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How much does travel insurance cost?

How much does travel insurance cost?Travel insurance costs vary widely depending on the type of trip and the amount of travel insurance you buy. Travel insurance costs can also differ from one travel insurance company to the next, so it can pay to get multiple quotes before you buy your travel insurance.

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There are basically three types of travel insurance. First there is the general travel for vacations or businesses. Next there is family travel, which takes coverage for kids into consideration and often offers budget packages. Third there is cruise travel, which usually has higher coverage.

Depending on your particular trip, your travel insurance can cost anywhere from $50 all the way up to $1,000. The number of travelers, the ages of the travelers, the starting destination, and the ending destination will all weigh heavily into the cost of your travel insurance.

Travel Insurance Cost Examples

In order to get a feeling of the true costs of travel insurance, this section will give you some sample quotes, addressing all the different types of travel mentioned above. These are not firm quotes and are just intended to provide you with some ballpark examples.

For general travel, let’s say you have two adults taking a one week trip. You live in Chicago, Illinois and you are traveling to New York City, New York for part business, part pleasure. Your trip is estimated to cost $2,000. For $65 you can get 100% trip insurance coverage for trip cancellation or trip interruption.

Additionally you can get:

  • $500 per person for travel delay
  • $750 per person for a baggage claim
  • $10,000 in emergency medical and dental

The deductible for baggage loss and medical or dental is only $50 per person.

If you are a family of three going to Florida for two weeks and you estimate your trip will cost $5,000, then you can expect to pay $200 to $700 for travel insurance, depending on how much coverage you elect. You can elect to just by medical and dental emergency or just flight travel insurance.

Taking your lifelong dream cruise could cost you $10,000, so it may be worth considering the additional $500 in travel insurance costs. Cruises can be risky, especially in terms of medical emergencies. With travel insurance you can get $500,000 per person and pay no deductible.

There is a lot of flexibility in travel insurance plans, so you can pick and choose the components that bring you the most assurance. Buying travel insurance should bring you peace of mind, not remorse.

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Shopping Around for Travel Insurance

Before buying travel insurance, be sure you shop around to make sure you are getting the best rate for the coverage you are buying. It is also important to confirm the legitimacy of the travel insurance company.

A travel insurance company that does not have a strong reputation or is on the verge of bankruptcy may give you a really good price on your insurance. However, if they are not there to pay out your claim then that good price will end up costing you much more.

Insurance companies are rated by several independent quality control companies, such as A.M. Best. Make sure the insurance company you select has a strong financial rating to indicate its stability.

Controlling Travel Insurance Costs

As you prepare for your trip, consider all of the factors involved with your travel to decide if and how much travel insurance you may need. If you are traveling for business, your employer may already have travel insurance for you, negating the need for you to buy excess insurance.

Your car insurance provider may cover auto rental collision, so you may not need a travel insurance policy that duplicates that coverage. Your health insurance may cover emergencies out of state or abroad, so that could very well affect how much medical travel insurance you need.

Even your credit cards may provide you with some travel insurance. For instance, if you have a travel rewards card it may come with insurance for trip cancellation, lost baggage, or even some medical coverage.

Once you determine the protection you already have from your various current policies, then you can decide what you need from the travel insurance company. If you only buy what you need, then the travel insurance won’t cost as much and you will feel more at ease with the decision to purchase this additional expense.

In the scheme of a whole trip, your travel insurance will cost approximately 5% of your travel expense. You can shop now for travel insurance quotes by entering your zip code here!

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