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Travel Insurance can help alleviate the financial repercussions and worries of a holiday gone wrong. While cover varies from policy to policy, most basic policies will include medical emergencies, cancellation cover (e.g., if you fall ill and can’t travel), personal liability, flight delay/cancellation (e.g., due to weather) and loss, theft or damage to personal belongings (e.g., baggage).
But how much does travel cover cost the average Brit? We’ve priced over 200 policies across 17 popular UK travel insurance providers, for a single adult 30 years of age. Use this information to give you an idea of what you can expect to pay for single vs. annual multi-trip policies, by destination (e.g., Europe, World excluding America and Canada, World including America and Canada, etc.), and for basic vs. premium policies.
We hope this guide will help you to understand the UK travel insurance market to assist with your purchasing decisions. Keep in mind that the cost of extras like golf, winter sports, weddings, cruises, etc. will increase your premium. If you have any pre-existing conditions you can find more information in our article on the average cost of travel insurance for medical conditions.
How Much Does Travel Insurance Cost: Single vs. Annual Multi-trip
On average, multi-trip travel insurance policies cost 2X the price of single-trip travel policies in the UK. Brits will pay an average of £31 for a single-trip policy, or £60 for an annual multi-trip policy. This means that if you’ll travel only once per year, single-trip travel insurance should be more economical for you; if you travel 2 or more times per year, then you’ll probably save money by signing up for an annual multi-trip policy.
How Much Does Travel Insurance Cost by Destination?
The cost of travel insurance can vary greatly depending on the geographic area(s) covered by a policy. Generally speaking, travel insurance for Europe will be cheapest, followed by Worldwide excluding the USA, Canada & the Caribbean. Worldwide cover including the USA, Canada and the Caribbean is generally the most expensive insurance. In the following chart you can see the average price of travel insurance by destination.
Insurance to the USA is expensive largely due to the high cost of medical treatment in America. Travel insurance to Europe is cheaper in part because many travel insurance providers require you to have an EHIC card before traveling—an EHIC card provides free or reduced-cost health care to residents of the EEA and Switzerland as they travel within the region. Since Brits can have health care in Europe covered through the EHIC programme, insurers expect lower medical costs for European travel and can reduce premiums as a result.
How Much Does Travel Insurance Cost: Basic vs Premium Policies
Some insurers offer an array of policies, from the most basic coverage to comprehensive coverage with all the bells and whistles. All else being equal, a policy that costs more should include a higher coverage amount and lower excesses. In addition, premium policies may include additional coverage categories that are not included in cheaper, more basic policies—for instance, SAFI or ESF, passport replacement, delayed departure, valuables, etc. The chart below shows average costs for basic policies and premium policies (reflecting both single-trip and annual multi-trip), to help you decide what will fit in your budget.