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As we inch toward fall, travel insurance rates continue to trend downward. The average premium is currently $263.83, according to travel agency Squaremouth. That’s down from $288.53 last week. 
Travel insurance weekly rates at a glance: 
Average premium: $263.83
Average trip cost: $5,729.56
Average trip length: 16 days
The more you spend on your trip, the more you’ll spend on travel insurance. In general, international trips are more expensive than domestic trips, and also more costly to insure.
According to the US Travel Insurance Association, travel insurance generally costs from 4% to 8% of the total trip. We calculated the average cost of travel insurance for both domestic and international travel using the lower and upper ends of that range.
Source: Squaremouth
It’s worth noting that some countries are naturally more expensive with 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:
Source: SquareMouth
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. 
Source: SquareMouth
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.
Source: SquareMouth
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: 
If you have a credit card, you may already have access to some of these coverages without purchasing a separate travel insurance policy. Many airline credit cards or travel credit cards offer trip cancellation, delay coverage, and baggage coverage. For example, the Chase Sapphire Reserve and Chase Sapphire Preferred cards both come with some travel coverage, including trip cancellation, interruption, and delay coverage, baggage delays, rental cars, accidental death, and dismemberment coverage. 
Before getting a travel insurance policy, it’s essential to make sure that the terms match your needs or concerns. During the COVID-19 pandemic, that’s especially important — each travel insurance company has unique reimbursement rules and cancellation rules due to this event. Read the fine print of any travel insurance policy before purchasing.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.
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