How Much Does Travel Insurance Cost in 2024?

The Average Cost of Travel Insurance  

Travel insurance has the potential to cover unexpected expenses and offer you clarity in the face of uncertainty. But before you reap the benefits, you've got to pay for your policy. If you're wondering, "How much does travel insurance cost?" You're not alone. We'll reveal that number, explain factors contributing to the cost of travel insurance, and more. Hint: it's affordable on virtually every travel budget and is well worth every cent.  

Let's get right into it!  

How Much Does Travel Insurance Cost?  

A good rule of thumb is that, on average, travel insurance costs around  5% to 6% of the total cost of your trip. So, if your trip costs around $2,000, you should expect to pay about $100 to $120 for your policy. But this won't be the case across the board. For instance, some will pay up to 12% of their trip cost for their travel insurance policy. With this higher percentage, a travel policy for a $2,000 trip could cost around $240.   

How Much Does AXA Travel Insurance Cost?  

AXA Travel Protection plans start at $16. Domestic travelers looking to stretch their budget should consider our Silver plan, which includes basic coverage for trip cancellation, baggage, emergency medical, and more.  

The Gold and Platinum plans provide greater coverage options and are best suited for international travel and cruises. 

Factors Affecting the Cost of Travel Insurance 

There is no exact percentage or dollar amount you can expect to pay for your trip insurance without getting a personalized quote. Many shoppers start by getting quotes from several companies so they can estimate the cost or bargain-shop. Price variation is common among companies. Several factors affect the cost of travel insurance, and we'll explore them all below:  

The Cost of the Trip  

The more expensive your trip is, the more your travel insurance may cost. This is because higher ticket trips often have more nonrefundable costs (lengthier hotel stays, further flights, longer retreats), which equates to potentially higher payouts to you should you file a claim.  

Recall that travel insurance for a $2,000 trip may cost around $100 - $120. For a $15,000 trip, that cost estimate rises to $750 to $900. So, expect to pay more if you're taking a high-ticket vacation.  

Note: Not every trip expense can be included under your policy — only nonrefundable ones.  
Travel insurance only reimburses nonrefundable costs. You won't be able to file a claim for refundable expenses. 

The Type of Plan 

The plan you choose depends on your risk-tolerance. For instance, basic plans cover common trip mishaps such as trip-cancellations, missed connections, flight delays, etc.  

Other more expensive plans will cover everything included in a basic plan but with higher coverage limits and more optional add-ons such as Cancel for Any Reason, rental car insurance and more. 

Check out AXA’s Travel Protection plans to determine which plan fits you 

Where You're Going  

When it comes to international travel, the US Department of State outlines key components that should be included in your travel insurance coverage.  Are you going to a calm, low-risk area like Norway or Denmark? Or are you going to a riskier area? Travel insurance for higher-risk areas usually commands a higher price tag. You're more likely to be involved in an incident or unexpected situation in risky countries. On the other hand, trip policies for lower-risk countries may be more affordable.  
As a reminder, it’s important to check policy terms, as some policies may or may not provide coverage to specific countries. 

How Long You'll Be Gone  

The longer your trip is, the longer the window of opportunity is for things to go awry. A policy for a one- or two-day trip won't cost much in most cases. But insurance for a month-long trip is a different story. Your likelihood of experiencing a trip-related delay, illness, or accident increases the longer you'll be away.  

How Old You Are  

Your age plays a significant role in your travel insurance price. The older you are, the greater your risk of experiencing a medical issue and needing to file an insurance claim. As a result, those of advanced age should be prepared to pay significantly more for their policy than someone who's much younger.  

Number of Travelers  

As you might expect, bigger travel groups will need more insurance coverage than a smaller travel group would. So, a solo traveler may pay significantly less for a policy than a family of 6 would. 

Add-Ons You Choose  

Depending on where you shop for your travel insurance, you may be able to pay for additional benefits to better tailor your policy to your preferences. A couple of these add-ons include:  

Cancel for Any Reason Coverage - This is an add-on benefit that allows you to cancel your policy for any reason at all.  

Collision Damage Waiver - This waiver covers rental car damage in the event of a collision.  

IMPORTANT: The cheapest travel insurance policy isn't going to always be the best fit for you. These policies don't give you as much coverage as some of the more comprehensive policies do. Your level of coverage should coincide with the amount of coverage you need. We'll touch more on this later.   


Getting a Quote for Travel Insurance  

You have a good general idea of what travel insurance costs. But what if you want to know how much your insurance policy will be for your specific trip? You need a quote. At AXA, you can get a free, no-obligation quote based on your trip details. It outlines the three plans we offer, basic benefit details, and a cut-and-dry price per plan.  

To get a quote, go to the AXA homepage and fill out this form:  

After clicking "Get a quote now," you'll instantly see your trip coverage options and how much each of them will cost. Getting an exact quote for your travel insurance is much better than taking a guess.  

How to Buy Travel Insurance 

Some may think buying travel insurance is a labor-intensive endeavor, but that's not the case if you know what to expect. At AXA, there are two main routes to choose from: the online DIY route and the agent route. The DIY route is traveler-led, where you'll get a quick, no-obligation quote online, read over AXA's policy options, and select and pay for your ideal policy.  

On the other hand, if this is your first time buying travel insurance, enlisting the help of an agent may be in order. AXA's agents are standing by to answer any questions you may have about travel insurance in general, walk you through the quote generation process, explain your travel policy options, and assist with the payment step. It's much more hands-on than the online DIY option. Call an AXA travel insurance agent at 855-327-1441 and pick option 2.   

Choose the Right Travel Insurance for You  

We'd be remiss if we didn't communicate the importance of choosing the right travel insurance for you. You may be able to keep costs low with a basic plan if you're taking a solo domestic trip to Denver for a couple of days. But if you're taking a long, international trip or visiting a high-risk area, it may be worth it to purchase a more expensive plan that gets you more coverage for unexpected scenarios.  

Moreover, if you're prone to medical issues or simply want more peace of mind during your trip, select a plan with more substantial benefits.   

Regardless, before you choose a plan, read the terms and benefits of a given plan and be sure you understand it fully.  

Happy Travels!  

Now, you don't have to wonder, "How much is travel insurance?" You have a general idea of how much you'll need to insure your trip, you know how to get a quote, and you understand the factors associated with travel insurance prices. Before you go, we encourage you to explore AXA Travel Insurance. Whether you plan on exploring domestically, country-hopping internationally, or taking a relaxing cruise, there's a plan designed to cover what matters most. AXA's high-value plans can help shield you from unforeseen circumstances so you can focus on enjoying your trip. Learn more from our FAQ page here. We hope you found all the information you were looking for, and we wish you an outstanding trip! 



Gusner, P. (2022, April 11). Average Cost Of Travel Insurance 2022. Forbes Advisor. 

Horvath, S. (2024, January 26). Average Cost of Travel Insurance in December 2023. MarketWatch. 

Rawson, C. (2024, March 1). Average Cost of Travel Insurance in Jan. 2024. NerdWallet. 

Travel Insurance |Travel Medical Insurance| AXA Partners US. (n.d.). AXA Travel Insurance. Retrieved March 4, 2024, from

Travel Insurance Plans | AXA Travel Insurance. (n.d.). AXA Travel Insurance. 


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