Insider's experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page.It's officially fall, and travel insurance rates continue to drop from their summer-season peaks. According to travel agency Squaremouth, the average cost to insure a trip is currently $265.23—down slightly from last week and down 14% compared to a month ago.Travel insurance weekly rates at a glance: Average premium: $265.23Average trip cost: $5,741.77Average trip length: 16 daysIt's worth noting that some countries are naturally more expensive with flight and lodging costs, which could ultimately increase your travel insurance costs. But when controlled for cost, the destination doesn't change how much you'll spend to insure your trip. Here's how the prices stack up:Source: SquareMouthAccording to an AAA travel survey, 88% of travelers say that reimbursement after a trip cancellation is the most valuable benefit of trip insurance. According to data gathered by SquareMouth in the last six months, travelers tend to purchase cancellation travel insurance 53 days before their trip. Meanwhile, travelers without cancellation insurance will purchase a policy approximately 16 days before their trip. Source: SquareMouthA traveler's age is a significant factor in determining the cost of travel insurance. The older a traveler is, the more cost is associated with the trip. For instance, a senior traveler may need more insurance for health-related emergencies than a millennial.When calculating your travel insurance premium, travel insurance providers consider the likelihood of a medical emergency.Source: SquareMouthTravel insurance can help reimburse you for non-refundable parts of your trip or help you if you're injured or face an emergency.Travel insurance policies cover six main things: If you have a credit card, you may already have access to some of these coverages without purchasing a separate travel insurance policy. Many airline credit cards or travel credit cards offer trip cancellation, delay coverage, and baggage coverage. For example, the Chase Sapphire Reserve and Chase Sapphire Preferred cards both come with some travel coverage, including trip cancellation, interruption, and delay coverage, baggage delays, rental cars, accidental death, and dismemberment coverage. Before getting a travel insurance policy, it's essential to make sure that the terms match your needs or concerns. During the COVID-19 pandemic, that's especially important — each travel insurance company has unique reimbursement rules and cancellation rules due to this event. Read the fine print of any travel insurance policy before purchasing.

Source: Business Insider

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