Weekly travel insurance rates: November 22 |  Premiums increase for holidays

Weekly travel insurance rates: November 22 | Premiums increase for holidays

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The average cost of travel insurance has risen over the past week, according to travel agency Squaremouth. The average premium is currently $295.41, down from $263.85 last week. Keep in mind that where you are traveling and how many people are traveling will affect your exact fare.

Weekly rates for travel insurance at a glance:

Average premium: $295.41

Average trip cost: $5,919.12

Average duration of the trip: 16 days

Average cost of travel insurance according to the most popular destinations

Some countries are understandably more expensive travel destinations due to higher flight and accommodation costs, which could ultimately increase your travel insurance costs. But when the cost is controlled, the destination does not change the amount you will spend to insure your trip.

Here’s how the prizes stack up:

Source: Square Mouth

When people buy travel insurance

According to an AAA travel survey, 88% of travelers say reimbursement after trip cancellation is the most valuable benefit of travel insurance.

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

Source: Square Mouth

Average cost of travel insurance by age

A traveler’s age is an important factor in determining the cost of travel insurance. The older a traveler, the higher the cost associated with travel. For example, an older traveler may need more insurance for health-related emergencies than a millennial.

When calculating your travel insurance premium, travel insurance providers consider the likelihood of a medical emergency.

Source: Square Mouth

Insider’s Featured Travel Insurance Companies

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Editor’s Note

4.5/5

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4.7/5

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Editor’s Note

4.45/5

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What does travel insurance cover?

Travel insurance can help reimburse non-refundable parts of your trip or help you if you are injured or face an emergency.

Travel insurance policies cover six main elements:

  • Trip Cancellation or Interruption
  • Travel delays
  • Medical expenses during the trip
  • Damaged, delayed or lost baggage
  • Emergency transport
  • Rental car damage

If you have a credit card, you may already have access to some of these coverages without purchasing a separate travel insurance policy. Many airline credit cards or travel credit cards offer trip cancellation, delay, and baggage coverage. For example, the Chase Sapphire Reserve and Chase Sapphire Preferred cards both come with travel coverage, including trip cancellation, interruption and delay coverage, baggage delays, rental cars, accidental death and dismemberment.

Before taking out a travel insurance policy, it is essential to ensure that the conditions correspond to your needs or concerns. During the COVID-19 pandemic, this is especially important – each travel insurance company has unique reimbursement rules and cancellation rules due to this event. Read the fine print of any travel insurance policy before buying it.

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