As we inch toward fall, travel insurance rates continue to trend downward. The average premium is currently $263.83, according to travel agency Squaremouth. That’s down from $288.53 last week. 

Travel insurance weekly rates at a glance: 

Average premium: $263.83

Average trip cost: $5,729.56

Average trip length: 16 days

Average cost of travel insurance by trip

The more you spend on your trip, the more you’ll spend on travel insurance. In general, international trips are more expensive than domestic trips, and also more costly to insure.

According to the US Travel Insurance Association, travel insurance generally costs from 4% to 8% of the total trip. We calculated the average cost of travel insurance for both domestic and international travel using the lower and upper ends of that range.

Destination
Average days between purchase and trip
Average trip cost
Average cost of travel insurance

Domestic
38
$3,868.62
$155-$310

International
52
$4,174.13
$166-$332

Source: Squaremouth

Average cost of travel insurance by most popular destinations

It’s worth noting that some countries are naturally more expensive with flight and lodging costs, which could ultimately increase your travel insurance costs. But when controlled for cost, the destination doesn’t change how much you’ll spend to insure your trip. 

Here’s how the prices stack up:

Country
Average trip cost
Average cost of travel insurance

United States
$3,868.62
$155-$310

Italy
$4,914.35
$197-$394

Mexico
$2,844.37
$114-$228

Israel
$3,530.63
$141-$282

France
$4,136.12
$165-$330

Spain
$3,729.43
$149-$298

Canada
$2,596.92
$104-$208

Greece
$4,958.45
$198-$396

United Kingdom
$3,513.51
$140-$280

Germany
$3,710.51
$148-$296

Source: SquareMouth

When people are buying travel insurance

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

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

Policy type
Average days between purchase to trip
Average Trip length (days)
Average trip cost
Average cost of travel insurance

Cancellation
53
14
$5,949.67
$365.72

Non-cancellation
16
21
N/A
$96.98

Source: SquareMouth

Average cost of travel insurance by age

A traveler’s age is a significant factor in determining the cost of travel insurance. The older a traveler is, the more cost is associated with the trip. For instance, a senior 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.

Generation 
Average cost of trip
Average cost of travel insurance

Gen Alpha (born 2013 or later)
$1,239.06
$50-$100

Gen Z (born 1997 through 2012) 
$1,750.55
$70-$140

Millennial (born 1981 through 1996)
$1,903.19
$76-$152

Gen X (born 1965 through 1980)
$2,193.04
$87-$174

Baby Boomers (born 1946 through 1964) 
$2,762.45
$110-$220

Silent generation (born 1945 or before) 
$3,062.85
$122-$244

Source: SquareMouth

What does travel insurance cover? 

Travel insurance can help reimburse you for non-refundable …read more

Source:: Business Insider

      

Weekly travel insurance rates: September 13 | Premiums continue to drop

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