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The average cost of travel insurance has decreased, according to travel agency Squaremouth. The average premium is currently $266.76, down from $285.59 last week. Keep in mind that where you’re traveling and how many people are taking the trip will affect your exact rate.
Travel insurance weekly rates at a glance:
Average premium: $266.76
Average trip cost: $5,649.09
Average trip length: 16 days
Average cost of travel insurance by most popular destinations
Some countries are naturally more expensive travel destinations due to higher flight and lodging costs, which could ultimately increase your travel insurance costs. But when controlled for cost, the destination doesn’t change how much you’ll spend to insure your trip.
Here’s how the prices stack up:
When people are buying travel insurance
According to an AAA travel survey88% of travelers say that reimbursement after a trip cancellation is the most valuable benefit of trip insurance.
According to data gathered by SquareMouth in the last six months, travelers tend to purchase cancellation travel insurance 53 days before their trip. Meanwhile, travelers without cancellation insurance will purchase a policy approximately 16 days before their trip.
Average cost of travel insurance by age
A traveler’s age is a significant factor in determining the cost of travel insurance. The older a traveler is, the more cost is associated with the trip. For instance, a senior 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.