There’s no standard answer to how much travel insurance costs. A healthy 30-year-old taking a short break in Europe might pay very little, while an older traveller with medical conditions heading to the USA could pay far more for the same length of trip. Here’s what drives the price, so you can understand your quote.
What affects the price of travel insurance?
- Destination. The USA, Canada and the Caribbean usually cost more than Europe because medical costs are higher. See travel insurance for the USA.
- Trip length. Longer trips mean more risk and a higher premium.
- Age. Premiums commonly rise with age, especially at certain age bands.
- Medical conditions. Declared conditions can increase the price or lead to exclusions. See travel insurance with pre-existing conditions.
- Level of cover. Higher medical and cancellation limits cost more.
- Excess. A higher excess usually lowers the premium. See excess explained.
- Activities. Winter sports, diving and similar activities often cost extra.
- Single trip or annual. Annual cover is often better value if you travel more than once. See annual vs single trip.
- Number of travellers. Family and group policies can be cheaper than separate ones.
- When you buy. Buying early gives you cancellation cover for longer. See when to buy.
How to compare quotes fairly
A low price can hide low limits and a high excess, so compare like for like:
- Choose the same destination, dates and number of travellers each time.
- Compare the medical limit, cancellation limit and excess side by side.
- Check single-item baggage limits if you carry valuables.
- Declare medical conditions accurately, or the quote won’t be valid.
- Read the IPID before you buy.
Ways to keep the price down
- Only pay for the region you’re visiting.
- Choose a higher excess if you can comfortably afford it.
- Avoid add-ons you don’t need.
- Check whether you already have cover, for example through a packaged account. See bank account travel insurance.
- Compare annual and single trip prices.
Is the cheapest policy the best choice?
Not necessarily. A cheap policy that doesn’t cover your destination, activity or condition won’t help when you need it. Match cover to the trip first, then compare prices. Our checklist will help.
Frequently asked questions
Why do two people get different travel insurance prices?
Insurers price on age, destination, trip length, medical conditions, cover level and excess, so two travellers can get very different quotes for the same trip.
Is annual travel insurance cheaper than single trip?
If you take several trips in a year, annual cover is often better value, but a single short trip is usually cheaper on a single trip policy.
Does a higher excess make travel insurance cheaper?
Usually yes, because you carry more of the cost of any claim. Make sure you could afford to pay it.
Is travel insurance more expensive for the USA?
Usually yes, because medical costs there are much higher, so insurers price the USA separately from Europe.
Related travel insurance guides
- What Does Travel Insurance Cover? A Plain-English UK Guide
- How to Make a Travel Insurance Claim: Step-by-Step
- Why Was My Travel Insurance Claim Rejected? Common Reasons
- Travel Insurance Cancellation Cover: What Reasons Are Accepted?
- How to Choose the Best Travel Insurance: A 10-Point Checklist
This article is general information, not financial or insurance advice. Always read the policy documents before you buy.
