How much is travel insurance?
The average travel insurance policy costs roughly 4-8% of your total trip cost, but is dependant on factors such as your age, trip cost and trip length, It’s good to have an understanding of the variables that can affect the price of your policy before you compare plans and decide what level of coverage you are going to purchase.
The nature of your trip and the type of traveler you are, as well as whether you want to add a family member to your policy, will also all affect the cost of your coverage. For example, if you plan to get trip cancellation coverage, the total cost of your trip is an important thing to figure out.
Remember, travel insurance companies will potentially reimburse you for your total trip cost if you make a successful claim in the event of a cancellation. Taking into account all your trip details, be sure that you accurately estimate the total cost of your trip when requesting a quote from a travel insurance company.
Trip cost will vary, but generally includes the basics like flights and hotels, as well as more incidental costs, such as ground transportation, visa fees, or any related tour costs you have pre-paid in advance of your departure. Furthermore, trip length matters, and the fine print of many standard policies will usually impose a limit to how long you can be covered for travel, especially if you’re leaving the country.
If you plan to engage in adventure sports or extreme sports like scuba diving, mountain biking, skydiving, or bungee jumping, your insurance will cost more than if you plan more regular sightseeing activities. A comprehensive plan for an adventure-seeking traveler should definitely include medical evacuation coverage, as well as accidental death and dismemberment coverage.
The traveler’s needs affects the cost of a policy
In addition to the nature of your trip, there are also factors about the traveler themselves which affect the cost of a comprehensive policy for domestic or international trips.
Generally speaking, age is a primary driver of the cost of travel insurance, as older travelers tend to be at higher risk for medical emergencies or accidents and may be more likely to need emergency medical care while on a trip. If you’re traveling with pre-existing medical conditions — such as diabetes, a high risk of stroke or heart attack, or high cholesterol — you need to be aware of any limitation on pre-existing medical conditions in a travel insurance plan.
However, there is often a way to waive that exclusion so you’re covered for your pre-existing medical condition. The most common requirement is that you purchase the insurance within a specified number of days after your initial trip deposit. If you do have a pre-existing medical condition, make sure you understand what the policy covers and does not cover, and whether or not you have the option to waive that exclusion.
There are also optional coverages you may want to add which will affect the cost, such as rental car damage coverage. If you plan to travel with your pets, some companies will even offer medical expense or pet return coverage for your non-human companions.
Many travel insurance companies offer an option called Cancel For Any Reason (CFAR) coverage, which is just like it sounds; you can cancel your trip for any reason. While standard trip cancellation coverage can reimburse you for up to 100% of your trip cost if it’s cancelled for a covered reason like sickness, natural disasters, or labor strikes, CFAR coverage is more liberal, and truly allows you to cancel your trip for any reason.
Of course, including CFAR coverage in your travel insurance policy will increase your premium.
Keep in mind you need to purchase it within a certain time frame, and it usually doesn’t reimburse you for the full 100% of your trip cost, so read your terms closely. However, at the time of booking, if you think it’s possible that you may not be able to go on your trip, it’s definitely worth it for the additional peace of mind.
It may seem overwhelming that so many factors go into determining the average cost of a travel insurance policy that meets your needs. Various factors like the ones above will determine whether your quote is on the higher or lower end of that scale.
At battleface, you can choose from those travel insurance benefits that you actually need specifically for your trip. In addition to that customization, the simplicity and transparency of battleface’s insurance quote tool will make sure you end up with the coverage you need, with minimal confusion or time spent reading the fine print.