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HomeTourismHow Much Travel Insurance Should Cost You This Summer, Revealed by Squaremouth

How Much Travel Insurance Should Cost You This Summer, Revealed by Squaremouth

ST. PETERSBURG, Fla., May 16, 2024 /PRNewswire/ — Travel insurance is meant to protect travelers from financial distress, not cause it. With the cost of travel this summer reaching record highs, how much should your travel insurance policy cost you this summer? Travel insurance comparison site, Squaremouth, breaks down the factors that determine the cost of a policy and reveals how much you should expect to pay to protect your summer trips.

How Much Does Travel Insurance Cost? 

In general, you should expect a comprehensive policy to cost anywhere from 5%-10% of your total trip cost. A comprehensive plan has coverage for cancellations, medical emergencies, delays, luggage, and more. 

If you choose not to insure the cost of your trip, you can expect to pay much less. In this case, your policy will include everything a comprehensive plan includes except cancellation coverage.

This summer, the overall average cost for a comprehensive travel insurance policy purchased on Squaremouth.com is $595, while a plan without cancellation costs $93.

What Determines the Cost?

The cost of travel insurance varies by policy and provider, typically depending on three primary factors: your total trip cost, your age, and the length of your trip.

Total Trip Cost

You have the choice to insure all, some, or none of your trip costs for Trip Cancellation coverage. You can include airfare, hotel accommodations, tours, and excursions, among others. Be sure to only insure prepaid and non-refundable expenses.

Traveler Age

Each provider has a different target demographic, and structures their premiums to attract customers in that age group. However, in general, older travelers can expect to pay more for a travel insurance policy.

Length of Travel

Travel insurance is designed to cover you from “door-to-door”, starting when you leave home and ending when you return. The longer your trip duration, the higher the policy’s premium.

Optional Policy Upgrades

In addition to standard benefits, many providers offer optional upgrades that can increase your coverage but also add to your overall premium cost. The most common upgrades include Cancel For Any Reason and Rental Car coverage, which typically increase a policy’s premium by about 40%.

Pricier Doesn’t Always Mean Better

When it comes to travel insurance, a higher price tag doesn’t necessarily mean better service or benefits. When shopping for a policy, you should first decide how much coverage you need for your trip, and then compare plans to select the least expensive policy with the best coverage for your needs.

Available Topic Expert: Jenna Hummer is available for comment and interview. [email protected]

About Squaremouth: Squaremouth.com has insured over 3 million travelers. Using Squaremouth’s intuitive quoting and comparison engine, award-winning support team, and verified customer reviews, travelers can save time and money to find the best travel insurance policy for their trip.

SOURCE Squaremouth

Originally published at https://www.prnewswire.com/news-releases/how-much-travel-insurance-should-cost-you-this-summer-revealed-by-squaremouth-302147162.html
Images courtesy of https://pixabay.com

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