How much does travel insurance cost? You might be surprised!

Travel insurance is not just not one size fits all and as a result, the price and conditions of a policy can vary. To be aware of what plans are affordable, it is beneficial to have a basic understanding of travel insurance cost guidelines.

In general, a package can cost between 4% and 10% of your overall prepaid, non-refundable trip cost. For example, if you paid $5,000 for a flight, the travel insurance plans offered to you would usually cost between $250 and $500, based on a lot of different factors.

For example, if you paid $5,000 for a flight, the travel insurance plans offered to you would usually cost between $250 and $500, based on a lot of different factors.

Travel insurance cost comes in a variety of forms:

There are several different kinds of travel insurance policies, and deciding which one to choose can be difficult if you don’t know what each one covers.

Travel Accident Insurance: This policy protects you and your families with term life insurance as well as sudden death and dismemberment. This includes unanticipated and accidental losses resulting from transit, logistics or airline disasters.

Travel Medical Insurance: Travel medical insurance is a kind of add-on that covers medical, dental, and evacuation expenses while you’re on the road. This travel insurance is inexpensive because it excludes a slew of other costs, such as trip cancellations.

Medical Evacuation Insurance: This form of policy is designed to cover the costs of medical evacuation and repatriation. It may cover the expense of an emergency care reunion and the return of any small children if you are hospitalized while traveling with your family.

Package Travel Insurance: Package policies are tailored to the specific needs of all types of passengers. Evacuations, baggage issues, medical and dental bills, sending minors overseas, and travel cancellations, disruptions, and interruptions are also covered by most plans.

Annual & Specialty Travel Insurance: Annual travel insurance is close to travel insurance except that it protects all of the journeys for the whole year rather than just one. Any of these proposals are renewable.  Specialty travel insurance covers specific facets of a holiday, such as auto rentals and term life insurance, in addition to the advantages you do have. When you’re worried about a particular danger, this type of plan is perfect.

Average Travel Insurance Cost

The age of the passengers has a significant impact on travel insurance cost, as travel insurance premiums tend to rise with age. The number of people on your vacation and the money you spend on it would both affect how much it costs to insure it.

Example travel insurance cost by trip cost:

Pre-booked trip costs Average travel insurance cost
$2,500 $91.86
$5,000 $166.87
$10,000 $306.87
$15,000 $805.50

The more you spend on your hotels, flights, and pre-booked activities, and the longer you’re traveling, the more you’ll spend to insure your trip.

 Example travel insurance cost by destination:

Destination Average travel insurance cost
United Kingdom $91.80
Thailand $91.63
Mexico $89.21
France $91.86
Israel $92.52
South Africa $91.86

When controlled for cost, the destination doesn’t change how much you’ll spend to insure your trip.

 Example travel insurance cost by age

Traveller age Average travel insurance cost
20 $91.86
30 $91.86
40 $116.52
50 $116.52
60 $145.52

The older you are, the more travel insurance costs.

Example travel insurance cost by number of travellers

Travelers Average travel insurance cost
One adult $91.86
Two adults $125.71
One adult, one child $131.17
Two adults, one child $147.50
Two adults, two children $147.50
Two adults, three children $154.17

In general, the travel insurance cost is affected by the number number of people people travelling with you, and this may be due to the fact that the cost rises as the number of people grows.

The factors that influence travel insurance cost

  1. Net trip costs: If your coverage offers trip cancellation or trip interruption incentives, the amount of travel insurance will be measured in part by the total trip costs. It makes sense: a $25,000 luxurious safari costs a lot more to refund than a $5,000 beach house rental if you file a claim for a covered travel cancellation.

Make sure you enter travel costs correctly when getting a quote. The net cost of your journey includes not only airfare and accommodation, but also any travel costs you incur before your departure date. Tour fees, exhibition tickets, amusement park cards, cruise ship excursions, and so on are examples of these expenses.

  1. Age: The expense of travel insurance, like all other type of insurance, is determined by the risk involved. Since older passengers are more likely to have health issues, the cost of travel insurance increases as they become older. However, this would not rule out the possibility of purchasing travel insurance for senior citizens. Request a quote and compare plans to determine which one best suits your needs.
  2. Travel Frequency: This relates to the kind of travel insurance you choose. You may select a policy that protects a single trip or, whether you fly often, a multi-trip policy that stays valid for a fixed amount of time regardless of how many trips you take. A multi-trip policy would, unsurprisingly, cost more than a single-trip policy.
  3. Pre-Existing Medical Conditions: After purchasing travel insurance, insurers seldom inquire about your medical history. Your medical condition has no bearing on the price you’ll have to pay. If you have a pre-existing illness, though, your travel health care policy may or may not cover any situations that arise as a result of it.

If you choose travel health insurance that includes compensation for pre-existing medical conditions, you can expect to pay a higher fee. You must also report the illness before purchasing the insurance policy. Upon disclosure, the insurance will request a more comprehensive medical history, which will be used to determine your premium.

Save money on travel insurance by selecting the correct agent

There are a LOT of insurance agencies in the country. In your quest for a dependable and economical service, you’ll come across hundreds of them.

Certain firms’ policies vary and have varying types of compensation depending on whether you borrow a taxi, book a hotel, or book a flight directly or via a travel agency.

Ask a couple of questions and read the fine print to see what’s protected (for example, how they describe “travel companion” or “family member” — your great-aunt does not qualify).

You will come across a fantastic provider that will gladly answer these questions in order to assist you in selecting the best travel insurance package in terms of cost savings.

If you are unable to locate any, please contact Tenzing. We are still willing to assist!

Have any question ?

For any inquiries relating to our insurances feel free to speak to us during business hours.

    Patrik Shore Tenzing Pacific Services

    Patrik Shore

    Senior Advisor
    From Sweden & New Zealand
    7 years' insurance experience
    Joined Tenzing in 2019
    Crim Science
    Speaks English and Swedish

    Speciality:
    - Savings Plans
    - Health Insurance
    - Life Insurance