The Average Cost of Travel Insurance in 2023

Whether you are planning a weekend getaway or a long-term vacation, travel insurance is an essential part of any trip. It provides peace of mind that you will be protected in the event of medical emergencies, flight cancellations, or other mishaps while abroad. But what is the average cost of travel insurance in 2023, and how do you know when you’re getting a good deal?

What is Travel Insurance?

Travel insurance is an agreement between a traveller and an insurance provider that offers financial protection against losses incurred while travelling. It typically includes coverage for:

• Medical expenses
• Cancellations
• Interruptions of trips
• Lost or stolen items
• Other emergencies

The cost of travel insurance varies based on the type of coverage needed, the length of the trip, and the country being visited.

How Destination Impacts the Cost of Travel Insurance

The cost of medical treatment in different countries can have a huge impact on the price of your travel insurance policy. For instance, medical care in the United States, Canada, and many Caribbean islands are much more expensive than in Europe or other parts of the world. This means that if you are travelling to one of these countries, you will likely have to pay more for your travel insurance policy than if you were travelling to a European destination where British travellers can get lower-cost medical treatment with an EHIC or GHIC card.

How Age Affects the Cost of Travel Insurance

The younger you are, the less expensive it will be to purchase travel insurance. This is because young travellers tend to be healthier and therefore less likely to need medical care during their travels. They also tend to have fewer pre-existing medical conditions that could lead to higher costs for the insurer if they needed medical care while travelling. However, older travellers may have an increased risk of needing medical care while travelling abroad, so they may pay more for their coverage.

If you have pre-existing medical conditions be sure to choose an insurer like Staysure who includes them in their single-trip policies.

Price doesn’t Always tell you what is the Best Cover

You may think that the cheapest premium would offer the least comprehensive cover and that paying more is the best way to get great cover, but that’s a myth. When shopping for travel insurance, it’s important to pay attention to what’s included in the policy, regardless of cost.

Are there any exclusions? How much will you be covered for if something unexpected happens? What sort of medical coverage does it provide? Can you extend the policy if something changes with your travel plans? Make sure to read over the fine print so you know exactly what is included in your policy.

A great way to ensure you get value for money in the form of great cover is to check the Defaqto rating of the policy. Five-star policies will offer an excellent level of cover that you can trust.