Like any other kind of insurance, the cost of travel insurance is determined by a number of factors, including:
- Trip duration
- Trip cost
- Age of insured
- Type of plan - e.g., trip cancellation, medical only, etc.
- Medical benefit and/or deductible (this is if you need medical coverage during your trip)
- Insurance plan features or coverage upgrades, such as medical coverage upgrade, additional baggage, additional accidental death and dismemberment and/or accidental death and dismemberment air only, broadened cancellation coverage, sports rider and rental car collision
Generally speaking, the average cost of travel insurance is about 6% of the total trip cost. However, the premium may be lower with minimal coverage plans, or higher with more coverage. Likewise, coverage plans with deductibles also affect the cost of travel insurance - higher deductibles have a lower premium and vice versa.
Although cost is a major factor when purchasing travel insurance, there are a number of reasons one should buy travel insurance. With RoamRight, the cost of travel insurance plans is diverse to meet a variety of budget and coverage needs - no matter your trip type or destination. In addition, we offer a full range of optional coverages you can add to your plan so you can travel with peace of mind. Contact RoamRight today to learn about travel insurance costs and options.