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The average cost of travel insurance for a $6,000 vacation will set you back about $30 per day, according to travel insurance marketplace SquareMouth. The added expense may be worth it if it allows you to rest easy knowing you can recoup travel expenses if your plans get disrupted or get medical care if your health insurance plan won't cover you. But it may not be necessary in every situation. Here's what you need to know.
How Much Does Travel Insurance Cost?
Rates for travel insurance range from 4% to 10% of a trip's cost, on average, according to SquareMouth. However, your premium may be higher or lower based on additional factors, including your age, trip length, destination and the level of protection you choose.
Example: To insure a $10,000 trip, you should expect to pay about $400 to $1,000 for travel insurance. However, if you're going to a high-risk destination or planning to participate in dangerous activities, you could pay more.
Average Cost of Travel Insurance by Trip Cost
The cost of your trip generally has the largest impact on the price of travel insurance. When purchasing a plan, you can insure prepaid expenses for each person traveling, including everything from transportation and lodging to excursions you're participating in when you arrive at your destination. Here's a breakdown of what you might expect to pay for trips ranging from $1,000 to $50,000.
| Trip Cost | Average Cost of Travel Insurance |
|---|---|
| $1,000 | $40 to $100 |
| $5,000 | $200 to $500 |
| $10,000 | $400 to $1,000 |
| $15,000 | $600 to $1,500 |
| $20,000 | $800 to $2,000 |
| $25,000 | $1,000 to $2,500 |
| $30,000 | $1,200 to $3,000 |
| $40,000 | $1,600 to $4,000 |
| $50,000 | $2,000 to $5,000 |
Source: Squaremouth International Travel Insurance Data Report 2026
Average Cost of Travel Insurance by Age
One of the major benefits travel insurance provides is paying for emergency medical care if you get sick or injured while traveling. Because people are more likely to need medical attention as they age, older folks typically pay more for coverage.
| Age | Average Cost of Travel Insurance | Average Cost Per Day | Average Trip Cost |
|---|---|---|---|
| 14-29 | $209 | $14 | $4,882.85 |
| 30-45 | $173 | $13 | $3,987.18 |
| 46-61 | $249 | $19 | $5,124.73 |
| 62-80 | $438 | $27 | $5,629.47 |
| 81+ | $681 | $43 | $5,907.54 |
Source: SquareMouth
Tip: Some insurers don't base premiums for annual plans on age. Older travelers looking to save should compare rates, policy limits and coverage options between single-trip and annual plans to find the most affordable policy that meets their needs.
What Factors Affect Travel Insurance Costs?
The following factors could have the biggest impact on your travel insurance costs.
| Raises Cost | Lowers Cost |
|---|---|
| Older travelers | Younger travelers |
| High-risk destinations | Low-risk destinations |
| Longer trips | Shorter trips |
| Higher trip prices | Lower trip prices |
| Higher policy limits | Lower policy limits |
| Multiple add-ons | No add-ons |
Insurance companies generally use multiple criteria to calculate your premium. Here's an overview of the factors that may affect pricing.
- Cost of nonrefundable expenses: The cost of your trip has the biggest impact on your premium. The higher the price, the more it costs to insure.
- Level of protection: Higher policy limits and broader coverage increase the cost of a plan. For example, adding cancel for any reason (CFAR) coverage increases rates by an average of 40% to 50%, and upgrading your plan to cover adventure activities costs an additional 10% to 40%. If you want coverage for preexisting health conditions, you typically need to buy a premium plan, which costs more than basic coverage options.
- Age: Because older people are more likely to need medical care, prices generally increase as you age. Travelers in their 60s pay about 10% to 20% more than travelers in their 50s, and people in their 70s pay 20% to 40% more.
- Destination: Traveling to a low-risk destination can result in significant savings on travel insurance. Insuring a trip to a high-risk destination can cost up to 45% more for the same coverage.
- Trip duration: Longer trips typically cost more to insure than quick getaways because you need coverage for a longer period of time and the longer you're away from home, the more likely it is that something will go wrong. Additionally, longer trips tend to be more expensive, driving up the cost of insurance.
Tip: If you're thinking about including CFAR or adventure activity coverage, compare plans with and without it because they're the add-ons most likely to spike your premium.
Is Travel Insurance Worth It?
Travel insurance can be a good investment, particularly if you're going abroad or planning an expensive vacation with many nonrefundable expenses. It isn't always necessary, however. Here are some things to consider to help you decide if it makes sense for you.
Where You're Traveling
Most U.S.-based health insurance plans won't pay for medical care outside the United States, but travel insurance does. If you're leaving the country, purchasing a plan is probably worth it. You may be able to skip the coverage if you're traveling within the U.S. to an area where health care facilities accept your insurance and you'll never be too far from a doctor or hospital.
There is one caveat to consider, however. If you're visiting a remote location or an area with poor health care (whether domestically or internationally), travel insurance can pay for emergency transportation to get you to a place that can provide the medical care you need. Without it, you could be on the hook for tens or even hundreds of thousands of dollars if you need an emergency evacuation.
The Cost of Your Nonrefundable Expenses
If you've shelled out thousands of dollars in prepaid travel expenses that you won't be able to get back if your trip gets interrupted or you have to cancel it, trip insurance may be worth it because it can reimburse you for the upfront costs you paid.
On the flip side, if you can cancel at the last minute and get most of your money back or you haven't paid for many upfront expenses, the added cost may not make sense.
Preexisting Conditions
Many travel insurance plans exclude coverage for preexisting conditions. If you're counting on travel insurance to pay for doctor bills related to an existing health challenge, look specifically for a plan that covers preexisting health conditions.
You typically need to buy coverage within a few weeks of booking your trip, be medically able to travel when you purchase the plan and insure the total cost. Even if your policy includes coverage for preexisting conditions, it may only cover emergencies, not care for common complications related to your condition.
Your Credit Card
Many travel cards offer some of the same benefits third-party travel insurance plans provide when you use your card to pay for trip-related expenses. Sometimes, credit card travel insurance benefits aren't as comprehensive and policy limits are lower, so check the details to determine if the coverage your card provides is adequate.
How to Get Travel Insurance
You have a few options for getting coverage. A good place to start is with your credit card. Many cards offer travel insurance benefits, including trip interruption and cancellation, trip delay, lost or damaged luggage, travel accident, emergency assistance and more when used to pay for travel-related expenses.
If your credit card doesn't provide coverage or has limits that are too low, you can purchase a plan from a travel insurance company or through an online marketplace that allows you to compare plans from multiple providers. Evaluating the benefits, policy limits, exclusions, price and other details of several plans will help you find one that best meets your needs.
You may also be able to purchase coverage directly from airlines, tour operators and other travel providers at booking, giving you an opportunity to select the expenses you want to insure and skip the ones you don't.
How to Save on Travel Insurance
Here are some tips to help you get the most affordable coverage.
- Check existing coverage. Confirm whether your credit cards offer travel benefits and what the policy limits are. Depending on what your card provides and where you're traveling, you may not need additional coverage.
- Buy a multi-trip policy. If you travel frequently, purchasing an annual policy instead of individual plans for each trip may be more cost-effective. But coverage isn't usually as robust as what you'll get with single-trip plans.
- Compare quotes. Shopping around and getting quotes from multiple providers can help you find the best rates.
- Buy as soon as you book. Purchasing your policy as soon as you book your trip lets you lock in the current rates. You won't be subject to future increases that can raise your premium. If you want preexisting condition coverage, you typically must purchase a plan within two to three weeks of making your first trip payment.
- Don't over-insure your trip. Reducing your policy limits and skipping pricey add-ons like adventure coverage and CFAR can help you snag a lower premium.
Frequently Asked Questions
How Much Does Travel Medical Insurance Cost?
The cost of a travel medical insurance policy costs an average of $5 per day, according to SquareMouth. Travel medical insurance doesn't usually provide trip interruption or cancellation benefits, but it's an affordable way to get coverage for medical expenses and evacuation services you might need while traveling, especially if you're going abroad or heading to a remote location.
How Much Does Travel Trailer Insurance Cost?
The average premium for travel trailer insurance ranges from $180 to $600 for an annual policy, according to L.A. Insurance. Prices vary based on the type of trailer you have, your driving record, the age and value of the trailer, the coverage and policy limits you choose and more. Travel trailer insurance can help protect you from severe weather, theft, accidents, pest damage and more. It may also provide liability protection if someone gets injured near your trailer while you're on vacation.
How Can I Get Cheap Travel Insurance?
Comparing quotes, avoiding add-ons like CFAR and adventure coverage, choosing policy limits that are adequate without over-insuring your trip and buying coverage as soon as you book your travel can help you get affordable rates.
Does Travel Insurance Cost More as You Get Older?
Because medical coverage is a key component of travel insurance, and you're more likely to need medical care as you age, travel insurance generally costs more as you get older. For example, people in their 70s typically pay 20% to 40% more for a plan than someone in their 50s.
The Bottom Line
The price of travel insurance depends largely on the expenses associated with your trip. The more expensive the trip, the more you have to pay to cover it. But buying coverage could be a small price to pay if you have to cancel your trip, experience a hiccup during your journey or need medical attention when your primary insurance plan doesn't cover you.
Whether the added expense is worth it depends on where you're headed and how many upfront expenses you've already paid for. If you decide to insure your trip, include the cost of insurance in your travel budget.