Travel Insurance Costs: What You Need to Know Before Your Next Trip

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TORONTO, June 12, 2024 (GLOBE NEWSWIRE) — Travel insurance is not a one-size-fits-all product, and plan price and terms can vary widely. Therefore, the experts at Canada's fast-growing travel insurance comparison site, InsureMyTripwe detail cost guidelines to help travelers make informed decisions when purchasing travel insurance.

General Pricing Guidelines

A common question from travelers is “Why is travel insurance so expensive?” However, the truth is that it is not!
Typically, a travel insurance plan will cost between 4% and 10% of the total cost of your prepaid, non-refundable trip. For example, if your trip costs $2,000, you will likely pay between $80 and $200 for a travel insurance policy, depending on various factors.

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The main factors affecting travel insurance prices

• The age of the traveler – As the age of the traveler increases, the cost of the policy usually increases. However, some plans may offer family rates if qualifying children are included in the policy.

• Number of passengers -The more people the plan covers, the higher the cost. Insurance for traveling with four or five people is usually more expensive than traveling with just two people.

• Travel length – Longer trips are more expensive to insure due to increased risks. For example, a 21-day overseas trip may have higher insurance premiums compared to a 7-day trip.

• Type of coverage – The type of coverage chosen will also affect the cost. Basic, no-frills comprehensive plans are cheaper than those that offer extensive benefits like cancellation for any reason. Likewise, higher limits for medical expenses or medical evacuation will increase the rate.

*Note: Some providers may also take additional factors into account, resulting in insurance premiums being different for different trips

Choose the appropriate travel insurance plan

It is essential that you do not let cost prevent you from purchasing adequate coverage. InsureMyTrip offers dozens of plans tailored to meet the needs of different travelers. Whether you're visiting the UK or cruising in the Bahamas, proper protection is crucial.

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When choosing a plan:

• Compare prices and coverage offered.
• Make sure the benefits match your travel needs.
• Avoid choosing a low-priced plan that does not provide adequate coverage or an expensive plan that exceeds your requirements.

Calculate the cost of the trip for travel insurance

Accurately calculating the cost of your trip is vital to selecting the right travel insurance plan. Only prepaid, non-refundable expenses must be included in the cost of your insured trip. These typically include airfare, cruise costs, hotels, tours, and prepaid excursions. Costs such as tuition for classes or business trip expenses may be insurable with specific companies.

Tips for calculating the cost of a trip

• Include the costs you stand to lose if you have to cancel the trip before or on the day of departure.
• Frequent flyer miles cannot be insured; However, taxes and government fees associated with redeeming points/miles may be insurable through some providers.
• Make sure you cover 100% of your prepaid, non-refundable expenses to be eligible for certain benefits.
• You can add trip costs to your insurance plan after purchase if additional expenses arise as your trip approaches.

By purchasing a plan as soon as you make your first trip payment, you can secure the best protection for your trip.

Media Contact:
Megan for example
click@insuremytrip.com

About Insure My Trip
You like options. We do it too. InsureMyTrip will find the right travel insurance plan for you every time. We are committed to empowering travelers to make the best insurance decisions possible by leveraging our technology, data intelligence and expertise. InsureMyTrip is based in the United States with an office in Toronto.

Not available to residents of Quebec.

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