How much travel insurance do you need? (2024)

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How much travel insurance do you need? (2)

If you're a routine traveler then you probably already know the benefits of travel insurance — from the potential savings from cancellations and delays to essential medical coverage, the list of covered reasons is numerous.

With travel insurance, you can get up to 100% reimbursem*nt for any travel-related expenses covered by your plan. It's essential for pricey vacations, especially international trips, and busy travel periods like holidays when costs are higher and there's a greater chance of potential issues.

There are some simple ways to save on travel insurance policies. One of the most important steps you can take to shave some money off your plan is to determine how much coverage you really need. Most of the time, a comprehensive travel insurance policy is the best route to take.

Insert your trip and traveler information into SquareMouth's site to view dozens of travel insurance policies that may fit your needs. Don't wait — start viewing your options now!

Determining how much travel insurance you need

When determining how much travel insurance you need, you should consider these factors:

  1. Cost
  2. Coverage


The cost of travel insurance hovers between 5% to 10% of your total trip costs, according to travel insurance marketplace SquareMouth. In 2019, before the COVID-19 pandemic hit, the average cost of a comprehensive policy with trip cancellation cost around $354, the site reports. Meanwhile, a policy without cancellation coverage hovered around $80.

When you're searching for policies, try to stay within that recommended range. If your total reaches above that, then you're probably paying too much.

"It's a common misconception that a more expensive travel insurance policy will provide better or more reliable coverage. However, the rating and reputation of a travel insurance policy does not factor into the policy's premium," SquareMouth explains, adding that it will "always recommend the least expensive policy that matches your coverage needs."

When you search for travel insurance policies, you can sort the listings from least to most expensive, ensuring you see the cheapest available options. Check it out.


Coverage and cost go hand in hand. The more coverage you get, the more expensive your plan may be. Again, the majority of travel experts recommend getting the least expensive plan that still contains the coverage you need.

Typically, a basic comprehensive plan — which includes perks like trip interruption, delays and cancellations, medical emergencies and more — is more than enough for travelers.

Here's what you need to ask yourself before buying travel insurance:

  • How much does my trip cost?
  • What activities do I have planned?
  • Who am I traveling with, and do they need coverage, too?
  • Does my destination have any insurance requirements?
  • Do I need medical coverage, and if so, how much?
  • Do I need any travel insurance add-ons?

The answers to these questions can help you eliminate unnecessary coverage. Every plan is different, but the coverage amounts and benefits may vary. Determine how much you really need. For example, SquareMouth recommends international travelers get around $50,000 in Emergency Medical coverage and $100,000 for cruises or travel to remote areas.

Carefully review the full details of your travel insurance policy. To find a basic plan that's affordable, search SquareMouth now.

Shopping for travel insurance plans

One of the most effective ways to get competitive prices is to compare different providers and policies. SquareMouth says it has more than 100 policies available for travelers to compare at any given time.

To see what kind of prices and plans you qualify for, insert the following information:

  • Trip information: Departure and return dates, destination
  • Traveler information: Residence, citizenship, number of travelers and ages
  • Total trip cost: Trip cost amount, deposit date, outstanding payments and more

Once you fill out SquareMouth's easy form, you can view the results and view dozens of different policies and prices. Remember to click "full policy detail" to get a full picture of the provider's offer. As SquareMouth suggests, buy the plan that is both affordable and covers all of your needs.

How much travel insurance do you need? (2024)


What is the recommended amount for travel insurance? ›

Every plan is different, but the coverage amounts and benefits may vary. Determine how much you really need. For example, SquareMouth recommends international travelers get around $50,000 in Emergency Medical coverage and $100,000 for cruises or travel to remote areas.

Is 250000 enough for medical travel insurance? ›

If you read any of our other articles, you'll remember that we always offer a simple recommendation for Medical Insurance. Overseas travelers should have these minimum levels of protection: Medical Insurance Coverage - $100,000. Medical Evacuation Coverage - $250,000.

Is it worth adding travel insurance? ›

Travel insurance can be useful, but it's not always necessary. The key to knowing if you need travel insurance is figuring out your specific risks for any given vacation, then deciding if you can buy coverage that adequately protects you from any financial losses and pitfalls that might occur.

How much medical insurance do I need for travel to Europe? ›

A comprehensive travel policy with at least $50,000 in medical coverage is recommended when traveling to Europe or any country where you don't have health insurance. Travel medical insurance will cover expenses related to an unexpected injury or illness.

What is not covered by travel insurance? ›

Reasonably foreseeable events. Known storms, epidemics, acts of war. Travel restrictions imposed by government authorities. Pre-existing conditions, unless the Premium plan is bought within the window for coverage.

Does travel insurance cover 100%? ›

If all conditions are met, most of the policies will reimburse you 50% to 75% of your trip costs, unless otherwise noted.

What is the best medical insurance for international travel? ›

Based on our comprehensive review, the companies offering the best travel medical insurance are Faye, IMG, Travelex, AIG Travel Guard and Allianz. Travel medical insurance is a specialized type of coverage that helps pay for medical bills and emergency evacuations if you're hurt or become sick while traveling.

Do I need travel insurance for international travel? ›

If you travel within the U.S., your health insurance should cover any illness or injury you sustain. If you're traveling abroad, though, your plan may provide little or no coverage. The right travel insurance should cover doctors' fees and hospital bills, Durazo said.

Do I need additional medical insurance when traveling abroad? ›

Make sure you have a plan to get care overseas, in case you need it. Consider buying additional insurance that covers health care and emergency evacuation, especially if you will be traveling to remote areas. Enroll with the Department of State's Smart Traveler Enrollment ProgramExternal Link (STEP).

What are two disadvantages of travel insurance? ›

It can also be expensive, difficult to file claims, and not always cover the things you thought it would — or should.

Is it better to buy travel insurance early or late? ›

In general, you can buy coverage any time before the date of your trip. That said, it's always best to buy coverage as soon as you make your reservations. The sooner you buy travel insurance, the sooner you'll be protected and the more benefits you may be eligible to receive.

Does travel insurance get more expensive closer to the trip? ›

Unlike other aspects of your travel experience like airfares or hotel-room rates, the price of travel insurance doesn't increase the closer you get to your travel date. There's no financial penalty if you wait to buy travel insurance (except for those bonus coverages, of course).

How much medical coverage do I need for international travel? ›

How much travel medical insurance do you need? Squaremouth, a travel insurance comparison site, recommends buying at least $50,000 in emergency medical coverage for international travel. For travelers going on a cruise or to a remote destination, the site recommends at least $100,000 in coverage.

What happens if an American goes to the hospital in Europe? ›

Be aware that you will likely have to pay out of pocket for any medical treatment, even if your insurance company provides international health care coverage. A visit to the emergency room can be free or cost only a nominal fee, or it can be expensive, depending on where you are and what treatment you need.

What is the best travel insurance for Americans going to Europe? ›

The Best Europe Travel Insurance Companies
CompanyBBB RatingCOVID-19 Coverage
Nationwide Travel Insurance GTE QUOTEA+Yes, limited
Seven Corners Travel Insurance GET QUOTEA+Yes
Trawick International GET QUOTEBYes
Generali Global Assistance GET QUOTEA+Yes
4 more rows
Apr 22, 2024

What to look for in travel insurance? ›

Your travel insurance should always include the following cover:
  • medical expenses and cover for getting you home if you're injured or fall ill abroad.
  • personal injury and cover for accidents or damage caused by you.
  • cover for lost or damaged items.
  • cover for lost or delayed baggage.

When should I buy travel insurance? ›

Travel insurance is designed to protect a traveler from certain unforeseeable events—not things that are easily foreseeable, or things that have already happened at the time you purchase your plan. That's why it's smart to buy insurance as early as possible in the booking process.

Is 20% travel a lot? ›

That 20% is an average, and what it represents can vary dramatically by career, so make sure you ask your hiring manager to tell you exactly what the travel percentage means for the position you're applying for.

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