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Written byTaylor Milam-Samuel
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8+ years writing for major outlets, including MarketWatch and Business Insider
Master’s in Education
Taylor Mlam-Samuel is a personal finance writer and credentialed educator. When she’s not helping readers better save and spend money, she can be found teaching.
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Edited byAshley Cox
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7+ years in content creation and management
5+ years in insurance and personal finance content
Ashley is a seasoned personal finance editor who’s produced a variety of digital content, including insurance, credit cards, mortgages, and consumer lending products.
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Table of contents
If you’re planning a big trip or overseas vacation, purchasing travel insurance ahead of time can bring some peace of mind. This type of insurance can protect you from unforeseen travel mishaps, such as lost luggage, trip delays, and medical expenses.
You’ll generally pay between 4% and 8% of your total trip costs for a travel insurance policy.[1] Many different factors affect travel insurance costs, so it’s important to get quotes from several companies before you buy a policy.
How much is travel insurance?
The cost of travel insurance depends on your destination, trip length, coverage amount, and age. The cost generally falls between 4% and 8% of the total trip expense. Knowing the cost of the trip helps the travel insurance company determine how much a claim might be if something went wrong.
For example, if your trip costs $3,000, your travel insurance will cost between $120 and $240. A trip that costs $10,000 will have insurance costs between $400 and $800.
Shopping around and comparing multiple policies from different insurers is the best way to secure a good deal on coverage and make sure you’re getting a reasonable rate.[2] Make sure to understand the coverage details and read the fine print before you purchase a policy.
Types of travel insurance
Travel insurance protects against unforeseen cancellations, delays, medical treatment, and other events that can occur during travel, including some natural disasters. For example, if you spend $4,000 on a cruise but end up canceling due to sickness, travel insurance can help pay for some or all of the travel costs so you can get some of your money back.
What travel insurance covers can vary dramatically depending on your policy type, your coverage limits, and the cost of your trip, but comprehensive policies are the most common. Comprehensive policies typically include coverage for trip cancellations or delays, baggage loss, medical insurance, and a 24-hour phone line for assistance.
Here’s what each type of travel insurance policy covers, including the different aspects of comprehensive coverage.
Trip cancellation
If certain events prevent you from going on your trip, this policy helps reimburse your travel costs. A trip cancellation policy typically covers 100% of your prepaid non-reimbursable costs, such as airfare, hotel reservations, and cruise tickets.
Trip interruption
Trip interruption coverage can reimburse you for the unused portion of your trip if you need to shorten your stay and return home. It can also help cover costs, such as additional nights at a hotel, if you need to extend your stay for longer than you planned.
Baggage delays
If your luggage is lost, stolen, or damaged, baggage delay coverage helps pay for replacement items if you’ll be without your luggage for a certain period of time, such as 24 hours. This coverage is secondary to your homeowners or renters insurance.
Travel medical insurance
If you have medical emergency during your trip, like a broken leg, medical coverage helps pay for medical care, including any emergency room visits. This coverage is also known as travel health insurance, and it can cover a variety of medical costs. If you have health insurance, travel medical insurance will serve as secondary coverage.
Cancel for any reason (CFAR)
CFAR coverage will reimburse part of your travel expenses if you need to cancel your trip for any reason — even for a reason that a standard travel policy won’t cover, such as fear of traveling. This optional add-on typically reimburses you for 50%–75% of your non-refundable trip costs.
Emergency medical evacuation
If you’re traveling in a remote area and have a medical emergency, this coverage can pay for transportation to the nearest medical facility. It can also help cover costs for your trip home.
Accidental death
This policy is similar to life insurance and may not be necessary if you already have coverage. But if you or a family member passes away on a trip, this policy provides a cash payout that you or your survivors could use for associated expenses.
Factors that affect the cost of travel insurance
Many different factors affect the overall cost of a travel policy, which is a percentage of your total trip cost.
Length of trip
The length of your trip affects how much you pay for travel insurance. Longer trips are typically more expensive to insure because a longer trip means there’s an increased likelihood that something will go wrong.
Destination
Your trip destination is another factor that influences the cost of travel insurance. Where you’re spending time throughout your trip affects how much it might cost for an insurance company to cover a claim. For example, coverage might be more expensive if you’re traveling to a remote site without access to medical care since you may need a policy with medical evacuation coverage. But you might pay less if your destination is a populated area located in the country where you live.
Age of policyholder
Older travelers typically pay more for travel insurance due to an increased likelihood that they’ll file a claim for medical care or cancel a trip due to medical conditions. Insurance companies try to minimize claims, and age is one factor that companies consider since it might indicate certain health conditions. Younger travelers tend to pay less, but that might not always be true since age is only one of many factors that insurers consider.
Add-ons
Most travel insurance companies offer optional coverages that you can add to a standard policy, like a pre-existing condition waiver that covers certain pre-existing health conditions. The more add-ons you choose, the more you’ll pay for a travel policy.
How to find cheap travel insurance
The most effective way to save money on travel insurance is to compare quotes from multiple insurers, as coverage costs range from 4% to 8% of your travel expense.
For example, imagine you have a trip that costs $2,000, and your first insurance quote is $160, or 8% of the total costs. You may be able to halve the coverage price if you keep shopping and secure coverage for $80, or 4% of the total cost.
Booking early could also make you eligible for certain add-on coverages. For example, in order to qualify for coverage for pre-existing medical conditions a travel company may require you to buy your policy within 14 or 15 days of making your first trip payment.[3]
Here are a couple of other steps you can take to get the best deal on travel insurance:
Find the right coverage amount. Having adequate travel insurance is essential, but you want to find a balance between too much and too little coverage. For example, you may find that you don’t need 24-hour phone assistance and feel comfortable researching information independently. If that’s the case, skip the coverage and save money.
Check your current coverage. Certain credit cards offer travel protection for flights, hotels, and other expenses you pay for with the card. The coverage is often more limited than what you can find with an insurance policy. But if some aspects are covered, it can help lower your policy costs.
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Does Travel Insurance Cover Pre-Existing Conditions? (2025)
Do you need travel insurance?
Travel insurance makes sense in some circumstances. One of the most important factors is whether or not cancellations, medical care, and other unforeseen travel expenses would cause you financial hardship. If so, it’s usually best to opt for travel insurance to protect your finances. But if not, you might be okay to skip the coverage. The only catch is that if you skip it, you must be comfortable paying out of pocket for expenses.
Here are a few examples of when travel insurance might make sense:
You can’t afford airfare home. If you need to shorten your trip due to unexpected medical treatment or another emergency, travel insurance can help pay for the new flight with no additional cost.
Your health insurance won’t provide coverage. Many health plans don’t extend to international travel. If that’s true for you, travel insurance can help fill the gap and ensure you can access medical facilities while traveling in a foreign country.
You can’t pay to replace items in your luggage. If your bag is lost or stolen, travel insurance can help cover the cost of replacing your items.
Travel insurance FAQs
Travel insurance can help protect you against financial loss and unforeseen expenses. The information below can help you determine if coverage makes sense for your circumstances and budget.
What does travel insurance cover?
Most standard travel insurance policies cover trip cancellation or delays, lost luggage, and unexpected medical costs. You can also opt for add-ons, like a pre-existing condition waiver, for even more protection. But this will add to the overall cost of your policy.
What’s a good price for travel insurance?
Travel insurance costs vary widely depending on the nature of your trip. Most travel policies cost between 4% and 8% of your total trip costs. So if you can find a policy on the lower end of that range, say 4% or 5%, you could consider that a good price for a travel policy.
Is travel insurance worth it?
Travel insurance is worth it if unexpected travel expenses due to medical care or trip delays would cause you financial hardship. Coverage also makes sense if your trip is a significant investment. For example, if you’re planning a $10,000 trip around the world, travel insurance is a helpful way to protect your investment. But you might not need travel insurance if you’re going on a two-day road trip in the United States that costs $300.
Where are the cheapest places to travel?
The cheapest place to travel depends on where you live since staying close to home is often cheaper. Far-off destinations typically cost more to book, and those trips might be more expensive to insure. Popular travel destinations also cost less since the areas are ready for travelers, and the high volume of people helps decrease costs.
Does your credit card offer travel protection?
Your credit card might offer travel protection if you use the card to book your trip. It’s different from travel insurance since the coverage through your card is usually less. Still, it’s worth checking if your card offers protection.
Sources
- U.S. Travel Insurance Association. "FAQ."
- Insurance Information Institute. "Should you buy travel insurance?."
- Berkshire Hathaway Travel Protection. "When to buy travel insurance?."
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Taylor Milam-Samuel
Taylor Milam-Samuel is a writer and credentialed educator who is fascinated by how people earn, save, and spend their money. When she's not researching financial terms and conditions, she can be found in the classroom teaching.
Taylor has been a contributor at Insurify since February 2023.
7+ years in content creation and management
5+ years in insurance and personal finance content
Ashley is a seasoned personal finance editor who’s produced a variety of digital content, including insurance, credit cards, mortgages, and consumer lending products.
Featured in