Weekly travel insurance rates: October 18 | Premiums go up

Weekly travel insurance rates: October 18 | Premiums go up

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Travel insurance rates decreased over the last several weeks, but now they’re creeping back up — likely because the holidays are just around the corner and travel expenses are rising in general. According to travel agency Squaremouth, the current average travel insurance premium is $315.76.

Travel insurance weekly rates at a glance: 

Average premium: $315.76

Average trip cost: $6,135.92

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:

Country Average trip cost Average cost of travel insurance
United States $3,649.69 $134-$268
Mexico $2,829.03 $113-$226
Italy $4,526.39 $181-$362
Israel $3,499.86 $140-$280
France $3,935.56 $157-$314
Spain $3,471.73 $139-$278
Canada $2,263.61 $90-$180
Bahamas $3,305.58 $132-$264
Germany $3,724.26 $149-$298
Portugal $3,101.97 $124-$248

Source: SquareMouth

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 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. 

Policy type Average days between purchase to trip Average Trip length (days) Average trip cost Average cost of travel insurance
Cancellation 53 13 $5,949.67 $365.32
Non-cancellation 16 21 N/A $96.98

Source: SquareMouth

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.

Generation  Average cost of trip Average cost of travel insurance
Gen Alpha (born 2013 or later) $1,270.84 $51-$102
Gen Z (born 1997 through 2012)  $1,925.08 $77-$154
Millennial (born 1981 through 1996) $1,830.08 $73-$146
Gen X (born 1965 through 1980) $2,236.51 $89-$178
Baby Boomers (born 1946 through 1964)  $2,752.74 $110-$220
Silent generation (born 1945 or before)  $2,915.19 $117-$234

Source: SquareMouth

What does travel insurance cover? 

Travel insurance can help reimburse you for non-refundable parts of your trip or help you if you’re injured or face an emergency.

Travel insurance policies cover six main things: 

  • Trip cancellation or interruption
  • Trip delays
  • Medical costs while traveling
  • Baggage damage, delays, or loss
  • 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 both come with some travel coverage, including trip cancellation, interruption, and delay coverage, baggage delays, rental cars, accidental death, and dismemberment coverage. 

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

Read the original article on Business Insider

This content was originally published here.

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