How Much Does Travel Insurance Cost?

How Much is Travel Insurance?

Yes, travel can be expensive, but the surprises along the way can cost even more. Flights, hotels, tours, and meals add up fast, and when you’re already stretching your budget, the last thing you want to think about is spending extra on travel insurance. After all, will you really need it?

But here’s the good news: travel insurance is often far more affordable than travelers expect, and the protection it provides can be absolutely invaluable. From trip cancellations and medical emergencies to lost bags and unexpected delays, a single covered event could save you hundreds or even thousands of dollars.

This FAQ breaks down what affects travel insurance costs, what most travelers typically pay, and how to compare plans so you can feel confident you’re getting the best protection for your trip.

How much does travel insurance cost on average?

Most travelers pay 4% to 10% of their prepaid, nonrefundable total trip cost for travel insurance. The exact price depends on factors like your trip’s value, age, and the type of coverage you choose.

How does the cost of travel insurance change based on trip value?

Premium rates increase as trip value increases because your insurer is covering more nonrefundable costs. Higher-priced trips typically require higher coverage limits, which raises the overall policy price.

How much does travel insurance cost for a $1,000 / $5,000 / $10,000 trip?

• $1,000 trip: Many policies fall between $40–$100.
• $5,000 trip: Plans often range from $200–$500.
• $10,000 trip: Premiums may run $400–$1,000+, depending on traveler age and coverage choices.

^*These are typical estimates; comparison tools like InsureMyTrip make it easy to get exact quotes.

What factors determine the cost of travel insurance?

Key pricing factors include:

• Trip value and nonrefundable costs
• Travel dates and trip length
• Traveler age
• Destination risk factors
• Policy type and coverage limits
• Add-ons like CFAR or adventure sports coverage
• Number of travelers on the policy

Quick Overview: What impacts travel insurance cost?

• Trip value: Higher trip cost = higher premium
• Traveler age: Older travelers typically see higher rates
• Destination: High-risk locations may increase cost
• Coverage type: More coverage or upgrades = higher price
• Trip length: Longer trips usually cost more

How does traveler age affect the cost of travel insurance?

Premiums typically rise with traveler age, especially for senior travelers, because there’s increased likelihood of medical claims.

How does the length of my trip affect the price of travel insurance?

Longer trips generally cost more to insure because they create more time for something to go wrong, including medical incidents or delays.

Does the cost of travel insurance change for international vs. domestic trips?

Yes. International trips often have higher travel insurance prices because they may require stronger medical and evacuation coverage.

Do certain destinations make travel insurance more expensive?

They can. Destinations with higher medical costs, limited medical facilities, or greater travel risks may increase premium rates.

Does Cancel for Any Reason (CFAR) coverage increase the cost of travel insurance?

Yes. CFAR is an upgrade that typically adds 40–60% to the price of a standard comprehensive plan because it expands your cancellation flexibility.

How much more does medical evacuation or adventure coverage add to the price?

Specialty coverage, like medical evacuation, adventure sports, or hazardous activities, can increase your premium anywhere from 10–40%, depending on the policy limits and risk level.

Do pre-existing condition waivers affect travel insurance cost?

The waiver itself usually doesn’t raise the price, but you must purchase early to qualify. Plans may cost more overall because they tend to offer better medical coverage limits.

Is travel insurance cheaper for families or groups?

Often, yes. Many providers offer flat-rate pricing for children or family-friendly policies where younger travelers are covered at no additional cost.

Do senior travelers pay more for travel insurance?

Typically, yes. Policy premiums rise with age due to increased medical risks, especially for comprehensive plans.

Does the number of travelers affect the total cost of insurance?

Yes. More travelers usually means a higher total premium, especially if everyone has different ages or risk profiles. However, multi-traveler plans may be cheaper than buying separate policies.

Does buying travel insurance early affect the price?

Buying early doesn’t usually make a policy more expensive, and it can unlock perks such as CFAR eligibility or pre-existing condition waivers. Prices generally stay stable as long as your trip details don’t change.

Is travel insurance more expensive if I buy it closer to my departure date?

Policies don’t normally increase in price as your departure approaches, but waiting might cause you to miss certain benefits, like coverage for early trip payments or waivers tied to purchase deadlines.

How can I save money on travel insurance?

You can lower costs by:

• Comparing multiple providers
• Choosing coverage that matches your real needs
• Avoiding unnecessary upgrades
• Keeping trip value accurate (not inflated)
• Checking whether children are covered for free

Is it cheaper to buy travel insurance through a comparison site?

Comparison sites like InsureMyTrip help you compare plans side by side without markups. You can find the best rate by reviewing multiple carriers at once instead of buying directly from a single provider.

Do travel insurance companies offer discounts or bundles?

Some do. Discounts may be available for families, groups, or frequent travelers, while certain plans bundle coverage types for a lower combined price.

Why do travel insurance costs vary so much between providers?

Coverage limits, underwriting guidelines, benefit structures, and risk assumptions differ by company. That’s why comparing quotes is the best way to find the right coverage at the right price.

Does my credit card travel protection reduce the cost of a policy?

It might. If your credit card already includes trip delay, baggage, or emergency benefits, you may be able to buy a more affordable policy that fills only the gaps, especially for medical and evacuation coverage, which credit cards often limit.