1What Actually Drives Travel Insurance Cost
Travel insurance is priced on risk, not on a flat rate. Two travellers buying the same policy on the same day can pay very different premiums. In practice, five inputs explain most of the spread.
Age
The single largest factor. Premiums step up noticeably at 60, again at 70, and again at 75 and 80.
Destination
The United States is the most expensive destination for Canadians because of U.S. hospital pricing.
Trip Length
Emergency medical is usually priced per day, so a 30-day trip costs roughly four times a 7-day trip, all else equal.
Deductible
Choosing a $500 or $1,000 deductible instead of $0 often cuts the premium meaningfully.
Medical history is the fifth. A stable, well-documented condition is often insurable at standard rates; an unstable one raises the price or is excluded. That is covered in detail in our travel insurance pre-existing conditions guide.
2Travel Insurance Cost by Age (2026 Ranges)
Approximate 2026 single-trip emergency medical costs for healthy Canadian travellers carrying $2 million in coverage with no deductible. Illustrative ranges, not quotes, actual rates depend on the insurer and your health history.
| Age Group | 2-Week Trip to U.S. | 2-Week Trip (Other) | 30-Day Trip to U.S. |
|---|---|---|---|
| Under 40 | $40 to $80 | $25 to $50 | $70 to $120 |
| 40 to 54 | $60 to $120 | $35 to $70 | $100 to $180 |
| 55 to 64 | $100 to $180 | $60 to $100 | $160 to $280 |
| 65 to 69 | $140 to $260 | $80 to $140 | $220 to $400 |
| 70 to 74 | $200 to $380 | $110 to $200 | $320 to $580 |
| 75 and over | $280 to $550 | $150 to $280 | $440 to $800 |
| Same basis as the single-trip figures in our annual vs single-trip guide, which also carries the annual multi-trip pricing table. Get a real price at egeinsure.ca/travel-insurance/. |
Per day, that works out to roughly $2 to $4 for a traveller under 40 and $15 to $27 at 75 and over on a U.S. trip. Travelling three or more times a year? Compare these against annual multi-trip pricing in the annual vs single-trip guide.
Quote every insurer at the same deductible and same medical maximum . A cheaper premium at a $5,000 deductible against a rival's $0 deductible is not a saving, it is a different product.
3How Destination Changes the Price
Where you go matters almost as much as how old you are, because the insurer is pricing the local cost of emergency care.
| Destination | Relative Cost | Why |
|---|---|---|
| United States | Highest | U.S. hospital and ICU billing is the most expensive risk Canadian insurers cover |
| Mexico & Caribbean | Moderate–High | Lower local costs, but air ambulance and repatriation risk is real |
| Europe & Asia | Moderate | Lower treatment costs; long-haul repatriation still priced in |
| Within Canada | Lowest | Provincial plans cover most physician and hospital care between provinces |
| Travelling only inside Canada? See travel insurance within Canada. |
If your destination is the United States specifically, our travel insurance for the USA from Canada guide covers the coverage amounts and cross-border details that matter most.
4Trip Length: Single, Multi-Trip, and Long-Stay
Emergency medical premiums scale with days abroad, so the structure you buy should match your travel pattern rather than your instinct about what sounds cheaper.
| Pattern | Usually Cheapest Structure | Watch Out For |
|---|---|---|
| One trip a year | Single-trip plan | Buying an annual plan you will not use |
| 3+ short trips a year | Annual multi-trip plan | Per-trip day caps of 15, 30, or 60 days |
| One 3–6 month winter | Snowbird / long-stay plan | Annual plans almost never cover a full winter |
The full structural comparison lives in our annual vs single-trip guide, and the long-stay case is covered in the snowbird travel insurance guide. Before booking a stay of several months, check how many days your province lets you be away in snowbird health coverage day limits, because most travel policies require provincial coverage for the whole trip.
5Does a Higher Medical Maximum Cost Much More?
Usually less than travellers expect. Moving from $1 million to $5 million in emergency medical coverage is often a modest premium increase, because the very large claims that would exhaust $1 million are rare. Cutting your medical maximum is therefore one of the worst places to save money on a U.S. trip.
- $100,000–$500,000: may be adequate outside the U.S. for short trips
- $1M–$2M: the common band for U.S. travel
- $5M+: often chosen for ages 75+, cardiac history, or long U.S. stays
Raise the deductible before you cut the medical maximum. A $1,000 deductible costs you $1,000 in a bad year; an exhausted medical maximum in a U.S. ICU can cost far more.
6Trip Cancellation vs Emergency Medical
These are two different products often sold together, and they are priced differently. The full breakdown of covered reasons, timing rules and CFAR lives in our trip cancellation insurance guide. Emergency medical is priced per traveller per day. Trip cancellation and interruption is usually priced as a percentage of your prepaid, non-refundable trip cost, commonly in the range of about 4% to 10% depending on age and trip value.
- Emergency medical pays for treatment abroad, the coverage almost no Canadian should travel without
- Trip cancellation refunds prepaid costs when a covered reason stops you from going
- Trip interruption covers getting home and unused costs when a trip is cut short
- Baggage and flight accident add-ons are usually small line items
Not sure which parts you actually need? An EGE Insurance advisor will price them separately so you can see each cost. Contact us or start on Travel Insurance.
7Seven Ways to Lower the Premium Without Losing Protection
- Raise the deductible. A $250 to $500 deductible typically cuts the premium by 20 to 45 percent, the most effective single lever for healthy travellers.
- Buy only the days you travel, plus a small buffer, not a rounded-up month.
- Compare at least three or four insurers at identical coverage settings.
- Check whether an annual multi-trip plan is cheaper if you take three or more trips.
- Answer the medical questionnaire carefully and accurately, a wrong answer is not a saving, it is a denied claim.
- Skip duplicate coverage you already hold through a group benefits plan, but verify its limits in writing first.
- Buy early if you want cancellation coverage, since it typically must be purchased close to your first trip deposit.
A credit-card travel benefit is rarely a complete substitute. Card policies often cap trip length at 8, 15, or 31 days and carry weaker pre-existing wording for older travellers. Read the certificate before you rely on it.
Key Takeaways
Summary: Travel Insurance Cost 2026
- A two-week U.S. trip runs about $40–$80 under 40 and $280–$550 at 75+ ($2M coverage, no deductible)
- Age is the biggest driver, with clear step-ups at 60, 70, 75, and 80
- The United States is the most expensive destination to insure
- A $250–$500 deductible cuts the premium 20–45%, the safest lever
- Do not cut the medical maximum to save a small amount on a U.S. trip
- Trip cancellation is priced separately, typically around 4–10% of trip cost
- EGE Insurance compares 15+ Canadian travel insurers at identical settings
8Frequently Asked Questions
EGE Insurance Canada · Licensed Brokerage
How much does travel insurance cost in Canada in 2026?
For a two-week trip to the United States with $2 million in coverage and no deductible, healthy travellers pay roughly $40 to $80 under age 40, $140 to $260 at ages 65 to 69, and $280 to $550 at 75 and over. Destinations outside the U.S. cost noticeably less, and a $250 to $500 deductible reduces the premium by 20 to 45 percent.
Why is travel insurance to the USA more expensive?
Because U.S. emergency care is the most expensive risk Canadian insurers cover. See our USA travel insurance guide for coverage amounts and cross-border details.
Is travel insurance cheaper if I raise the deductible?
Yes. Adding a $250 to $500 deductible typically reduces the premium by 20 to 45 percent, and it is generally a safer trade than reducing your emergency medical maximum.
Does travel insurance cost more with pre-existing conditions?
Often yes, and sometimes the condition is excluded rather than surcharged. Stability rules are explained in our pre-existing conditions guide.
How much does trip cancellation insurance cost?
Trip cancellation and interruption is usually priced as a percentage of your prepaid, non-refundable trip cost, commonly around 4% to 10% depending on your age and the trip value. It is priced separately from emergency medical coverage.
Is an annual travel insurance plan cheaper than single-trip?
It can be if you take three or more trips a year, but annual plans cap each trip at 15, 30, or 60 days. Compare both in our annual vs single-trip guide.
Can I get travel insurance after I have already left Canada?
Sometimes, but options are limited, prices are higher, and most plans apply a waiting period before coverage begins. Buying before departure is always the better outcome.
Compare 2026 Travel Insurance Prices
One form, 15+ Canadian insurers, no obligation. Advisors in 8 languages. If you would rather talk it through, an advisor who speaks your language will help you read the policy, at no cost.