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The average cost of travel insurance has decreased over the past week, according to travel agency Squaremouth. The average premium is currently $263.85, down from $266.76 last week. Keep in mind that where you’re traveling and how many people are taking the trip will affect your exact rate.

Travel insurance weekly rates at a glance: 

Average premium: $263.85

Average trip cost: $5,865.37

Average trip length: 16 days

Average cost of travel insurance by most popular destinations

Some countries are naturally more expensive travel destinations due to higher 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
$4,111.36
$164-$328

Mexico
$2,586.99
$103-$206

Israel
$3,097.15
$124-$248

Italy
$4,956.55
$198-$396

Thailand
$2,979.14
$119-$238

Japan
$3,904.83
$156-$312

France
$4,712.69
$188-$377

Bahamas
$2,845.85
$114-$228

Spain
$3,467.33
$138-$277

Costa Rica
$3,967.07
$159-$318

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
13
$5,865.37
$375.16

Non-cancellation
16
21
N/A
$93.55

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)
$1506.16
$60-$120

Gen Z (born 1997 through 2012) 
$1,964.82
$79-$158

Millennial (born 1981 through 1996)
$1,881.58
$75-$150

Gen X (born 1965 through 1980)
$2,241.80
$90-$180

Baby Boomers (born 1946 through 1964) 
$2,805.44
$112-$224

Silent generation (born 1945 or before) 
$3,078.21
$123-$246

Source: SquareMouth

What does travel insurance cover? 

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

Travel insurance policies cover six main things: 

Trip cancellation or …read more

Source:: Business Insider

      

Weekly travel insurance rates: November 15 | Premiums drop again

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