For most travelers, the answer is yes. With higher trip costs, frequent delays, and expensive medical care out of network and abroad, travel insurance can protect you from losing thousands due to events outside your control.
How Much Does Travel Insurance Cost?
Travel insurance typically costs between 4%–10% of your total trip price.
That means:
- A $3,000 trip may cost between $75–$300 to insure
- A $5,000 trip may cost $125–$500 to insure
Pricing depends on your trip costs, age, coverage limits and length of trip. Additional options like Cancel For Any Reason (CFAR) are available when purchased during the time the sensitive period.
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What Do Travelers Actually File Claims For?
The most common travel insurance claims are for more costly issues such as:
- Trip cancellation or interruption due to illness or family emergencies
- Emergency medical expenses out of network or abroad (often not covered or limited by U.S. health insurance and Medicare)
- Trip delays that incur additional unexpected travel expenses.
- Lost, stolen or delayed baggage
If your trip needs to be cancelled or interrupted due to a medical condition for you or even a non-traveling family member, loss of job, inclement weather or one of the many perils covered, having these coverages can protect your investment when the unexpected happens.
A hospital visit can easily cost $5,000–$20,000+, making travel medical expense coverage especially valuable.
An unexpected medical emergency that warrants a medical evacuation can easily run you $50,000 to $100,000+ out of pocket. Travel insurance can not only cover the cost for a medical evacuation but also provide 24/7 assistance services to properly arrange it.
See what travel insurance plan is right for you and what they cover
When Is Travel Insurance Worth It?
Travel insurance is especially worth it if you:
- Have non-refundable trip costs to protect.
- Are traveling outside your health insurance network or traveling internationally where you may have limited or no medical expense coverage.
- Are taking a cruise, guided tour, booking a vacation rental or an all-inclusive vacation.
- Have pre-existing medical conditions.*
In these cases, the cost of travel insurance is far less than the financial risk of traveling uninsured.
*The TME Preferred and Elite plans waive these conditions if purchased within 14 days after your initial trip deposit, or otherwise have a limited lookback period of only 60 days if purchased after 14 days from your initial booking.
Learn more about comprehensive trip cancellation insurance
Travel Insurance, Affordable Peace of Mind
Travel insurance provides peace of mind and affordable protection against trip cancellation, medical emergencies, and travel disruptions that could otherwise result in significant financial loss.
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