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Travel Insurance 101

How much travel insurance costs

 

Because so few of us are experienced purchasers of travel insurance, it’s easy to misunderstand how much potentially life-altering coverage you can get for a relatively low cost. Here’s the simplest way to frame the cost of travel insurance:

 

Travel insurance typically costs between 4-12% of your total trip cost. That’s it.

Considering, for example, that in an emergency situation you could incur medical evacuation costs of $25,000+, the $150 you spent on coverage for such an occurrence will seem almost silly to pass up. Your trip, your life, and your finances are really important and it’s just plain smart to invest a small amount in preparation for all that can happen while you travel, friends.

The amount you’ll pay can increase based on higher values in the following areas, which helps providers calculate the odds of a claim being opened, specific to you and your trip:

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Age of traveler(s)
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Additional travelers
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Trip cost
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Range of coverage included in policy
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Addition of optional, supplemental coverage to your policy (such as car rental, Accidental Death & Dismemberment, and Hazardous Sports)

Be aware that:

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Some plans include coverage for children at no additional cost
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Prices for coverage will differ between providers
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Supplemental coverage add-ons differ by provider and policy

Every trip and traveler are unique, so be sure to pursue travel insurance based on what you need – don’t pay for a plan that doesn’t suit your situation; however, be sure not to overlook an aspect of your trip that begs for solid coverage.