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In an ever-evolving world, emergency medical and evacuation travel insurance coverage is essential, especially if you're traveling internationally. However, sports equipment coverage, pet protection, and cancel for any reason coverage are among the increasingly popular coverage options that are changing the way we travel. We've gathered the best cheap travel insurance plans to help you protect your trip while on a budget.
Best Cheap Travel Insurance Plans of 2024 Summary
- Best overall: HTH Worldwide Travel Insurance
- Best for trip cancellation: Aegis General Travel Insurance
- Best for medical-only coverage: GeoBlue Travel Insurance
- Best for families: C&F Travel Insured
- Best value: Nationwide Travel Insurance
- Best for reputation: Trawick International Travel Insurance
Top Cheap Travel Insurance Company Comparison
The best travel insurance meets your needs at a price you're willing to pay. Sometimes, you're just not willing to pay that much. The following companies offer decent coverage for low prices. To determine which companies made this list, we compared quotes across the travel insurance industry for the same trip, making a note of which companies offered particularly good coverage in certain areas and which companies were well reviewed.
Here are the best affordable travel insurance companies picked by Business Insider editors in 2024.
Best Cheap Travel Insurance Overall
HTH Worldwide Travel Insurance
The HTH Worldwide Travel Insurance Economy plan offers the most comprehensive coverage across major categories of all the providers in this guide.
You'll have some peace of mind with up to $75,000 of financial protection for eligible medical emergencies, and up to $500,000 per person for medical evacuation costs. For more everyday expenses, you can also relax with baggage loss and delay, trip interruption, cancellation and delay coverage that will help you recoup many, if not all, of your costs.
However, this plan falls short on missed connection benefits and accidental death coverage, both of which are not available under most circumstances (missed connection coverage only applies to cruises, and will only cover up to $500 per person after a three-hour delay).
Read our HTH Worldwide Travel Insurance review.
Best Cheap Travel Insurance for Trip Cancellation
Aegis General Travel Insurance
The Aegis Trip Cancellation Plan is exactly that: a cost-effective plan that offers protection in the event that your trip is canceled for a covered reason. The plan we priced out for our hypothetical trip cost just 1.16% of our total travel expenses — a very small amount of money to pay for the guarantee of our money back in the right circumstances.
The benefit is that this plan can supplement other coverage you already have, or give you a little bit of protection for a trip where you might not otherwise have opted for insurance altogether. On the downside, you won't get any protection for medical emergencies, trip interruption or delays or lost bags from this plan.
Read our Aegis Travel Insurance review.
Best Affordable Travel Insurance for Medical Coverage
GeoBlue Travel Insurance
GeoBlue is a travel insurance provider that specializes in travel medical insurance. Because it doesn't offer much trip protection or travel inconvenience coverage, it can charge cheaper premiums. A 30-year-old from California would pay as low as $20.55 for a policy that covers a two-week trip. GeoBlue plans can cover medical expenses up to $1 million with several multi-trip annual plans available. It offers coinsurance plans for trips within the U.S. and 100% coverage for international trips. It also has a network of clinics in 180 countries, streamlining the claims process. It's worth noting that coverage for pre-existing conditions comes with additional costs. Read our GeoBlue travel insurance review.
Best Cheap Travel Insurance for Families
C&F Travel Insured
There's a lot to like about C&F Travel Insured. For one, it is one of the only travel insurance companies that offers CFAR coverage for annual travel insurance plans. Additionally, C&F is widely praised for its customer service, offering quick reimbursements for claims. Claims that don't reimburse within 30 days begin to accrue interest at 9% APY.
When it comes to affordability, C&F remains on the lower end of travel insurance costs. Policies for younger solo travelers are generally around 4% of total trip costs, which isn't bad considering average costs for travel insurance is around 4-8% of total trip costs. However, C&F excels at insuring families as children are heavily discounted with the Edge plan and completely free with the Protector plan.
Read our C&F Travel Insured review.
Best Cheap Travel Insurance for Value
Nationwide Travel Insurance
Nationwide is a well-rounded alternative to HTH Worldwide Trip Protector Economy. This plan offers solid protection for both travel-related snafus as well as situations that might call for emergency medical and evacuation, making it a good choice for trips where you have cause to worry about potential interruptions or delays. However, it does not offer protection for missed connections or accidental death.
Read our Nationwide Travel Insurance review.
Best Cheap Travel Insurance for Reputation
Trawick International Travel Insurance
The Trawick Safe Travels Explorer plan has been purchased by more than 36,000 travelers since 2020, and it has great reviews to boot. And no wonder: Trawick offers generous trip delay coverage of up to $2,000 per person, although hopefully you won't need to reach that reimbursement amount because the daily limit is $150.
You'll also be able to rely on a $200 reimbursement per person for lost baggage - one of the higher amounts amongst these affordable plans, although this amount pales in comparison to the baggage loss coverage offered through the best travel credit cards.
Read our Trawick Travel Insurance review.
Types of Affordable Travel Insurance
Comprehensive Coverage
This type of insurance offers extensive protection, covering everything from medical issues to trip cancellations. While it's more expensive up front, it can save you a lot in the long run.
Medical-Only Coverage
As the name suggests, this policy focuses solely on medical emergencies, dropping trip cancellation coverage and travel inconvenience coverage. It's a cost-effective option for travelers who are primarily concerned about health-related expenses.
Evacuation and Repatriation
In extreme cases where you need to be evacuated due to a medical emergency or a natural disaster, this coverage ensures that you can return home safely without incurring huge costs.
Benefits of Opting for Cheap Travel Insurance
Cost Savings
Cheap travel insurance can significantly reduce your travel expenses, ensuring that you're not overpaying for coverage you might not need.
Adequate Coverage for Less
Just because it's cheap doesn't mean it's lacking. Many affordable policies offer substantial coverage, giving you peace of mind without breaking the bank.
How to Pick The Best Cheap Travel Insurance Plan for You
No single travel insurance plan will meet the needs of every single traveler. By nature, we are diverse and evolving meaning travel insurance should be equally so. Travel insurance for a week-long trip to a big city shouldn't be the same as the coverage for a backpacking expedition in the mountains. A splurge to purchase comprehensive insurance coverage may also be worth it for international ventures or other large expenditures.
In most cases, the cost difference between a basic and comprehensive travel insurance plan isn't as significant as you might think. Regardless, it's generally a good idea to choose a trusted travel insurance provider known for exceptional customer service and coverage. (For this roundup, we looked at traveler reviews shared through the travel insurance aggregator SquareMouth.)
- Assessing Your Travel Needs: Consider the nature of your trip, the destination, and your own personal needs when choosing a policy. This ensures that you're not over-insured or underinsured.
- Comparing Different Policies: Don't settle for the first policy you find. Compare different options, looking at their coverage and prices, to find the best fit for your budget and needs.
- Reading the Fine Print: Always read the terms and conditions carefully to understand what's covered, what's not, and the process for making a claim.
Why You Should Trust Us: How We Reviewed Cheap Travel Insurance
To determine the best insurance plan for travelers on a budget, we evaluated dozens of products using a hypothetical trip to Australia for a single traveler, age 26, with a total cost of $2,500 for flight, hotel and other incidentals. We then compiled the plans that covered the essentials at the lowest costs.
Of note: All of these plans include COVID-related medical coverage and 24-hour assistance, and pay at least 100% of your trip cost for eligible trip cancellations. None include rental car coverage.
Cost
The four winning plans cost between $29 to $74 — significantly below the average cost of comprehensive travel insurance, which can range between 4-8% of total travel expenses, according to the US Travel Insurance Association.
But these affordable plans also come with comparably low ceilings for various aspects of coverage such as emergency medical, trip cancellation, or delay — and do not include rental car or "cancel for any reason" (CFAR) protection. So if you think you might need these benefits, it may well be worth upgrading to a comprehensive travel insurance plan for a few more dollars, just for the peace of mind.
Convenience and Flexibility
Each of the plans in this list include 24-hour assistance worldwide from reputable insurance providers. And despite being on the lower end of insurance plans, each of these options includes refunds for up to 100% of your total trip cost for eligible reasons. Each of these plans also includes medical coverage for COVID-related issues that may arise during your travels, which may come in handy as the pandemic continues to evolve worldwide.
Sufficient Coverage in Essential Categories
The cheapest travel insurance plan will rarely cover every scenario that could go awry on your trip. However, each of these plans can at least help you get your money back in the event that your travel is canceled for an eligible reason, and most of them include travel medical insurance if you incur emergency medical bills while traveling. We also factor in what travelers are most concerned about now.
You can read more about how Business Insider rates insurance here.
Best Cheap Travel Insurance FAQs
You can reduce the cost of travel insurance by opting for simpler coverage with lower coverage limits. You may also consider companies that offer medical-only travel insurance policies. You can also consider annual travel insurance, which will save you money in the long run if you take multiple trips over one year.
Yes, many affordable policies offer comprehensive coverage suitable for international travel. It's crucial to compare policies and understand your needs. You can find our guide on the best international travel insurance here.
Travel insurance is relatively cheap because it only covers you for a set period of time and the level of coverage you get may not be particularly high. Your premiums will rise with higher coverage limits and add-ons like cancel for any reason coverage. Travel insurance for older travelers can also be quite expensive.
If you just want trip cancellation protection, go with the Aegis Trip Cancellation Plan. For more robust coverage that won't break the bank, consider HTH Worldwide's TripProtector Economy, Trawick's Safe Travels Explorer, or Nationwide's Essentials plan. Families should consider a C&F Travel Insured policy.
Unfortunately, many travel insurance companies that cover pre-existing conditions reserve coverage for its more expensive plans. That said, you'll find some providers that cover pre-existing conditions with their value plan, such as C&F Travel Insured and Berkshire Hathaway.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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