Travel insurance typically costs between 5% and 10% of the total cost of a trip, but can vary based on your age, the amount of coverage requested, details of the trip itself and the number of people traveling. The gold-standard travel insurance policy will offer the option to “cancel for any reason” or “cancel anytime.” This insurance could kick in, for example, if you’re afraid to travel to a location because of the coronavirus. Such policies can cost as much as 50% more than a standard travel insurance policy.
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