Travel insurance rates today: September 20, 2022

Travel insurance rates today: September 20, 2022

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According to Squaremouth Travel Insurance Agency, the average travel insurance premium is currently $267.47. That’s slightly more than last week, but significantly less than last month, reflecting that we’re almost at the official end of summer.

Weekly travel insurance rates at a glance:

Average Premium: $267.47

Average trip cost: $5,695.14

Average duration of the trip: 16 days

Average cost of travel insurance by most popular destinations

It’s worth noting that some countries are naturally more expensive with flight and accommodation costs, which could ultimately increase your travel insurance costs. But when cost is controlled, the destination doesn’t change how much you’ll spend to insure your trip.

This is how prices stack up:

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When people are buying travel insurance

According to an AAA travel survey, 88% 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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Insider Featured Travel Insurance Companies

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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, an older traveler 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 transportation
  • 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 offer 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, car rental, accidental death and dismemberment coverage.

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.

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