AdvisorSmith Finds the Average Cost of Travel Insurance
Travel insurance premiums vary widely depending on a number of factors, including the cost of the trip, number of travelers, traveler age, mode of travel, and more
AdvisorSmith used quote estimates from 53 different travel insurance policies to find the average price of travel insurance. The quote estimates also made use of various sample traveler profiles.
To determine how other variables factored into premium costs, AdvisorSmith used multiple traveler profiles that varied by age, the number of total travelers, and trip cost.
AdvisorSmith used a 30-year-old male traveler in good health for the main sample traveler profile, planning to travel by direct flight to the United Kingdom from California on a 1-week vacation.
From their analysis, AdvisorSmith discovered that the average cost of travel insurance in the U.S. is $95.
The price of travel insurance can vary due to several factors, so prices did vary widely; however, depending on the insurer, the analysis showed premiums ranging from a low of $39 to a high of $210.
Besides the average price, AdvisorSmith included the average cost by the trip, age, number of travelers, and coverage level.
They also included examples not covered by travel insurance as trip cancellations, flight cancellations, etc.
"As travel ramps back up, Americans are more interested in protecting their travel plans, '' said Patrick Chen, co-founder, AdvisorSmith. "We created this study for those looking to travel who want to protect themselves from unforeseen changes."
To view the complete study, visit https://advisorsmith.com/
AdvisorSmith is a leading information resource for small business owners. AdvisorSmith empowers small businesses with original research and insights into trends to help them succeed. For more information, visit https://advisorsmith.com or follow us on Twitter @AdvisorSmithInc.