When planning a vacation, it is in your best interest to determine if travel insurance is right for you. There are many determining factors that may sway your decision like cost, length, location, etc. One of the main factors that influence most consumers is the cost. Most people do not want to spend the extra money on insurance after fronting a large sum to their travel plans. Below is an explanation of factors that can affect the cost of your travel insurance. This will let you know if your current situation and travel plans will help or hurt your travel insurance plans.

Cost of Trip

Point blank, if your trip is expensive than you may want to get insurance. The more money you spend on an experience, the more upset you would be if an unexpected event occurred that prevented you from going on it and losing out on that money. According to American Express, the average vacation expense per person in the United States is $1,145, or $4,580 for a family of four. Be sure that if you do not get travel insurance than you may be comfortable with losing your money and overall cost of the trip due to unforeseen circumstances. That is a good rule of thumb to go by. Maybe getting a travel insurance quote is good to see what would be worth it compared to your cost of the trip.

Length of Trip

Similar to the cost of the trip, you need to analyze the length of the trip as well. If the trip isn’t very long in length than maybe a lost bag or unknown circumstance may have less likeliness of occurring and therefore not be worth it. The risk is less than the benefit.

Age of Traveler

The older the traveler, the more riskier of an investment it may be for an insurer. If you are older or have pre-existing medical conditions than an insurance agency may not want to take you on as a policy holder. This factor plays into your chance of being approved or the cost of your insurance in general.

Type of Coverage

Travel Insurance includes many different coverage options. The more coverage you opt for, the more you will pay. There is coverage for such things as medical coverage that allows you to be covered in the event you have to seek medical attention while you are on vacation. Cancellation coverage allows you to be covered in the event you need to cancel. Examples of some things that would be covered under this type of coverage is injury/illness, weather or natural disaster, schedule conflicts (i.e. jury duty, court summons, school year extension), traffic accidents, property damage, terrorism/mandatory evacuations, bankruptcy or financial debt, assaults, work conflicts, illness or death of host, labor strikes, theft or loss of passport/visa. If you are worried about your baggage and valuables than you can cover your baggage as well. All of these examples are things that can add to the cost of your coverage depending on what you need for travel insurance.

Be sure to look into the above items that can factor into your travel insurance cost.