Best Cheap Travel Insurance of June 2024
11 min readBest Cheap Travel Insurance of June 2024
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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
- Best overall: HTH Worldwide Travel Insurance
- Best for trip cancellation: Aegis General Travel Insurance
- Best for medical-only coverage: GeoBlue Travel Insurance
- Best value: Nationwide Travel Insurance
- Best for reputation: Trawick International Travel Insurance
Compare the Best Cheap Travel Insurance
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 Affordable Travel Insurance Overall
HTH Worldwide
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.
A-
-
Check mark icon Three plans to choose from -
Check mark icon Reasonable premiums -
Check mark icon CFAR coverage available with some plans -
Check mark icon High medical emergency and evacuation coverage
-
con icon Special coverages for pets, sports equipment, etc not available -
con icon Limited reviews with complaints about claims not being paid
- 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
Best Affordable Travel Insurance for Trip Cancellation
Aegis General Travel Insurance
The Aegis General 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 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.
B++
-
Check mark icon Offers a CFAR upgrade add-on on certain plans -
Check mark icon Comprehensive insurance plans include generous coverage for baggage loss, plus protection from hurricane and other intense weather-related issues -
Check mark icon Competitive pricing
-
con icon Online complaints about claims not being paid and non-responsiveness -
con icon Not all more expensive plans include CFAR coverage -
con icon Dropping rating with AM Best
- Annual and multi-trip plans available
- All plans include pandemic coverage for COVID-19
- Coverage for weather-related delays, cancellations and other incidents
Best Affordable Travel Insurance for Medical Coverage
GeoBlue Travel Insurance
GeoBlue Travel Insurance 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.
A-
-
Check mark icon A subsidary of Blue Cross Blue Shield -
Check mark icon Offers strong medical plans as long as you have a regular health insurance plan, but it doesn’t have to be through Blue Cross -
Check mark icon Offers long-term and multi-trip travel protection
-
con icon Multiple complaints about claims not being paid or being denied -
con icon Does not provide some of the more comprehensive coverage like CFAR insurance -
con icon Buyers who do get claims paid may need to file multiple claim forms
Best Affordable Travel Insurance for Value
Nationwide Travel Insurance
Nationwide Travel Insurance 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.
A-
-
Check mark icon Three cruise-specific plans to choose from -
Check mark icon Annual travel insurance plans available -
Check mark icon Strong trip cancellation coverage -
Check mark icon Cancel for any reason coverage available
-
con icon CFAR insurance not available with every single plan -
con icon Medical coverage is lower than what some competitors offer
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- 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
Best Affordable Travel Insurance for Reputation
Trawick 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 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.
-
Check mark icon Useful for adventurous travelers headed to higher-risk destinations -
Check mark icon Affordable plans with varying levels of coverage -
Check mark icon 10-day free look option -
Check mark icon Generous baggage loss replacement policy -
Check mark icon Trip delay coverage kicks in after just six hours -
Check mark icon Some policies allow a CFAR add-on -
Check mark icon Up to $1 million medical evacuation coverage limit
-
con icon Baggage and trip delay coverages don’t kick in until after the 12-hour mark -
con icon International student policies available for temporary stints abroad -
con icon Complaints about claims not being paid or involving an intermediary to resolve claims
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- Travel medical insurance
- Trip protection and cancellation
- International student insurance
- Visitor medical insurance (for traveling to the US)
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 or choosing higher deductibles on travel medical insurance. 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 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.
The average cost of travel insurance is 4%-8% of your trip’s cost. This usually translates into a premium between $89 to $399. That said, many companies offer premiums far below average costs.
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.
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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