Travel insurance is not one-size-fits-all, so the price and conditions of a plan will vary. However, it may be useful to understand pricing guidelines to plan your travel insurance purchase.
In general, you should expect a plan will cost anywhere from 4%-10% of your total pre-paid, nonrefundable trip cost. For example, if you purchased a trip with a total cost of $5,000, travel insurance policies available to you will likely range in price from $250-$500, depending on variables.
Factors of Travel Insurance Rates
The providers will use a few pieces of personal information, other than the cost of your trip, to calculate the cost of a plan:
- Age of the travelers
- Number of travelers
- Length of travel
- Type of coverage
The age of the travelers is considered one of the most important of the four factors. Typically, a traveler that is over the age of 65 can expect increased rates. If you are traveling with minors, you may be able to add them to the plan at no additional cost, or at a lower rate – depending on the travel insurance company.
The number of travelers and length of travel can often increase the rates of the plans. This is because, with more variables, there is more risk attached to the plan. For instance, if you are traveling overseas for 21 days, as opposed to only seven, you are opening yourself up to more medical risks and risk of travel interruption. These are both reasons to use your plan. The same can be said if you are traveling with four to five people, as opposed to just two.
The type of coverage you choose will also change the rate. A basic, no-frills comprehensive plan will naturally cost less than one that includes a myriad of optional benefits like Cancel for Any Reason or rental car collision coverage. Similarly, higher coverage limits for medical expenses or medical evacuation will increase the rate over a plan with lower amounts of coverage.
Some providers may also take other factors into account which is why the policy premium may differ from trip to trip.
The Right Travel Insurance Plan
The plan rate should not deter you from purchasing the coverage that you feel you need to fully protect your trip. InsureMyTrip has hundreds of plans for all different types of travelers. The kind of protection needed by a traveler who intends to hike the Himalayas, for example, is vastly different from that needed by a family taking a short cruise to the Bahamas.
It’s not only important to compare travel insurance rates, but also coverage. This will ensure you are finding the right travel insurance plan for your trip. It can be helpful to compare travel insurance plans that offer you similar levels of coverage and are appropriate for your needs. Don’t be swayed by a lower-priced plan with benefits that don’t suit you completely; or, likewise, high-priced plans that over insure your trip.
Disclaimer: The information contained in this article serves as a general overview of benefits and should only be used for informational purposes. Refer to your individual certificate of insurance for specific coverages, exclusions and benefits. When in doubt, please contact one of our licensed agents for additional assistance.
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Question
How do I estimate the cost for a trip? I know that I should include the air fare and tour cost. But what about any rental car cost, which I could cancel if the trip was cancelled in advance? Should I include that cost because it might relate to coverage?
By Jeff - August 10, 2019
Answer
You can insure all prepaid non-refundable travel arrangements paid for prior to departure, including the cost of a prepaid non-refundable rental car. If the trip is cancelled for a covered reason listed in the policy certificate, you are reimbursed 100% of the trip cost insured.
By MattG - August 12, 2019
Question
Do I need insurance for an Alaskan Cruise if I would need medical care on the ship ? We live in Missouri .
By MarlaO - March 7, 2020
Answer
If you have medical insurance that covers you in the United States you shouldn't need any travel medical insurance, but it is included with all comprehensive policies we offer. Comprehensive Plans are the most widely known form of coverage and are often called package plans. Typically, a Comprehensive Plan will offer a variety of benefits for travelers, covering a wide range of concerns. Most provide coverage for Trip Cancellation, Trip interruption, Baggage loss, Medical, Dental, Emergency Evacuation, 24 Hour Traveler Assistance, Baggage Delay, Travel Delay, and Accidental Death.
By MattG - March 9, 2020
Question
My wife and I will be flying to India together this December, but returning separately a few weeks apart. Does travel insurance cover us both, or are the plans and costs separate ?
By PopatlalA - October 24, 2021
Answer
If you do not depart and return on the same dates for the trip, you will need to obtain separate policies. You can only be listed on the same policy together if you live in the same state and travel on the same dates, please keep in mind.
By MattG - October 25, 2021
Question
We are taking our 75-year old parents on an 9-day trip to Kawa'i in May. What if one of them gets sick prior to the trip and cannot go...if we have a group of 8 policy, can we all cancel and get reimbursed?
By DaveJ - December 26, 2022
Answer
Yes. If one traveler has to cancel the trip for a covered reason such as an unforeseen illness of one the travelers, all other travelers who are insured are also covered to cancel as well. Trip Cancellation reimburses 100%. To see all of the covered reasons to cancel or interrupt your trip, please click on the dollar amount that appears under the words "Trip Cancellation" when viewing a quote.
By MattG - December 27, 2022
Question
I’d like to purchase an annual plan for my husband and myself. We have quite a bit of travel planned the next two years, mostly cruising.
By PamelaD - June 27, 2023
Answer
We do provide annual medical policies for trips that take place outside of your home country. Typically, the trips cannot be longer than 70 days per trip with most plans. To obtain a quote, please fill out the quote form with your very first trip's details and once you arrive on the results page, please click on the “International Medical” filter on the left side of the page and look for the plans that are labeled “multi trip". Our multi-trip medical plans provide both medical and medical evacuation coverage. If you wanted trip cancellation and other travel protection benefits, that has to be purchased on a per trip basis.
By MattG - June 27, 2023
Question
We are planning to take a B2B cruise for 30 consecutive days, the first Caribbean leg is 16 days and the next 14 days are an Alaskan cruise, on the same ship. Will we need 2 policies or do we just list day we leave our home as day 1 and day we return home included in our travel?
By Angie - February 22, 2024
Answer
You will only need one policy to cover both cruises. Please make sure the travel dates reflect the date you leave and return home for the trip, and the trip cost can include all prepaid non-refundable travel arrangements paid for prior to departure from home.
By MattG - February 27, 2024