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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.
Best Cheap Travel Insurance
- HTH Worldwide Travel Insurance: Best overall
- GoReady travel insurance: Best for trip cancellation
- Nationwide Travel Insurance: Best value
- Trawick International Travel Insurance: Most popular
Compare the Top Cheap Travel Insurance Plans
HTH Worldwide Travel Insurance
compare policies and rates with SquareMouth Travel Insurance
AM Best Financial Strength Rating
A-
Pros
- Three plans to choose from
- Reasonable premiums
- CFAR coverage available with some plans
- High medical emergency and evacuation coverage
Cons
- Special coverages for pets, sports equipment, etc not available
- Limited reviews with complaints about claims not being paid
HTH Worldwide review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Trip cancellation of up to $5,000 with the Economy plan and up to $50,000 with the Preferred plan
- Cancel for any reason insurance and missed connection insurance available with the Preferred plan
- Baggage delay insurance starting after 24 or 12 hours depending on the plan
GoReady travel insurance
compare policies and rates with SquareMouth Travel Insurance
AM Best Financial Strength Rating
B++
Pros
- Offers a CFAR upgrade add-on on certain plans
- Comprehensive insurance plans include generous coverage for baggage loss, plus protection from hurricane and other intense weather-related issues
- Competitive pricing
Cons
- Online complaints about claims not being paid and non-responsiveness
- Not all more expensive plans include CFAR coverage
- Dropping rating with AM Best
GoReady travel insurance review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Annual and multi-trip plans available
- All plans include pandemic coverage for COVID-19
- Coverage for weather-related delays, cancellations and other incidents
Nationwide Travel Insurance
Compare policies and rates from participating partners with SquareMouth Travel Insurance.
Perks
Trip cancellation coverage of up to 100% of trip costs (for cruises) or up to $30,000 (for single-trip plans)
AM Best Financial Strength Rating
A-
Pros
- Three cruise-specific plans to choose from
- Annual travel insurance plans available
- Strong trip cancellation coverage
- Cancel for any reason coverage available
Cons
- CFAR insurance not available with every single plan
- Medical coverage is lower than what some competitors offer
Insider’s Take
Nationwide Travel Insurance offers many of the standard benefits you might see with a travel insurance policy. This can include things like trip cancellation coverage, so you can recover pre-paid costs or trip interruption in the event your vacation is interrupted by an unexpected event. There's also baggage delay coverage and medical coverage.
Nationwide Travel Insurance review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Trip cancellation coverage of up to 100% of trip costs (for cruises) or up to $30,000 (for single-trip plans)
- Cancel for any reason coverage available
Trawick International Travel Insurance
compare policies and rates with SquareMouth Travel Insurance
Perks
Trip cancellation coverage for up to 100% of the trip cost and trip interruption coverage for up to 150% of the trip cost
Pros
- Useful for adventurous travelers headed to higher-risk destinations
- Affordable plans with varying levels of coverage
- 10-day free look option
- Generous baggage loss replacement policy
- Trip delay coverage kicks in after just six hours
- Some policies allow a CFAR add-on
- Up to $1 million medical evacuation coverage limit
Cons
- Baggage and trip delay coverages don’t kick in until after the 12-hour mark
- International student policies available for temporary stints abroad
- Complaints about claims not being paid or involving an intermediary to resolve claims
Insider’s Take
Trawick International travel insurance offers plans customized to diverse travelers' needs. We look at coverage options, claims processing, pricing, and other important factors for savvy travelers.
Trawick International Travel Insurance review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Travel medical insurance
- Trip protection and cancellation
- International student insurance
- Visitor medical insurance (for traveling to the US)
Affordable Travel Insurance Reviews
So you're planning a big family vacation—if you're lucky, the trip of a lifetime. Travel costs can skyrocket quickly, leaving you feeling a bit overwhelmed. At this point, travel insurance starts to look like a potentially unnecessary cost, but is it really?
One of the best travel insurance plans can go a long way toward defraying unexpected costs that may arise if you're asking the right questions starting with: What does travel insurance cover?
Best Affordable Travel Insurance Overall: HTH Worldwide TripProtector Economy 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 circ*mstances (missed connection coverage only applies to cruises, and will only cover up to $500 per person after a three-hour delay).
HTH Worldwide Travel Insurance Review
Best Affordable Travel Insurance for Trip Cancellation: GoReady Trip Cancellation Plan Travel Insurance
The GoReady travel insurance 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 circ*mstances.
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.
GoReady Travel Insurance Review
Best Value Cheap Travel Insurance: Nationwide Essential Travel Insurance
Nationwide Travel Insuranceis 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.
Nationwide Travel Insurance Review
Most Popular Cheap Travel Insurance: Trawick Safe Travels Explorer Travel Insurance
The Trawick International Travel Insurance 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 reimbursem*nt amount because the daily limit is $150.
You'll also be able to rely on a $200 reimbursem*nt 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 premium credit cards.
Unfortunately, this plan also does not include accidental death coverage, so you may want to consider a more comprehensive insurance plan for travel that includes higher risk factors.
Trawick Travel Insurance Teview
Types of Cheap 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, making it 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 agency 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.
Affordable Travel Insurance Tips
What company offers the cheapest travel insurance?
If you just want trip cancellation protection, go with the GoReady 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.
Can cheap travel insurance provide enough coverage for international trips?
Yes, many affordable policies offer comprehensive coverage suitable for international travel. It's crucial to compare policies and understand your needs.
How do I find the right travel insurance plan for my budget?
When shopping for travel insurance, consider the type of trip you're planning. If you're planning leisurely excursions in a big city, you may not need as much emergency medical coverage as you would if you're planning a serious hiking expedition in the mountains. A good plan should include trip cancellation, some emergency medical protection, and 24-hour assistance at a minimum.
Why is travelers insurance so cheap?
Travelers insurance is relatively cheap because it only covers you for a set period of time, and depending on your plan, the level of coverage you get may not be particularly high. However, even with high coverage limits and extras like cancel for any reason coverage, travel insurance is relatively affordable.
Why You Should Trust Us: How We Chose the Best 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 seven winning plans cost between $29 to $74 — significantly below the typical 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 financial protection if you incur emergency medical bills while traveling. We also factor in what travelers are most concerned about now.
You can read more about our insurance ratings system here.
Compliance and Operations Associate
Evelyn He is a compliance and operations associate at Business Insider who supports the Personal Finance Insider team. Personal Finance Insider is Business Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Business Insider readers already know and love.The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.Before joining Business Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries.Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst.Outside of work, she enjoys spending time with her 15-year-old Shih Tzu named Money, and her 5-year-old Bichon named Tibber.