This study analyzes travel insurance costs to find out the average cost for a policy, factors that affect the costs, and how the price changes depending on age, trip length, trip costs and more.
For this analysis, quotes were collected from the U.S. News ranking of the 12 best travel insurance companies to determine average insurance costs for a variety of trip types
This research can give you an idea of your next trip’s insurance costs and what you should consider when purchasing a travel insurance policy.
The average cost of travel insurance across all 12 of the providers analyzed is $53. This is based on a basic travel insurance policy for a 40-year-old male traveling for 14 days from New York to Mexico.
Many factors affect the insurance price, including your age, the destination, the duration of your trip and the travel insurance company. You will find that different insurance companies and their quotes can vary from one to the next.
Below are the quotes that were acquired during this study. The prices are based on a travel insurance policy for a 40-year-old male traveling from New York to Mexico for 14 days from June 1st 2024.
| Travel Insurance Company | Insurance Cost |
|---|---|
| AIG Travel Guard | $82.71 |
| World Nomads Travel Insurance | $75.49 |
| Tin Leg | $61 |
| Berkshire Hathaway Travel Protection | $60 |
| Travelex Insurance | $58 |
| Generali Global Assistance | $55.49 |
| AXA Assistance USA | $55 |
| Average | $53.30 |
| HTH Travel Insurance | $45.24 |
| Allianz Travel Insurance | $44 |
| Nationwide Insurance | $41.64 |
| Seven Corners | $36 |
| Trawick International | $25.04 |
Trawick International offered the most cost-efficient insurance policy for a trip costing $1,000 in Mexico at a cost of $25.04 for a basic policy, while AIG Travel Guard’s policy costs the most at $82.71.
Getting quotes from several insurance companies can determine the best-priced policy for you - although this study received a low price from one company, you may find another insurance firm will quote you less.
The study shows that travel insurance costs increase for older policyholders, and the lowest prices favor those aged between 20 and 39 with an average cost of $41.
People aged 80 years and older have the most expensive insurance costs when traveling; the average cost was $163 for those in this age group.
Take a look at the gradual increase of travel costs as the age of the policy-holder rises:
| Age | Average Cost of Travel Insurance |
|---|---|
| 20 | $41 |
| 30 | $41 |
| 40 | $53 |
| 50 | $56 |
| 60 | $71 |
| 70 | $96 |
| 80 | $163 |
Data note: This analysis looked at the average cost of travel insurance for a person of each age traveling from New York to Mexico for 14 days from June 1st, 2024, based on a trip cost of $1,000, with no pre-existing health conditions.
This study analyzed the travel insurance trip costs in-depth, getting quotes from 12 insurance companies.
The cheapest quote received was $24.56 from Trawick International to cover a 14-day excursion of a trip that cost $500.
| Total trip cost | ||||||
|---|---|---|---|---|---|---|
| Travel Insurance Company | $500 | $1,000 | $2,000 | $5,000 | $10,000 | $20,000 |
| Travel Insurance Company Travelex Insurance | Total trip cost $500 $40 | Total trip cost $1,000 $58 | Total trip cost $2,000 $108 | Total trip cost $5,000 $261 | Total trip cost $10,000 $525 | Total trip cost $20,000 $1,690 |
| Travel Insurance Company Allianz Travel Insurance | Total trip cost $500 $28 | Total trip cost $1,000 $44 | Total trip cost $2,000 $78 | Total trip cost $5,000 $179 | Total trip cost $10,000 $358 | Total trip cost $20,000 $1,306 |
| Travel Insurance Company Seven Corners | Total trip cost $500 $26 | Total trip cost $1,000 $36 | Total trip cost $2,000 $58 | Total trip cost $5,000 $153 | Total trip cost $10,000 $420 | Total trip cost $20,000 $832 |
| Travel Insurance Company World Nomads Travel Insurance | Total trip cost $500 $75.49 | Total trip cost $1,000 $75.49 | Total trip cost $2,000 $75.49 | Total trip cost $5,000 $75.49 | Total trip cost $10,000 $75.49 | Total trip cost $20,000 $75.49 |
| Travel Insurance Company AXA Assistance USA | Total trip cost $500 $48 | Total trip cost $1,000 $55 | Total trip cost $2,000 $70 | Total trip cost $5,000 $136 | Total trip cost $10,000 $265 | Total trip cost $20,000 $705 |
| Travel Insurance Company AIG Travel Guard | Total trip cost $500 $62.19 | Total trip cost $1,000 $82.71 | Total trip cost $2,000 $124.99 | Total trip cost $5,000 $256 | Total trip cost $10,000 $490 | Total trip cost $20,000 $999.91 |
| Travel Insurance Company Generali Global Assistance | Total trip cost $500 $40.56 | Total trip cost $1,000 $55.49 | Total trip cost $2,000 $85.35 | Total trip cost $5,000 $174.96 | Total trip cost $10,000 $324.29 | Total trip cost $20,000 $720 |
| Travel Insurance Company Berkshire Hathaway Travel Protection | Total trip cost $500 $37 | Total trip cost $1,000 $60 | Total trip cost $2,000 $122 | Total trip cost $5,000 $315 | Total trip cost $10,000 $648 | Total trip cost $20,000 $1,614 |
| Travel Insurance Company HTH Travel Insurance | Total trip cost $500 $45.24 | Total trip cost $1,000 $45.24 | Total trip cost $2,000 $68.63 | Total trip cost $5,000 $173.75 | Total trip cost $10,000 $559.27 | Total trip cost $20,000 $1,373.40 |
| Travel Insurance Company Trawick International | Total trip cost $500 $24.56 | Total trip cost $1,000 $31.81 | Total trip cost $2,000 $49.33 | Total trip cost $5,000 $127.06 | Total trip cost $10,000 $273.67 | Total trip cost $20,000 $595.20 |
| Travel Insurance Company Tin Leg | Total trip cost $500 $38 | Total trip cost $1,000 $61 | Total trip cost $2,000 $121 | Total trip cost $5,000 $310 | Total trip cost $10,000 $637 | Total trip cost $20,000 $1,585 |
| Travel Insurance Company Nationwide Insurance | Total trip cost $500 $41.64 | Total trip cost $1,000 $41.64 | Total trip cost $2,000 $68.10 | Total trip cost $5,000 $154.10 | Total trip cost $10,000 $621.41 | Total trip cost $20,000 $1,858.40 |
| Travel Insurance Company Average | Total trip cost $500 $42 | Total trip cost $1,000 $54 | Total trip cost $2,000 $86 | Total trip cost $5,000 $193 | Total trip cost $10,000 $433 | Total trip cost $20,000 $1,113 |
Data note: Travelex and Allianz only offered premium insurance policies for trips costing $20,000 or more, while quotes for all other trip lengths and from other providers offered a choice between basic or premium insurance policies.
The average travel insurance price is 5.3% of your total trip cost - for example, if your trip costs $1,000 in total, then $53 would cover your travel insurance policy.
The average travel insurance price ranges from 4.3% to 8.4% of the total trip cost. The price of insurance as a percentage of total trip cost is highest for trips costing $500 and lowest for trips costing $5,000.
| Trip Cost | Insurance cost as % of trip cost |
|---|---|
| $500 | 8.44% |
| $1,000 | 5.39% |
| $2,000 | 4.29% |
| $5,000 | 3.86% |
| $10,000 | 4.33% |
| $20,000 | 5.56% |
The length of a trip is a factor in travel insurance costs - the longer the duration, the higher the insurance price, although the difference in average price by trip length was fairly small. This study reviewed insurance quotes from 12 travel companies on policies that cover 3-days, 7-days, 10-days, and 14-days.
This study found that the average cost of travel insurance was the lowest for a 3-day trip at $46, and highest for a 14-day trip at $54. The lowest price for two weeks’ travel insurance was $25.04 compared to the highest, which came to $82.71, showcasing a wide range from one company to the next.
Although travel insurance prices got gradually higher as the length of the trip increased, the price per day is much better value on longer trips, costing an average of $3.81 per day on a 14-day trip, compared to $15.40 for a 3-day trip.
| Trip length | 3 days | 7 days | 10 days | 14 days |
|---|---|---|---|---|
| Average travel insurance cost | $46 | $49 | $51 | $53 |
| Per day | $15.40 | $7.02 | $5.11 | $3.81 |
Various factors affect the price of travel insurance, including the destination, policyholder's age, trip length, and the total trip cost.
If you’re traveling for a longer duration and paying more for your vacation, then that will also impact the insurance - it will cost the company more to keep you covered; if they need to pay for a cancellation then the more expensive accommodation will cost more for them to compensate.
Age can also alter the cost of trip insurance - with the price often hiking up for seniors. This is probably because older explorers are more likely to be at risk of illnesses or accidents.
Here are some of the key factors that directly affect your travel insurance costs:
Each destination has a different cost for medical facilities and treatments, subsequently impacting the cost of travel insurance.
The longer the trip, the more it will cost to cover your travel insurance; it’s no surprise that the price increases when traveling for longer.
The longer an expedition or vacation, the more costs the insurance will have to cover, and there’s an increased chance of accidents or illnesses.
With the previous taken into account, you can expect the trip length to impact the cost of your travel insurance directly.
The trip cost will make your insurance more expensive. A pricey vacation will have a bigger risk for the insurance company.
If there’s a cancellation or other issues, it will cost more to rectify. There’s a clear correlation between trip cost and travel insurance prices.
The older you are, the more costly your policy will be. Insurance gets more expensive, especially for those 60 years and above.
Our research exhibits a pattern; the older a policyholder is, the higher the insurance costs.
This is because of the probability and increased risk of accidents and injury.
The number of travelers put onto your policy will change the quote outcome.
If you’re covering insurance for a family rather than one person, then you will most likely get a more expensive price.
With that said, you could be saving money by doing this. It’s often a better option than taking out separate policies for each individual.
Compared to scuba diving or mountain extravaganzas, a general vacation is quite the contrast.
Some activities require specialist insurance. Be sure that you’re covered for everything you’re doing.
Lots of travel insurance companies will be able to protect you, but if you are getting involved in active sports, the cost will rise.
Reduce travel insurance costs by ensuring savvy decisions and not paying for cover that you don’t need.
Here are some of our tips for saving money on travel insurance.
When filling out the forms for your travel insurance, you will need personal details like your name, date of birth, and email address. You’ll also need information regarding your travel plans like where you’re traveling to and the duration of your trip.
There are lots of different terms and types of policies to be aware of; here are some of the things you should check that your insurance policy covers:
Be sure to check your individual travel insurance policy before you travel so you know what you’re covered for.
Travel insurance is a must for all travelers, whatever trip you have planned you need to be covered. This will be a lifeline that could potentially save your life during an emergency or simply cover cancellations, damages and lost belongings.
Cater the insurance policy to your needs and ensure there’s nothing unnecessary on the policy.
Many travel insurance plans cover COVID cancellations and during the pandemic prices for insurance did change. All world affairs and health emergencies are always factored into travel insurance prices, due to the likelihood of cancellations and medical care.
The amount of travel insurance required is determined by the destination you’re traveling to and the trip cost.
Travel insurance company, Squaremouth, recommends $50,000 in emergency medical coverage for international trips and $100,000 for cruises or travel to remote destinations. [1] Travel Medical Insurance: What is it and how can it help? - Squaremouth https://www.squaremouth.com/travel-advice/travel-medical-insurance
Getting annual insurance can save frequent travelers money throughout the year. If you are planning more than one getaway then get prices on annual or multi-trip policies.
For this study, quotes for a basic travel insurance policy were collected from 12 travel insurance providers detailed in the U.S. News ranking in November 2023 using a base profile of a 40-year-old male traveling from New York to Mexico on June 1st, 2024, with a trip cost of $1,000. Mexico was used as it is the most popular vacation destination for Americans. [2] 7 Best Countries for Americans to Visit - Visit World https://visitworld.today/blog/1571/7-best-countries-for-americans-to-visit
For the age breakdown, the same method was used, changing only the age of the profile when gathering the quotes.
To find the breakdown by trip cost, the 40-year-old male base profile was used, changing the trip cost for each quote. For Travelex and Allianz, only premium insurance policies were available for trips costing $20,000 and over.
For the cost by trip length, the 40-year-old male base profile was used, changing only the trip dates.
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