Squaremouth reports average travel policy costs $595
The company noted that optional upgrades to travel policies can increase premiums by around 40%
US insurance comparison site Squaremouth has reported that the average cost of a comprehensive travel insurance policy purchased via its platform is US$595.
Meanwhile, a plan that does not include cancellation coverage costs $93.
Squaremouth also noted that while the cost of travel insurance may vary according to policy and provider, the price is most heavily influenced by three key factors: total trip cost; traveller age (with older demographics typically paying more); and trip length.
The company added that in addition to standard benefits, many providers offer optional upgrades that increase coverage, but also overall premium cost. The most common upgrades are rental car and ‘cancel for any reason’ coverage, which Squaremouth said typically increases policy premiums by “about 40%”.
Squaremouth also released its summer travel data earlier this month.