Summer is Coming and So is the Need for Travel Insurance

Going on a cruise this summer? The travel insurer, Squaremouth says look for higher costs in travel insurance this year. Looking at last year’s statistics, Squaremouth figures travelers wanting comprehensive insurance will pay an average of 432% more than someone picking up a basic, medical-issue-only, travel insurance policy.

• The average cost of a medical-only policy will be about $101
• Comprehensive coverage will average $538
• Cancel for any reason insurance will hit an average of $807

Squaremouth also looked at what we will likely spend on a cruise in 2026:

• The average trip will be $7,700
• Travel insurance will be 7% of that figure
• Budget cruises of under $1,000 will have insurance averaging $94
• Luxury trips will run $9,000 or more and premiums will be over $1,100
• People over 70 will spend 3x more for travel insurance than people under 50
• Higher medical risks and longer, more expensive trips are the reasons

Source link: Business Insurance — https://bit.ly/3QoAcAm