Our team collected quotes for all plans offered by 24 travel insurance companies for eight traveler profiles. Some companies are cheaper than others, such as Battleface, due to low coverage limits or limited coverage options. Other companies, like Allianz or Faye, are more expensive because of higher medical limits, more coverages and more add-on options.

The premiums below reflect the average of all quotes collected for that provider.

Average Travel Insurance Cost by Age

Age is another factor that affects travel insurance costs. Generally, younger travelers may be less likely to file a claim than older travelers since they are often healthier and may not have pre-existing conditions. Due to the higher chance of travel insurance providers receiving a claim from older travelers , plan costs generally increase with age .

We gathered quotes from 20 different providers for a $4,000, two-week trip to the United Kingdom to learn more about how travel insurance costs increase by age. From this data, we found virtually no increase in policy costs for travelers aged 20 to 30 years. However, travelers aged 30 and up saw policy costs increase with age. Based on our research, an 80-year-old will pay 303% more than a 20-year-old for the same policy.

See the table below for a closer look at percent increases for policy costs based on age.

Travel Insurance Cost by Number of Travelers

The number of travelers under a travel insurance policy can also affect the total cost.

While travel insurance prices increase slightly depending on the number of people, one policy for the entire group is likely cheaper than purchasing a solo policy for every traveler.

We gathered quotes for a $5,000, two-week trip to the United Kingdom for different groups of travelers and found that adding just one traveler to a plan can increase costs by 8.3% , on average. While this is the average increase across quotes from 20 different providers, your costs may differ, as we found plan cost ranges widely varied.

Our research team attributes this extensive cost range to the provider, chosen plan, and whether or not coverage includes children for free. Many providers, such as Travelex , offer plans for travelers 17 years and younger for no additional cost.

See the table below for a closer look at travel insurance costs by number of travelers.

Cancel for Any Reason (CFAR) Travel Insurance Cost

Cancel for any reason (CFAR) coverage is usually sold as a travel insurance add-on. A typical travel insurance plan includes standard trip cancellation coverage, which takes effect as long as the reason for cancellation is listed within your policy terms. With CFAR coverage, however, you can cancel your trip for a reason not typically covered by your provider. For example, while your policy may cover an unexpected cancelation due to severe weather, CFAR coverage would allow you to cancel because you no longer want to take the trip.

CFAR coverage typically reimburses 50% to 75% of your prepaid trip costs. However, note that many companies reserve CFAR coverage for comprehensive plans. Because CFAR coverage increases the risk taken on by the insurance provider, it can significantly raise the price you pay for coverage. Costs vary by insurance provider, so gathering quotes across different providers that offer this add-on can help you find coverage that fits your needs.

To better show you what CFAR coverage could cost when added to a policy, we gathered quotes for a 30-year-old traveler taking a two-week, $5,000 trip to the United Kingdom.

What Impacts the Cost of Travel Insurance?

Each travel insurance provider prices its policies using a specific formula and underwriting process. While travel insurance is not a “once price fits all” type of coverage, the primary factors influencing policy pricing were fairly consistent across the companies we’ve reviewed. Take a closer look at some of these factors in the sections below.

Most insurance providers offer 100% reimbursement for trip cancellation and 150% for trip interruptions. A general rule of thumb when purchasing a policy is the more expensive your trip is, the more expensive your premium will likely be. This is because your travel insurance provider would potentially need to pay more if you file a claim for a covered cancellation or interruption.

If you choose a travel insurance policy with multiple protections and higher coverage limits, you can typically expect to pay more for coverage. Extra coverages outside of standard offerings — such as car rental collision coverage or CFAR coverage — can increase your policy premium.

Destinations

Some destinations, notably those in more remote areas, may have less robust medical infrastructures. This increases the likelihood of needing a medical evacuation in the event of an emergency. Because of this, you can likely expect to pay more for travel insurance to a remote destination.

Traveler Age

Older men and women may have medical conditions that impact travel plans, increasing the price of insurance. As previously stated, our research team found that an 80-year-old will pay 303% more than a 20-year-old for the exact same policy. If you’re an older traveler, you can anticipate more for a travel insurance policy.

Trip Payments

The date you paid for your travel can also affect your premium and the type of add-ons available. Buying a policy immediately after booking your trip could save you money and provide a greater protection window for trip cancellation benefits, which usually begin on your plan’s effective date. Alternatively, you can generally expect to pay more for coverage if you paid for your trip weeks or months before shopping for insurance. If you want CFAR coverage, providers may implement timelines for when you must purchase a policy.

How To Save on Travel Insurance

If you’d like to insure your trip but want to keep policy costs low, we recommend shopping around and comparing travel insurance companies and available plans . Many providers allow you to customize your coverage to fit your needs, and one company may offer a similar plan that’s cheaper overall compared to other options.

Customization is another factor to consider when trying to save on travel insurance costs. While you shop, keep in mind what your travel itinerary entails. For example, you might opt out of emergency medical and evacuation coverage if you’re traveling domestically — especially if you have an active health insurance policy through a domestic healthcare provider.

In addition, you can save money by not overinsuring your trip. Consider your health, destination and trip cost when deciding which coverages you need. For instance, if you’re traveling to a remote area without a robust medical system, you may consider purchasing higher medical evacuation coverage than if traveling to an urban area with access to hospitals.

While there are ways to lower travel insurance costs, cheaper coverage is not always better.

“Choosing travel insurance to protect your trip, health and belongings is not usually the time to go bargain basement shopping,” said Angela Borden, a product marketing specialist at Seven Corners. “While any travel insurance is usually better than none, deciding to go with the cheapest plan you can find often comes back to haunt you in an emergency.”

Domestic vs. International Travel Insurance Costs

Typically, international travel can result in spending more on prepaid — and often non-refundable — trip costs. An international vacation can involve more than one flight, and if you choose non-refundable hotels or excursions, you could lose a large amount of money without a travel insurance plan.

However, the more your prepaid expenses, the more your policy will cost you — meaning insurance for an international trip could cost you more than for domestic travel. In addition, many domestic healthcare plans will likely not cover medical care abroad . A plan with emergency medical and evacuation coverage is worth considering while traveling internationally, but it will cost you more than a travel insurance plan without this protection.

According to a Pollfish survey our team conducted in February 2024, 46% of the 1,000 U.S.-based respondents were traveling domestically within the U.S. the last time they bought a travel insurance policy. Many companies sell travel insurance for domestic vacations , which can offer less expensive coverage that’s better suited for this type of trip.

For example, the Seven Corners Trip Protection USA plan provides trip cancellation and trip interruption coverage, forgoing emergency medical or air travel benefits. This may be ideal if you’re traveling by car and already have a domestic health insurance plan.

What To Consider Before Buying Travel Insurance

To ensure you select the best travel insurance policy for your individual needs, you can consider the following factors.

Coverage Needs

It is important to consider the type of protection you need while traveling. If your trip spans a few days, you may only need basic trip cancellation coverage, whereas a month-long trip may warrant additional medical coverage.

Additionally, consider your health, as many domestic health insurance policies do not cover health care outside U.S. borders. Also, think about any add-on coverage you may need. If you foresee needing to cancel your trip for a reason not covered under policy terms, for example, you may want to invest in CFAR coverage.

Credit Card Travel Insurance

It’s worth calling your credit card company before purchasing a travel insurance plan to see if you already have benefits. Many credit cards, such as the Chase Sapphire Preferred card, offer travel perks such as rental car coverage, trip cancellation protection, trip delay coverage and more.

If you’re comfortable with the amount of coverage provided by your credit card, you can reconsider buying a separate travel insurance policy — saving you money you can put toward other travel expenses.

Claims Processes

We recommend you read up on how a provider handles its claims. Can you, as the policyholder, file a claim multiple ways? How quickly does the provider issue reimbursements? Note that some providers allow you to upload required claim documents online, whereas others require you to submit documents through the mail.

We recommend speaking to insurance representatives directly to learn more. You can also browse customer reviews from third-party aggregators, such as the Better Business Bureau (BBB) and Trustpilot, to better understand how a provider handles claims.

Do I Need Travel Insurance?

Not every traveler will need a travel insurance policy.

Borden, quoted earlier, provides more insight:

“There are times when travel insurance might not be worth it — the most common being if you don’t have many, if any, prepaid trip expenses.” She also points out that this could be the case if you’re staying with family and foregoing hotel expenses. “You don’t need to insure trip expenses if they’re already covered by someone else,” she added.

Is Travel Insurance Worth the Cost?

According to the U.S. Department of Transportation , one in five flights experienced a delay in 2023. Travel insurance can help provide coverage if you experience a delay — one of the many scenarios where a policy can be worth the cost. If you need to cancel your trip, experience a trip interruption, lose your baggage or experience a medical emergency abroad, travel insurance can help you recoup some prepaid, nonrefundable expenses.

If you’re looking for peace of mind as you plan your trip, we recommend gathering quotes from multiple travel insurance providers to find coverage that suits your needs and your budget.

Frequently Asked Questions About the Cost of Travel Insurance

Does travel insurance cover covid-19.

Yes, many travel insurance policies consider COVID-19 a covered reason for trip cancellation or delay. Note that providers cover trip interruptions and cancellations caused by the COVID-19 pandemic on the condition that you were healthy when you purchased the policy.

Should I purchase “cancel for any reason” coverage?

Cancel for any reason (CFAR) coverage allows you to cancel your trip even for reasons not listed in your insurance provider’s policy. If you are worried about illness or general travel or wish to have the flexibility of canceling, CFAR coverage may be worthwhile. Note that this add-on reimburses up to 75% of your trip costs, not the entire amount.

How much does travel insurance usually cost?

You can expect to pay $35 to $200 per trip, depending on the total trip cost and your age, among other factors. Based on quotes we pulled from five popular providers, the average cost of travel insurance for a $1,000 trip to Cancun, Mexico, for a 35-year-old male is $45.

Does travel insurance cover 100%?

Yes, trip cancellation coverage may cover 100% of your costs if you cancel your trip for a covered reason, such as illness, a family emergency or military deployment. If you purchased CFAR coverage, you can cancel for any reason but will only recoup around 50% to 75% of trip expenses.

What company offers the most affordable travel insurance?

In our review, we found that Travelex’s Basic policies were some of the most affordable on the market. Other affordable travel insurance providers include Nationwide and Faye, which specialize in streamlined online applications and issuance. We recommend getting a quote from each of our recommended providers before buying coverage to ensure you’re getting the best rates.

Additional Travel Insurance Resources

What Is Travel Insurance?
Best Travel Medical Insurance Companies
Single-Trip Travel Insurance
The Best Senior Travel Insurance Companies
Travel Protection vs. Travel Insurance
Best Group Travel Insurance Companies
Last Minute Travel Insurance
Should You Buy Travel Insurance for Domestic Vacations?
Travel Insurance for Pre-Existing Conditions

Methodology: How We Collected Cost Data

Our team reviewed travel insurance companies in-depth to provide the most accurate and up-to-date pricing information available. While your policy price will vary based on your trip details, traveler ages, number of travelers, destination and more, we took the following steps when collecting data to get a full scope of industry pricing.

30-year-old couple taking a $5,000 vacation to Mexico
65-year-old couple taking a $7,000 vacation to London
30-year-old couple taking a $7,000 trip to London
Family of 4 taking an $8,000 vacation to Mexico
19-year-old taking a $2,000 trip to Paris, France
27-year-old taking a $1,800 trip to Athens, Greece
23-year-old taking a $4,000 trip to Europe (Italy, Spain, Ireland, Greece, longest time spent in Italy)
51-year-old taking a $2,000 vacation to Madrid, Spain
Cost data by provider: To figure out how the average cost for each provider, we collected sample quotes for all the insurance policies they offer. Then, we took the average of these estimates for each type of trip across all their policies to find out the provider’s average cost.
Cost data by age: We evaluated cost data for seven ages in increments of ten years starting at 20 years old. We collected 20 sample quotes for each age and averaged them to get the typical cost for that age group. Sample quotes were collected for a variety of policies, from medical-only to comprehensive travel insurance plans.
One 30-year-old traveler
A 30-year-old couple
Two 30-year-old adults and one 5-year-old child
Two 30-year-old adults, one 5-year-old child and one 7-year-old child
Cost by trip price: To get accurate pricing by trip price, we collected 20 quotes each for 11 differently priced trips. We started at a $1,000 trip and increased the trip price by $1,000 increments until $10,000, then collected quotes for a $15,000 trip. We averaged the 20 quotes for each trip.

We manually collected all cost information from each company’s respective website. Learn more about our review standards .

If you have feedback or questions about this article, please email the MarketWatch Guides team at editors@marketwatchguides. com .

More Resources

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June 1, 2020

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What Factors Affect the Cost of Travel Insurance?

Insurance benefits underwritten by BCS Insurance Company (OH, Administrative Office: 2 Mid America Plaza, Suite 200, Oakbrook Terrace, IL 60181), rated “A” (Excellent) by A.M. Best Co., under BCS Form No. 52.201 series or 52.401 series, or Jefferson Insurance Company (NY, Administrative Office: 9950 Mayland Drive, Richmond, VA 23233), rated “A+” (Superior) by A.M. Best Co., under Jefferson Form No. 101-C series or 101-P series, depending on your state of residence and plan chosen. A+ (Superior) and A (Excellent) are the 2nd and 3rd highest, respectively, of A.M. Best's 13 Financial Strength Ratings. Plans only available to U.S. residents and may not be available in all jurisdictions. Allianz Global Assistance and Allianz Travel Insurance are marks of AGA Service Company dba Allianz Global Assistance or its affiliates. Allianz Travel Insurance products are distributed by Allianz Global Assistance, the licensed producer and administrator of these plans and an affiliate of Jefferson Insurance Company. The insured shall not receive any special benefit or advantage due to the affiliation between AGA Service Company and Jefferson Insurance Company. Plans include insurance benefits and assistance services. Any Non-Insurance Assistance services purchased are provided through AGA Service Company. Except as expressly provided under your plan, you are responsible for charges you incur from third parties. Contact AGA Service Company at 800-284-8300 or 9950 Mayland Drive, Richmond, VA 23233 or [email protected] .

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Looking to plan the vacation of a lifetime or flying home for the holidays? Trip insurance and flight insurance can provide the peace of mind you need for your next journey. The GEICO Insurance Agency, with Berkshire Hathaway Travel Protection (BHTP), offers comprehensive travel insurance coverage, with prompt service and global assistance. Get an online travel insurance quote today and confidently protect your next adventure.

AirCare Flight Insurance

If you only need to protect your travel costs for a flight, AirCare may be what you need. With affordable coverage for both domestic and international flights, AirCare flight insurance helps you plan with peace of mind.

ExactCare Travel Insurance

If you want to cover your flight and other trip arrangement's ExtraCare can help. An ExactCare Travel Insurance policy can help with the unexpected like:

Trip Cancellations/Interruptions/Delays
Lost/Stolen travel documents
Unexpected medical expenses

What's the difference between flight insurance and travel insurance?

The main difference is that a flight insurance policy only covers your airfare. On the other hand, a travel insurance policy helps protect your flight as well as other parts of your trip. While you're planning your next trip, think about where you're going and what you'll be doing. Once you have that, it'll be easier to choose which policy works best for your trip.

What does a flight insurance policy cover?

AirCare Flight Insurance has a variety of benefits including emergency travel assistance, 24/7/365. Some common flight coverages are:

Airfare incase flights are cancelled or you miss a connection
Personal items like lost or delayed luggage
Flight delays in your departure (at the gate or on the tarmac)

AirCare Quote

What does a travel insurance policy cover?

ExactCare Travel Insurance provides all-in-one travel protection, with family friendly pricing and worldwide emergency travel assistance 24/7/365. Common things covered by travel insurance are:

Trip cancellation or interruption
Personal items like passports and luggage
Medical costs like hospital and doctor expenses, medical evacuations, and more

ExactCare quote

What is not covered by travel insurance?

Your coverage is based on the plan you choose. However, in general some things that aren't normally covered by travel insurance are:

Action and team sports, for example auto racing, pro sports travel, or other extreme sport activities
Travel to get medical care
Trip Cancellation because you changed your mind

For more information, please check your policy.

Is travel or trip insurance worth the cost?

Travel insurance can help protect your vacation or trips from unexpected things happening. You can travel without trip insurance but doing so brings greater risk if something goes wrong or you encounter unexpected delays. Flight insurance or trip insurance coverage can include things like flight cancellation, lost luggage, trip cancellation, emergency medical transportation, and more. Learn more about travel insurance and why you should get a travel insurance quote today!

How much does travel insurance cost?

Travel insurance typically costs 5 to 10 percent of your total trip cost, though that can be influenced by several things.

The cost of the trip
The length of your trip and destination
The amount of coverage selected
The number of travelers covered under the policy

Worldwide service and claims information.

It's easy to manage your travel insurance..

Berkshire Hathaway Travel Protection (BHTP) has made it easy to manage your travel insurance. You can:

Visit Berkshire Hathaway Travel Protection's website
Email [email protected]

Is travel insurance worth it?

Yes. Things happen that are out of your control. Whether it's your flight being cancelled or delayed to a family emergency. Life happens and that's how travel insurance can help. Plan for the unexpected with a travel insurance policy so you can rest easy knowing you're covered.

Travel Insurance: Get the answers you're looking for.

What travel insurance plans are available? BHTB offers AirCare (flight only) and 3 main plans: ExactCare Value, ExactCare, and ExactCare Extra. ExactCare Value provides great traveling insurance coverage for budget minded travelers. You can rest easy knowing you're covered for things like trip cancellation, trip interruption, and medical expenses. The main difference is the maximum amount that will be covered. ExactCare and ExactCare Extra's insurance cover the same things as ExactCare Value and add coverage for missed connections and accidental death & dismemberment. The overall amount covered is also increased for each plan respectively.
Can I get trip insurance for an extended overseas stay? Yes. We can help you with getting insurance for overseas. Please visit our overseas insurance page for information about all the options we have for you!
Is there travel insurance that can cover my vehicle while traveling to Mexico? Your US auto insurance policy won't cover your vehicle when you drive into Mexico. We're here to help you find the Mexico car insurance you need to insure your car.
Tips for saving money on your next vacation. No one wants to overpay things. We're here to help. Check out our 5 ways to save your money on your next family vacation.
Where you're going
Number of days you're traveling
Cost of your overall trip
Coverage you pick
Number of people covered under your policy

If you choose to get a rate quote or service your policy online, you will be taken to the Berkshire Hathaway Travel Protection website which is owned by Berkshire Hathaway Specialty Insurance Company, not GEICO. Any information that you provide directly to Berkshire Hathaway Specialty Insurance Company on its website is subject to the privacy policy posted on their website, which you should read before proceeding. GEICO assumes no responsibility for their privacy practices or your use of their website.

ExactCare is provided through Berkshire Hathaway Global Insurance Services, LLC. ExactCare and AirCare are underwritten by Berkshire Hathaway Specialty Insurance Company. Both coverages are secured through the GEICO Insurance Agency, LLC.

Benefits may vary by jurisdiction. Please contact a representative to confirm availability.

Please note:

The above is meant as general information and as general policy descriptions to help you understand the different types of coverages. These descriptions do not refer to any specific contract of insurance and they do not modify any definitions, exclusions or any other provision expressly stated in any contracts of insurance. We encourage you to speak to your insurance representative and to read your policy contract to fully understand your coverages.

Colorado Language Preference

Are you a resident of or looking for insurance in the State of Colorado?

We are temporarily unable to provide services in Spanish for Colorado residents. You will now be directed to an English experience.

Estamos encantados de ofrecer nuestra nueva version del sitio web en Español. Apreciamos su paciencia mientras seguimos mejorando su experiencia.

How much is travel insurance?

Finder’s unique data tells us that the average travel insurance cost is $235..

In this guide

How has the average price of travel insurance changed over time?

What impacts the cost of travel insurance premiums, do you need travel insurance, how can i keep the cost of travel insurance down, what is the cost of travel insurance for seniors, frequently asked questions.

Destinations

The average cost of travel insurance for Australians in September 2023 is $235.37. But keep in mind, this is going to be different for everyone since the price is based on so many factors like your destination, length of your trip, your age and if you have any pre-existing medical conditions.

Finder has helped thousands of Aussies get peace of mind on their next trip.

Looking for quick stats?

1. The average cost of travel insurance for Australians in September 2023 is $235.37. 2. The cost of travel insurance has increased by about 87% between August and before the height of the pandemic. That means that the cost of travel insurance has almost doubled in the last few years. 3. Travel insurance premiums from January to September 2023 have been above $230 consistently. 4. The cheapest average travel insurance policy was $126.50 in September 2017. 5. The most expensive average travel insurance was $348.25 in July 2016. 6. The highest travel insurance price average in 2023 was marked in July and priced at $273.37. 7. From our 2023 Finder Awards, we found the average cost of a seniors domestic policy was $510 and an international policy was steeper at $786.

The average price of travel insurance has fluctuated drastically over time. According to our unique research, we can see the cost of travel insurance shift from June 2016. It starts high, but drops significantly and steadies throughout 2016 to 2019.

We then start to see the effects of the pandemic come through with travel insurance sales ceasing across the board. International borders had closed and leisure travel for most Australians was off the cards for more than a year.

Graphic showing an 87% increase in cost of travel insurance

Text version

The cost of travel insurance has increased by 87% between now and before the height of the pandemic.
That means that the cost of travel insurance has almost doubled in the last few years.

Why is it more expensive now?

Since travel has resumed, policies are noticeably more expensive and the reason is simply because there's more financial risk when travelling now. This includes things like:

Increased number of airline cancellations/delays which has resulted in travellers missing events and losing prepaid accommodation
Increased incidents of airlines losing/delaying luggage, forcing travellers to re-buy essentials and claim the expense on travel insurance
Travellers getting diagnosed with COVID-19 before or during their travels which forces them to isolate and miss out on prepaid expenses

COVID continues to be one of the main reasons our customers claim, and it looks like it's going to affect travellers for some time to come. Taking a look at the data for our International Comprehensive policy, it's clear claims spiked as travellers really started to take off around the world again. And, while there's been a dramatic slump since September 22, COVID still makes up 11% of all claims paid to customers across the 2 markets. On average we are paying out claims for cancellation and travel disruption due to COVID to the value of $1,500 , which is a sizeable cost.

Jo McCauley CEO – Southern Cross Travel Insurance

Then versus now

We have historical data from 3 popular travel insurers in Australia, for a 2-week trip to Bali for a 30-year-old with a $200 excess back in April 2019. Using the same trip details, we've compared the price of travel insurance from then to April 2024.

This is 2019

This is 2024

Travel insurers determine the cost of your premium based on your individual level of risk. Are you elderly? Or maybe someone who craves adventure? Perhaps even both. These factors play out in the cost of your travel insurance policy, but remember, there are ways to save and get better value – you just have to compare travel insurance .

Infographic of factors that impact the cost of travel insurance

Destination. High-risk destinations will often attract a higher premium, especially countries with expensive healthcare like the US.
Age. Insurers have identified high-risk age groups. Generally, the older you are, the more likely you'll need to make a claim.
Optional add-ons. It'll cost more to add on extra cover for things like skiing, cruises, rental vehicle excess and cover for valuables.
Pre-existing medical conditions. If you have a medical condition that increases the likelihood of needing healthcare overseas, you'll be charged extra.
Trip length. The longer your trip, the more cover you'll need. This means that your policy will be more expensive.
Level of cover. From basic to comprehensive. The more basic your policy, the cheaper it will be.

Finder survey: Are Australians loyal to a travel insurance brand?

Well, of course we're going to say yes, but we're not the only ones. Smartraveller's signature line is "If you can't afford travel insurance, you can't afford to travel" .

That being said, only a few countries have mandated travel insurance as an entry requirement to enter the country. But if you're travelling with a private tour company, travel insurance is usually compulsory to join the tour.

Travel insurance should be included on everyone's holiday list – no matter where you're going. 1 in 3 Australians, equivalent to 3.5 million people, suffered a travel mishap while abroad in the past 12 months.

Gary Ross Hunter Finder's insurance and innovations editor

If you're trying to get more bang for your buck, there are a few things that you can do to get more value out of your travel insurance .

Compare travel insurance. We've got a nifty tool that can help you compare different travel insurers side-by-side so you can understand what benefits you're getting and at what cost.
Look for discount codes. Travel insurers frequently offer discounts between 5% and 15% off their policies. This can really make a difference if you're someone who's high risk or if you're travelling for a long time.
Play with your excess amounts. Have a think about how likely you are to make a claim on your policy. If it's very unlikely, opt for a higher excess – usually between $200 and $300. This will often give you a cheaper policy.
Get last-minute travel insurance. This is riskier. Some insurers will automatically cover you for pre-departure cancellation, which means they could be covering you for longer than you need and charging you for it. But remember, this option leaves you at risk of not being covered if you do need that pre-departure cancellation.

As part of the 2023 Finder Awards , we collected data on almost 200 quotes for seniors. We had a look at a single 79-year-old travelling for 2 weeks in Australia (domestic) and a few other destinations like New Zealand, Bali, Europe and the US (international).

What is the cheapest and best travel insurance?

It always depends on what you consider to be cheap and the best . But to help, Fast Cover was the Value winner at the 2023 Finder Awards.

What are 3 things you should look out for when buying travel insurance?

Known events. If you want absolute peace of mind, get a travel insurance policy as soon as possible. If something happens to disrupt or cancel your trip, you will need an active travel insurance policy if you want to recuperate your losses. Known events could be things like natural disasters, a death in the family or a pandemic.
Optional extras. Don't assume that after you've taken out a policy that you're covered for everything and anything. If you know you'll be partaking in certain activities like skiing or moped riding, make sure you've taken that extra cover or that it's included in your policy.
COVID-19 cover. Some basic policies exclude cover for COVID-19 . If this is important to you, check your product disclosure statement (PDS) to make sure it's included.

Why you can trust Finder's travel insurance experts

Jessica Prasida

Jessica Prasida is a travel insurance expert for Finder. She lives and breathes travel, having worked as a travel agent and branch manager at STA Travel for over 4 years, then writing about travel insurance with Finder for another 5 years. Jess has a Bachelor of Business from the University of Technology, Sydney and a Tier 1 General Insurance qualification. See full profile

More guides on Finder

The best travel insurance policies are different for each individual traveller.

Compare Travel Insurance Direct policies online to save time and money. Travel Insurance Direct offers various policies including Annual multi-trip, The Works, The Basics and Domestic travel.

If time is valuable to you, Travel Insuranz may be suitable for you. With its fast online processing process, Travel Insurance provides easy access to protecting yourself for travel. Read its policy online.

Compare Travel Insurance Saver with other policies to see if they are right for you.

Find out how travel insurance for trip disruption actually works and policies from Australian brands.

Find out how travel insurance covers accidental death and what will be paid from in the event of a claim.

Beware when swimming at Byron, Ballina, Bondi and Bells.

Learn more about travel insurance brokers, how they are paid and the way they can help you find comprehensive travel cover.

Is travel insurance a worthy investment? Find out why travel insurance is an invaluable travel item.

Guide to high-risk travel insurance: What is and isn't covered.

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Iwantalnsurancefora43and47yearoldstotasmania

Hi Beverley,

Thanks for getting in touch. To receive quote from the brands in our panel, please head over to our domestic travel insurance page .

All the best, Richard

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7 Best Cheap Travel Insurance Companies in June 2024

Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money .

Finding the cheapest travel insurance is often a priority for travelers hoping to protect themselves and their finances while away from home.

But is it better to err on the side of affordable travel insurance or opt for a more comprehensive plan? That depends on your needs .

On average, a comprehensive plan that covers some combination of trip cancellation and interruption costs, medical coverage and baggage protection (and perhaps a number of other things) will cost you 5%-10% of what you paid for the trip, according to NerdWallet partner Squaremouth, a travel insurance marketplace.

That means a comprehensive policy for a trip that costs you $3,000 could run you anywhere between $150 and $300. Factors like the cost and length of your trip, the age of the travelers and how much protection you want can significantly influence what you pay for your plan.

Ultimately, Squaremouth recommends “the least expensive policy that offers the coverage [travelers] need.”

» Learn more: The best travel insurance companies right now

Factors we considered when picking cheap travel insurance plans

We considered a few factors as we looked for the most affordable travel insurance plans.

Price: If your goal is to find cheaper travel insurance, you want the price to be affordable.

Breadth of coverage: The best budget travel insurance is typically going to be a plan that offers a wide range of protections at an affordable cost, ensuring you’re protected with at least some coverage for a wide range of scenarios.

Uniqueness or customizability : While many travel insurance plans have similar protections, some stand out for particular coverage that can be helpful to certain travelers, like those needing to Cancel For Any Reason , those going on a cruise, or travelers with preexisting health conditions. We didn’t spring for the priciest plans with broad, deep coverage; instead, we picked those that meet a sort of budget "sweet spot" when it comes to cost efficiency.

» Learn more: Is travel insurance worth getting?

An overview of the best cheap travel insurance plans

We looked at travel insurance quotes for a hypothetical 10-day trip to Italy in October 2023. The traveler is a 40-year-old man living in North Carolina who spent $2,000 on the trip, including airfare.

Reliable but cheap travel insurance providers

1. axa assistance usa (silver plan: $70).

Why we picked it:

The $500 missed connection benefit is great for cruise and tour participants. It covers additional transportation, accommodations and meal costs when you miss a cruise or tour departure.

Full trip cancellation and interruption coverage, along with up to $25,000 for out-of-pocket medical costs and baggage coverage.

Among the lowest prices we found.

If you’re willing to spend a bit more than AXA's $70 Silver plan, a Gold plan only costs $19 more and gets you deeper coverage amounts and up to $35,000 in collision rental car insurance.

2. Berkshire Hathaway Travel Protection (ExactCare Value plan: $56)

Cheapest plan we found while still offering a wide array of protections.

Includes a preexisting medical condition waiver.

Add-on rental car collision coverage optional for $10 per day. You can pick how many days you want the additional coverage — it’s not all or nothing.

At $56, this plan comes in at less than 3% of the $2,000 trip cost.

3. IMG (iTravelInsured Lite plan: $77)

Treats COVID-19 like any other illness, which is to say, if your claim accepts flu, strep throat or appendicitis as an acceptable, covered condition, the coronavirus is, too.

Covers costs related to trip interruption up to 125%

Higher than normal limits on dental expenses, at $1,000. If your teeth are your Achilles heel (or your biggest fear), this plan might be for you.

The iTravelInsured Lite plan doesn’t offer some of the bells and whistles that other plans do, like rental car coverage , Cancel For Any Reason coverage or waivers for pre-existing conditions. But you’ll have relatively solid across-the-board trip protections.

4. John Hancock (Silver plan: $93 for a mid-tier plan)

Mid-level plan (as opposed to a basic plan) at an affordable price for travelers who want more coverage without paying too much.

Includes an optional Cancel For Any Reason add-on for travelers wanting flexibility. It is a bit pricey, at half the cost of the insurance ($46.50 extra for a $93 plan).

Reimburses up to $1,000 for lost baggage , far more than many basic plans.

Add-on rental car coverage for $9 per day.

At $88, John Hancock’s basic (Bronze) plan isn’t particularly affordable. But for just $4 extra, you can tap into the benefits of a mid-tier plan at still less than 5% of the total trip cost.

5. Nationwide (Essential plan: $76)

Includes a preexisting conditions waiver.

Add-on rental car coverage for $90.

Covers trip interruption at 125% of the trip cost while providing comprehensive emergency medical and baggage coverage.

6. Seven Corners (Basic plan: $75)

On top of standard trip protections, it includes a relatively affordable Cancel For Any Reason option for $31.50 extra.

If you plan to rent expensive sporting equipment, you might consider paying $10 extra to cover lost, damaged, stolen or destroyed gear.

COVID-19 coverage reimburses you for costs incurred if you have to quarantine .

Rental car coverage comes in at an affordable $7 per day.

Seven Corners’ Basic plan stands out because it offers a little bit of everything, appealing to athletic travelers, those who need affordable trip protections, those who want the flexibility to cancel for any reason and those still concerned about getting quarantined due to COVID-19.

7. Travelex Insurance Services (Basic plan: $71)

Straightforward: What you see is what you get. This plan’s coverage has fewer rules and caveats than many.

While not sporting the highest coverage amounts, it offers a solid range of protections to ensure you get at least something back when your travel is disrupted or you have a medical emergency.

Offers add-on rental car coverage for $10 per day.

At $71, the Travelex Basic plan’s cost is just over 3% of the $2,000 trip’s cost.

If you want to get travel insurance at the cheapest possible rate, here’s a trick. Put $0 as your trip cost, Stan Stanberg, co-founder of comparison site Travelinsurance.com said in an email.

“When excluding trip cancellation and trip interruption coverage the cost of a travel insurance plan goes down significantly,” Stanberg said.

That means you won’t get reimbursed if you need to cancel your trip or if it gets interrupted. But you may still have access to the plan’s medical, trip delay , missed connection, baggage and other protections.

You’ll often find comprehensive travel insurance plans cost 5%-10% of your total trip cost, according to Squaremouth. This will often get you full trip cancellation and trip protection, baggage protection, emergency medical coverage and often other benefits.

Typically, the more you pay, the broader and deeper the coverage.

For many plans, you can purchase travel insurance up until you depart. However, to get access to the most protections possible, booking two days to two weeks after making your initial deposit is the best rule of thumb.

That means you won’t get reimbursed if you need to cancel your trip or if it gets interrupted. But you may still have access to the plan’s medical,

, missed connection, baggage and other protections.

How to maximize your rewards

You want a travel credit card that prioritizes what’s important to you. Here are some of the best travel credit cards of 2024 :

Flexibility, point transfers and a large bonus: Chase Sapphire Preferred® Card

No annual fee: Bank of America® Travel Rewards credit card

Flat-rate travel rewards: Capital One Venture Rewards Credit Card

Bonus travel rewards and high-end perks: Chase Sapphire Reserve®

Luxury perks: The Platinum Card® from American Express

Business travelers: Ink Business Preferred® Credit Card

on Chase's website

1x-10x Earn 5x total points on flights and 10x total points on hotels and car rentals when you purchase travel through Chase Travel℠ immediately after the first $300 is spent on travel purchases annually. Earn 3x points on other travel and dining & 1 point per $1 spent on all other purchases.

75,000 Earn 75,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $1,125 toward travel when you redeem through Chase Travel℠.

1x-5x 5x on travel purchased through Chase Travel℠, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases.

75,000 Earn 75,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's over $900 when you redeem through Chase Travel℠.

Chase Southwest Rapid Rewards® Plus Credit Card

1x-2x Earn 2X points on Southwest® purchases. Earn 2X points on local transit and commuting, including rideshare. Earn 2X points on internet, cable, and phone services, and select streaming. Earn 1X points on all other purchases.

85,000 Earn 85,000 bonus points after spending $3,000 on purchases in the first 3 months from account opening.

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Cost of travel insurance leaps 38%: We ask industry experts if Covid has hiked prices - and reveal how you can best stay protected abroad

Some experts say travel insurance could rise due to the coronavirus pandemic
This is Money asks insurers to say if they have hiked prices in recent times
We also reveal what cover holidaymakers will need when heading abroad

By Grace Gausden For This Is Money

Updated: 03:32 EDT, 21 August 2021

View comments

Thousands of holidaymakers could see their travel insurance premiums rise by 20 to 30 per cent, thanks to Covid, new research has revealed.

Some could even see a hike of 38 per cent, according to research from Go Compare.

Meanwhile, a basic multi trip insurance policy around Europe jumping from £17.38 in July 2019 to £22.71 in July this year, according to separate data from Compare the Market.

It also found insurance for a one week trip to Europe has increased from £8.44 two years ago to £10.53 this summer.

Travel insurance might go up for some holidaymakers, thanks to Covid, experts have revealed

Whilst the jump may not seem a lot, prices have increased across the board as travel insurance has become more essential than ever since the pandemic.

Holidaymakers are encouraged to take out a decent policy that will cover them for every eventuality with the hike in price potentially due to increased demand as more people start to travel abroad.

There was a 31 per cent uplift in visitors comparing the cost of travel insurance last week versus the week before, according to MoneySuperMarket.

The comparison site also stated that 87 per cent of the enquiries were for August departures and the other 13 per cent for September onwards.

To find out whether prices are actually increasing, This is Money contacted a number of industry experts who advised what cover is available and how customers can protect themselves when abroad.

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Why are prices rising?

Many insurers did not wish comment on whether premiums have increased, as it was commercially sensitive information, but said they were able to cover for a range of coronavirus related claims.

A Go Compare spokespersons said: 'We have seen a 38 per cent increase when comparing travel insurance premiums in July 2021 against July 2020.

This increase can be attributed to a number of factors – including Covid-19 - but we are also seeing other factors having an impact on premiums. In particular, we have seen a big increase in the number of people who buy their policy in the week that they are travelling, compared with month or a year in advance of their departure.

'This is largely due to Covid related disruption/restrictions forcing customers to book last minute getaways. We are also seeing more people buy five-star policies so both of these changes will have an impact on premiums, as well as Covid.

Buying travel insurance as soon as you book your holiday gives a degree of cancellation cover (up to specific a value, and it's important to check any cover limits and exclusions in the policy wording) so customers can claim for the cost of the holiday if they cannot travel for specific reasons covered under the policy.

Kevin McMullan, Director of travel insurance at Saga, said: 'Covid-19 is understandably front of mind for people going on holiday at the moment. The majority of holiday providers are flexible on Covid cancellations and rollovers, should you need to postpone your trip.

'Saga Travel Insurance customers are covered as standard for medical treatment abroad and repatriation, but your policy may differ, so check the wording and if you are not sure then ask your provider.

'You should also remember that coronavirus is just one of many health issues that could potentially affect you or your loved ones before you travel or while away. It's equally important to make sure you have the cover you need for all eventualities alongside your protection linked to Covid-19.

'Avoid going for the cheapest policy or just focussing on the Covid clauses to ensure the cover you take out is right for you and as valuable as possible.'

An AXA UK spokesperson said: 'AXA provides cover for many situations relating to Covid-19, including when customers have to cancel their trip due to a positive Covid-19 test and if they get ill with Covid-19 while abroad, as long as they have travelled according to FCDO advice.

'We advise that customers check FCDO advice as this may restrict cover to specific countries, and we suggest they carefully read their policy and visit our website or get in touch if they have any questions.'

Whilst research from Compare the Market shows travel premiums are increasing, some industry experts believe the cost of travel insurance is in line with the cover it provides customers.

Malcolm Tarling, spokesperson for the Association of British Insurers , said: 'Travel insurance remains competitively priced, and is primarily designed to cover what can be jaw droppingly expensive medical bills if you need emergency overseas medical treatment, including for Covid-19.

'Travel insurance does not cover costs involved in complying with entry requirements set by overseas authorities or return requirements set by the UK, and will have some Covid exclusions relating to cancellation cover, so check your policy.

'Having travel insurance remains vital when travelling abroad, and when shopping around for cover make sure you buy the policy that best suits your needs, not automatically opting for the cheapest.'

Will your insurance cover Covid-related claims?

One of the main concerns for those heading abroad in the near future is whether they will be covered for any coronavirus related claims.

But travel insurance is designed and priced primarily to cover costs of any emergency medical treatment, including that Covid-related, needed while overseas, which can range from tens to hundreds of thousands of pounds, Defaqto said.

Providing customers are not travelling against any Government advice, then their travel policy will operate in the normal way, in accordance with the terms and conditions.

However, holidaymakers are encouraged to check their policies carefully before they buy as they some will likely have Covid exclusions.

Fortunately, 97 per cent of policies cover the costs of medical treatment if you catch Covid while on holiday whilst 90 per cent also cover you if you cancel a holiday because you have tested positive for Covid before you travel, according to data from Defaqto.

Meanwhile, 58 per cent will also cover cancellation if you are told by the NHS Test & Trace team to isolate because of being in close contact with an infected person, but without having caught the disease yourself.

Brian Brown, Consumer Finance Expert at Defaqto said: 'One of the big costs at present is the cost of testing. Just five per cent will cover the cost of any tests taken as part of your holiday, if those tests prove positive.

'If you booked your travel through an ABTA travel agent, or an ATOL flight operator, and the government changes its advice and tells people not to travel, these organisations should either arrange alternative holidays or give you a refund or get you home.

'Failing this, customers are likely to have to rely on their credit card provider to get them a refund. Insurers will not currently cover cancellation caused by the FCDO changing its travel advice.

'We would advise all travellers buying travel policies at the minute, or who have already bought, to check their policy to make sure they will be covered if they catch Covid, or if the country they intend travelling to is moved to a different risk category.'

Holidaymakers are advised to check their travel insurance policy carefully before purchasing

What you need from your travel insurance

Defaqto said there are three main areas which travel insurance is designed to cover, each of which make up about a third each of travel claims.

Customers are encouraged to check their policy adequately covers them for each of the below:

1. Pre-travel: There are things which might happen which cause you to cancel your holiday, including you or an immediate relative getting ill which prevents you from travelling. Other issues include failure of your scheduled airline, or the hotel/resort you're travelling to going bust.

2. Medical issues while abroad: One of the biggest problems for travellers is becoming ill while overseas, because few countries in the world have free medical care like the NHS.

Travel insurance is designed to cover the costs of emergency medical treatment abroad and usually the costs of getting you back to the UK.

In the EU if you have an EHIC (European Health Insurance Certificate) card or its replacement the GHIC (Global Health Insurance Card) you are entitled to the same standards of health care as a local resident would receive.

This though might not mean that you receive totally free cover, and it won't cover the costs of returning you and your party to the UK.

If you are ill while abroad you are also likely to miss some or all of your holiday, and travel insurance will usually pay towards the cost of this 'lost' holiday. This is known as 'curtailment' cover.

3. Baggage & Personal Belongings: Lots of customers rely on their travel insurance to pay for the costs of replacing any lost, stolen or damaged belongings, money and travel documents when they travel.

Travel policies often cover baggage for these issues, but might also pay some compensation if your baggage is delayed. This is especially important in the case of things such as skiing holidays, when your skis are lost in transit for a few days.

Share or comment on this article: Has Covid hiked travel insurance costs? How you can stay protected

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Jacqui Mattholie, with a shopping basket full of organic food. Good Health feature: Junk food versus Organic. Jacqui, 40, is married to Maurice, 52, a senior executive for an IT company. They live with their twin four-year-old daughters, Grace and Amelia, in Camberley, Surrey. Jacqui says: 'I used to love cooking-but once I had the twins, I suddenly found I had very little time to shop and cook. I started to rely on ready-meals and convenience foods-and it's now become a habit that's hard to break. While I try to make sure we get our five portions of fruit and veg a day, and avoid junk food, ready meals are pretty much all we eat. Because we don't have a farmer's market or many local shops that specialise in organic food, I decided to rely on supermarket organic ranges and organic box schemes. I went online and ordered an organic meat box from Eversfield Manor Farm, and an organic fruit and veg box from Abel & Cole. I loved their websites, because they explain where everything si sour

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Should you get travel insurance if you have credit card protection?

Editor's Note

Some credit cards offer built-in travel insurance as a cardholder benefit. And it may be tempting to rely on credit card travel protections instead of buying travel insurance. But, the entire point of travel insurance is to be covered if something goes wrong. So, you may be wondering whether you should buy travel insurance even if your credit card offers travel protection.

There isn't one answer that fits every traveler or situation. So in this guide, we'll explore some aspects you should consider, and I'll discuss my take on this topic. Let's dive in so you can make an informed decision for yourself.

Travel insurance you can buy

At a high level, you can pay a relatively small premium (compared to the total cost of your trip) to buy a travel insurance policy that may provide reimbursement or coverage for unexpected issues that affect your trip.

Many different types of protections fall under the term "travel insurance." Standard, comprehensive insurance policies typically include broad coverage across various potential issues.

But there are also policies that offer specific coverage. For example, it's possible to purchase travel insurance that only provides medical protection for international travel (such as GeoBlue ). Likewise, you can also purchase policies that allow you to select the protections you need (such as the build-your-own option with American Express Travel Insurance ).

We've previously compared the best travel insurance policies and providers . So, check out that guide to find the provider and policy that fits your needs best. You can also check a travel insurance aggregator to compare different policies quickly.

Most travel insurance policies exclude any loss incurred due to a preexisting medical condition. However, many policies include a process to obtain a waiver of the preexisting condition exclusion if you meet specific requirements. These requirements typically include purchasing the policy shortly after the first nonrefundable trip payment or deposit and being medically able to travel when you buy the policy. Some companies also require you to insure your trip's full, prepaid, nonrefundable cost to be eligible.

Likewise, all travel insurance policies have several exclusions. For example, most plans exclude medical benefits for injuries during adventure activities such as skydiving or skiing outside maintained trails.

Related: 7 things to look out for when buying travel insurance, according to an expert

Credit card travel protections

Some cards don't provide any special travel protections. But, many of the best travel rewards cards offer travel protections. Here's a look at our guides about some of the most common credit card travel protections:

Trip delay reimbursement
Baggage delay reimbursement
Trip cancellation and interruption insurance
Travel accident and emergency evacuation insurance

Check out our guide to the best cards that offer travel protections for more details on what card might be best for you. I also recommend reading the guide to benefits for your specific cards, as these documents will detail exactly what protections you can expect when you purchase travel with your card.

Note that some benefits require you to enroll — and virtually all require a formal claim process, with no reimbursement guarantee.

Related: Getting credit card travel insurance to cover the change fee on my Disney cruise

When to purchase travel insurance

Even if you have a credit card that offers travel protection, you may still want to purchase travel insurance for some trips. Here are some scenarios and trips for which it may make sense to purchase travel insurance.

Travel protections aren't offered

As discussed above, not all travel credit cards provide extensive travel protections when you book travel using the card. So, if you're using a card without travel protections or a card that only offers limited travel protections, you may want to purchase travel insurance .

Related: The best credit cards for booking flights

Some travelers aren't covered

Just because a card offers travel protections doesn't mean everyone traveling with you will be covered. In particular, travel protections usually only extend to select relatives of the cardholder. Your credit card's travel insurance may not cover friends, employees and all relatives.

Related: Who is covered by your credit card travel insurance?

Adventure activities

If you plan to partake in an activity that most insurance policies exclude, you may want to purchase a travel insurance policy that explicitly includes your activity of choice.

For example, many policies exclude adventure sports like base jumping, sky diving, free soloing, diving, mountaineering and paragliding. You may want to consider purchasing insurance from an association involved in your adventure activity, such as Divers Alert Network (DAN) if you're a diver or German Alpine Group (DAV) if you partake in alpine sports.

You're concerned about preexisting conditions

Most credit card trip interruption and cancellation insurance benefits exclude cancellations or interruptions caused by a sudden recurrence of a preexisting condition. So, you'll want to purchase travel insurance — and ensure you satisfy the provider's preexisting condition exclusion waiver conditions — if you want trip cancellation and interruption insurance that covers preexisting conditions.

Related: 7 times your credit card's travel insurance might not cover you

Nonmedical evacuation insurance

If you want evacuation insurance for nonmedical reasons, you should purchase travel insurance that offers this coverage even if you have a credit card with evacuation insurance .

Read the benefits guide closely, as evacuation benefits may not cover every evacuation you might need. For example, some policies don't cover evacuation from an area with a travel warning when you booked your trip or evacuation from a place suddenly inaccessible due to a landslide or other environmental incident.

Related: A Medjet medical transport membership is different from travel insurance

Cancel for any reason

Suppose you are uncertain whether you'll be able to take your trip, and you're worried that applicable credit card trip protections won't reimburse you if you decide to cancel or interrupt for a reason that isn't covered. In that case, you may want to purchase cancel for any reason trip insurance .

Related: 6 truths and myths about cancel for any reason travel insurance

You want peace of mind

Some travelers prefer to buy travel insurance — for each trip or via an annual travel insurance plan — for the peace of mind that having a travel insurance policy brings. Especially given the issues travelers have faced with a specific credit card insurance provider , it may be worth buying a travel insurance plan if you don't feel confident your credit card travel insurance and individual health insurance will combine to provide enough coverage during your trip.

Related: Here's why I buy an annual travel insurance policy, even though my credit cards offer travel protections

When credit card travel protections may be enough

Suppose you don't fall into any of the categories above and use one of the best credit cards with travel insurance when making travel purchases. In that case, you may determine that credit card protections are enough for some (or all) of your trips. However, I only recommend relying on credit card protections if you also have health insurance that will provide adequate coverage at your destination.

Below is a collection of reasons you can rely on credit card protections instead of purchasing independent travel insurance. If some (or most) of these reasons apply to your trip, it may be reasonable for you to rely on credit card protections instead of buying travel insurance:

You have personal health insurance that will cover you on your trip, even if treatment is out of network at your destination
You book your trip with a credit card that provides travel insurance
You have a credit card that provides medical evacuation benefits during your trip
You make refundable travel plans that you can cancel for little or no fee
You tend to change your plans frequently or book travel at the last minute
You have an emergency fund that can cover unexpected expenses if needed
You have airline miles or transferable points you can use to leave the area or return home if needed.
You avoid especially high-risk activities and destinations

The decision of whether to buy travel insurance is complex and personal. If you don't feel confident that your credit card protections and individual health insurance will provide adequate coverage, it's likely worth buying travel insurance.

Related: Why you might want to get a premium credit card instead of purchasing travel insurance

Why credit card travel insurance is usually enough for me

After researching the best travel insurance policies and providers , I purchased travel insurance for one specific trip because I wanted political evacuation coverage.

But for most of my trips, credit card protections and individual health insurance provide enough coverage for me. After all, my travel usually looks like the following:

My flights are often award flights that I can cancel and redeposit free of charge — or ones that carry minimal change and cancellation fees
My lodging can almost always be canceled without a penalty until shortly before my stay
If I book a tour or activity, it's usually within a few days of said tour or activity (or offers free cancellation)
My health insurance provides out-of-network coverage outside the U.S., so travel insurance would only pay for my deductible. In addition, my out-of-pocket maximum for out-of-network care is low enough to cover using my emergency fund
I book flights and pay for the taxes and fees for award flights using the Ink Business Preferred® Credit Card , which provides excellent travel protections for a $95 annual fee card
I have ample airline miles and transferable points that I can use to cover last-minute one-way flights if needed

As you can see, the benefits of purchasing travel insurance would be minimal for most of my trips. The travel protections I use most are trip delay protection and baggage delay protection , both of which the Ink Business Preferred Credit Card provides when I use it to pay for my flights.

Related: Why the Chase Sapphire Reserve and Ink Business Preferred combo is perfect for couples who travel

Bottom line

As you book trips, you may wonder whether you should purchase travel insurance. One way to decide is to consider whether you'd be adequately covered without purchasing travel insurance if the worst happens.

If you're willing and able to cover the costs in this situation — or you feel confident you'd be adequately covered by your credit card's travel protections and health insurance — then you may want to proceed without buying travel insurance. Otherwise, I recommend purchasing a travel insurance policy shortly after you make the initial payment for your trip.

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Why N.Y.C. Hotel Rooms Are So Expensive Right Now

The average hotel room rate in the city is $301 a night, a record. A major reason: One of every five hotels is now a shelter, contributing to a shortage of tourist lodging.

The sidewalk outside The Row hotel on Eighth Avenue in Manhattan is dotted with shelter residents who now live there.

By Luis Ferré-Sadurní

In late 2022, as thousands of migrants began to arrive in New York City, city officials scrambled to find places to house them. They quickly found takers: hotels that were still struggling to recover from the pandemic-driven downturn in tourism.

Dozens of hotels, from once-grand facilities to more modest establishments, closed to tourists and began exclusively sheltering migrants, striking multimillion-dollar deals with the city. The humanitarian crisis became the hotel industry’s unexpected lifeline in New York; the hotels became a safe haven for tens of thousands of asylum seekers.

Two years in, as the city’s peak tourism season is about to begin, the migrant crisis has helped dramatically shift the hotel landscape in New York. The conversion of hotels to shelters has sharply decreased the supply of rooms just as tourist demand has risen, nearly to prepandemic levels, and is projected to match a record high.

The migrant shelters — along with other factors that include inflation, the loss of Airbnb short-term rentals and an expected decline in new hotel construction — have propelled the nightly cost of an average room to record levels.

The average daily rate for a hotel stay in New York City increased to $301.61 in 2023, up 8.5 percent from $277.92 in 2022, according to CoStar, a leading provider of commercial real estate data and analysis. During the first three months of 2024, when prices traditionally dip, the average stay was still 6.7 percent higher than during the same time period last year: $230.79 a night, up from $216.38 in 2023.

About 135 of the city’s roughly 680 hotels entered the shelter program, with many congregated in Midtown Manhattan, Long Island City in Queens and near Kennedy International Airport — all traditional magnets for tourists. Participating hotels are paid up to $185 a night per room, according to the city. Not a single one has converted back into a traditional hotel.

The Midtown hotels include the Row NYC Hotel, a four-star hotel in the middle of the theater district, and the century-old Roosevelt Hotel near Grand Central.

The use of city hotels for migrants represents a loss of 16,532 hotel rooms , leaving 121,677 hotel rooms for travelers, according to data compiled by CoStar, a leading provider of commercial real estate data and analysis.

That’s 2,812 fewer hotel rooms than existed in the period just before the pandemic — a shortage that is being acutely felt.

“During peak periods, try getting a hotel on a Tuesday, Wednesday or Thursday night in midtown Manhattan, and, if you can, you could end up paying dearly,” said Daniel H. Lesser, a co-founder of LW Hospitality Advisors. “It’s all supply-and-demand related, and the migrant rooms have reduced the amount of supply.”

Hotels that have been converted into shelters

Island City

Source: CoStar

About 65,000 migrants are being sheltered in hotels, tent dormitories and other shelters, in large part because of the city’s legal obligation to provide a bed to anyone who needs one. The city projects it will spend $10 billion over three fiscal years on the migrant crisis.

Beginning in late 2022, the city entered into a contract of up to $980 million with a hotel trade group to pay hotels that decide to shelter migrants under its “Sanctuary Hotel Program.” City officials said the hotels receive between $139 and $185 a night per room, whether or not the room is occupied, guaranteeing them a fixed stream of income. (Those rates do not include money the city is spending on food and other services for migrants; there have also been reports of hotels being paid more than $185 a night.)

Many of the hotels-turned-shelters, some of which were deep in debt, facing foreclosure or had received poor reviews from guests , catered to budget and middle-class travelers. While many were independent hotels, about half of them carried brand names: Courtyard, Holiday Inn Express, SpringHill Suites, Super 8.

Since migrants are mostly taking up the city’s more affordable hotel rooms, mid-market tourists are most likely to see the steepest increase in prices, according to Sean Hennessey, a hotel industry adviser and clinical associate professor at New York University.

“I really believe it’s enabled two-, two-and-a-half-star hotels to be a little more emboldened, to take advantage of the situation and charge prices that perhaps they wouldn’t otherwise be able to,” he said.

Other factors, including some driven by policies that Mayor Eric Adams and his predecessor, Bill de Blasio, supported, have also contributed to higher room rates.

In September, city officials began to enforce a new law meant to curb the proliferation of short-term rentals, such as those listed on Airbnb, which used to account for over 10 percent of all tourist accommodations in the city. The crackdown obliterated most short-term Airbnb listings — a phenomenon that some observers said might have had an even larger impact on hotel rates than the migrant crisis.

The number of Airbnb listings in New York City for short stays — under 30 days — plummeted by 83 percent to just 3,705 apartments in March 2024, down from 22,247 listings in August 2023, the month before the law went into effect, according to AirDNA, an unaffiliated company that collects data from short-term rental listings. Most of the remaining Airbnb listings in the city, about 90 percent, are only available for stays of over 30 days.

The law, Local Law 18, was aggressively backed by the hotel industry and the hotel workers union , both supporters of Mayor Adams. Not surprisingly, analysts say, the demise of short-term rentals has driven up demand for hotel rooms and has emboldened some hoteliers to increase prices.

“It was expected,” said Jamie Lane, the chief economist at AirDNA. “That is why the hotel lobby was pushing for this law to happen, so they could have higher rates and increase profitability of their properties.” (Supporters of the law argued short-term rentals were exacerbating the city’s housing shortage.)

New construction may not ease the strain. While there are more than 8,000 hotel rooms in the pipeline, significantly fewer are expected in the long run, according to analysts and developers. That is because of new zoning rules and special permits , also backed by the influential hotel workers union , that have restricted hotel development , making it more expensive to build and operate hotels.

In a statement, a spokeswoman for Mr. Adams, a Democrat, attributed the rise in hotel rates to the increase in tourism — about 62.2 million people visited the city last year , just below the record 66.6 million in 2019 — rather than the mayor’s policies.

“The return of tourists to New York City is reflected at hotels as well, where demand is up,” the statement said. “New York City is safer, cleaner and, as the numbers show, continues to be one of the most popular destinations in the United States.”

The occupancy rate for hotel rooms last year was 81.7 percent, significantly higher than the 46.7 percent low of 2020, but still not as high as 2019, when 86.2 percent of hotel rooms were occupied, according to the Hotel Association of New York City, a trade group.

The hotels being used as shelters are scattered across the five boroughs, from a 76-room Sleep Inn in the Bronx to the Staten Island Inn, which has 93 rooms. City officials noted that 32 of the hotels are housing both migrants and about 6,000 homeless New Yorkers.

There are notable clusters. More than two dozen hotels are in the vicinity of the Jamaica neighborhood of Queens, and Kennedy International Airport. Another 19 hotels are in and around Long Island City, the rapidly growing neighborhood on the Queens waterfront.

A large concentration — 22 hotels — is in the tourist-centric Midtown Manhattan area: in Times Square, near Grand Central Terminal, by the Empire State Building or in the theater district.

Indeed, the four largest hotels housing migrants — with more than 3,500 rooms combined — are in the heart of Midtown. Those large hotels were mostly older buildings becoming obsolete or in the financial doldrums. The migrant crisis seemed to reverse, or temporarily salvage, their fortunes.

In October 2022, the Row NYC Hotel in Times Square, which opened as the Hotel Lincoln in 1928 but was in financial straits during the pandemic — became the first and the largest hotel converted into a shelter. It struck an initial $40 million deal with the city to house thousands of migrants in its 1,331 rooms at $190 a night. (Rooms reportedly ranged from $300 to $500 the month before it opened as a shelter).

The Roosevelt on East 45th Street, named after Theodore Roosevelt, also emerged as a symbol of the humanitarian crisis . The hotel, which is owned by Pakistan’s national airline, had closed in 2020 during the pandemic, but reopened in May 2023 after signing a contract with the city. Its once-grand lobby is now the main processing center for migrants. Thousands of migrants live upstairs in its 1,025 rooms.

The hotels housing migrants are required to provide trash pickup on a daily basis, housekeeping every other day and fresh towels and linens at least once a week, according to several hotel contracts reviewed by The Times.

Under its contract with the Hotel Association of New York City, which runs until Aug. 31 and is likely to be renewed, the city can spend up to $980 million, but that does not mean that it will, according to city officials and industry leaders. The financial commitment could change depending on migration patterns and the duration of the crisis.

“If the migrant situation gets better, we’ve made clear to hotels that are enrolling in the program that, you know, you could potentially be out of the contract with a month’s notice,” said Vijay Dandapani, the president and chief executive officer of the hotel association.

Mr. Dandapani stressed that his association was not profiting from the city contract, but rather playing the role of negotiator between the city and hotels. He declined to say, however, how much the city had paid hotels so far.

Any hotels that decide to reopen their doors to tourists will have to undertake expensive renovations to repair the wear and tear from operating as shelters. And some hotels have already indicated they will permanently shut down after their shelter contracts run out.

“Some of them will not come back into the hotel industry,” Mr. Dandapani said. “Period.”

Luis Ferré-Sadurní covers immigration, focused on the influx of migrants arriving in the New York region. More about Luis Ferré-Sadurní

Our Coverage of the Adams Administration

‘City of Yes’ Proposal : The New York City Council approved one of Mayor Eric Adams’s signature policy proposals aiming to boost the economy by creating new manufacturing districts and encouraging businesses to fill vacant storefronts.

A Key Commission : Adams named 13 people to a prominent city commission that could remake city government . Most are loyalists or have ties to his inner circle.

Adams vs. Adams : A power struggle between Adams and the City Council speaker, Adrienne Adams, is turning ugly during a time of acute vulnerability for the mayor .

Corruption Investigation : An aide to Adams who served as his longtime liaison to the Turkish community is cooperating with the federal investigation into the mayor and his 2021 campaign.

Democrats Take Aim : Since Adams took office, many of his fellow Democrats have kept their criticism of him muted or private. That period of harmony is over .

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Our Picks for the Best Travel Insurance Companies

Best for Road Trips: Travelex Travel Insurance

Compare the Best Travel Insurance Companies

Best Travel Insurance Runner-Up: AXA Assistance USA

Best for Cruises: AIG Travel Guard

Best for Reputation: C&F Travel Insured

Best for Pre-Existing Conditions: Tin Leg Travel Insurance

Best for Digital Nomads: WorldTrips Travel Insurance

Best for Affordability: Trawick International Travel Insurance

Introduction to Travel Insurance

Understanding Different Types of Travel Insurance

Key Features to Look for in Travel Insurance Coverage

Trip Cancellation and Interruption Benefits

Coverage for Personal Belongings and Baggage Loss

Support and Assistance Services

Choosing the Best Travel Insurance

Understanding the Policy's Fine Print

Customer Reviews and Feedback

How to Get the Most Out of Your Travel Insurance

Steps to Take When a Problem Arises

How to Pick the Best Travel Insurance Company for You

How We Reviewed the Best Travel Insurance Companies

Guide Methodology: What We Considered

Best Travel Insurance FAQs

The Average Cost of Travel Insurance – Facts & Statistics [2023 Data Study]

Table of Contents

What Factors Influence Cost?

Frequently Asked Questions

What is not covered by travel insurance?

How much should I plan to spend on travel insurance?

Will my travel insurance cover COVID-19?

About Alex Miller

Our top picks of timely offers from our partners

Is travel insurance worth it?

Getting travel insurance

How much does travel insurance cost?

Travel Guard® Travel Insurance

Policy highlights

24/7 assistance available

Trip cancellation

Trip delay

Trip interruption

Baggage loss

AXA Assistance USA Travel Insurance

Medical expenses and emergency evacuation

New airline regulations in April 2024

Chase Sapphire Reserve®

Welcome bonus

Regular APR

Balance transfer fee

Foreign transaction fee

Southwest Rapid Rewards® Plus Credit Card

Foreign transaction fees

American Express® Gold Card

When should I get travel insurance?

Does travel insurance cover COVID-19?