Cost Calculator AI
Travel & VacationPopular

Travel Insurance Cost Calculator

Estimate travel insurance policy premiums across Basic Medical, Comprehensive Trip Cancellation, and Cancel For Any Reason (CFAR) coverage.

Flight & Aviation Expense Summary

Travel Insurance Premium Formula

Insurance Premium = Non-Refundable Trip Cost * Base Tier Rate * Age Factor * Pre-Existing Condition Load
  • Basic Medical Tier: 3.0% to 4.5% of trip cost ($50k medical / $100k evacuation).
  • Comprehensive Tier: 5.0% to 7.0% of trip cost (100% trip cancellation, $100k medical, $250k evacuation).
  • Cancel For Any Reason (CFAR): 8.5% to 11.0% of trip cost (reimburses 50-75% of costs for any reason).
  • Age Factor: Travelers over 50 pay 25% more; over 65 pay 60% more.

Step-by-Step Worked Example

Scenario: A 54-year-old traveler books a $4,500 non-refundable cruise and buys a comprehensive trip insurance policy.

Calculation Steps:

  1. Effective Rate: 5.5% * 1.25 = 6.875% of trip cost
  2. Insurance Premium: $4,500 * 0.06875 = $309.38
  3. Coverage Limits Included: $100,000 Emergency Medical / $250,000 Medical Evacuation
Result: The estimated comprehensive travel insurance premium is $309.38 (6.9% of non-refundable trip costs).

How to Use This Calculator

  1. 1Enter the total prepaid, non-refundable cost of your trip (flights, hotel deposits, tours).
  2. 2Provide the age of the primary insured traveler.
  3. 3Select your desired coverage tier (Medical, Comprehensive, or CFAR).

Assumptions & Limitations

  • Only non-refundable expenses require cancellation coverage.
  • Rates represent standard US travel insurance underwriting averages.

Frequently Asked Questions

When is Cancel For Any Reason (CFAR) insurance necessary?

Standard comprehensive insurance only covers listed reasons (illness, injury, death in family, airline bankruptcy). If you might cancel due to work conflicts, fear of travel, or changing plans, CFAR is required, but must be purchased within 14-21 days of your initial trip deposit.

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