Travel insurance rates today: July 5, 2022

The average cost of travel insurance continues to rise in July. Last week, the average cost of travel insurance was $259.52. As of July 5, 2022, the average travel insurance premium is $264.10 per trip, according to data from SquareMouth, a travel insurance agency.

Of course, several factors will influence your premium. Older travelers, trips with more travelers and expensive trips will increase the cost of travel insurance.

Weekly travel insurance rates at a glance:

Average premium: $264.10 (per trip)

Average trip cost: $6,004.51

Average duration of the trip: 17 days

Average cost of travel insurance per trip

The more you spend on your pre-booked hotels, flights and activities, and the more you travel, the more you’ll spend to secure your trip.

According to the US Travel Insurance Association“Travel insurance typically costs 4% to 8% of the total trip. The cost is based on the length of the trip, the destination and the age of the policy holder.”

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When controlled for cost, the destination does not change how much you will spend to insure your trip. It’s worth noting that some countries are naturally more expensive with flight and accommodation costs, which could ultimately increase your travel insurance costs.

This is how prices stack up:

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When people are buying travel insurance

According to a AAA Travel Survey88% of travelers say that reimbursement after a trip cancellation is the most valuable benefit of travel insurance.

According to data collected by SquareMouth over the past six months, travelers tend to purchase cancellation travel insurance 53 days before their trip. For their part, travelers without cancellation insurance will take out a policy approximately 16 days before their trip.

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Average cost of travel insurance by age

The age of a traveler is an important factor in determining the cost of travel insurance. The older the traveler, the higher the cost associated with the trip. For example, older travelers may need more insurance for health-related emergencies than a millennial.

When calculating your travel insurance premium, travel insurance providers consider the likelihood of a medical emergency.

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What does travel insurance cover?

Travel insurance can help reimburse you for non-refundable portions of your trip or help if you are injured or have an emergency. Travel insurance policies cover six main things:

  • Cancellation or interruption of the trip
  • travel delays
  • Medical expenses during the trip
  • Damage, delay or loss of baggage
  • emergency transport
  • Rental car damage

If you have a credit card, you may already have access to some of these coverages without purchasing a separate travel insurance policy. Many airline credit cards or travel credit cards come with trip cancellation, delay coverage, and baggage coverage. For example, the Chase Sapphire Reserve and Chase Sapphire Preferred cards come with some travel coverage, including cancellation, trip interruption and delay coverage, baggage delays, rental car, accidental death and dismemberment coverage.

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Before you get a travel insurance policy, it’s essential to make sure the terms match your needs or concerns. During the COVID-19 pandemic, that’s especially important: each travel insurance company has unique refund rules and cancellation rules due to this event. Read the fine print on any travel insurance policy before you buy.