Travelers is so expensive because car insurance is expensive in general, due to rising costs for insurers. But at $639 per year, the average Travelers car insurance policy is actually cheaper than coverage from most competitors. In fact, Travelers is one of the cheapest car insurance companies nationally.
Even though Travelers offers cheaper-than-average rates, its premiums can get expensive for drivers with certain characteristics. For example, teenagers pay an average of $1,372 per year for Travelers insurance, compared to $639 per year for older drivers. Additionally, drivers who recently had an at-fault accident pay an average of $1,103 per year for Travelers coverage, which is 73% more than drivers with a clean record.
Factors That Can Make Travelers Insurance More Expensive
- Being a young or inexperienced driver
- Purchasing a full coverage policy versus minimum coverage
- Causing an accident or being convicted of a moving violation
- Living in a high-risk ZIP code
- Driving an expensive vehicle
- Having a poor credit-based insurance score
If you're having trouble affording your Travelers insurance, there are ways for you to lower your premium. For example, you can take advantage of Travelers discounts or reduce your coverage.
In some cases, it might be better to switch insurers altogether. It's usually a good idea to compare quotes from at least three different insurers to see if you can find a better deal elsewhere. Each insurer uses its own algorithm to calculate premiums, so even if Travelersis charging you a high premium, you may be able to find a cheaper policy with another insurance company.
To learn more, check out WalletHub's Travelers insurance review.
This answer was first published on 10/18/23 and it was last updated on 03/08/24. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
FAQs
Travelers is so expensive because car insurance is expensive in general, due to rising costs for insurers. But at $639 per year, the average Travelers car insurance policy is actually cheaper than coverage from most competitors. In fact, Travelers is one of the cheapest car insurance companies nationally.
Why are hotel prices so high in 2024? ›
We expect hotel prices to continue rising in 2024 due to 3 key reasons: Hotel prices haven't yet displayed any real pricing strength above inflation. Occupancy levels have not recovered yet to pre-Covid levels, with occupancy recovery aiding further RevPAR growth.
What makes traveling so expensive? ›
Travel prices have increased for many of the same reasons that have affected other industries: inflation, rising labor costs, supply chain issues and debt service rates. But travelers' unflinching willingness to pay the new rates means the “old” prices for a five-star holiday may be a thing of the past.
Why is travelling to America so expensive? ›
Attraction admission prices, expensive hotels and a higher cost of living still combine to make a trip to the States a pricey proposition. As the third most expensive city to live in the world according to Forbes (after joint winners Singapore and Zurich), New York makes for a particularly eye-watering break.
Is Travelers an expensive insurance company? ›
Travelers is among the more affordable providers out there with rates 20% lower than the national average for full coverage, according to our rate averages. While minimum liability coverage is typically closer to the average, you can find particularly low rates for comprehensive plans.
Is Travelers worth it? ›
This show is highly overlooked and worth your time.
Travelers has such a unique time travel premise and does so much in terms of having a sci-fi premise while being in a totally normal setting. Aside from one single filler episode, I was never bored throughout the first two seasons and I can't wait to see the new one!
Why are all hotels so expensive right now? ›
Behavior Toward Travel Is Shifting
Another reason hotel prices are soaring is because of a dramatic shift in the American (or perhaps global) attitude toward travel. People simply want to do it more since the pandemic, and, thanks to a surge in remote working options, they often can.
What is the hotel industry outlook for 2024? ›
With inflation decelerating, fears of a recession receding, and supply growth muted, the overall outlook for U.S. hotel metrics in 2024 is one of modest, steady growth. The investment market is also showing increased signs of life, as inflationary concerns are diminishing and interest rates are improving modestly.
Is it cheaper to stay longer in a hotel? ›
Most extended stay guests book accommodations for at least one week. This is because the average nightly rate is discounted when guests stay longer.
Why is traveling so expensive right now? ›
Then, it comes down to the basic supply and demand concept — fewer seats in the air means less supply for summer travel while demand is high, leading to increased flight costs.
Some people travel to explore new cultures and experience different ways of life, while others are looking for adventure or simply want to get away from their everyday routine. Others may be seeking out new opportunities or trying to find themselves in unfamiliar places.
Why do Travellers travel so much? ›
There are many reasons. From visiting loved ones, going to funerals or family occasions to being part of their heritage. People may also travel for work, and some may travel because discrimination makes it difficult to settle.
Will airfare go down in 2024? ›
Some experts predict airfares to international destinations will drop even lower in 2024. According to the American Express Global Business Travel Air Monitor 2024 report, prices on certain international routes may drop as much as 12%.
What is the least expensive way to travel in the USA? ›
Here are 5 inexpensive methods of travel within the United States:
- Use smaller regional airports over national ones. ...
- If you're going a long distance, trains tend to be cheaper than flights. ...
- Use credit cards for more daily transactions. ...
- Take a bus. ...
- Rent a car rather than drive your own.
The price of your flight depends on a variety of factors, not just the day you book it and the day you fly out. However, data from Expedia's 2024 Air Travel Hacks Report shows that consumers can save money by booking on Sundays and flying out on Thursdays.
Are Travellers declining? ›
Nationally there was a 12.3 per cent increase in the number of Irish Traveller households (defined as households containing at least one Irish Traveller), rising from 7,765 in 2011 to 8,717 in 2016.
Are Travellers happier? ›
According to a recent Washington State University study, persons who travel frequently—even only 75 miles from home—are 7% happier than those who do not.
Why do solo Travelers pay more? ›
Hotels also charge by room, not by person. If they charged a solo person only for their share, they'd be losing out on money when compared to giving the room to two people. Solo travellers are also charged more because they're considered to spend less on things like food, drinks and entertainment.
Is travel for the wealthy? ›
True travel is all about the mindset, not about the money. It's a way of finding adventure in your normal life at home as well as on the road. It starts with the decision to embrace life's curiosities, learn about yourself, and to see, feel, and experience things that are foreign to you.
