Weekly travel insurance rates: July 26 | Salaries begin to decline

Even though the summer heat has been in full swing for a while, there’s still time to take a trip or two this fall — and the price of guaranteeing your trip is starting to drop. According to travel insurance company Squaremouth, premiums are currently $280, down from $315 last week.

The exact amount you will pay to insure your trip depends on where you are going, how many people are traveling, and more.

Weekly travel insurance prices at a glance:

Average price: $280.01

Cost of the trip: $5,988.37

Average length of trip: 16 days

Average cost of travel insurance

The more you spend on hotels, flights, and pre-booked activities, and the longer you’re traveling, the more you’ll spend on travel insurance.

According to US Travel Insurance Association, travel insurance usually costs 4% to 8% of the entire trip. We calculated the average cost of travel insurance for domestic and international travel using the low and high cost of this model.

Source: SquareMouth

Once you’re adjusted for rates, your destination doesn’t change how much you’ll spend on your travel insurance. It is worth noting that some countries are very expensive due to the cost of flights and accommodation, which can increase the cost of your travel insurance.

Here’s how prices increase:

Source: SquareMouth

When people buy travel insurance

According to AAA travel survey88% of travelers say cancellation refunds are the most important benefit of travel insurance.

According to data collected by SquareMouth over the past six months, travelers tend to purchase travel insurance 53 days before their trip. Currently, travelers without cancellation insurance will purchase a policy approximately 16 days before their trip.

Source: SquareMouth

Average cost of travel insurance by age

The age of the traveler is an important factor in determining the cost of travel insurance. The older the person, the more expensive the trip. For example, a senior traveler may need more insurance for health-related emergencies than a millennial.

When calculating your travel insurance premiums, travel insurance providers take medical coverage into account.

Source: SquareMouth

What is travel insurance?

Travel insurance can help reimburse you for non-refundable expenses on your trip or help you in the event of an injury or emergency.

Travel insurance covers six things:

  • Trip cancellation or disruption
  • Travel delay
  • Medical expenses while traveling
  • Property damage, delay, or loss
  • Emergency procedures
  • Rental car damage

If you have a credit card, you may have access to some of these benefits without purchasing separate insurance. Most airline credit cards or credit cards allow you to cancel trips, delay coverage, and carry on baggage. For example, the Chase Sapphire Reserve and Chase Sapphire Preferred cards both come with certain travel options, including travel cancellation, interruption, and delay coverage, baggage delay, rental cars, accidental death, and amputation.

Before you start getting travel insurance, it’s important to make sure that the terms fit your needs or concerns. During the COVID-19 pandemic, it is very important – each travel insurance company has special rules for refunds and cancellations due to this event. Read the fine print of any travel insurance policy before purchasing.