Travel insurance covers unexpected losses while you’re traveling: emergency medical care abroad, trip cancellation, lost luggage, and flight delays. In 2024, U.S. travelers spent $5.56 billion on it, protecting about 87 million people through 55 million plans.
The main reason to buy it is medical. Most U.S. health insurance, including Medicare, provides little to no coverage outside the country. A medical evacuation can cost $50,000 or more. The second reason is trip cancellation: if you’ve prepaid thousands for a non-refundable tour or resort and you get sick, injured, or hit by a family emergency weeks before departure, insurance reimburses you.
Travel insurance typically costs 4-10% of your trip cost. Factors that affect the price include your age, destination, trip length, and any optional coverage like pre-existing conditions or adventure sports. For a domestic weekend road trip, you can probably skip it. For an international trip where a medical emergency or a canceled flight would wipe out your savings, it’s worth the price.
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