- The average cost of travel insurance for US travelers is $298 per trip – based on travel insurance sales data for the past 12 months (July 2023 – July 2024).
- Data from July 2023 - July 2024 shows that despite the overall cost of travel going up, travelers are increasingly finding better deals on travel insurance than in previous years.
- How much you pay for travel insurance will depend on specific factors such as your total trip cost, destination, type of plan, and more.
- We recommend you aim to spend less than 6% of your total trip cost when buying travel insurance to ensure you are getting a fair deal. Anything less than 6% is considered a great deal.
- Long-term data we have been tracking since April 2022 shows that on average, Americans spend 4.5% of their total trip cost on travel insurance – below the industry standard of 5% - 6%.
- Using a travel insurance comparison tool is a great way to find the lowest prices on travel insurance policies.
When you buy something using links found on our site, we may earn a small affiliate commission. This content is reviewed & supervised by The Los Angeles Times Commerce Team.
On This Page
- Key Takeaways
- What is the average cost of travel insurance in 2024?
- Average cost of travel insurance by destination
- 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
- Recommended articles
- Related topics
On This Page
- Key Takeaways
- What is the average cost of travel insurance in 2024?
- Average cost of travel insurance by destination
- 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
- Recommended articles
- Related topics
How Much is Travel Insurance? | Average Cost In 2024
Holly D. Johnson - Personal Finance
+ 1 other
Reviewed By
Blake Esken - Los Angeles Times
Understanding the average cost of travel insurance is key to identifying how much travel insurance could cost you.
To help you choose the best travel insurance for your needs, we analyzed policies from over 20 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 policies over the last year.
Travel insurance policies typically cost between 5% to 6% of the total cost of your trip. This has always been a known figure in the travel industry. However, our review of travel insurance quotes from top providers via Squaremouth shows that from July 2023 - July 2024, this figure was closer to 4.5% as travelers are finding better deals thanks to comparison tools and similar services.
Ultimately, how much you end up paying for travel insurance depends on the specific details of your trip, but 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.
What is the average cost of travel insurance in 2024?
The average cost of travel insurance for US travelers is around $298. This is based on a study of insurance sales data from over 20 travel insurance providers from July 2023 - July 2024.
However, when comparing the average travel insurance prices over the last year, we can see that the cost of travel insurance has steadily dropped month over month, reaching an all-time low in June 2024 at around $280 per premium.
For reference, here is a graph showing the changes in the average cost of travel insurance over the last two years.
Average Cost of Travel Insurance by Month (2022 - 2024)
Your trip cost is one variable that greatly influences the cost of travel insurance. However, over the last two years, travel spending has increased and reached an all-time high in February of 2023 when American spent an average of $7,612 per trip. Despite the increasing cost of trips, we have seen a decrease in the price of travel insurance plans, meaning travelers are increasingly able to find better deals on travel insurance.
Average Trip Cost by Month (2022 - 2024)
On average, travel insurance policies cost around 5%-6% of your total trip cost, and the average trip cost for US travelers from July 2023 - July 2024 was $6,852. The average travel insurance premium during the same period was $298, which shows that the average traveler spent only 4.5% of their trip cost on travel insurance, lower than the normal industry average.
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.
Advertiser Disclosure
Our top picks for travel insurance
Best Overall
Seven Corners
GET A QUOTE
via Squaremouth’s secure website
Preferred Plan
Trip Protection Choice
Covers COVID
YES
Medical & Evacuation Limits Per Person
$500,000
/
$1,000,000
Best for Customer Service
Faye Travel Insurance
Check Pricing
via the Faye website
Preferred Plan
Faye Travel Protection Plan
Covers COVID
Yes
Medical & Evacuation Limits Per Person
$100,000
/
$500,000
Best for "A Bit of Everything"
Tin Leg
GET A QUOTE
via Squaremouth’s secure website
Preferred Plan
Gold
Covers COVID
YES
Medical & Evacuation Limits Per Person
$500,000
/
$500,000
Average cost of travel insurance by destination
The table, below, shows the average cost of travel insurance for visiting different countries. The average cost per day was found using internal sales data for each destination for the past year.
| Destination | Average Travel Insurance Cost Per Day |
|---|---|
| Antarctica | $31.57 |
| Australia | $8.07 |
| Bahamas | $15.61 |
| Brazil | $13.98 |
| Canada | $14.56 |
| Costa Rica | $11.67 |
| Cuba | $14.00 |
| Dominican Republic | $10.38 |
| Ecuador | $40.52 |
| France | $7.30 |
| Germany | $11.54 |
| Greece | $9.55 |
| India | $12.16 |
| Indonesia | $4.04 |
| Ireland | $15.12 |
| Italy | $13.45 |
| Jamaica | $13.65 |
| Japan | $10.45 |
| Kenya | $21.16 |
| Mexico | $11.75 |
| Peru | $13.03 |
| Philippines | $6.30 |
| Portugal | $8.61 |
| South Africa | $19.08 |
| Spain | $9.23 |
| Switzerland | $17.44 |
| Tanzania | $50.89 |
| Thailand | $4.88 |
| Turkey | $6.71 |
| United Kingdom | $8.98 |
| United States | $27.73 |
| Vietnam | $5.18 |
*Internal sales data from LA Times visitors that purchased travel insurance from 09/2023 - 09/2024 where at least 20 policies were sold.
Factors that impact the cost of travel insurance
As we’ve seen above, prices fluctuate depending on your trip details and how much coverage you want.
Trip cost
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. For example, you’ll pay a more for a trip to Spain that lasts two weeks 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.
Examples of cost fluctuations based on trip details
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
- Add-ons
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:
| Average Trip Cost (Single Traveler) | Average Travel Insurance Premium | Percentage of Trip Cost |
|---|---|---|
| $1,000 | $60.05 | 6% |
| $2,500 | $118.51 | 5% |
| $5,000 | $220.07 | 5% |
| $10,000 | $487.25 | 5% |
| $20,000 | $1,067.20 | 5% |
| $30,000 | $1,750.89 | 6% |
| $40,000 | $2,269.44 | 6% |
| $50,000 | $2,756.73 | 6% |
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:
| Traveler Age | Average Travel Insurance Premium ($2,500 Trip) | Percentage of Trip Cost |
|---|---|---|
| 20 | $94.20 | 4% |
| 30 | $95.53 | 4% |
| 40 | $123.32 | 5% |
| 50 | $134.44 | 5% |
| 60 | $177.01 | 7% |
| 65 | $191.30 | 8% |
| 75 | $308.10 | 12% |
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 answer how much is travel 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:
| Travel Insurance Company | Budget Plan | Mid-Tier Coverage | Premium Coverage |
|---|---|---|---|
| AXA Assistance USA | $107 | $127 | $177.27 |
| Battleface | $51.68 | $73.08 | $138.52 |
| Generali Global Assistance | $101.25 | $117.45 | $135 |
| HTH Worldwide | $101.81 | $122.75 | $165.32 |
| IMG | $87.77 | $100.43 | $183.06 |
| John Hancock Insurance Agency | $132 | $140 | $185 |
| Nationwide | $97.42 | $122 | $140 |
| Tin Leg | $92.69 | $169 | $203 |
| Trawick International | $90.35 | $124.58 | $126.70 |
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.
| Travel Insurance Plan | Cost without CFAR | Premiums with CFAR Coverage Included | Percentage of Increase with CFAR Coverage |
|---|---|---|---|
| Berkshire Hathaway Travel Protection LuxuryCare | $444 | $609.96 | 38% |
| HTH Worldwide TripProtector Preferred | $275.01 | $412.52 | 50% |
| John Hancock Insurance Agency Silver | $236 | $354 | 50% |
| Nationwide Cruise Luxury | $248 | $372 | 50% |
| Seven Corners RoundTrip Choice | $326 | $462.92 | 45% |
| Tin Leg Gold | $274 | $411 | 50% |
| Travelex Travel Select | $316 | $442.40 | 40% |
| Trawick International Safe Travels Voyager | $207.62 | $352.94 | 65% |
| USA Affinity Ruby | $280 | $420 | 50% |
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.
How much should I spend on travel insurance?
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.
Advertiser Disclosure
FAQ: cost of travel insurance
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.
About the Author
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.
Explore related articles by topic
You’ve viewed 3 of 3 articles
LOAD MORE