Travel Insurance: Average Cost by Trip Type

Travel insurance is priced as a percentage of the amount you are risking, so the cost depends far more on your trip than on your age alone. The two things you are insuring are your prepaid trip costs and, more importantly, your health and belongings while far from home.

Typical costs by trip type

• Domestic trip: about 4 to 6 percent of trip cost, often $30 to $80.
• International trip: about 5 to 8 percent of trip cost, often $60 to $150.
• Cruise: higher, because of the medical and evacuation exposure at sea.
• Senior or pre-existing conditions: higher still, and often requires buying within a window after the first deposit to waive pre-existing exclusions.

Premium ≈ trip cost × 4–8% + age loading + add-ons

Medical coverage is the point

Most domestic health plans offer little or no coverage abroad, and air ambulance evacuation can cost $50,000 to $250,000. A travel policy's medical and evacuation benefit is what protects you from a catastrophic bill. This is the coverage to prioritise, even above trip cancellation.

Cancellation and CFAR

Standard cancellation reimburses prepaid costs if a covered reason - illness, death in the family, a natural disaster - forces you to cancel. "Cancel for any reason" (CFAR) is an upgrade that reimburses a portion, usually 50 to 75 percent, if you simply decide not to go. It costs meaningfully more and must be bought soon after your first trip payment.

Buy early for pre-existing waivers

If anyone on the trip has a pre-existing condition, buy the policy within the insurer's window (often 14 to 21 days after the first deposit) to get the exclusion waived. Buying late removes that protection.

Frequently asked questions

Is travel insurance worth it for a cheap trip? The cancellation benefit may not be, but the medical and evacuation benefit can justify the policy even on a low-cost trip abroad.

Does my credit card already include it? Some cards include limited trip cancellation or baggage coverage, but medical and evacuation coverage is usually missing.

Estimate your own premium with the calculator below.