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Average Cost of Travel Insurance in December 2024

Travel insurance policies cost from $35 to $400+ depending on trip cost, duration, location, and group size.

how much us travel insurance

Sarah Horvath is one of the home service industry’s most accomplished writers. Her specialties include writing about home warranties, insurance, home improvement and household finances. You can find her writing published through distributors like HouseMethod, Architectural Digest, Good Housekeeping and more. When not writing, she enjoys spending time in her home in Orlando with her fiance and parrot.

how much us travel insurance

Tori Addison is an editor who has worked in the digital marketing industry for over five years. Her experience includes communications and marketing work in the nonprofit, governmental and academic sectors. A journalist by trade, she started her career covering politics and news in New York’s Hudson Valley. Her work included coverage of local and state budgets, federal financial regulations and health care legislation.

On average, travel insurance costs 5% to 6% of your total trip cost. Destination, number of travelers and trip price are among the factors that affect coverage costs.

From unexpected cancellations of nonrefundable flights to seeking medical care in an emergency, travel insurance can provide financial protection and peace of mind. Travel insurance does not have to be prohibitively expensive — the average traveler pays between 5% and 6% of their trip cost for 100% trip cancellation coverage.

Read on to learn more about the cost of travel insurance, what influences premium rates and our top picks for travel insurance providers .

  • Cost of Travel Insurance in 2023
  • Cost Based on Trip Price
  • Cost Based on Age
  • Cost Based on Number of Travelers
  • Cost with Cancel for Any Reason (CFAR) Coverage
  • Cost Based on Coverage Type
  • Travel Insurance Cost Factors
  • Considerations

Is Travel Insurance Worth the Cost?

Additional travel insurance resources, how much does travel insurance cost in 2023.

Based on our research, you can expect to pay between $35 and $200 for travel insurance depending on various factors such as your age and vacation location. An easy way to predict your travel insurance cost is to look at your trip cost — most insurance policies cost between 5% and 6% of your total trip cost.

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 will reimburse you for nonrefundable costs. If you injure yourself or must evacuate during a vacation, travel insurance can help pay for medical and escape services. Such coverage is beneficial for high-priced trips or if you are visiting a remote destination.

View rates from top providers in minutes

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Cost of Travel Insurance Based on Trip Price

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 have to pay should you file a claim. For example, a policy that covers a $3,000 trip to Cancun will cost less than a $10,000 trip to Europe.

According to the U.S. Travel Insurance Association, a national organization that informs consumers and fosters fair business practices within the industry, the average cost of travel insurance ranges from 4% to 8% of your total trip cost.

The table below highlights quotes we received from different travel insurance companies for a $1,000 trip to Cancun, Mexico, for a 35-year-old male.

Why does trip cost impact the price you pay for travel insurance? As the price of your trip increases, so does the amount an insurance provider may need to pay if you suffer a covered loss.

For example, if you plan a seven-day trip to Japan, you’re likely to spend thousands on flights, accommodations and even visas to enter the country. Your insurance provider will need to reimburse you for all these costs if your flight gets delayed, you suddenly get sick or experience another covered loss.

On the other hand, if you’re planning a cheaper vacation, your plans will come at a lower cost. If you opt for a short trip to the Bahamas, it might cost $1,000 or less. Compared to the example above, a travel insurance agency will incur less of a cost if it insures 100% of your trip expenses. However, expect to pay more if you’re going to a hard-to-reach destination because it will come with higher evacuation costs.

Cost of Travel Insurance Based on Age

Age is another factor that affects plan costs. Younger travelers are less likely to file a claim than older travelers since they are generally healthier and have fewer pre-existing conditions. Due to the higher chance of insurance companies paying a claim for an older traveler, plan costs generally increase with age.

The table below outlines plan costs for a series of ages. We pulled each travel insurance quote from Trawick’s Safe Travels Plan, basing them on a $1,000 trip to Cancun.

Cost of Travel Insurance Based on Number of Travelers

The number of travelers covered by your travel insurance policy also affects the cost. Travel insurance prices increase slightly depending on the number of people you include.

Based on the quotes our team gathered, the average cost of a travel insurance policy covering a group of four 20-year-old travelers is $82.01. The table below includes examples of travel insurance costs for multiple travelers.

Our team did some secret shopping and discovered family travel insurance policies cost an average of $90.30, which is slightly more than group policies. The table below highlights plan costs for a family of four, which consists of two 25-year-old adults and two 5-year-old children.

If you’re traveling with two or more people, you might want to search for a travel insurance provider that offers group coverage. Travelex made our list of the most affordable insurance providers and the best group insurers .

Cost of Travel Insurance With Cancel for Any Reason (CFAR) Coverage

“Cancel for any reason” (CFAR) coverage is an add-on you can purchase with your travel insurance policy. Typical travel insurance includes trip cancellation, trip interruption, baggage delay, trip delay, medical evacuation and medical insurance, so long as the reason is listed in your policy. With CFAR coverage, however, you can cancel your trip for a reason not covered by your provider.

Because CFAR coverage increases the risk taken on by the insurance provider, it significantly increases the price you’ll pay for coverage. If you opt for the CFAR add-on, expect to pay between 40% and 60% more for your insurance premium.

This pricing varies by insurance provider, with some insurers charging more as the date of your trip approaches. For example, we requested a quote from Travelex with and without the CFAR add-on. We received a price quote for $108 without the CFAR add-on and $202 with the CFAR option, representing an 87% increase in price. If you do plan to buy CFAR add-on insurance, get a quote from multiple providers to be sure you’re not overpaying.

CFAR coverage typically reimburses 50% to 75% of your prepaid trip costs. Note that many companies reserve CFAR coverage for their more comprehensive plans. The table below outlines the cost difference between policies with CFAR coverage and those without.

Travel Insurance Companies with CFAR Coverage

Our top travel insurance providers for CFAR coverage are Travelex, Faye and Nationwide. Each provider allows you to add up to 75% CFAR coverage to your trip. We recommend getting an estimate from each provider to ensure the best possible pricing on this often-expensive add-on.

Cost of Travel Insurance Based on Coverage Type

The type of coverage you select plays a role in your policy cost. Basic trip insurance that does not include medical expenses will cost less than a comprehensive policy with emergency evacuation and medical coverage .

In addition, purchasing coverage add-ons such as pre-existing condition waivers and rental car insurance increases policy costs. Due to the many options and variables, it’s best to consider your travel needs and budget when choosing your travel insurance.

The table below highlights the cost difference between basic and comprehensive travel insurance coverage.

An important note to keep in mind is that every travel insurance provider sets its own coverages and protections included when you buy a plan. Unlike health insurance or auto insurance, there is no defined set of coverages that all travel insurance providers must offer. Be sure to read the fine print and examine the exact coverage levels included with each plan before you choose one. In other words, don’t only look at the premium price in isolation.

Factors That Determine Travel Insurance Cost

Each travel insurance provider uses its own formula and underwriting process to price its travel insurance policies. Primary factors that influence the price you’ll pay for coverage include:

  • Trip cost: Most insurance providers offer 100% reimbursement for trip cancellation and 150% reimbursement for trip interruptions. The more expensive your trip, the more expensive your premium.
  • Coverages included: If you choose a travel insurance policy with multiple protections and higher coverage limits, expect to pay more for coverage.
  • Your destination: Some destinations, notably remote areas, have fewer medical infrastructures, increasing the likelihood of an evacuation. Expect to pay more for travel insurance if you go to a remote destination.
  • Age of guests: Older men and women are more likely to have medical conditions that impact travel plans, increasing the price of insurance. Older travelers may also have more complicated medical needs, leading to higher medical expenses abroad.
  • When you paid for your trip: The date when you paid for your travel can also affect your premium and the type of add-ons available. 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 as to when you have to purchase a policy. Minimize premium costs by purchasing travel insurance shortly after your trip plans.

What To Consider Before Buying Travel Insurance

Your individual travel needs are unique. To ensure you select the best travel insurance policy, there are several factors you should consider. These include:

  • Coverage needs: 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 monthlong trip may warrant additional medical care coverage. Consider your health condition, as many domestic health insurance policies don’t cover health care outside U.S. borders. Also, think about any add-on coverage you may need. 
  • Budget: The total cost of a travel insurance policy varies greatly by the provider, trip cost and more. The best travel insurance policy is one that fulfills your coverage needs, regardless of cost.
  • Coverage exclusions: With any policy you consider, read the fine print to understand any unique exclusions and limits. Most providers exclude coverage for pre-existing medical conditions, for example. Being aware of those exclusions can save you from surprises later on.
  • Coverage limits: Keep in mind that commonly covered items, such as accidental death and dismemberment, will have varied coverage limits based on the provider.
  • Claims process: Consider how a provider handles claims. Can you, as the policyholder, file a claim multiple ways? How quickly does the provider issue reimbursements? Some providers allow you to upload required claim documents online, whereas others require you to mail them in. We recommend speaking to insurance representatives directly to learn more.

Travel insurance can provide peace of mind when planning a vacation. But some travelers still ask if the insurance is worth the price. Travel insurance costs about 6% of the total cost of your trip, meaning you could pay as little as $75 to fully protect a $1,500 vacation. We recommend getting a quote from multiple travel insurance providers before booking to ensure you’re not overpaying for coverage.

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.

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What’s the average cost of travel insurance in 2023?

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.

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How much is travel insurance | average cost in 2023.

Holly D. Johnson

KEY TAKEAWAYS

  • The average cost of travel insurance for US travelers is $306 per trip – based on travel insurance sales data for the past 12 months (Nov 2022 – Nov 2023).
  • Data from Squaremouth shows that between April 2022 and November 2023, the average cost of travel insurance for US travelers was 4.70% of their total trip cost – below the industry standard of 5% - 6%.
  • From 2022 to 2023, US travelers had an average trip cost of $6,267 as prices rise due to inflation.
  • The final cost of travel insurance for your trip will depend on specific factors such as the total trip cost, destination , type of plan, and more.
  • Aim to spend 6% of your total trip cost or less when buying travel insurance to ensure you are getting a fair deal. Anything less than this is considered a great deal.
  • Using a travel insurance comparison tool is the best way to find the lowest prices on travel insurance policies.

Understanding the average cost of travel insurance is key for identifying how much travel insurance could cost you.

To help you choose the best travel insurance for you needs, we analyzed policies from 31 different providers, including companies like AXA Assistance USA, IMG, John Hancock Insurance Agency, and Seven Corners, to discover the average amount people spent on travel insurance polices over the last year.

As of 2023, travel insurance plans typically cost about 5% to 6% of the total cost of your trip. This has always been a known figure in the travel industry, and our our review of travel insurance quotes from top providers in the industry corroborates this figure for 2023.

The data shows that, for trips costing between $1k - $50k, travel insurance premiums can range from as low as $60 to $2,756 , respectively.

Ultimately, how much you end up paying for travel insurance depends on the specific details if your trip, and many of the factors that determine the cost of travel insurance are within your control.

For example, the following are all influencing factors that can be adjusted to help reduce the cost of your travel insurance:

  • the trip destination
  • the length of your trip
  • the total trip cost
  • the types of coverage you choose

In this guide, we’ll show you how much travel insurance costs and how to get a free insurance cost estimate for your trip using our website. To start, here is an in-depth look at the average cost of travel insurance and how the price has fluctuated over the past year.

Our top picks for the best how much is travel insurance?

  • Seven Corners: Best Overall
  • Generali Global Assistance: Best for Trips Within North America
  • Tin Leg: Best for "A Bit of Everything"

The average cost of travel insurance for US travelers is around $306. This is based on a study of insurance sales data from 31 travel insurance providers over 12 months (November 2022 - November 2023).

There has been a progressive increase in travel spending over the last year, and the average cost of trips for US travelers increased roughly 22.21% from $5,368 in April 2022 to $6,560 in November 2023.

On average, travel insurance is around 5%-6% of the total trip cost, and the average trip cost for US travelers from April 2022- November 2023 was around $6,267.

As prices in increase globally thanks to inflation, this has driven up the overall price of insurance policies – as it means the plan must cover a more expensive trip.

Below is a graph showing the changes in the average cost of travel insurance over the last year as well as the average price US travelers paid for their trips.

Average Cost of Travel Insurance by Month (2022 - 2023)

As seen in the chart above, the average cost of travel insurance has also gone up over the last year and a half – rising from $236 per trip in April 2022 to $309 per trip in November 2023.

That said, the cost of travel insurance varies between travel insurance providers. Therefore, it pays to compare plans from multiple providers before opting for a specific plan. The tool (below) is a good place to start.

Our top picks for travel insurance

Seven corners, generali global assistance.

Tin Leg

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 compare the exact costs of 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.

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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How Much Travel Insurance Do I Need?

The amount you need will depend on your trip and risk tolerance

how much us travel insurance

Types of Travel Insurance

  • Factors That Could Influence Insurance Needs

Frequently Asked Questions (FAQs)

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Do you have a big vacation or work trip coming up? Traveling often involves a sizable expense for booking flights, hotels, activities, and more. But what if all doesn’t go as planned?

Travel insurance helps protect you against losses due to trip cancellations, the costs of medical care at your destination, if needed, and more. However, the amount of coverage you need will depend on a variety of factors. Learn more about travel insurance and how to determine how much to purchase.

Key Takeaways

  • Travel insurance helps to reimburse you for prepaid expenses if your trip is canceled, delayed, or interrupted.
  • Travel insurance also can help cover the costs associated with emergency medical or dental care, lost luggage, a damaged rental car, and more.
  • The amount of travel insurance you need depends on factors like how far or long you’re traveling, the overall cost of the trip, and your risk tolerance.

What does travel insurance include? Here’s a closer look at the common types of coverage offered by travel insurance companies:  

Trip Cancellation Coverage

If you plan a trip then have to cancel it because of a covered reason (such as a family member becoming ill or passing away), this insurance will reimburse you for your prepaid travel expenses.

Travel Disruption Coverage

Travel disruption coverage will cover qualifying prepaid travel expenses you lose due to a disruption, such as a flight being canceled or rescheduled.

Travel Interruption Coverage

If your trip is cut short because of an incident covered in your policy—such as bad weather, terrorism, jury duty, or a sick family member—you will be reimbursed for the qualifying prepaid expenses you didn’t get to enjoy.

Travel Medical/Health Insurance

Travel medical and health insurance will reimburse you for medical and emergency dental expenses you incur due to an injury or illness while traveling. The best policies will make payments directly to hospitals so you don’t have to pay out of pocket.

Medical Evacuation Coverage

If you need to be taken to a hospital outside of your vacation destination or back home, this coverage will provide you with medical evacuation transportation, which can otherwise cost more than $100,000.

Accidental Death and Dismemberment Coverage

If you happen to pass away or lose a limb while traveling, this coverage will help to cover the associated costs. It is often split up based on when the incident happens, such as during a flight, traveling on public transportation, or at any other time during your trip.

Rental Car Damage Coverage

If you plan on renting a vehicle while traveling, this coverage will reimburse you if you damage or total the vehicle and have to pay for it. While it covers property damage, it doesn’t offer liability.

Lost Luggage Coverage

Everyone hates losing luggage when flying. Baggage loss coverage will reimburse you if your personal items are lost, stolen, or damaged by an airline. Some policies even compensate you if the luggage is just delayed.

While these are the major types of travel insurance available, coverage types, limits, exclusions, and other terms can vary by provider. Be sure to read the fine print to fully understand what circumstances and amounts are covered.

Factors That Could Influence Travel Insurance Needs

With an understanding of travel insurance and the various types available, how do you decide how much you need for an upcoming trip? Like any insurance coverage, it will be a risk-benefit analysis.

Start by reviewing each coverage type and consider whether it is something you should have. For example, when considering trip cancellation, disruption, and interruption coverage, it may depend on how expensive the trip is, if anyone going has health issues, and current events at the destination. If you think there’s a higher-than-average chance you will need to cancel, and it’s an expensive trip you couldn’t rebook out of pocket, this coverage would likely be worth it. 

Some insurers may also offer a “Cancel For Any Reason” (CFAR) policy at a higher price (often 40% to 60% higher than standard rates) that removes many of the exclusions that commonly come with regular travel cancellation coverage.

On the medical insurance front, if you’re going overseas and plan to partake in hiking and other active adventures, you may want the medical coverage and evacuation in place, just in case. It may also be a wise investment for those with health conditions that put them at a higher risk. If you are traveling with expensive belongings or equipment, lost luggage coverage could be a smart investment .

Some may want coverage for peace of mind, while others may find it necessary in some situations but not others. However, before buying travel insurance, make sure you don’t already have the same coverage from another source. For example, check the airline’s cancellation and delay policies, see if your credit card offers travel insurance benefits, and contact your health/dental insurance provider to see if they will cover you while out of town.

How does travel insurance work?

Travel insurance helps to protect you against various incidents that could cause you to lose money while preparing for a trip and traveling. For example, if you book a flight to a hotel in Hawaii but have to cancel because your significant other becomes very sick, travel cancellation coverage could reimburse you for the amount you paid to book the trip. You could rebook it later when everyone is well.

It can also help to cover a variety of other costs, such as medical care while on vacation, reimbursement for lost luggage, and even costs associated with death or dismemberment . Once you sign up, you will pay your premium to gain coverage. Upon a qualifying situation, you can file a claim with your insurer. Once approved, you’ll receive the settlement amount as per your policy.

What credit cards offer free travel insurance?

Various travel credit cards offer travel insurance, which may mean you don’t need to get an independent travel insurance policy. For example, both the Chase Sapphire Reserve Card and the Chase Sapphire Preferred Card offer coverage for trip cancellation, delay, or interruption, lost or delayed baggage, and an auto rental collision damage waiver.

The Platinum Card from American Express provides trip cancellation and delay coverage along with car rental loss and damage insurance. Your best bet for finding credit cards with travel insurance is to browse travel rewards credit cards’ benefits.

How much does travel insurance cost?

On average, the cost of travel insurance will range from 4% to 10% of your trip’s price. For example, if your trip costs $10,000, your travel insurance will likely run anywhere between $400 and $1,000. However, the cost can go much higher for premium coverage or CFAR policies that have fewer exclusions.

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Travel Insurance

Average cost of travel insurance in 2024

Heidi Gollub

Megan Horner

Megan Horner

“Verified by an expert” means that this article has been thoroughly reviewed and evaluated for accuracy.

Updated 6:04 a.m. UTC Dec. 1, 2023

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  • Travel insurance costs an average of 5% to 6% of the cost of your trip. 
  • Your travel destination and your age impact the cost of travel insurance. 
  • Senior travelers need to budget extra for travel insurance as they pay a higher percentage of their trip cost — an average of 18% for 80-year-olds.

There are several factors that influence how much you’ll pay for travel insurance, from your age and travel destination to the cost of your trip and the coverages you choose. Our insurance experts analyzed rates from the best travel insurance companies, and we’ve used that data to break down the average cost of travel insurance for you.   

Compare travel insurance costs personalized for your trip

How much is travel insurance.

The average cost of travel insurance is 5% to 6% of your nonrefundable trip expenses. To insure a $1,000 trip, for instance, costs an average of $61 (6%). 

Average cost of travel insurance by trip cost 

Average cost of travel insurance by age.

While the cost of your trip is a key factor in how much you’ll pay for travel insurance, your age can also impact your rate. This is particularly true for travelers over 60. The average cost of travel insurance for a 70-year-old increases to 11% of total trip cost, and 80-year-old travelers pay an average of 18% for a senior travel insurance policy. 

Average cost of travel insurance by number of travelers in your group

If you’re traveling with others, it’s typically cheaper to insure everyone in your group with a single travel insurance policy. Some plans even cover kids younger than 17 for free, as long as they’re traveling with their parents on the same itinerary. 

In our analysis of travel insurance rates, we found that a family of four taking a 14-day trip from California to Mexico valued at $5,000 only pays about $29 more than a solo traveler buying travel insurance for the same trip. A couple, both age 40, will pay an average of $17 more than a single traveler of the same age. 

What determines travel insurance costs?

One of the biggest factors to influence the cost of travel insurance is the travel insurance plan you select. The best travel insurance plans bundle several types of insurance, including coverage for trip cancellation, trip delay, trip interruption, travel medical, emergency medical evacuation and baggage loss and delay. The more comprehensive the plan, the more you’ll pay for travel insurance. 

The coverage limits of your policy will also affect its cost. The limits dictate how much you’ll be reimbursed if you use your insurance. All of the 5-star plans in our best travel insurance rating offer medical reimbursement limits of $1 million. The higher the reimbursement limit, the more expensive your coverage will be. 

Sample rates for different travel insurance plans

Average travel insurance cost for “cancel for any reason”coverage.

Based on our analysis of 16 travel insurance policies, adding CFAR coverage to a travel insurance policy will increase your cost by about 50%. 

If you want to be able to cancel your trip for any reason — not just those listed in your policy — consider buying a travel insurance plan that offers “cancel for any reason” (CFAR) coverage .

“In 2023, the travel industry has faced a number of challenges including a rise in inclement weather, staffing shortages and strikes,” said Rajeev Shrivastava, CEO of VisitorsCoverage. “Consequently, we’re seeing an increase of canceled trips, disrupted flights and stranded travelers.” 

“To prepare for these uncertainties,” said Shrivastava, “travelers should consider choosing flexible insurance coverage options like ‘cancel for any reason’ and ‘interruption for any reason,’ which protect trip investments in case of cancellations or disruptions.”

“Interruption for any reason” (IFAR) coverage isn’t as readily available as an upgrade, but it typically adds only 3% to 10% to the cost of your travel insurance.

Travel insurance costs for your vacation

What travel insurance covers.

“Travel insurance provides coverage for prepaid, nonrefundable trip expenses — up to the limits of the policy — should a trip be canceled or interrupted for a covered reason,” said Daniel Durazo, director of external communications at Allianz Partners USA. 

The trip cancellation insurance part of your travel insurance can reimburse up to 100% for lost trip deposits, such as airline tickets, hotel rooms, rental cars, tours and cruises, if you cancel your trip for a reason listed in your policy.

“Examples of acceptable reasons to cancel a trip include illness or injury for the traveler, a close family member or a traveling companion,” said Durazo. “Other reasons may include your travel supplier stops offering services for 24 hours due to a natural disaster, severe weather or a strike, your home or destination becomes uninhabitable, or you or a travel companion are laid off after you purchase your policy.”

Once you start your trip, travel insurance continues to offer financial protection, said Durazo. “Post-departure benefits can help cover expenses like lost bags and travel delays and most importantly, can include emergency medical coverage and emergency medical transportation.” 

If you do become ill or injured while traveling, travel insurance can cover your medical costs including doctors’ fees and hospital costs that may not be covered by your health insurance. “Domestic health care plans are usually not accepted outside the U.S.,” Durazo said. “So it’s especially important to get travel insurance with medical coverage and emergency medical transportation when traveling internationally.” 

Even if you’re not traveling out of the country, travel insurance with medical coverage can be a good idea, Durazo said. “As many Americans now have high deductible health insurance plans, trips to urgent care or the ER can be expensive but could be covered by travel insurance while traveling.” 

Methodology

Using data from Squaremouth, a travel insurance comparison website, our insurance experts analyzed rates for 23 travel insurance plans. The average rates were determined by comparing quotes for trips with a variety of costs, traveler ages, traveler groups and travel plan benefits.

The average cost of travel insurance is between 5% and 6% of the cost of the trip. How much you pay for travel insurance will depend on the travel insurance company and plan you select, the total cost and destination of your trip, the age of travelers and the number of travelers you’re insuring. 

You may wonder: Is travel insurance worth it?  

A comprehensive travel insurance plan will include coverage for trip cancellation, trip interruption, trip delay, medical expense, emergency medical evacuation and baggage delay and loss. 

Read your travel insurance policy carefully to understand what is covered and what is excluded. You can sometimes purchase add ons such as “cancel for any reason” (CFAR) coverage. 

Do you need trip insurance? What travel insurance covers

Yes, travel insurance is typically more expensive for older travelers. While the average cost of travel insurance for a 20-year-old traveler is $224, the average cost increases at age 60 to $420 and to $907 for an 80-year-old. 

Find the best coverage: Best senior travel insurance companies

Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.

Blueprint has an advertiser disclosure policy . The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.

Heidi Gollub

Heidi Gollub is the USA TODAY Blueprint lead editor of insurance. She was previously lead editor of insurance at Forbes Advisor and led the insurance team at U.S. News & World Report as assistant managing editor of 360 Reviews. Heidi has an MBA from Emporia State University and is a licensed property and casualty insurance expert.

Megan Horner is editorial director at USA TODAY Blueprint. She has over 10 years of experience in online publishing, mostly focused on credit cards and banking. Previously, she was the head of publishing at Finder.com where she led the team to publish personal finance content on credit cards, banking, loans, mortgages and more. Prior to that, she was an editor at Credit Karma. Megan has been featured in CreditCards.com, American Banker, Lifehacker and news broadcasts across the country. She has a bachelor’s degree in English and editing.

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Everything you need to know about travel insurance before you book your next trip

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With more and more people traveling , travel disruptions have increased. You might be ready to book your next vacation, but it's smart to consider buying a comprehensive travel insurance policy that will protect you from financial losses you may incur due to unexpected issues both before you travel and during your trip.

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

While some travelers decline purchasing travel insurance because they think it will be costly, Godlin says it doesn't have to be expensive and notes "purchasing it adds an extra layer of protection and security." 

Travel insurance is obviously valuable for big-ticket trips, such as a luxury cruise, safari or multi-city international vacation, but it can even be helpful when you're staying closer to home. "When deciding if travel insurance is right for you, I suggest asking yourself what you could stand to lose if you had to cancel last-minute," says Godlin.

CNBC Select spoke to experts in the travel insurance space to get their best advice on everything consumers need to know about travel insurance.

How to find an insurance carrier

Purchasing travel insurance is relatively easy, and there are lots of different options in the marketplace. If you have never purchased a travel insurance plan, a good place to start is sites like InsureMyTrip.com , CoverTrip or Squaremouth , which let you compare different carriers based on both price and coverage. You simply fill out a brief questionnaire about the trip and the traveler.

The benefit of using aggregator sites is shoppers have the ability to view the entire travel insurance marketplace and compare policies all in one place. Squaremouth also provides verified customer reviews to help travelers feel confident about the policy they are purchasing. 

There is no charge to use Squaremouth, as they receive commission on every sale directly from the provider, and do not charge any type of fee to consumers.

Beyond comparison sites, you can always visit a specific travel insurance carrier's website for a quote or call the company's toll-free customer service number for information.

CNBC Select has reviewed many of the top travel insurance companies and named AXA Assistance USA Travel Insurance as the best choice overall with three tiers of coverage to choose from and a high financial strength rating. Our runner-up was Travel Guard® Travel Insurance for its offerings available online and coverage for one related child age 17 or younger.

AXA Assistance USA Travel Insurance

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

Policy highlights

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

24/7 assistance available

Travel guard® travel insurance.

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.

If you're using a site like Expedia , for example, to book your reservations, you usually have the option to purchase travel insurance, too, through a third-party provider. You should make sure to carefully review the full details of the policy, because the plans are based around the trip elements (hotel, flight, rental car) and could differ every time you book, and you want to make sure you understand what you're getting.

What does travel insurance cover?

Travel insurance can vary, but policies generally provide coverage for three things: protection for your financial expenses, protection for your well-being and protection for your personal belongings.

When shopping for a policy, look for these benefits:

Trip cancellation coverage  

Your travel insurance policy can reimburse you for prepaid, non-refundable trip deposits if a trip is canceled for a covered reason. These outlays can include airline tickets, hotel rooms, rental cars, tours and cruises, says Daniel Durazo, spokesperson with Allianz Travel Insurance .  

Examples of acceptable reasons to cancel a trip include illness, injury or death of the traveler, a close family member or a traveling companion; military deployment or civil unrest; a serious family emergency, even unplanned jury duty.

Other reasons include: your travel supplier stops offering services for 24 hours due to a natural disaster, severe weather or a strike, your home or destination becomes uninhabitable or you or a traveling companion lose your job after you purchase your policy.

You typically can't cancel your trip for any reason and expect to be reimbursed just because you have travel insurance. For example, if you have a fight with your friend and don't want to travel with her, or you change your mind about taking a long-haul flight to Hawaii, these are not covered reasons. 

If you want the highest level of flexibility to make changes to your trip, consider adding "cancel for any coverage" to your policy. Cancel For Any Reason (CFAR) plans will bump up the cost of your travel insurance by about 40%, but it gives you the latitude to cancel your trip if you need to as long as you meet certain requirements like canceling no later than 48 hours before your scheduled departure. 

You won't be reimbursed for 100% of your trip costs. Typically, CFAR coverage will reimburse between 50 to 75% of trip expenses.

Trip delay coverage 

Should you experience a hiccup in your travel itinerary, your travel insurance policy can provide some financial relief. 

"Travel delay coverage provides reimbursement if a traveler is delayed for one of the policy's covered reasons," says Megan Moncrief, a spokesperson with Squaremouth. "This benefit will typically reimburse for expenses such as food, lodging and local transportation that are incurred during the delay."

Covered reasons will generally include severe weather, airline maintenance or civil unrest.

There's often a waiting period before your benefits kick in.

"In order for a traveler to become eligible for this benefit, they must be delayed for the amount of time listed on their policy," says Moncrief. "Some policies are very lenient and provide benefits available for any length delay, while other policies will specifically list a length requirement. This typically ranges from three to 12 hours. All travel delay policies will come with a daily limit, as well as a policy limit ranging from a couple hundred to a couple thousand dollars."

Daily limits typically range from $150 to $250 per traveler, while the policy limit can range from $500 to $2,000, Moncrief says. It's very important to save all your receipts as you will be required to submit them with your reimbursement claim.

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

Trip interruption coverage

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

Your policy may also cover the cost of a one-way economy airline ticket home. Not all reasons are covered, however. For example, if your beach vacation is a washout or you miss your new puppy, your trip interruption benefits won't apply.

Medical expenses and emergency-evacuation benefits

If you're traveling within the U.S., your personal health insurance should cover any illness or injury you sustain while you are on a trip. But if you're traveling to a foreign country, your U.S.-based health plan will provide zero or very little coverage, and Medicare isn't accepted abroad, so it's good to sign up for additional coverage. 

"Domestic healthcare plans are usually not accepted outside the U.S., so it's especially important to get travel insurance with medical coverage and emergency medical transportation when traveling internationally," says Durazo. "If you do become ill or injured while traveling, these benefits can cover your medical costs including doctors' fees and hospital costs." 

In addition, your travel carrier's customer support hotline can help. "Allianz's 24/7 assistance team can coordinate your care with the doctors treating you in your destination, as well as ensure you're at an appropriate medical facility up to U.S. standards," he says.

Even more expensive than medical treatment is an emergency medical evacuation, something the right travel insurance policy can arrange and cover. "Medical evacuation and transport costs range from $15,000 to $200,000+, depending on the traveler's health condition and their location in the world," says Durazo.

"If you're heading overseas, you'll need the additional protection of emergency medical benefits and emergency medical transportation benefits," he adds. "And if you're visiting more remote areas, there's always a chance you may need emergency medical transportation to get you to an appropriate health care facility."

Find the best credit card for you by reviewing offers in our  credit card marketplace  or get personalized offers via  CardMatch™ .

Baggage loss

Should your checked baggage take a detour and not arrive at your destination, your travel insurance policy could be a saving grace. 

"If your travel insurance plan includes baggage benefits, your insurer can reimburse you, up to the maximum shown on the Confirmation of Coverage, for covered loss, theft or damage to your baggage and personal items," says Durazo. "Every plan has specific coverage limits for each benefit, which are outlined in the plan documents."

For example, Allianz Partners' OneTrip Prime plan , covers baggage loss up to $1,000 and baggage delay up to $300 while the OneTrip Premier includes up to $2,000 in baggage loss/damage and up to $600 for baggage delay.  

Your personal possessions are also covered if lost or stolen while you're traveling. "Travel insurance can reimburse you for the actual cash value, repair or replacement — whichever is less, based on the limits in your insurance policy's letter of confirmation," says Durazo.

You must report losses to your airline, airport, police or other relevant authority like a tour operator or hotel manager. You will need this documentation when you file a claim.

Not all items are covered by your travel insurance policy. For example, cash is not reimbursable, and many policies won't cover very expensive jewelry, art, antiques or heirloom items. To reduce the risk of losing irreplaceable items, don't bring these items on vacation. And make sure to read your policy carefully to see what is covered.

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 .

What you should know about Covid-19 and travel insurance

When it comes to Covid coverage , travel insurance plans can vary from one another, so you should read your policy carefully and ask your insurance provider if you have questions, says Godlin.

Also, regulations around travel have evolved during the pandemic, with some countries requiring specific travel insurance coverage for entry. "As a result, we're seeing new policies emerge to directly meet those needs," she says. 

How much is travel insurance?

Travel insurance can vary a lot depending on how much coverage you're getting and how expensive your trip is. CoverTrip advises its customers that travel insurance plans cost between 4 to 10% of the total trip cost. So if you're spending $5,000 on a European tour, your insurance could be anywhere from $200 to $500.

Of course, there are budget plans out there that could cost (and cover) less. And you could also shell out for premium coverage so you can take advantage of a "cancel for any reason" policy. Whichever plan you choose, make sure you read the fine print so you understand what you're paying for.

Your credit card may offer built-in travel protection

You may have a credit card in your wallet that offers travel insurance . "Travel insurance is a common benefit for credit cards that often comes at no additional cost to the cardholder," says Francis Hondal, president of loyalty and engagement with MasterCard. "It can also be extremely easy to take advantage of it—the key is knowing what coverage you have so you don't waste money on additional coverage you don't need."

Coverage is automatic when you make a relevant purchase, she says. "So, for instance, if you have trip cancellation insurance on a card, you're covered when you book a flight using that card. Same goes for checking your bag and activating your lost luggage protection," Hondal says. 

It's important to know if and how you're covered when making travel-related purchasing decisions. Mastercard offers a digital insurance platform, mycardbenefits.com . You can usually find more information on your credit card's website.

To ensure you reap the travel insurance benefits your card offers, you must charge the trip expenses on your card.

"Where credit card travel insurance can shine is if you run into weather problems or mechanical delays, or if you get sick while traveling or even if your luggage gets lost or delayed," says Ted Rossman, senior industry analyst, Bankrate.com. 

The Chase Sapphire Reserve® is an industry leader in these areas, he says. It offers up to $10,000 per person and $20,000 per trip in the form of trip cancellation/trip interruption coverage. If you run into a flight delay lasting at least six hours, you can get up to $500 per ticket to book a different flight, stay in a hotel, buy food, etc. 

If your luggage is late, you can get up to $100 per day for up to five days to buy necessities. 

"If something really bad happens while you're abroad, [Chase Sapphire Reserve travel insurance] will pay for up to $100,000 of emergency evacuation and transportation coverage," says Rossman. "And the Sapphire Reserve also gives primary rental car insurance benefits, meaning that you can decline the rental car company's expensive coverage, and you won't need to go through your personal car insurance if you get into an accident while renting a car."

Chase Sapphire Reserve®

Earn 5X total points on flights and 10X total points on hotels and car rentals when you purchase travel through Chase Ultimate Rewards® 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 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $900 toward travel when you redeem through Chase Ultimate Rewards®

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.

Rossman says another good pick is the Chase Sapphire Preferred® Card which also has very good coverage although slightly less coverage than the Sapphire Reserve card, in line with a lower annual fee. Even the no-annual-fee Chase Freedom Flex℠ gives up to $1,500 per person and up to $6,000 per trip in trip cancellation/trip interruption coverage, Says Rossman.

For more information on cards that offer travel insurance, check out CNBC Select's round-up of the best travel credit cards .

Chase Sapphire Preferred® Card

$50 annual Ultimate Rewards Hotel Credit, 5X points on travel purchased through Chase Ultimate Rewards®, 3X points on dining, 3X points on select streaming services and online grocery purchases (excluding Target, Walmart and wholesale clubs), 2X points on all other travel purchases, and 1X points on all other purchases

Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 when you redeem through Chase Ultimate Rewards®.

21.49% - 28.49% variable on purchases and balance transfers

Either $5 or 5% of the amount of each transfer, whichever is greater

Excellent/Good

Read our Chase Sapphire Preferred® Card review .

Is travel insurance worth it?

Travel insurance can be useful in many scenarios, from a medical emergency forcing you to cut your trip short to a tropical storm ravaging your destination. If you've spent a lot of non-refundable money on your trip, you could be at a loss if something goes awry.

There are several scenarios where travel insurance could be worth it , including if:

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

For those who have spent a good amount of money on their trip, getting trip insurance generally makes sense whether that's through a separate policy or through a credit card you booked the trip with.

Catch up on Select's in-depth coverage of  personal finance ,  tech and tools ,  wellness  and more, and follow us on  Facebook ,  Instagram  and  Twitter  to stay up to date.

Information about the Chase Freedom Flex℠ has been collected independently by Select and has not been reviewed or provided by the issuer of the card prior to publication.

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Best Annual Travel Insurance in December 2023

Carissa Rawson

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If you’re a frequent traveler, annual travel insurance may be something you’ve been considering. Unlike single-trip insurance, annual travel insurance plans can cover you for an entire year, no matter how often you’re on the road.

Let’s look at the five best yearly travel insurance companies, why we choose them and the coverage you can expect.

Factors we considered when picking travel insurance companies

We used the following criteria when choosing which companies we thought were best:

Cost . Annual plans can be expensive — depending on the type of coverage you choose — so we wanted ensure that they stayed affordable. 

Types of coverage . Travel insurance for annual travelers can be limited in its coverage. We picked the ones with the broadest range of coverage for possible travel disruptions.

Coverage amounts . Annual trip insurance isn’t worth much if your limits are too low. Instead, we wanted plans with reasonable coverage amounts. 

Customizability . If your travels take you to different places, you’ll want the ability to customize your plan. The best annual travel insurance plans can provide this. 

» Learn more: What does travel insurance cover?

An overview of the best annual travel insurance

We gathered quotes from various travel insurance companies to determine the best annual travel insurance policies. In these examples, we used a year-long trip by a 22-year-old from Alabama. We indicated the main countries of travel as France and Malaysia, and when asked, put the total trip costs at $6,000.

The average cost for an annual travel insurance plan came out to $192, though you may notice that Seven Corners' basic coverage cost of $386 drove the average up. The plans ranged from $83-$200 otherwise.

Top annual travel insurance options

Let’s take a closer look at our top five recommendations for annual travel insurance.

how much us travel insurance

Allianz Travel

What makes Allianz travel insurance great:

Lower than average cost.

Provides health care and travel insurance benefits.

Includes rental car insurance up to $45,000. 

Here’s a snippet from our Allianz Travel insurance review :

“AllTrips Basic (annual plan) is suitable for those who would like emergency medical coverage while abroad but don't need trip cancellation and interruption benefits. The AllTrips Prime, Executive and Premier plans provide an entire year of comprehensive travel insurance benefits.

The Executive and Premier plans offer various levels of trip cancellation and interruption benefits. The Executive plan is specifically designed for business travelers since it offers protection for business equipment.”

how much us travel insurance

World Nomads

What makes World Nomads great:

Absolute lowest cost. 

Provides travel medical coverage.

Includes sports and adventure activities.

Here’s a snippet from our World Nomads review:

“World Nomads offers the Standard and Explorer travel insurance plans and excels in sports/activity related travel insurance coverage while offering solid trip delay, baggage delay and lost luggage protections.”

how much us travel insurance

Seven Corners

What makes Seven Corners great:

Offers up to $20,000 for acute coverage of pre-existing conditions. 

Includes up to $1 million for emergency medical evacuation. 

Optional add-on for adventure sport activities.

$0 deductible available. 

Here’s a snippet from our Seven Corners review :

“Seven Corners offers one annual policy called Travel Medical Annual Multi-Trip. The policy can be customized depending on how long you plan to be away from home for any one trip. You can travel as much as you like during the 364 days, so long as any one trip doesn’t exceed the option selected — 30, 45 or 60 days.”

how much us travel insurance

What makes IMG great:

Good customizability with medical evacuations and sports coverage. 

Low $250 deductible.

Includes coverage for semi-private hospital rooms. 

Here’s a snippet from our IMG review:

“Some policies provide emergency medical evacuation coverage, while others skip this benefit entirely. This benefit may be more important to you if you travel to a remote location or engage in physical activity such as trekking.

More comprehensive plans may include other benefits such as assistance with acquiring a new passport, reimbursing reward mile redeposit fees or coverage for pre-existing conditions. If these are something you’re interested in, be sure to check that your policy includes these options.”

how much us travel insurance

Trawick International

What makes Trawick International great:

100% coverage for trip cancellation and trip interruption. 

Emergency medical evacuation included. 

Trip delay reimbursement coverage. 

Here’s a snippet from our Trawick International review :

“Trawick International is a comprehensive travel insurance provider that offers trip delay and cancellation insurance, baggage delay coverage, medical coverage and medical evacuation, rental car damage protection, and even COVID-19 coverage among its various policies.

Trawick covers trips for worldwide destinations, including for foreign nationals coming to the U.S.”

What does travel insurance cover?

You’ll find a wide variety of coverage types offered by travel insurance policies. This is true whether you're purchasing a single-trip or annual travel insurance plan. Here are some common types you can expect to find:

Accidental death insurance .

Baggage delay insurance .

Cancel for Any Reason insurance .

Emergency evacuation insurance .

Lost luggage insurance .

Medical insurance .

Rental car insurance .

Trip cancellation insurance .

Trip interruption insurance .

How to choose the best annual travel insurance policy

While we’ve highlighted some of the best annual travel insurance companies, the truth is that the best plan for you isn’t going to be the best plan for someone else. If you’re interested in buying annual travel insurance, you’ll want to collect a variety of quotes to see which policy best fits your needs.

This may mean opting for a plan that covers pre-existing conditions or one that specifically includes high-risk activities. Or, if you’re in a country where health care is notoriously expensive, you may want to choose a policy with higher maximums.

Many credit cards come with complimentary travel insurance .

Whatever the case, do your research first and review all the plan details before making your purchase.

» Learn more: How to find the best travel insurance

If you want to buy annual travel insurance

Annual travel insurance can be a great option if you’re often out of town. With such a wide range of policies available, selecting a plan that fits your needs is easy. We’ve done some of the work for you by choosing the five best annual travel insurance companies, all of which made the top of the list for their cost, customizability, types of coverage and plan maximums.

Like any travel insurance policy, the cost of your plan is going to vary. Factors that may affect the cost of your annual travel insurance include your age, where you’re going, how long you’ll be traveling, your policy maximums and whether preexisting conditions are included.

Although not all travel insurance providers offer annual travel insurance, many of them do. We’ve gathered together the five best, including Allianz Travel, World Nomads, Seven Corners, IMG and Trawick International.

How to maximize your rewards

You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2023 , including those best for:

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

Chase Sapphire Reserve 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 Ultimate Rewards® 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

60,000 Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $900 toward travel when you redeem through Chase Ultimate Rewards®.

Chase Sapphire Preferred Credit Card

1x-5x Enjoy benefits such as a $50 annual Ultimate Rewards Hotel Credit, 5x on travel purchased through Chase Ultimate Rewards®, 3x on dining and 2x on all other travel purchases, plus more.

60,000 Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Ultimate Rewards®.

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.

50,000 Earn 50,000 bonus points after spending $1,000 on purchases in the first 3 months from account opening.

how much us travel insurance

How Much Is Travel Insurance?

Travel insurance costs vary widely, depending on your destination, the length of your trip, and the type of coverage you need..

Taylor Milam-Samuel

8+ years writing for major outlets, including MarketWatch and Business Insider

Master’s in Education

Taylor Mlam-Samuel is a personal finance writer and credentialed educator. When she’s not helping readers better save and spend money, she can be found teaching.

Read Editorial Guidelines

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Chris Schafer

15+ years in content creation

7+ years in business and financial services content

Chris is a seasoned writer/editor with past experience across myriad industries, including insurance, SAS, finance, Medicare, logistics, marketing/advertising, and many more.

Updated September 27, 2023 at 12:00 PM PDT

how much us travel insurance

Table of contents

  • Travel insurance
  • Travel insurance cost
  • Find cheap travel insurance
  • Do you need it?

When you’re preparing for an exciting trip, the last things you want to think about are medical accidents, canceled plans, or lost luggage. It’s understandable. But if you consider what can go wrong before you travel, you can avoid stress during the trip. 

That’s where travel insurance can help, by protecting you from the worst-case scenarios so you can enjoy your trip in peace.

You may not necessarily need travel insurance for every trip, but it’s usually a good idea if you’re planning an expensive trip or you can’t afford the costs associated with unexpected changes.

What is travel insurance?

Travel insurance protects against unforeseen cancellations, delays, medical treatment, and other events that can occur during travel, including some natural disasters. For example, if you spend $4,000 on a cruise but end up canceling due to sickness, travel insurance can help pay for some or all of the travel costs so you can get some of your money back.

Paying for travel insurance might make sense if trip delays, flight cancellations, or international medical expenses are a financial risk you can’t afford. In some cases, the cost of your travel insurance can pay for itself. But you might not need it for a short or inexpensive trip.

Types of travel insurance

Travel insurance coverage can vary dramatically depending on your policy type, your coverage limits, and the cost of your trip, but comprehensive policies are the most common. Comprehensive policies typically include coverage for trip cancellations or delays, baggage loss, medical insurance, and a 24-hour phone line for assistance.

Here’s what each travel insurance policy covers, including the different aspects of comprehensive coverage.

Cancellation coverage

If certain events prevent you from going on your trip, this policy helps reimburse your travel costs. The coverage can also help reimburse you for the unused portion of the trip if you need to shorten your stay due to an emergency.

Delay coverage

This policy helps pay for expenses associated with trip delays, like hotel or lodging.

Baggage loss

If your luggage is lost, stolen, or damaged, this policy helps pay for replacement items.

Emergency medical insurance

If there’s a medical emergency during your trip, like a broken leg, medical coverage helps pay for medical care, including any emergency room visits. This coverage is also known as travel health insurance, and it can cover a variety of medical costs.

Accidental death

This policy is similar to life insurance and may not be necessary if you already have coverage. But if you or a family member dies on a trip, this policy helps pay for associated expenses.

How COVID-19 Travel Insurance Works

How COVID-19 Travel Insurance Works

How much does travel insurance cost.

The price you pay for travel insurance depends on your destination, trip length, coverage amount, and age. Generally, you can expect this cost to fall between 4% and 8% of the total trip expense. [1] The cost of the trip helps the travel insurance company determine how much a claim might cost if something goes wrong. If your trip costs $3,000, you can expect your travel insurance to cost between $120 and $240. A trip that costs $10,000 will have insurance costs between $400 and $800.

Shopping around and comparing multiple policies from different insurers is the best way to secure a good deal on coverage. [2] Comparing quotes lets you determine whether you’re getting a reasonable rate. Make sure to understand the coverage details and read the fine print before you purchase a policy.

Here’s a deeper look at the factors that determine how much your coverage will cost.

Length of trip

The length of your trip affects how much you pay for travel insurance. Longer trips are typically more expensive to insure because a longer trip means there’s an increased likelihood that something will go wrong.

Destination

Your trip destination is another factor that influences the cost of travel insurance. Where you’re spending time throughout your trip affects how much it might cost for an insurance company to cover a claim. For example, coverage might be more expensive if you’re traveling to a remote site without access to medical care since you may need a policy with medical evacuation coverage. But you might pay less if your destination is a populated area located in the country where you live.

Age of policyholder

Older travelers typically pay more for travel insurance due to an increased likelihood that they’ll file a claim for medical care or cancel a trip due to medical conditions. Insurance companies try to minimize claims, and age is one factor that companies consider since it might indicate certain health conditions. Younger travelers tend to pay less, but that might not always be true since age is only one of many factors that insurers review.

How to find cheap travel insurance

The most effective way to save money on travel insurance is to compare quotes from multiple insurers, as coverage costs range from 4% to 8% of your travel expense.

For example, imagine you have a trip that costs $2,000, and your first insurance quote is $160, or 8% of the total costs. You may be able to halve the coverage price if you keep shopping and secure coverage for $80, or 4% of the total cost.

Booking early can also help you save money. Most travel companies offer the best rates and coverage options if you establish a policy within 15 days of paying your first deposit for the trip. [3]

Here are a couple other steps you can take to get the best deal on travel insurance:

Find the right coverage amount. Having adequate travel insurance is essential, but you want to find a balance between too much and too little coverage. For example, you may find that you don’t need 24-hour phone assistance and feel comfortable researching information independently. If that’s the case, skip the coverage and save money.

Check your current coverage. Certain credit cards offer travel protection for flights, hotels, and other expenses you pay for with the card. The coverage is often more limited than what you can find with an insurance policy. But if some aspects are covered, it can help lower your policy costs.

Does Travel Insurance Cover Pre-Existing Conditions? (2023)

Does Travel Insurance Cover Pre-Existing Conditions? (2023)

Do you need travel insurance.

Travel insurance makes sense in some circumstances. One of the most important factors is whether or not cancellations, medical care, and other unforeseen travel expenses would cause you financial hardship. If so, it’s usually best to opt for travel insurance to protect your finances. But if not, you might be okay to skip the coverage. The only catch is that if you skip it, you must be comfortable paying out of pocket for expenses.

Here are a few examples of when the benefits of travel insurance might make sense:

You can’t afford airfare home. If you need to shorten your trip due to unexpected medical treatment or another emergency, travel insurance can help pay for the new flight with no additional cost.

Your health insurance won’t provide coverage. Many health plans don’t extend to international travel. If that’s true for you, travel insurance can help fill the gap and ensure you can access medical facilities while traveling in a foreign country.

You can’t pay to replace items in your luggage. If your bag is lost or stolen, travel insurance can help cover the cost of replacing your items.

Travel insurance FAQs

Travel insurance can help protect you against financial loss and unforeseen expenses. The information presented here can help you determine if coverage makes sense for your circumstances and budget.

Is travel insurance worth it?

Travel insurance is worth it if unexpected travel expenses due to medical care or trip delays would cause you financial hardship. Coverage also makes sense if your trip is a significant investment. For example, if you’re planning a $10,000 trip around the world, travel insurance is a helpful way to protect your investment. But insurance might not be necessary if you’re going on a two-day road trip in the United States that costs $300.

Where are the cheapest places to travel?

The cheapest place to travel depends on where you live since staying close to home is often cheaper. Far-off destinations typically cost more to book, and those trips might be more expensive to insure. Popular travel destinations also cost less since the areas are ready for travelers, and the high volume of people helps decrease costs.

Does your credit card offer travel protection?

Your credit card might offer travel protection if you use the card to book your trip. It’s different from travel insurance since the coverage through your card is usually less. Still, it’s worth checking if your card offers protection.

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How much is travel insurance.

how much is travel insurance

Our evaluations and opinions are not influenced by our advertising relationships, but we may earn a commission from our partners’ links. This content is created independently from TIME’s editorial staff. Learn more .

Travel insurance can provide financial reimbursement to cover unforeseen events that happen both before and during a trip. Depending on your travel insurance policy , these situations could include trip-cancellation benefits, trip-delay and trip-interruption benefits, medical-expenses coverage, emergency-evacuation coverage, and baggage-loss benefits. To get the most value out of your policy, experts recommend that you purchase travel insurance at the time you book your trip.

What does travel insurance cost?

Generally, travel insurance is priced as a percentage of a trip cost. Policies suitable for U.S. and international travel usually cost between 4% to 8% of the total trip price.

Travelex

Travelex Travel Insurance

Policy cancellation, what impacts the cost of travel insurance .

In general, policy price is dependent on the cost of the trip, age of traveler, and other factors, including destination, length of trip, and type of plan. Here is how these factors work to determine what you’ll pay.

  • Trip cost. It’s no surprise that big, expensive trips are more costly to insure than smaller trips. “Keep in mind that this is based on your prepaid, nonrefundable expenses, so a big trip abroad with few prepaid expenses might actually have a lower travel insurance cost than a short domestic trip with a ton of prepaid expenses,” says Stan Sandberg , cofounder of TravelInsurance.com.
  • Age. Similar to typical health insurance, age is one element that can increase or decrease policy rates. “As you might expect, the older you are, the more you’re going to have to pay,” says Sandberg, who goes on to explain that most travel insurance companies have age brackets based on where they see shifts in claim amounts and claim volume.
  • Health of travelers. Your health is another determining factor involved in policy prices. If you have pre-existing health conditions, Sandberg says you’ll either pay a higher rate or be exempt from certain policy coverages.
  • Plan type. Basic travel insurance plans are cheaper than high-end plans because they cover less. “Even if you think basic insurance is enough, always compare the price of a basic and an expensive plan to see how much more coverage it offers for the price difference. You’d be surprised at how much more coverage you can get for a little more money,” Sandberg says. Additionally, a traveler can purchase an annual travel insurance plan. “These products can be a convenient option for those who travel frequently,” says Daniel Durazo , director of external communications at Allianz Partners U.S. “Offered at a flat rate, the price of an annual policy may not increase with age and trip cost. Still, some annual products allow travelers to select the level of their cancellation coverage, which will affect the total cost of the plan.”
  • Deductible. Similar to other types of insurance, opting for a lower deductible may result in a higher travel insurance cost because you’re paying less in out-of-pocket costs should you file a claim.
  • Number of travelers. If you’re traveling with family, you can have one travel insurance plan to cover multiple people, with each person having their own premium. In general, the more people on a policy, the more expensive the policy will be, says Sandberg. 
  • Destination. Sandberg says some travel insurance carriers will factor the destination into their price. This is due to some places being safer than others. “If you’re visiting a country experiencing unrest or that has high crime rates, your insurance costs may be higher, since your insurance sees it as more of a risk. This isn’t always the case, however,” he says.  
  • Trip length. Longer trips may cost more to insure than shorter trips. Not only are there more prepaid costs on a longer trip; there is also a higher probability that something might happen, says Sandberg.

Considerations before buying travel insurance

You can buy travel insurance all the way up to the day before your trip departure date. To reap the most value, though, it’s best to purchase it when booking your trip, just after the first deposit (or full payment up front, if applicable) has been made, says Sandberg. 

If you buy it soon after your first deposit, you will have access to optional upgrades, such as “cancel for any reason” coverage , and you may be eligible for waivers of the pre-existing condition exclusion . 

Also, before purchasing a travel insurance plan, it’s important to consider your travel destination and why you might need a plan. “For example, if you are traveling to the Caribbean, as with most other international destinations, you might consider purchasing a travel insurance plan that includes coverage for common travel issues, such as trip cancellation, trip interruption, trip delay, medical expense, and lost or stolen luggage,” says Jeff Rutledge , CEO, AIG Travel.

However, he continues, you might also consider a travel insurance plan that includes medical-evacuation coverage, as it could be a significant distance to a well-equipped medical facility should a severe injury or illness occur. “For this reason travelers with underlying medical conditions might wish to consider additional medical-evacuation coverage to cover costs associated with transportation to either the nearest recommended medical facility or back home,” says Rutledge. 

He goes on to note that the Caribbean is affected by severe weather, such as hurricanes. Purchasing a travel insurance plan before a storm is named would help protect the traveler’s unused, prepaid, nonrefundable trip expenses, subject to the terms of the travel insurance plan. 

TIME Stamp: ‘Buy when you book’ makes the most sense for travel insurance 

A basic travel insurance plan typically provides benefits for trip cancellation for covered reasons outlined in your plan, travel delays and interruptions, medical emergencies and evacuation, and benefits for baggage loss.

Should you want higher travel protection, you can upgrade your policy to include “cancel for any reason” coverage. This gives you more latitude to cancel your trip, as long as you meet the criteria outlined in your policy documents. 

To get the most value out of your policy, purchase travel insurance at the time you book your trip. Many travel insurance carriers have customer service phone numbers at which callers can get answers to questions about policies, plans, and prices. 

Frequently asked questions (FAQs)

Is travel insurance worth the money.

Travel insurance can offer you something money can’t buy: the peace of mind to fully enjoy your upcoming travels. “It can also provide a tremendous financial benefit in protecting your prepaid travel expenses when you have to cancel your trip for a reason covered by your policy and for costs incurred during a medical emergency,” says Durazo.

Those traveling outside the U.S. should note that foreign healthcare providers usually will not accept U.S. domestic health insurance , making it important to have travel insurance with emergency medical and emergency medical transportation benefits. These benefits can cover the cost of treatment and the trip home.

Do travel credit cards offer travel insurance?

While travel protection may be provided by your credit card benefits, your upcoming trip might require higher maximum benefit amounts. “Travelers should check with their credit card issuer to determine if the protection offered includes both trip cancellation and trip interruption, baggage loss and delay, reimbursement for trip delay, coverage for travel medical expenses, and emergency medical evacuations,” says Rutledge. The basic travel insurance plan offered by AIG Travel provides each of these coverages. It is also important to know if the coverage offered is primary or secondary. If it is secondary, Rutledge says the provider may require an explanation of benefits from the primary insurer that details how the claim was processed before it determines the amount of the benefit(s), such as a deductible or coinsurance, it will pay. 

Should I purchase ‘cancel for any reason’ coverage?

Basic travel insurance plans will provide trip cancellation benefits only for covered reasons listed in your travel insurance plan documents. Covered reasons for trip cancellation generally include death of a close family member or travel companion; a serious family emergency; an accident or illness that happens to you, a travel companion, or a close relative; severe weather; military deployment; unplanned jury duty; a sudden job loss; and your travel supplier going out of business.

If you want more flexibility to cancel your trip beyond what is covered, you should upgrade your plan to add “ cancel for any reason ” coverage. This premium coverage will boost the cost of your travel insurance plan by about 50% but grants you the liberty of canceling your trip for any reason: fear of travel, a fight with your travel companion, or just if you change your mind about going—as long as you cancel no later than 48 hours before your trip.

If you meet all the criteria in your plan, you can expect to receive between 50% to75% reimbursement of your nonrefundable, prepaid trip expenses. It’s important to remember that certain exclusions apply so always read the fine print on plan documents before you sign.

The information presented here is created independently from the TIME editorial staff. To learn more, see our About page.

U.S. News takes an unbiased approach to our recommendations. When you use our links to buy products, we may earn a commission but that in no way affects our editorial independence.

9 Affordable Travel Insurance Companies Worth the Cost

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World Nomads Travel Insurance »

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AXA Assistance USA »

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Trawick International »

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Generali Global Assistance »

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Seven Corners »

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Allianz Travel Insurance »

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IMG Travel Insurance »

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WorldTrips »

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Nationwide Insurance »

Why Trust Us

U.S. News evaluates ratings, data and scores of more than 50 travel insurance companies from comparison websites like TravelInsurance.com, Squaremouth and InsureMyTrip, plus renowned credit rating agency AM Best, in addition to reviews and recommendations from top travel industry sources and consumers to determine the Cheapest Travel Insurance Companies.

Table of Contents

  • Rating Details

World Nomads Travel Insurance

AXA Assistance USA

There are plenty of smart ways to save money on your travel plans, but refusing to buy travel insurance isn't necessarily one of them. Sure, you may not feel you need a travel insurance policy if you are going on a road trip or planning a cheap vacation close to home. However, we all know there are plenty of scenarios – from travel delays and flight cancellations to pandemic outbreaks and political unrest – that can knock any travel plans off track.

Coverage limits and availability may vary by state, and coverage for trip cancellation or interruption due to COVID-19 varies by provider, so you'll want to consult each travel insurance website for further details. Read on to find out more about what each company offers and decide which travel insurance policy is right for you.

Trawick International

Generali Global Assistance

Seven Corners

Allianz Travel Insurance

IMG Travel Insurance

Nationwide Insurance

To determine the Cheapest Travel Insurance Companies, U.S. News created sample traveler profiles for three separate eight-day trips to different destinations (the Bahamas, Spain and Hawaii) at a range of price points ($6,000, $8,000 and $12,000, respectively). We used that information to get quotes for the cheapest option for 100% trip cancellation coverage for each trip. We then calculated the average cost of the trips. The travel insurance companies that appear on the list are those that have a high credit rating and offer the lowest average cost, outlined below. (Note: The sample average costs are not price quotes from U.S. News. To find a travel insurance price quote, use the "View plans" link to enter your trip details and find more information.)

Cheapest Travel Insurance Companies in Detail

  • Up to $2,500 worth of trip protection for cancellation or interruption
  • Up to $1,000 in coverage of lost, stolen or damaged baggage; up to $750 for baggage delays on your outward journey
  • Up to $100,000 in emergency medical insurance
  • 100% coverage for trip cancellation and interruption
  • $750 in coverage for baggage and personal effects; $200 in coverage for baggage delays
  • $25,000 in accident and sickness coverage
  • Trip cancellation (up to $30,000) and interruption coverage for 100% of the insured vacation
  • $750 in coverage for lost and damaged luggage; $200 for baggage delays
  • Up to $50,000 in emergency medical coverage
  • Coverage up to 100% of the insured vacation for trip cancellation and up to 125% of the insured vacation cost for trip interruption
  • $1,000 per person for lost, damaged or stolen bags; $200 per person in baggage delay coverage
  • Trip cancellation coverage up to $20,000 to $30,000 (depending where you live) and trip interruption coverage up to 100% of the cost of the trip
  • Lost, stolen or damaged baggage coverage up to $500
  • Emergency accident and sickness medical coverage up to $10,000 to $100,000 (based on state of residence)
  • Trip cancellation and trip interruption coverage up to $10,000
  • Luggage loss and damage protection up to $500 per traveler; delay protection up to $200
  • Emergency medical and dental coverage up to $10,000 ($500 for dental expenses)
  • Up to 100% in coverage for trip cancellation (up to $25,000) and a trip interruption benefit worth up to 125% of the trip cost
  • Up to $750 for lost, damaged or stolen bags; $150 in luggage delay coverage
  • $100,000 in emergency medical coverage
  • 100% of trip cost (up to $10,000); 100% in trip interruption
  • Up to $250 per item in lost, damaged or stolen baggage (max $1,000)
  • Up to $25,000 in emergency medical and illness coverage
  • Trip cancellation (up to $10,000) and trip interruption (up to 125% of the total trip cost), including travel interruptions or delays due to terrorism
  • $600 for lost, damaged or stolen luggage; $100 in baggage delay coverage
  • Up to $75,000 in accident and illness medical coverage

Frequently Asked Questions

Vacations can unexpectedly be interrupted or canceled altogether due to an unexpected illness, a family emergency, or a cancellation by an airline or resort. "If you've spent a material amount for trip expenses, you want to make sure you're protected in case something happens," says Angela Borden, product strategist at Seven Corners . "If you get sick and can't go, if something happens and you need to come home early ... I think it's really important because travel is so expensive right now."

Not only that, but travel insurance can also cover other components of your trip you maybe haven't considered. This could include lost or stolen baggage or a missed connection that requires a sudden hotel stay and a few dinners while you're rerouted on another flight.

Try not to think of travel insurance as just another expense you should avoid while planning your dream trip. Think of travel insurance as protection for the financial investment you made in your vacation. With that in mind, it is thrifty to shop around for the most affordable travel insurance policies.

Buying travel insurance only makes sense if you purchase enough coverage to protect the investment you made in your trip. For that reason, the cheapest travel insurance plan is not always the best. You should compare pricing, but you should also make sure you're buying coverage from a quality provider (like the ones included above). Additionally, check that your coverage comes with inclusions and limits that make sense for your trip.

To find the right travel insurance plan for your needs, start by tallying up the cost you paid for your trip, including prepaid charges for airfare, lodging and transportation. From there, you can select coverage limits for trip cancellation and interruption coverage, and you can also compare plans based on the most important components that could result in major losses, such as medical coverage and emergency evacuation. Also, make sure your policy provides adequate protection for baggage and personal items, as well as the implications of a significant travel delay. Finally, make sure you have the option to include any additional coverage you need, such as cancel for any reason coverage or waivers for preexisting conditions.

Ideally, you will wind up with a travel insurance plan that offers just the right amount of coverage for a price you can afford.

Keep in mind, some of the more basic travel insurance plans do not include certain coverage that everyday travelers may need.

"A lot of people are focused on cost; one consideration is generally the economy level plans aren't going to have a preexisting condition waiver," says Stan Sandberg, co-founder of TravelInsurance.com . "... and that may not affect everybody but if somebody has a chronic health consideration like asthma, they would want a policy with a preexisting condition waiver."

Travel insurance may cost anywhere from $50 to $1,500 or more. The cost of travel insurance varies depending on the age of the travelers in your group, the total cost of your trip and other factors. Older people will typically have to pay more for a travel insurance policy since these travelers are more susceptible to health issues as they age. The total cost of your trip will also help determine the cost of your travel insurance plan since more expensive trips require higher coverage limits.

Interestingly enough, the length of your trip and the destination you are visiting will not typically affect the cost of travel insurance coverage. Further, your health may not be part of the equation either, and travel insurance companies even refrain from asking health questions when you apply for a travel insurance quote. This doesn't mean that preexisting conditions will be covered, however, so you'll want to check the details.

The price of the plan you select will depend on how much coverage you want.

Why Trust U.S. News Travel

Holly Johnson is an award-winning content creator who has been writing about travel insurance and travel for more than a decade. She has researched travel insurance options for her own vacations and family trips to more than 50 countries around the world, and has experience navigating the claims and reimbursement process. In fact, she has successfully filed several travel insurance claims for trip delays and trip cancellations over the years. Johnson also works alongside her husband, Greg, who has been licensed to sell travel insurance in 50 states, in their family media business.

Erin Evans is the managing editor of travel at U.S. News & World Report. She has become an expert in travel insurance since the COVID-19 pandemic wreaked havoc on the travel industry, reading through fine print and details, and trying to summarize the information to make things more digestible for the everyday traveler. If you need an easy explainer on understanding how it works and why it's beneficial (including cancel for any reason coverage), she's your gal.

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Average cost of travel insurance

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Next time you’re booking travel, it may be tempting to skip purchasing a travel insurance policy to cut corners and save some money. But saving a little now could actually end up costing you more later — if you lose your baggage, need to cancel your trip, or encounter unexpected medical costs while traveling.

According to Bankrate’s 2022 Travel Woes survey , “79% of travelers who have taken an overnight trip outside their local area this year experienced at least one travel-related issue.” Having travel insurance in place can keep these minor issues from turning into major, trip-ruining disasters.

What is travel insurance?

Travel insurance is a type of insurance policy that protects any money spent on domestic or international travel. Many travel agencies and airlines offer travel insurance as an add-on to your booking, although you can also seek out your own policy on any travel you book yourself.

Types of travel insurance

A few of the different types of travel insurance you may want to consider include:

  • Damage to personal property or rental cars
  • Trip cancellation
  • Lost baggage
  • Coverage for medical expenses abroad
  • Accidental death or flight accident coverage

The cost of these policies varies based on the type of travel insurance you purchase, as well as the value of your trip and your personal risk factors. The amount of coverage you elect can also affect your rates. Where policies have different tier plans available, you’ll generally pay more for higher levels of coverage.

You may be able to get your next trip covered through your credit card perks. Some credit cards, particularly the best travel cards , offer travel insurance and discounts, with higher-fee cards typically offering higher levels of coverage. If you’re a frequent traveler, it could be in your best interest to read the fine print on your credit card to see if you can take advantage of any of these benefits.

How much is travel insurance?

The amount you’ll pay for travel insurance will depend on a few different factors such as your age (travel insurance prices tend to increase the older you get), the number of travelers you’ll need to insure and the length of your overall trip. Still, experts say you can expect to shell out anywhere from 4 to 11 percent of the total cost of your trip on your travel insurance policy.

Travel insurance policies generally fall into one of three tiers: basic, middle-tier, and comprehensive coverage.

Insurance policy tiers

Average cost of travel insurance by age.

Travel insurance providers evaluate risk in the same way traditional insurers do when it comes to their premiums. The older a traveler is, the more they can expect to pay for coverage, as older travelers are more likely to become ill or injured on a trip. For example, a 2021 analysis conducted by AdvisorSmith found that average prices differed from a low of $92 for a young child to a high of $805 for a centenarian.

Here’s a breakdown of the average cost of travel insurance by age.

While higher costs are more common among older travelers, affordable policies can still be found. Shopping around and comparing quotes from different providers is key to finding the right level of coverage at the right price point.

Average cost of travel insurance by trip cost

The total length of your trip can also directly impact the amount you can expect to pay for travel insurance. A two-week trip will likely cost you more than a weekend getaway, and the higher the overall trip cost, the higher the premium will be in most cases.

According to data from AdvisorSmith, average premiums range from $50 for a trip that costs $1,000 to $447 for a $10,000 trip.

Average cost of travel insurance by number of travelers

One factor you should take into consideration when planning your trip and selecting a travel insurance policy is the number of travelers in your group. The more people you’ll be traveling with, the higher your premium will likely be, because there’s a greater risk of your insurer having to cover unexpected costs. This is especially true for older groups who also have an increased likelihood of incurring medical expenses during a trip.

Per AdvisorSmith, a single adult traveling alone can expect to pay an average of $111, while a party traveling with two adults and two children will pay closer to an average of $167.

2023 travel insurance outlook

With the COVID-19 pandemic restrictions largely behind us, travel has surged since the second half of 2022. And with that surge has come higher prices for nearly all kinds of travel reservations, on top of the high inflation being experienced in the rest of the economy.

While inflation is beginning to cool , consumers are likely to continue feeling its sting for the foreseeable future. In fact, Bankrate’s 2023 survey on summer travel found that nearly two-thirds (62 percent) of those who say they can’t afford a vacation this year cite inflation or rising prices as a primary concern.

These higher travel costs are yet another reason the purchase of travel insurance remains popular, as travelers increasingly see the value of insuring their larger investments into more expensive trips.

Why do I need travel insurance?

Is travel insurance worth it, how do i buy travel insurance, what does travel insurance cover, related articles.

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The best travel insurance policies and providers

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It's easy to dismiss the value of travel insurance until you need it.

Many travelers have strong opinions about whether you should buy travel insurance . However, the purpose of this post isn't to determine whether it's worth investing in. Instead, it compares some of the top travel insurance providers and policies so you can determine which travel insurance option is best for you.

Of course, as the coronavirus remains an ongoing concern, it's important to understand whether travel insurance covers pandemics. Some policies will cover you if you're diagnosed with COVID-19 and have proof of illness from a doctor. Others will take coverage a step further, covering additional types of pandemic-related expenses and cancellations.

Know, though, that every policy will have exclusions and restrictions that may limit coverage. For example, fear of travel is generally not a covered reason for invoking trip cancellation or interruption coverage, while specific stipulations may apply to elevated travel warnings from the Centers for Disease Control and Prevention.

Interested in travel insurance? Visit InsureMyTrip.com to shop for plans that may fit your travel needs.

So, before buying a specific policy, you must understand the full terms and any special notices the insurer has about COVID-19. You may even want to buy the optional cancel for any reason add-on that's available for some comprehensive policies. While you'll pay more for that protection, it allows you to cancel your trip for any reason and still get some of your costs back. Note that this benefit is time-sensitive and has other eligibility requirements, so not all travelers will qualify.

In this guide, we'll review several policies from top travel insurance providers so you have a better understanding of your options before picking the policy and provider that best address your wants and needs.

The best travel insurance providers

To put together this list of the best travel insurance providers, a number of details were considered: favorable ratings from TPG Lounge members, the availability of details about policies and the claims process online, positive online ratings and the ability to purchase policies in most U.S. states. You can also search for options from these (and other) providers through an insurance comparison site like InsureMyTrip .

When comparing insurance providers, I priced out a single-trip policy for each provider for a $2,000, one-week vacation to Istanbul . I used my actual age and state of residence when obtaining quotes. As a result, you may see a different price — or even additional policies due to regulations for travel insurance varying from state to state — when getting a quote.

AIG Travel Guard

AIG Travel Guard receives many positive reviews from readers in the TPG Lounge who have filed claims with the company. AIG offers three plans online, which you can compare side by side, and the ability to examine sample policies. Here are three plans for my sample trip to Turkey.

how much us travel insurance

AIG Travel Guard also offers an annual travel plan. This plan is priced at $259 per year for one Florida resident.

Additionally, AIG Travel Guard offers several other policies, including a single-trip policy without trip cancellation protection . See AIG Travel Guard's COVID-19 notification and COVID-19 advisory for current details regarding COVID-19 coverage.

Preexisting conditions

Typically, AIG Travel Guard wouldn't cover you for any loss or expense due to a preexisting medical condition that existed within 180 days of the coverage effective date. However, AIG Travel Guard may waive the preexisting medical condition exclusion on some plans if you meet the following conditions:

  • You purchase the plan within 15 days of your initial trip payment.
  • The amount of coverage you purchase equals all trip costs at the time of purchase. You must update your coverage to insure the costs of any subsequent arrangements that you add to your trip within 15 days of paying the travel supplier for these additional arrangements.
  • You must be medically able to travel when you purchase your plan.

Standout features

  • The Deluxe and Preferred plans allow you to purchase an upgrade that lets you cancel your trip for any reason. However, reimbursement under this coverage will not exceed 50% or 75% of your covered trip cost.
  • You can include one child (age 17 and younger) with each paying adult for no additional cost on most single-trip plans.
  • Other optional upgrades, including an adventure sports bundle, a baggage bundle, an inconvenience bundle, a pet bundle, a security bundle and a wedding bundle, are available on some policies. So, an AIG Travel Guard plan may be a good choice if you know you want extra coverage in specific areas.

Purchase your policy here: AIG Travel Guard .

Allianz Travel Insurance

Allianz is one of the most highly regarded providers in the TPG Lounge, and many readers found the claim process reasonable. Allianz offers many plans, including the following single-trip plans for my sample trip to Turkey.

how much us travel insurance

If you travel frequently, it may make sense to purchase an annual multi-trip policy. For this plan, all of the maximum coverage amounts in the table below are per trip (except for the trip cancellation and trip interruption amounts, which are an aggregate limit per policy). Trips typically must last no more than 45 days, although some plans may cover trips of up to 90 days.

how much us travel insurance

See Allianz's coverage alert for current information on COVID-19 coverage.

Most Allianz travel insurance plans may cover preexisting medical conditions if you meet particular requirements. For the OneTrip Premier, Prime and Basic plans, the requirements are as follows:

  • You purchased the policy within 14 days of the date of the first trip payment or deposit.
  • You were a U.S. resident when you purchased the policy.
  • You were medically able to travel when you purchased the policy.
  • On the policy purchase date, you insured the total, nonrefundable cost of your trip (including arrangements that will become nonrefundable or subject to cancellation penalties before your departure date). If you incur additional nonrefundable trip expenses after purchasing this policy, you must insure them within 14 days of their purchase.
  • Allianz offers reasonably priced annual policies for independent travelers and families who take multiple trips lasting up to 45 days (or 90 days for select plans) per year.
  • Some Allianz plans provide the option of receiving a flat reimbursement amount without receipts for trip delay and baggage delay claims. Of course, you can also submit receipts to get up to the maximum refund.
  • For emergency transportation coverage, you or someone on your behalf must contact Allianz, and Allianz must then make all transportation arrangements in advance. However, most Allianz policies provide an option if you cannot contact the company: Allianz will pay up to what it would have paid if it had made the arrangements.

Purchase your policy here: Allianz Travel Insurance .

American Express Travel Insurance

American Express Travel Insurance offers four different package plans and a build-your-own coverage option. You don't have to be an American Express cardholder to purchase this insurance. Here are the four package options for my sample weeklong trip to Turkey. Unlike some other providers, Amex won't ask for your travel destination on the initial quote (but will when you purchase the plan).

how much us travel insurance

Amex's build-your-own coverage plan is unique because you can purchase just the coverage you need. For most types of protection, you can even select the coverage amount that works best for you.

how much us travel insurance

The prices for the packages and the build-your-own plan don't increase for longer trips — as long as the trip cost remains constant. However, the emergency medical and dental benefit is only available for your first 60 days of travel.

Typically, Amex won't cover any loss you incur because of a preexisting medical condition that existed within 90 days of the coverage effective date. However, Amex may waive its preexisting-condition exclusion if you meet both of the following requirements:

  • You must be medically able to travel at the time you pay the policy premium.
  • You pay the policy premium within 14 days of making the first covered trip deposit.
  • Amex's build-your-own coverage option allows you to only purchase — and pay for — the coverage you need.
  • Coverage on long trips doesn't cost more than coverage for short trips, making this policy ideal for extended getaways. However, the emergency medical and dental benefit only covers your first 60 days of travel.
  • American Express Travel Insurance can protect travel expenses you purchase with Amex Membership Rewards points in the Pay with Points program (as well as travel expenses bought with cash, debit or credit). However, travel expenses bought with other types of points and miles aren't covered.

Purchase your policy here: American Express Travel Insurance .

GeoBlue is different from most other providers described in this piece because it only provides medical coverage while you're traveling internationally and does not offer benefits to protect the cost of your trip. There are many different policies. Some require you to have primary health insurance in the U.S. (although it doesn't need to be provided by Blue Cross Blue Shield), but all of them only offer coverage while traveling outside the U.S.

Two single-trip plans are available if you're traveling for six months or less. The Voyager Choice policy provides coverage (including medical services and medical evacuation for a sudden recurrence of a preexisting condition) for trips outside the U.S. to travelers who are 95 or younger and already have a U.S. health insurance policy.

how much us travel insurance

The Voyager Essential policy provides coverage (including medical evacuation for a sudden recurrence of a preexisting condition) for trips outside the U.S. to travelers who are 95 or younger, regardless of whether they have primary health insurance.

how much us travel insurance

In addition to these options, two multi-trip plans cover trips of up to 70 days each for one year. Both policies provide coverage (including medical services and medical evacuation for preexisting conditions) to travelers with primary health insurance.

how much us travel insurance

Be sure to check out GeoBlue's COVID-19 notices before buying a plan.

Most GeoBlue policies explicitly cover sudden recurrences of preexisting conditions for medical services and medical evacuation.

  • GeoBlue can be an excellent option if you're mainly concerned about the medical side of travel insurance.
  • GeoBlue provides single-trip, multi-trip and long-term medical travel insurance policies for many different types of travel.

Purchase your policy here: GeoBlue .

IMG offers various travel medical insurance policies for travelers, as well as comprehensive travel insurance policies. For a single trip of 90 days or less, there are five policy types available for vacation or holiday travelers. Although you must enter your gender, males and females received the same quote for my one-week search.

how much us travel insurance

You can purchase an annual multi-trip travel medical insurance plan. Some only cover trips lasting up to 30 or 45 days, but others provide coverage for longer trips.

how much us travel insurance

See IMG's page on COVID-19 for additional policy information as it relates to coronavirus-related claims.

Most plans may cover preexisting conditions under set parameters or up to specific amounts. For example, the iTravelInsured Travel LX travel insurance plan shown above may cover preexisting conditions if you purchase the insurance within 24 hours of making the final payment for your trip.

For the travel medical insurance plans shown above, preexisting conditions are covered for travelers younger than 70. However, coverage is capped based on your age and whether you have a primary health insurance policy.

  • Some annual multi-trip plans are modestly priced.
  • iTravelInsured Travel LX may offer optional cancel for any reason and interruption for any reason coverage, if eligible.

Purchase your policy here: IMG .

Travelex Insurance

Travelex offers three single-trip plans: Travel Basic, Travel Select and Travel America. However, only the Travel Basic and Travel Select plans would be applicable for my trip to Turkey.

how much us travel insurance

See Travelex's COVID-19 coverage statement for coronavirus-specific information.

Typically, Travelex won't cover losses incurred because of a preexisting medical condition that existed within 60 days of the coverage effective date. However, the Travel Select plan may offer a preexisting condition exclusion waiver. To be eligible for this waiver, the insured traveler must meet all the following conditions:

  • You purchase the plan within 15 days of the initial trip payment.
  • The amount of coverage purchased equals all prepaid, nonrefundable payments or deposits applicable to the trip at the time of purchase. Additionally, you must insure the costs of any subsequent arrangements added to the same trip within 15 days of payment or deposit.
  • All insured individuals are medically able to travel when they pay the plan cost.
  • The trip cost does not exceed the maximum trip cost limit under trip cancellation as shown in the schedule per person (only applicable to trip cancellation, interruption and delay).
  • Travelex's Travel Select policy can cover trips lasting up to 364 days, which is longer than many single-trip policies.
  • Neither Travelex policy requires receipts for trip and baggage delay expenses less than $25.
  • For emergency evacuation coverage, you or someone on your behalf must contact Travelex and have Travelex make all transportation arrangements in advance. However, both Travelex policies provide an option if you cannot contact Travelex: Travelex will pay up to what it would have paid if it had made the arrangements.

Purchase your policy here: Travelex Insurance .

Seven Corners

Seven Corners offers a wide variety of policies. Here are the policies that are most applicable to travelers on a single international trip.

how much us travel insurance

Seven Corners also offers many other types of travel insurance, including an annual multi-trip plan. You can choose coverage for trips of up to 30, 45 or 60 days when purchasing an annual multi-trip plan.

how much us travel insurance

See Seven Corner's page on COVID-19 for additional policy information as it relates to coronavirus-related claims.

Typically, Seven Corners won't cover losses incurred because of a preexisting medical condition. However, the RoundTrip Choice plan offers a preexisting condition exclusion waiver. To be eligible for this waiver, you must meet all of the following conditions:

  • You buy this plan within 20 days of making your initial trip payment or deposit.
  • You or your travel companion are medically able and not disabled from travel when you pay for this plan or upgrade your plan.
  • You update the coverage to include the additional cost of subsequent travel arrangements within 15 days of paying your travel supplier for them.
  • Seven Corners offers the ability to purchase optional sports and golf equipment coverage. If purchased, this extra insurance will reimburse you for the cost of renting sports or golf equipment if yours is lost, stolen, damaged or delayed by a common carrier for six or more hours. However, Seven Corners must authorize the expenses in advance.
  • You can add cancel for any reason coverage or trip interruption for any reason coverage to RoundTrip plans. Although some other providers offer cancel for any reason coverage, trip interruption for any reason coverage is less common.
  • Seven Corners' RoundTrip Choice policy offers a political or security evacuation benefit that will transport you to the nearest safe place or your residence under specific conditions. You can also add optional event ticket registration fee protection to the RoundTrip Choice policy.

Purchase your policy here: Seven Corners .

World Nomads

World Nomads is popular with younger, active travelers because of its flexibility and adventure-activities coverage on the Explorer plan. Unlike many policies offered by other providers, you don't need to estimate prepaid costs when purchasing the insurance to have access to trip interruption and cancellation insurance.

World Nomads offers two single-trip plans.

how much us travel insurance

World Nomads has a page dedicated to coronavirus coverage , so be sure to view it before buying a policy.

World Nomads won't cover losses incurred because of a preexisting medical condition (except emergency evacuation and repatriation of remains) that existed within 90 days of the coverage effective date. Unlike many other providers, World Nomads doesn't offer a waiver.

  • World Nomads' policies cover more adventure sports than most providers, so activities such as bungee jumping are included. The Explorer policy covers almost any adventure sport, including skydiving, stunt flying and caving. So, if you partake in adventure sports while traveling, the Explorer policy may be a good fit.
  • World Nomads' policies provide nonmedical evacuation coverage for transportation expenses if there is civil or political unrest in the country you are visiting. The coverage may also transport you home if there is an eligible natural disaster or a government expels you.

Purchase your policy here: World Nomads .

Other options for buying travel insurance

how much us travel insurance

This guide details the policies of eight providers with the information available at the time of publication. There are many options when it comes to travel insurance, though. To compare different policies quickly, you can use a travel insurance aggregator like InsureMyTrip to search. Just note that these search engines won't show every policy and every provider, and you should still research the provided policies to ensure the coverage fits your trip and needs.

You can also purchase a plan through various membership associations, such as USAA, AAA or Costco. Typically, these organizations partner with a specific provider, so if you are a member of any of these associations, you may want to compare the policies offered through the organization with other policies to get the best coverage for your trip.

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

Is travel insurance worth getting?

Whether you should purchase travel insurance is a personal decision. Suppose you use a credit card that provides travel insurance for most of your expenses and have medical insurance that provides adequate coverage abroad. In that case, you may be covered enough on most trips to forgo purchasing travel insurance.

However, suppose your medical insurance won't cover you at your destination and you can't comfortably cover a sizable medical evacuation bill or last-minute flight home . In that case, you should consider purchasing travel insurance. If you travel frequently, buying an annual multi-trip policy may be worth it.

What is the best COVID-19 travel insurance?

how much us travel insurance

There are various aspects to keep in mind in the age of COVID-19. Consider booking travel plans that are fully refundable or have modest change or cancellation fees so you don't need to worry about whether your policy will cover trip cancellation. This is important since many standard comprehensive insurance policies won't reimburse your insured expenses in the event of cancellation if it's related to the fear of traveling due to COVID-19.

However, if you book a nonrefundable trip and want to maintain the ability to get reimbursed (up to 75% of your insured costs) if you choose to cancel, you should consider buying a comprehensive travel insurance policy and then adding optional cancel for any reason protection. Just note that this benefit is time-sensitive and has eligibility requirements, so not all travelers will qualify.

Providers will often require CFAR purchasers insure the entire dollar amount of their travels to receive the coverage. Also, many CFAR policies mandate that you must cancel your plans and notify all travel suppliers at least 48 hours before your scheduled departure.

Likewise, if your primary health insurance won't cover you while on your trip, it's essential to consider whether medical expenses related to COVID-19 treatment are covered. You may also want to consider a MedJet medical transport membership if your trip is to a covered destination for coronavirus-related evacuation.

Ultimately, the best pandemic travel insurance policy will depend on your trip details, travel concerns and your willingness to self-insure. Just be sure to thoroughly read and understand any terms or exclusions before purchasing.

What are the different types of travel insurance?

how much us travel insurance

Whether you purchase a comprehensive travel insurance policy or rely on the protections offered by select credit cards, you may have access to the following types of coverage:

  • Baggage delay protection may reimburse for essential items and clothing when a common carrier (such as an airline) fails to deliver your checked bag within a set time of your arrival at a destination. Typically, you may be reimbursed up to a particular amount per incident or per day.
  • Lost/damaged baggage protection may provide reimbursement to replace lost or damaged luggage and items inside that luggage. However, valuables and electronics usually have a relatively low maximum benefit.
  • Trip delay reimbursement may provide reimbursement for necessary items, food, lodging and sometimes transportation when you're delayed for a substantial time while traveling on a common carrier such as an airline. This insurance may be beneficial if weather issues (or other covered reasons for which the airline usually won't provide compensation) delay you.
  • Trip cancellation and interruption protection may provide reimbursement if you need to cancel or interrupt your trip for a covered reason, such as a death in your family or jury duty.
  • Medical evacuation insurance can arrange and pay for medical evacuation if deemed necessary by the insurance provider and a medical professional. This coverage can be particularly valuable if you're traveling to a region with subpar medical facilities.
  • Travel accident insurance may provide a payment to you or your beneficiary in the case of your death or dismemberment.
  • Emergency medical insurance may provide payment or reimburse you if you must seek medical care while traveling. Some plans only cover emergency medical care, but some also cover other types of medical care. You may need to pay a deductible or copay.
  • Rental car coverage may provide a collision damage waiver when renting a car. This waiver may reimburse for collision damage or theft up to a set amount. Some policies also cover loss-of-use charges assessed by the rental company and towing charges to take the vehicle to the nearest qualified repair facility. You generally need to decline the rental company's collision damage waiver or similar provision to be covered.

Should I buy travel health insurance?

how much us travel insurance

If you purchase travel with credit cards that provide various trip protections, you may not see much need for additional travel insurance. However, you may still wonder whether you should buy travel medical insurance.

If your primary health insurance covers you on your trip, you may not need travel health insurance. Your domestic policy may not cover you outside the U.S., though, so it's worth calling the number on your health insurance card if you have coverage questions. If your primary health insurance wouldn't cover you, it's likely worth purchasing travel medical insurance. After all, as you can see above, travel medical insurance is often very modestly priced.

How much does travel insurance cost?

Travel insurance costs depend on various factors, including the provider, the type of coverage, your trip cost, your destination, your age, your residency and how many travelers you want to insure. That said, a standard travel insurance plan will generally set you back somewhere between 4% and 10% of your total trip cost. However, this can get lower for more basic protections or become even higher if you include add-ons like cancel for any reason protection.

The best way to determine how much travel insurance will cost is to price out your trip with a few providers discussed in the guide. Or, visit an insurance aggregator like InsureMyTrip to quickly compare options across multiple providers.

When and how to get travel insurance

how much us travel insurance

For the most robust selection of available travel insurance benefits — including time-sensitive add-ons like CFAR protection and waivers of preexisting conditions for eligible travelers — you should ideally purchase travel insurance on the same day you make your first payment toward your trip.

However, many plans may still offer a preexisting conditions waiver for those who qualify if you buy your travel insurance within 14 to 21 days of your first trip expense or deposit (this time frame may vary by provider). If you don't need a preexisting conditions waiver or aren't interested in CFAR coverage, you can purchase travel insurance once your departure date nears.

You must purchase coverage before it's needed. Some travel medical plans are available for purchase after you have departed, but comprehensive plans that include medical coverage must be purchased before departing.

Additionally, you can't buy any medical coverage once you require medical attention. The same applies to all travel insurance coverage. Once you recognize the need, it's too late to protect your trip.

Once you've shopped around and decided upon the best travel insurance plan for your trip, you should be able to complete your purchase online. You'll usually be able to download your insurance card and the complete policy shortly after the transaction is complete.

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

Bottom line

Not all travel insurance policies and providers are equal. Before buying a plan, read and understand the policy documents. By doing so, you can choose a plan that's appropriate for you and your trip — including the features that matter most to you.

For example, if you plan to go skiing or rock climbing, make sure the policy you buy doesn't contain exclusions for these activities. Likewise, if you're making two back-to-back trips during which you'll be returning home for a short time in between, be sure the plan doesn't terminate coverage at the end of your first trip.

If you're looking to cover a sudden recurrence of a preexisting condition, select a policy with a preexisting condition waiver and fulfill the requirements for the waiver. After all, buying insurance won't help if your policy doesn't cover your losses.

Disclaimer : This information is provided by IMT Services, LLC ( InsureMyTrip.com ), a licensed insurance producer (NPN: 5119217) and a member of the Tokio Marine HCC group of companies. IMT's services are only available in states where it is licensed to do business and the products provided through InsureMyTrip.com may not be available in all states. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not create or modify any insurance policy terms in any way. For more information, please visit www.insuremytrip.com .

The Points Guy

The Points Guy

The 5 best cruise travel insurance plans

Posted: March 2, 2023 | Last updated: June 20, 2023

Need to cancel your trip last minute due to an accident or illness? Did your bags get delayed or lost? Do you need to exit the sailing early to take care of an emergency back home? Was there a mechanical issue with the ship that required a change of itinerary, causing you to miss your flight home?

For cruise news, reviews and tips, sign up for TPG’s cruise newsletter .

All of these contingencies and more can be covered; it’s just a matter of finding the best insurance policy for you. Here’s how to evaluate which plan is the right choice for you, as well as five of the best cruise travel insurance plans available.

The best cruise travel insurance plan will always be a 3rd-party option

No plan will meet the needs of all cruise travelers, so there is little benefit to booking the one insurance option recommended by your cruise line during the booking process other than convenience.

You’ll often find more affordable rates, comprehensive coverage and favorable terms utilizing third-party insurance companies. You’ll have a wide choice of plans, so you can pick the one that works the best for your situation.

If you’re wondering where the best place is to purchase third-party insurance, “No one comparison site is getting preferential deals,” says Stan Sandberg, co-founder of TravelInsurance.com . “Insurance carriers’ rates are the same anywhere.” However, these insurance comparison sites can help you directly compare the pricing and coverage of multiple policies by a range of preferred providers.

Look for the following coverage options and compare coverage amounts to determine which third-party plan is the best cruise insurance option for your upcoming trip.

Related: Cruise travel insurance: What it covers and why you need it

Trip cancellation

You’ll want to be reimbursed if an unexpected event forces you to cancel your cruise. Be sure to read the fine print of your policy, detailing which specific reasons for canceling your trip are covered and not covered.

Trip interruption and travel delays

You’ll also want to be covered if issues occur after travel begins. It’s important to find “a plan that offers trip interruption if something does happen during your trip, along with a plan that offers emergency medical evacuation, coverage for travel delays and missed connection benefits,” adds insurance expert Meghan Walch from InsureMyTrip .

Related: What happens if you miss your cruise

COVID-19 contingencies

Walch advises all travelers booking a cruise to consider a plan that includes cancellation coverage for COVID-19. Note that you’ll need more than a home test to file a claim. According to Walch, “You’ll need a doctor saying that you have been diagnosed with COVID and specify that you are unable to travel.”

In addition, look for coverage if you get sick and need to isolate away from home. “Some plans offer additional trip delay coverage, put in place as a result of needing additional or higher limits for instances that might include if the policyholder gets quarantined in a location,” Sandberg adds.

Cancel for any reason

A cancel-for-any-reason optional upgrade offers the most flexibility. You can get a refund of up to 75% if you cancel your voyage for reasons not usually covered by travel insurance. However, it adds about 40% to your premium and can only be purchased within a limited window of time after your cruise purchase.

Related: What happens if my cruise line changes my itinerary or ship?

Lost or delayed baggage

Baggage loss insurance covers your luggage if it is lost, damaged or stolen during your trip. In the case that you make it on the cruise and your bags do not, the insurance agency can assist with locating and redirecting the bags to your next port, reimbursing you for items you may need to purchase to get you through your travels while you are without your belongings and covering your losses in the case that the bag is actually gone for good.

Note that certain high-cost items such as electronics, luxury watches and fine jewelry are not always covered by baggage loss insurance. Consider purchasing additional coverage for such items or — better yet — keep those items with you at all times.

Health coverage

Medical coverage is another consideration. “Most domestic health coverage [including Medicare] does not cover travel abroad, so it is important to look at a travel insurance policy that offers medical coverage during your trip, just in case anything happens,” says Walch. “If you fall ill or are injured during the trip, it can be pretty expensive – even when going to the ship’s onboard medical facility.”

Related: How to avoid getting sick on a cruise

Hurricane coverage

Extreme weather and hurricanes are typically not covered if the cruise commences as scheduled, though you might be eligible for trip interruption coverage if weather cancels the cruise or cuts the itinerary short. There are also insurance plans that offer trip reimbursement if a destination on your itinerary is under a National Oceanic and Atmospheric Administration-issued hurricane alert or warning.

How much will cruise travel insurance cost?

Insurance pricing is dependent on the trip cost and the age of the insured travelers. Sandberg estimates that “travelers in their 30s or 40s can ballpark insurance coverage somewhere around 5% to 7% of the trip costs, with rates that can get lower depending on the extent of coverage.”

Insurance is a tiered product that gets more expensive as you age. “As you get older, that range can expand to 10% of trip costs,” notes Sandberg. “Adding bells and whistles, like ‘cancel for any reason’ [coverage], rates can rise to 11% to 12% of the cost of your trip.”

Related: How cruising newbies waste money on their 1st cruise

5 best cruise travel insurance plans

Following extensive research scouring the fine print, we’ve selected five of the best cruise insurance plans that will appeal to a variety of seagoing travelers.

All five plans provide coverage for COVID-19-related trip cancellation and interruption.

For the leisure cruiser: TravelSafe Classic Plan

TravelSafe’s Classic Plan is the best value all-around for the average cruiser, with superior coverage limits at a fair rate.

This plan’s coverage includes an impressive $1 million per person for medical evacuation and a high $2,500 coverage limit for bag loss. You have extra time – 21 days – from your initial deposit to add a cancel-for-any-reason upgrade to your plan. The accident and sickness medical coverage is primary, with coverage up to $100,000.

The policy’s $750-maximum trip delay coverage begins after a six-hour delay and includes kennel fees for up to $100 per day, along with coverage for additional meal and accommodation expenses.

For the budget conscious: AXA’s Silver Plan

AXA’s Silver Plan is the company’s entry-level offering, with more value added than most budget insurance options — most notably the company’s concierge service. Coverage under this plan includes robust trip cancellation and interruption coverage, both at 100% of the costs, along with $100,000 for emergency medical evacuation.

The plan also offers identity theft assistance in case your wallet or passport gets stolen while traveling, assisting with filing and obtaining police and credit reports, taking inventory of lost or stolen items, and even wiring emergency funds to you when you’re really in a bind.

You won’t have the option to purchase a cancel-for-any-reason add-on or opt in for a collision damage waiver on this lowest-tier plan.

For the luxury cruise traveler: John Hancock’s Gold Plan

John Hancock’s Gold Plan offers robust medical evacuation and repatriation coverage up to $1 million per person, ideal for those luxury cruises that rove to the farthest reaches of the globe. The plan has excellent baggage loss coverage at up to $2,500 per person, along with a low three-hour minimum travel delay ($1,000 per person, $200 daily limit) benefit.

Preexisting medical conditions are covered by this policy, though you must purchase your policy within 14 days of your trip deposit.

For increased medical coverage: Seven Corners’ RoundTrip Choice Plan

Seven Corners’ RoundTrip Choice Plan offers primary medical coverage for emergency accident and sickness medical expenses up to $500,000, while many other plans only offer secondary coverage. The plan’s medical evacuation coverage is high at $1 million, and preexisting conditions are covered with a few conditions that apply, namely that you purchase the policy within 20 days of your initial trip payment.

The policy also offers detailed, robust COVID-19 coverage, including reimbursement for medical care if you contract COVID-19 while traveling. Its coverage also includes meals, local transportation and lodging if you’re delayed six or more consecutive hours due to quarantining with COVID-19.

Coverage options on the plan may vary slightly depending on which U.S. state you claim as your residence.

For the adventurous cruiser: World Nomads’ Explorer Plan

World Nomads is one of the few insurance companies that will cover more than 200 adventure activities on your travels, including scuba diving, skydiving and bungee jumping. The coverage for the long list of activities includes emergency medical expenses while outside the U.S., medical evacuation and repatriation, along with trip interruption.

World Nomads’ Explorer Plan also offers $25,000 in coverage for nonmedical emergency evacuation for covered events, such as a natural disaster or political or security situations.

Travelers 70 and older are required to add a “Silver Nomads” policy, offered through TripAssure.

Bottom line

Cruising isn’t always a blissful week spent relaxing on the pool deck or snorkeling among multicolored reefs. Mishaps occur, whether it’s losing luggage, missing a flight or falling ill.

The best cruise insurance policies are the ones that won’t let you sail without a safety net, charging a fraction of your trip expenses in exchange for the peace of mind that there’s a plan in place should something go wrong. With a range of pricing and coverage options available, you can feel confident that you can find a policy to suit your travel needs.

Planning a cruise? Start with these stories:

  • The 5 most desirable cabin locations on any cruise ship
  • A beginners guide to picking a cruise line
  • The 8 worst cabin locations on any cruise ship
  • The ultimate guide to what to pack for a cruise
  • A quick guide to the most popular cruise lines
  • 21 tips and tricks that will make your cruise go smoothly
  • 15 ways cruisers waste money
  • The ultimate guide to choosing a cruise ship cabin

SPONSORED:  With states reopening, enjoying a meal from a restaurant no longer just means curbside pickup.

And when you do spend on dining, you should use a credit card that will maximize your rewards and potentially even score special discounts. Thanks to temporary card bonuses and changes due to coronavirus, you may even be able to score a meal at your favorite restaurant for free. 

These are the best credit cards for dining out, taking out, and ordering in to maximize every meal purchase.

Editorial Disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

The 5 best cruise travel insurance plans

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IMAGES

  1. Travel Insurance Market Size, Share & Growth Report, 2030

    how much us travel insurance

  2. How to Compare and Buy Travel Insurance Online

    how much us travel insurance

  3. Choosing Travel Insurance: Reviews, Costs & Best Providers

    how much us travel insurance

  4. How Does Travel Insurance Work

    how much us travel insurance

  5. Travel Insurance Explained

    how much us travel insurance

  6. Travel Insurance Explained

    how much us travel insurance

VIDEO

  1. How to take coverwise travel insurance

COMMENTS

  1. Average Cost of Travel Insurance in Jan. 2024

    The Nerds dove deep into over 50 real world coverage price points to get a clearer sense of typical travel insurance costs in 2023. On average, travelers should expect to pay 6.87% of their total ...

  2. Average Cost Of Travel Insurance 2023

    The average cost of travel insurance is 5% to 6% of your trip costs, according to Forbes Advisor's analysis of travel insurance rates. For a $5,000 trip, the average travel insurance...

  3. How to Find the Best Travel Insurance

    Find out whether you need travel insurance for your next trip, what it covers, and how to compare and shop for the best plan.

  4. Average Cost of Travel Insurance in December 2023

    Guides Travel Insurance Average Cost of Travel Insurance in December 2023 Travel insurance policies cost from $35 to $400+ depending on trip cost, duration, location, and group size....

  5. Travel Insurance Quotes

    As the nation's original travel insurance comparison site, InsureMyTrip has over 20 years of experience connecting travelers like you with the best policy for your trip. Our simple quote process helps you choose the right coverage by comparing top plans from trusted providers.

  6. Average Cost of Travel Insurance by Policy and Age

    The average cost of travel insurance in the U.S. is $148, but not all travel insurance policies are the same. Some are much more comprehensive than others and, consequently, the range of costs between them can be wide. The cost of a comprehensive travel insurance policy is 56% more, on average, than a basic travel insurance policy.

  7. How Much is Travel Insurance?

    we analyzed policies from 31 different providers, As of 2023, travel insurance plans typically cost about 5% to 6% of the total cost of your trip. This has always been a known figure in the...

  8. Travel Insurance: Compare & Quote Plans

    Progressive Insurance. Get a quote Or, call 1-855-347-3939. Compare the best travel insurance plans for your trip with comprehensive & specialized coverage. Plus, there's a Best Prices Guarantee and Money Back Guarantee.

  9. Best Travel Insurance Companies Of December 2023

    Nationwide - Best For Upgrades Seven Corners - Best Value For Robust Coverage Travel Insured - Best For Non-Medical Evacuation TravelSafe - Best For Missed Connection Coverage WorldTrips - Great...

  10. How Much Travel Insurance Do I Need?

    How much does travel insurance cost? On average, the cost of travel insurance will range from 4% to 10% of your trip's price. For example, if your trip costs $10,000, your travel insurance will likely run anywhere between $400 and $1,000. However, the cost can go much higher for premium coverage or CFAR policies that have fewer exclusions.

  11. Average Cost Of Travel Insurance 2023

    A couple, both age 40, will pay an average of $17 more than a single traveler of the same age. Travel group. Travel insurance cost. 1 adult. $294. 2 adults. $311. 2 adults and 2 kids. $323.

  12. 11 Best Travel Insurance Companies in December 2023

    On average, the price of each company's most basic coverage plan was $76.64. The costs displayed below do not include optional add-ons, such as Cancel For Any Reason coverage or pre-existing...

  13. Best Travel Medical Insurance Of 2023

    Atlas America - Best Overall Patriot America Lite - Best for Cost Patriot America Plus - Great for Trip Interruption Insurance Safe Travels USA Comprehensive - Best for Deductible Choices Seven...

  14. A Guide To Travel Insurance: Everything You Need To Know

    Travel insurance can vary a lot depending on how much coverage you're getting and how expensive your trip is. CoverTrip advises its customers that travel insurance plans cost between 4 to 10% of ...

  15. Best Annual Travel Insurance in December 2023

    The average cost for an annual travel insurance plan came out to $192, though you may notice that Seven Corners' basic coverage cost of $386 drove the average up. The plans ranged from $83-$200...

  16. How Much Is Travel Insurance in 2023?

    The cost of the trip helps the travel insurance company determine how much a claim might cost if something goes wrong. If your trip costs $3,000, you can expect your travel insurance to cost between $120 and $240. A trip that costs $10,000 will have insurance costs between $400 and $800.

  17. How Much Is Travel Insurance?

    Travel insurance costs an average of 4% to 8 % of your trip's cost and can provide important protections for unforeseen setbacks both before and during your trip. Read on to learn how to...

  18. Travel Insurance Costs Fall: December 18, 2023

    Many Americans who bought travel insurance last week are planning to take their trips abroad: 85% of travel insurance sales were for international trips. The average trip cost for international ...

  19. How Much Travel Insurance Costs (and When You Should Get It)

    You can get travel insurance from a number of sources: the airline or cruise carrier directly, an independent travel insurance agency, and, sometimes, your credit card. Travel insurance typically ...

  20. How Much Is Travel Insurance?

    A family of four traveling to Italy can expect to pay between $276 and $942 for travel insurance, depending on the policy and coverage limits they select. A group of 10, on the other hand, could expect to pay between $1,000 and $2,700. Again, these are only ballpark figures.

  21. 9 Affordable Travel Insurance Companies Worth the Cost

    Updated: Nov. 17, 2023 | Save World Nomads Travel Insurance » 4.3 U.S. News Rating Plan Name: Standard More Details View plans AXA Assistance USA » 4.2 U.S. News Rating Plan Name: Silver Plan...

  22. Travel Insurance Cost: This Week's Average Rates

    The average travel insurance premium this week is $285.16, dropped 2.5% compared to last week. For travel in the United States, the average premium is $102 to $391. Continue reading. Travel ...

  23. Average Cost Of Travel Insurance

    You can also use the following breakdown of the average cost of travel insurance, depending on the level of coverage your policy may fall into. Travel insurance policy. Average cost. Basic ...

  24. The best travel insurance policies and providers

    For a single trip, multiple trips or long term. Covered by most policies. $15/25. IMG. Single trip or multiple trips (travel insurance and travel medical insurance options are available). Waived under set conditions for travel insurance; covered but capped for single-trip travel medical insurance. $17/$94.

  25. How travel insurance could you save you thousands on unexpected ...

    Polices can cover treatment overseas-- and even an emergency evacuation. We looked at plans from several major travel insurance carriers and found the coverage costs for most traveler's range ...

  26. United Flight Delay Compensation—How To Get It

    When your flight is delayed by three hours or more or canceled (for reasons within United's control), you'll receive the following compensation: CAD$400 for a delay between three and six hours ...

  27. Best cruise insurance plans December 2023

    Trawick International's Safe Travels First Class plan provided excellent value, offering $3,910.23 per $1 spent on the average premium. With $1.15 million in total medical emergency, evacuation ...

  28. Do I Need Additional Health Coverage if I Travel Internationally?

    GeoBlue. " International Travel Health Insurance Coverage .". Accessed Nov. 9, 2023. You will likely need additional health coverage if you plan on traveling outside of the United States since ...

  29. The 5 best cruise travel insurance plans

    The 5 best cruise travel insurance plans. Story by Zachary Laks • 9mo. Markets today. INX ‎ +0.17% ‎. DJI ‎ -0.05% ‎. COMP ‎ +0.19% ‎. MSN has partnered with The Points Guy for our ...