Weekly travel insurance rates: October 4 | Premiums keep dropping

Weekly travel insurance rates: October 4 | Premiums keep dropping

Insider’s experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page.

Travel insurance rates continue to drop as we move into October. According to data from travel agency Squaremouth, the average premium is down 8.7% from a month ago. If you’re planning a trip this fall, you’ll likely pay less to insure it than you would if you traveled during the summer.

Travel insurance weekly rates at a glance: 

Average premium: $247.42

Average trip cost: $5,738.09

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:

Country Average trip cost Average cost of travel insurance
United States $3,548.90 $142-$284
Mexico $2,938.57 $118-$236
Italy $4,573.03 $183-$366
Israel $3,406.92 $136-$272
France $3,996.84 $160-$320
Spain $3,521.33 $140-$280
Canada $2,545.57 $102-$204
Germany $3,391.75 $136-$272
Greece $4,422.86 $177-$354
Portugal $3,348.93 $134-$68

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 $360.62
Non-cancellation 16 21 N/A $98.68

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) $1,317.25 $53-$106
Gen Z (born 1997 through 2012)  $1,821.41 $73-$146
Millennial (born 1981 through 1996) $1,899.17 $76-$152
Gen X (born 1965 through 1980) $2,238.75 $90-$180
Baby Boomers (born 1946 through 1964)  $2,698.19 $108-$216
Silent generation (born 1945 or before)  $2,874.45 $115-$230

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.

Related Articles


Your email address will not be published. Required fields are marked *