Travel Insurance Cost Calculator
Quickly estimate how much travel insurance coverage you need based on your total trip investment. Ideal for international trips, cruises, or any prepaid non-refundable travel.
About this calculator
Travel insurance coverage is typically expressed as a percentage of your total trip cost, ensuring that your policy limits are high enough to reimburse you fully if you must cancel, interrupt, or cut short your trip. The formula is: Coverage Amount = (tripCost × coveragePercentage) / 100. Most travel insurance experts recommend insuring 100% of prepaid, non-refundable trip costs so that a covered cancellation leaves you whole. Some travelers choose a lower percentage to reduce premiums when part of their trip costs are refundable or covered by credit card benefits. For medical evacuation and health coverage — which can easily reach $100,000 or more — separate coverage limits apply beyond basic trip-cost coverage. Always compare your calculated coverage amount to the policy's stated maximum limits to ensure you're not underinsured.
How to use
Imagine you've booked a 10-night cruise package totaling $4,500 in non-refundable costs. You want to insure the full amount, so enter $4,500 as the Total Trip Cost and 100 as the Coverage Percentage. The calculator computes: (4500 × 100) / 100 = $4,500 recommended coverage. If your credit card already covers $1,000 of trip cancellation, you might instead insure 78%: (4500 × 78) / 100 = $3,510. Shop for a policy with at least that coverage limit, ensuring the per-person and per-trip maximums match your calculated figure.
Frequently asked questions
What percentage of my trip cost should I insure for travel insurance?
Financial advisors and insurance professionals typically recommend insuring 100% of all prepaid, non-refundable trip expenses. This ensures a covered cancellation results in full reimbursement rather than a partial recovery. However, if a portion of your costs — such as hotel stays — are fully refundable up to the travel date, you can reduce the insured amount accordingly. Some credit cards offer built-in trip cancellation coverage up to a stated limit, which you can subtract from your total before purchasing a separate policy.
How do I calculate travel insurance cost from the coverage amount?
Once you know your desired coverage amount, insurers typically charge a premium ranging from 4% to 10% of that insured amount depending on your age, destination, trip length, and included benefits. For example, a $5,000 coverage amount at a 6% rate yields a $300 premium. Older travelers and those visiting remote destinations with limited medical infrastructure tend to pay toward the higher end of this range. Always request quotes from multiple providers since rates vary significantly for identical coverage levels.
When should I buy travel insurance relative to my trip booking date?
Buying travel insurance as soon as you make your first trip deposit is strongly recommended for two reasons. First, many policies include a 'pre-existing condition waiver' that is only available if you purchase within 14 to 21 days of your initial payment. Second, coverage for supplier default — such as an airline or tour operator going bankrupt — often requires purchase before the company is publicly listed as financially troubled. Waiting until just before departure means you could miss these critical protections, even if the trip-cancellation benefit itself is still available.