The 7 Best Cheap Travel Insurance Companies Worth The Cost
Here are our picks for the cheapest travel insurance companies, ranked by lowest average costs across various plan levels.
Nationwide Travel Insurance: Cheapest travel insurance
- Trawick International Travel Insurance: Our pick for student travel insurance
- Travelex: Our pick for families
- Seven Corners: Our pick for international travelers
- AIG Travel Guard: Our pick for families
Generali Global Assistance: Our pick for emergency assistance
Faye: Our pick for an all-online experience
To determine the cheapest travel insurance plan options, Marketwatch Guides gathered sample quotes for all plan options offered by 24 travel insurance companies for eight trips with varying traveler ages, destinations, number of travelers and trip costs, which are outlined in our methodology. Total trip prices ranged from $1,800 to $8,000, with destinations to Mexico, England, France, Greece, Spain, Italy and Ireland.
The following table compares each company’s average plan cost, cheapest plan option and BBB rating.
| Company | Average Plan Cost | Cheapest Plan | BBB Rating | Visit Site |
|---|---|---|---|---|
Cheapest Option
| $175 | Essential | A+ | Compare Plans |
| $212 | Safe Travels Voyager | B | Compare Plans |
| $212 | Travel basic | A+ | Compare Plans |
| $216 | Trip Protection Basic | A+ | Compare Plans |
| $255 | Standard Plan | A+ | Compare Plans |
| $251 | Essential | A+ | Compare Plans |
| $298 | Travel Insurance Plan | Not Rated | Compare Plans |
| Company | BBB Rating | Average Plan Cost | Cheapest Plan | Visit Site |
|---|---|---|---|---|
Cheapest Option
| A+ | $175 | Essential | Compare Plans |
| B | $212 | Safe Travels Voyager | Compare Plans |
| A+ | $212 | Travel basic | Compare Plans |
| A+ | $216 | Trip Protection Basic | Compare Plans |
| A+ | $255 | Standard Plan | Compare Plans |
| A+ | $251 | Essential | Compare Plans |
| Not Rated | $298 | Travel Insurance Plan | Compare Plans |
No results were found.
Our team reviewed travel insurance companies in-depth to provide the most accurate and up-to-date pricing information available. While your policy price will vary based on your trip details, traveler ages, number of travelers, destination and more, we took the following steps when collecting data to get a full scope of industry pricing.
- Overall cost averages:We pulled individual quotes for 24 travel insurance companies and 75 travel insurance policies for eight trip profiles in April 2024. The trips we collected quotes for are the following:
- 30-year-old couple taking a $5,000 vacation to Mexico
- 65-year-old couple taking a $7,000 vacation to London
- 30-year-old couple taking a $7,000 trip to London
- Family of 4 taking an $8,000 vacation to Mexico
- 19-year-old taking a $2,000 trip to Paris, France
- 27-year-old taking a $1,800 trip to Athens, Greece
- 23-year-old taking a $4,000 trip to Europe (Italy, Spain, Ireland, Greece, longest time spent in Italy)
- 51-year-old taking a $2,000 vacation to Madrid, Spain
- Cost data by provider:To figure out how the average cost for each provider, we collected sample quotes for all the insurance policies they offer. Then, we took the average of these estimates for each type of trip across all their policies to find out the provider’s average cost.
- Cost data by age:We evaluated cost data for seven ages in increments of ten years starting at 20 years old. We collected 20 sample quotes for each age and averaged them to get the typical cost for that age group. Sample quotes were collected for a variety of policies, from medical-only to comprehensive travel insurance plans.
- Cost data by number of travelers:We looked at sample quotes for four groups of travelers going on a trip to the UK for two weeks. We collected 25 sample quotes for each group and averaged them. The group details are as follows:
- One 30-year-old traveler
- A 30-year-old couple
- Two 30-year-old adults and one 5-year-old child
- Two 30-year-old adults, one 5-year-old child and one 7-year-old child
- Cost by trip price:To get accurate pricing by trip price, we collected 20 quotes each for 11 differently priced trips. We started at a $1,000 trip and increased the trip price by $1,000 increments until $10,000, then collected quotes for a $15,000 trip. We averaged the 20 quotes for each trip.
We manually collected all cost information from each company’s respective website.Learn more about our review standards.
Why Trust MarketWatch Guides
Our editorial team follows a comprehensive methodology for rating and reviewing travel insurance companies. Advertisers have no effect on our rankings.
20
Companies Reviewed
500
Quotes Collected
36
Rating Factors
Nationwide Travel Insurance
Cheapest policies
4.6
Our Rating
Cost: 5/5
Coverage Extras: 1.875/5
Coverage Details: 5/5
CFAR Coverage Amount: 5/5
Claim eligibility time constraints: 4.2/5
Cancellation/Interruption Coverage Amount: 4.8/5
Delay Coverage Amount: 5/5
Customer Service and Reviews: 4.375/5
Credit Rating: 4/5
Average Cost$175Cheapest PlanEssentialMedical Expense Max $150,000
Pros and Cons
Pros Offers 24-hour emergency assistance Has cruise-specific insurance plans Multiple coverage levels for cruises Cons Basic policy includes 100% reimbursem*nt for trip interruption, which is lower than competitors Medical coverage acts as a secondary policy to your health insurance
Why We Chose Nationwide
Nationwide offers two standard travel insurance plans with up to 200% reimbursem*nt for trip interruptions and up to $150,000 in medical expense coverage. However, baggage limits and medical evacuation coverages are higher, which is beneficial for travelers with independent international health insurance.
Nationwide also offers three unique tiers of cruise protection, with up to 200% reimbursem*nt if your vacation is interrupted or an unavoidable delay causes you to miss your cruise. This can offer peace of mind if you’re flying out of state to a departure port — especially considering national increases in flight delays.
Coverage and Add-ons
Plans and Coverage
The chart below outlines Nationwide’s two single-trip travel insurance plans.
| Coverage Item | Essential Plan | Prime Plan |
| Trip cancellation | $10,000 | $30,000 |
| Trip interruption | 125% of trip costs | 200% of trip costs |
| Lost or stolen baggage | $600 | $2,000 |
| Baggage delay | $100 | $600 |
| Medical expenses | $75,000 | $150,000 |
| Emergency evacuation | $250,000 | $1 million |
Add-On Options
You can add the following optional coverages to Nationwide’s cruise and single-trip travel insurance plans:
- Accidental death and dismemberment
- CFAR coverage
- Vendor financial default coverage
- Preexisting medical conditions waiver
- Rental car collision coverage
Trawick International
Our pick for student travel insurance
4.5
Our Rating
Cost: 5/5
Coverage Extras: 2.5/5
Coverage Details: 5/5
CFAR Coverage Amount: 5/5
Claim eligibility time constraints: 3.3/5
Cancellation/Interruption Coverage Amount: 4.6/5
Delay Coverage Amount: 5/5
Customer Service and Reviews: 4.2/5
Credit Rating: 3/5
Average Cost$212Cheapest PlanSafe Travels First ClassMedical Expense Max $150,000
Pros and Cons
Pros Offers visa-compliant policies for international students traveling to the U.S. All policies include 24/7 assistance Has a range of 10 medical and evacuation policy options Cons Does not have study-abroad plans geared toward U.S. students Safe Travels Flex coverage options vary by state
Why We Chose Trawick International Travel Insurance
If you’re an international student studying abroad in the U.S., you are usually required to maintain a certain level of medical and evacuation insurance as a term of your visa. Trawick Travel Insurance offers low-cost medical evacuation insurance that meets the minimum requirements for some of the most common student and academically-oriented visa types.
If you’re a student visiting the U.S. from another country, you may be required to maintain a certain level of medical evacuation coverage as a condition of your visa. Trawick Travel Insurance offers up to $100,000 in emergency evacuation coverage as a standalone policy, meeting the insurance requirements of the J1, F1 and H1 visas. This policy is available to both students and faculty approved for select education-related visas and includes access to 24/7 assistance from a qualified, live nursing line.
If you’re a U.S. student traveling internationally, you might benefit from one of Trawick’s standard trip-cancellation insurance plans. Trawick sells a range of 10 individual plan options, varying in terms of coverage levels and benefits. CFAR coverage is available as an upgrade, and budget policy choices can be especially valuable for college students.
Coverage and Cost
Plans and Coverage
If you’re an international student shopping for study-abroad coverage, Trawick offers one specific option: a medical evacuation and repatriation plan. The company offers 10 standard round-trip policies, ranging from its budget-friendly Safe Travels Explorer plan to its all-inclusive Safe Travels First Class. You can even create your own travel insurance plan with the customizable Safe Travels Flex policy — though most options have state-related limitations.
Add-On Options
Trawick Travel Insurance currently offers the following add-ons for its roundtrip plan options:
- CFAR coverage
- IFAR coverage
- Accidental death and dismemberment (AD&D)
- Adventure activity coverage
- Rental car damage
- Rental property damage
- Trip delay coverage upgrades
Specific upgrades may vary by policy and destination. Some policies automatically include coverage that you must purchase as an add-on to other plans (like AD&D coverage).
Travelex
Our pick for families
4.7
Our Rating
Cost: 4.75/5
Coverage Extras: 2.5/5
Coverage Details: 5/5
CFAR Coverage Amount: 5/5
Claim eligibility time constraints: 5/5
Cancellation/Interruption Coverage Amount: 4.6/5
Delay Coverage Amount: 4/5
Customer Service and Reviews: 5.2/5
Credit Rating: 5/5
Average Cost$212Cheapest PlanTravel BasicMedical Expense Max $50,000
Pros and Cons
Pros CFAR upgrade available Insurance coverage starts at $60 per trip Higher-than-average baggage allowances Cons Low coverage for medical bills Some add-ons not available with basic plan
Why We Chose Travelex
More expensive than Trawick by a few cents, Travelex earned a spot on our list because of its affordable pricing and decent coverage. Its basic travel insurance coverage can cost as low as $60 and includes all the standard protections you’ll find with more expensive providers. Travelex also offers higher-than-average baggage allowances, combining a competitive price point with extra coverage for travelers.
Travelex bills its travel insurance policies as flat-rate coverage, making your pricing more predictable. Plans also include access to 24/7 emergency assistance services, which can connect you with travel and legal assistance anywhere in the world.
Coverage and Add-ons
Plans and Coverage
Travelex offers the below travel insurance plans. The Travel Select and Travel America plans include coverage for sporting equipment delays, and Travel America offers medical emergency protection for your pet.
| Coverage Item | Travel Basic | Travel Select | Travel America |
| Trip cancellation | 100% of trip costs | 100% of trip costs | 100% of trip costs |
| Trip interruption | 100% of trip costs | 150% of trip costs | 150% of trip costs |
| Lost or stolen baggage | $500 | $1,000 | $2,000 |
| Baggage delay | $100 | $200 | $1,000 |
| Medical expenses | $15,000 | $50,000 | $50,000 |
| Emergency evacuation | $100,000 | $500,000 | $250,000 |
Add-On Options
Travelex allows you to add the following coverage to your travel insurance:
- CFAR coverage
- Adventure sports coverage
- Accidental death and dismemberment (AD&D) and medical benefit upgrades
Seven Corners Travel Insurance
Our pick for international travelers
4.5
Our Rating
Cost: 5/5
Coverage Extras: 2.5/5
Coverage Details: 4.7/5
CFAR Coverage Amount: 5/5
Claim eligibility time constraints: 3.75/5
Cancellation/Interruption Coverage Amount: 4.6/5
Delay Coverage Amount: 5/5
Customer Service and Reviews: 4.8/5
Credit Rating: 3/5
Average Cost$216Cheapest PlanTrip Protection BasicMedical Expense Max $500,000
Pros and Cons
Pros Offers six total plan options Features lower-than-average pricing on basic plans Has a 12-hour minimum for delayed baggage claims Cons Requires a 48-hour travel delay for hurricane and weather-related claims Medical coverage is secondary to the policyholder’s domestic health insurance
Why We Chose Seven Corners
With six total policy options, Seven Corners offers many opportunities to customize your coverage and match protections with price. For example, Seven Corners offers a multi-trip plan that covers a single trip with more than one international destination. In addition, the company sells a medical travel plan for non-U.S. citizens to help cover emergency medical costs while traveling within the U.S.
Seven Corners offers a generous range of travel insurance plans suitable for international destinations around the globe. It offers two plans for international travel with cancel for any reason (CFAR) coverage options and a range of medical-only options at reduced price points.
Seven Corners is one of the only travel insurance providers we’ve seen offer multi-trip coverage that protects you across multiple destinations. Overall, Seven Corners has six total policy options, and quotes most plans at lower-than-average premiums.
In addition to offering specialized plans, Seven Corners provides more generous baggage coverage than some other providers. You’ll be able to claim a reimbursem*nt for a baggage delay after just 12 hours, which can offer peace of mind if you’re traveling to multiple international destinations in a single trip.
Coverage and Cost
Plans and Coverage
Seven Corners has two base plan options: Trip Protection Basic and Trip Protection Choice. These policies cover one-way and round-trip travel itineraries in the U.S. and abroad, with up to $100,000 in medical coverage and up to 100% in compensation for trip interruption on the most affordable plan.
Add-On Options
Seven Corners currently offers the following add-ons for its roundtrip plan options:
- CFAR coverage
- Interruption for any reason (IFAR) coverage
- Rental car damage
- Sports and golfing equipment coverage
AIG Travel Guard
Our pick for families
4.5
Our Rating
Cost: 5/5
Coverage Extras: 4.4/5
Coverage Details: 5/5
CFAR Coverage Amount: 3.5/5
Claim eligibility time constraints: 3.8/5
Cancellation/Interruption Coverage Amount: 4.6/5
Delay Coverage Amount: 5/5
Customer Service and Reviews: 5/5
Credit Rating: 3/5
Average Cost$251Cheapest PlanEssentialMedical Expense Max $150,000
Pros and Cons
Pros Generous lost baggage coverage Offers medical evacuation limits up to $1 million Multi-trip coverage available for groups and families Cons Basic plan includes lower-than-average limits for trip interruption and medical coverage CFAR upgrade only available with 50% reimbursem*nt
Why We Chose AIG Travel Guard
While most travel insurance providers require you to purchase an add-on policy for children, AIG offers a complimentary plan for a minor with the purchase of coverage for an adult. Depending on the age of the child and your destination, choosing AIG as your travel insurance provider could help you save on policy costs if you’re traveling as a family.
Trying to buy travel insurance for a family doesn’t have to be overly expensive. With AIG Travel Guard’s Deluxe Plan, you can include complimentary coverage for one child aged 17 years or younger with the purchase of an adult plan. The policy also includes unique coverages for leisurely activities, such as benefits for lost golf tee times and sporting equipment rentals.
In addition to multi-person plans, AIG offers affordable travel insurance for individuals with up to $150,000 in medical expense coverage and up to 150% reimbursem*nt for trip cancellations. All of AIG’s plans also include 24/7 emergency assistance over the phone.
Coverage and Add-ons
Plans and Coverage
AIG has three travel insurance plans, all of which include family coverage.
| Coverage Item | Essential Plan | Preferred Plan | Deluxe Plan |
|---|---|---|---|
| Trip cancellation | 100% of trip cost | 100% of trip cost | 100% of trip cost |
| Trip exchange | – | 50% of trip cost | 50% of trip cost |
| Trip interruption | 100% of trip cost | 150% of trip cost | 150% of trip cost |
| Lost or stolen baggage | $750.00 | $1,000 | $2,500 |
| Baggage delay | $200.00 | $300 | $500 |
| Medical expenses | $15,000.00 | $50,000 | $100,000 |
| Emergency evacuation | $150,000.00 | $500,000 | $1 million |
Add-On Options
AIG Travel Guard allows you to customize your policy with the following add-ons:
- CFAR coverage
- Preexisting conditions waiver
- Rental car collision damage
- Vendor financial default coverage
The company also offers coverage bundles that can be added to the Preferred and Deluxe plans:
- Adventure sports bundle:Removes policy exclusions for adventure activities and extreme sports.
- Name Your Family™ bundle:Allows you to add one person as a family member to take advantage of family-related unforeseen event coverage.
- Medical bundle:Increases your policy’s medical benefits.
- Inconvenience bundle:Payment for trip inconveniences such as closed attractions, rental home lockouts, hotel infestation, etc.
- Baggage bundle:Increases your policy’s baggage benefits.
- Pet bundle:Adds travel coverage related to your pet, including benefits for boarding and emergency medical bills.
- Security bundle:Covers costs related to security evacuations and trip interruptions or cancellations due to riot or civil disorder.
- Wedding bundle:Covers the costs if the wedding you are traveling to is canceled.
Generali Global Assistance
Our pick for emergency assistance
4.5
Our Rating
Cost: 4.5/5
Coverage Extras: 2.5/5
Coverage Details: 4.7/5
CFAR Coverage Amount: 4.25/5
Claim eligibility time constraints: 4.2/5
Cancellation/Interruption Coverage Amount: 4.8/5
Delay Coverage Amount: 5/5
Customer Service and Reviews: 4.8/5
Credit Rating: 4/5
Average Cost$255Cheapest PlanStandardMedical Expense Max $250,000
Pros and Cons
Pros Each plan includes 24/7 travel assistance Can add coverage for preexisting conditions up to 24 hours before departure date Offers up to 125% trip interruption coverage Cons CFAR upgrade only includes 60% reimbursem*nt, lower than some other providers Must purchase CFAR coverage within 24 hours of your policy deposit
Why We Chose Generali Global Assistance
If you’re traveling to a country where the primary language spoken is not English, running into even a minor travel issue can cause stress and panic. Generali’s 24/7 emergency hotline offers multilingual support as needed, offering real-time assistance no matter the timezone. An emergency evacuation coverage limit of $1 million is also a generous protection that can make Generali a strong choice for those traveling to international destinations that are considered risky.
Generali Global Assistance earns a place on our list for its around-the-clock emergency support. Customers can access a 24/7 emergency hotline to speak with an expert if an issue arises while traveling, which can provide peace of mind if you’ve never traveled internationally or are traveling to a location where you do not speak the primary language.
Generali extends emergency evacuation coverage of up to $1 million and medical expense coverage of up to $250,000. Plans also feature identity theft protection, a common problem abroad that some travel insurance companies don’t consider.
Coverage and Add-ons
Plans and Coverage
Generali offers three plans with the below coverage levels. In addition, the Preferred and Premium plans offer reimbursem*nt if you experience any delays when renting sporting equipment on your trip.
| Coverage Item | Standard Plan | Preferred Plan | Premium Plan |
| Trip cancellation | 100% of trip costs | 100% of trip costs | 100% of trip costs |
| Trip interruption | 125% of trip costs | 150% of trip costs | 175% of trip costs |
| Lost or stolen baggage | $1,000 | $1,500 | $2,000 |
| Baggage delay | $200 | $300 | $500 |
| Medical Expenses | $50,000 | $150,000 | $250,000 |
| Emergency evacuation | $250,000 | $500,000 | $1 million |
Add-On Options
Generali offers the following coverage add-ons:
- CFAR upgrade
- Rental car collision coverage
- Preexisting medical conditions waiver
Faye
OUR PICK FOR ALL-ONLINE EXPERIENCE
4.6
Our Rating
Cost: 4/5
Coverage Extras: 4.375/5
Coverage Details: 4.7/5
CFAR Coverage Amount: 5/5
Claim eligibility time constraints: 5/5
Cancellation/Interruption Coverage Amount: 4.8/5
Delay Coverage Amount: 5/5
Customer Service and Reviews: 4.7/5
Credit Rating: 3/5
Average Cost$298Cheapest PlanFaye Travel InsuranceMedical Expense Max $250,000
Pros and Cons
Pros Offers quick, all-online quotes and enrollment *Can pay you $200 if your bags get delayed for six hours or more *Optional Cancel-for-any-reason add-on covers up to 75% of trip costs Be reimbursed on approved claims to your phone’s wallet Cons Only offers one plan option Does not offer add-on coverage for accidental death and dismemberment
Why We Chose Faye
If you’re a digital native, you may enjoy how Faye leverages insurance tech to help you get a policy quickly and file a claim on the go. Benefitting from a digital underwriting process, Faye allows you to view policy options and start comparing quotes in seconds.
Launched in 2022, Faye may be a newcomer to the travel insurance industry, but its seamless online experience has already earned the company hundreds of positive online customer reviews.
Faye features an all-online quote process with just a handful of questions, enrollment and claims-filing process. You can enroll in coverage and file claims directly through its mobile app, and even be reimbursed on approved claims to your phone’s Faye wallet.Faye also offers real-time alerts and 24/7 customer service before and during your trip.
We recommend Faye to travelers who want a quick, all-online experience that doesn’t require wading through complicated coverage options.
Coverage and Add-Ons
*Coverage
Faye offers one plan with several optional add-on options.
| Coverage Item | Faye Travel Insurance Coverage |
|---|---|
| Trip Cancellation | Up to 100% of non-refundable trip costs |
| Trip interruption | Up to 150% of non-refundable trip costs |
| Lost or stolen baggage | $150 per item, up to $2,000 |
| Baggage delay | $200 if bags are delayed 6+ hours, $300 if bags are delayed 12+ hours |
| Medical expenses | Up to $250,000 (for International Trips) |
| Emergency evacuation | Up to $500,000 (for international Trips) |
Optional Add-Ons
- Cancel for any reason (CFAR)
- Rental car damage or theft
- Adventure and extreme sports protection
- Vacation rental damage protection
- Pet care
*Coverage limits and availability may vary by state of residence.
How Much Does Travel Insurance Cost?
After gathering quotes for various traveler profiles from top providers in the industry, our team found that travel insurance costs anywhere from $35 to $765. However, the cheapest travel insurance companies on our list average $188 per trip. After averaging quotes across traveler profiles, we found that Nationwide offers the most affordable basic travel insurance coverage, with an average policy costing $132.
Note that the cost of a travel insurance policy will depend on factors like your destination, number of travelers, traveler ages, length of the trip and total trip cost. To help you better understand how these factors can affect your travel insurance costs, we’ve outlined several traveler profiles and the average cost of coverage for each in the table below.
| Traveler Profile | Average Plan Cost* |
| 30-year-old couple taking a $5,000 trip to Mexico | $204 |
| Family of four taking an $8,000 vacation to Mexico | $313 |
| 65-year-old couple taking a $7,000 trip to London | $484 |
| 30-year-old couple taking a $7,000 trip to London | $269 |
| 19-year-old taking a $2,000 trip to Paris | $83 |
| 27-year-old taking a $1,800 trip to Athens | $85 |
| 51-year-old taking a $2,000 vacation to Madrid | $113 |
*We calculated average plan costs by obtaining quotes from each provider in our review across all available plans.
MARKETWATCH GUIDES TIP
Keep in mind that cheaper policies often mean lower coverage. Be sure to review the trip interruption and cancellation coverage percentages, baggage loss coverage, flight connection coverage, medical maximums, and medical evacuation maximums to find out if a low-cost plan is really worth it if you aren’t full covered. Search for policies with 100%+ cancellation and interruption coverage and offers over $500,000 in medical coverage.
Factors That Affect Travel Insurance Cost
Travel insurance is not a one-size-fits-all plan. Several factors determine the cost of your travel insurance, which we’ve listed below.
- Age: Many travel insurance companies increase costs and coverage amounts with age. You should expect to pay more the older you are, as age often correlates with increased risk. However, typically prices are the same for travelers up to age 50 and increase from there.
- Plan type: There are many different types of travel insurance policies. The more protection you need, the more expensive your travel insurance will be. Some basic plans may only provide flight or medical protection, so those will be the cheapest. If your plan covers multiple means of travel (like flights, rental cars, a cruise, etc.) or more risk-prone sports (like rock climbing), you’ll pay more.
- Add-on coverages: Most plans allow you to add certain features without having to upgrade your entire plan. For example, you may be able to buy basic flight insurance for $30 and add CFAR coverage for an additional $30.
- Number of travelers: While you can buy a single policy for multiple travelers, each traveler will have their own premium, which increases the total cost of the travel insurance. However, many travel insurance companies offer group-rate discounts.
- Trip cost: The more expensive your trip, the more it would cost the travel insurance company to reimburse it. As such, your travel insurance premium will increase alongside your reported total trip cost.
- Trip length: Another no-brainer — the longer the trip, the more you’ll pay for travel insurance. Longer trips are not only more expensive but also increase the chances of something going wrong.
- Destination: Your travel insurance provider will take the risk factor of your trip destination into consideration when determining the cost of travel insurance. It’s less focused on crime statistics and more focused on the likelihood of danger. For example, if you’re embarking on a rural jungle adventure, you’ll probably have a more expensive travel insurance cost compared to staying in a populous city with a high crime rate.
How To Find Cheap Travel Insurance
Protecting your vacation with travel insurance does not have to break the bank. Consider these tips to find the best possible pricing on travel coverage for your upcoming trip.
Compare Travel Insurance Quotes
Every travel insurance company uses an in-house underwriting formula to determine how much you’ll pay for travel insurance. It’s possible to find the same level of travel insurance from five different travel insurance companies at five different price points.
The only way to know which travel insurance company has the most affordable coverage for your trip is to get a quote from multiple providers. We recommend getting a quote from at least three competing travel insurance companies before making your final choice. While getting a quote takes only a few minutes, it could end up saving you hundreds of dollars on insurance.
Determine the Right Amount of Coverage
Another way to save money on travel insurance is to opt for a policy with only the coverages that you need. For example, most travel insurance providers offer the option to add CFAR coverage, which entitles you to reimbursem*nt for travel expenses no matter why you need to cancel your trip. While this add-on can be convenient, it is also expensive, and you can save a significant amount on coverage by opting out. Once you confirm your travel plans, you can avoid unnecessary expenses by purchasing only the coverage you need.
Check Credit Card and Employer Benefits
Before purchasing travel insurance, it can be helpful to call your credit card company to learn more about your benefits. Many credit cards, such as Chase Sapphire Preferred, come with built-in perks, including rental car coverage, trip cancellation protection, and travel accident insurance. If you’re able to claim these coverages through your credit card company, you won’t need to buy added coverage through a travel insurer, saving you money.
If you’re traveling for business, you can ask if you have any coverage through your employer. Some large employers that fund corporate travel regularly broker discounted group travel plans for their employees, allowing you to avoid buying your own coverage. Even if your employer only offers a limited travel plan, you may only need to fund supplemental coverage to enjoy full travel protection.
Weigh the Value vs. the Cost
As you compare policy options and collect quotes, take the time to understand the exact coverage levels included in each plan. Sometimes, cheap travel insurance is cheap for a reason — a low-priced plan may exclude circ*mstances you expect coverage for, limiting the usefulness of your policy.
After getting a quote from a travel insurance provider, make a note of important policy details. For example, if you’re opting for CFAR coverage, how much will you be reimbursed if you cancel your trip? What types of medical conditions and injuries does your policy exclude? What is the maximum amount your insurance will pay if you miss a flight, must come home early or face another emergency? These important questions can help you compare policies and determine the value of your coverage.
What Does Travel Insurance Cover?
If you’ve never purchased it before, you might be wondering what travel insurance is and what it covers.
As we’ve seen by comparing companies and policies, travel insurance can cover a wide array of things. But some of the most basic coverages are as follows:
Trip cancellation protection: Compensates you for nonrefundable trip payments prepaid to your hotel, airline, cruise and other vendors if you’re forced to cancel your trip for a covered reason.
Trip interruption protection: Compensates you for nonrefundable trip expenses if you’re forced to leave your vacation early for a reason stated in your policy.
Baggage delay and loss: Compensates you for lost, stolen or delayed baggage costs.
Emergency medical expenses: This covers the cost of expenses if you’re injured, become ill or experience a medical issue on a trip. Some travel insurance plans also include coverage limits for dental costs.
Common Add-Ons
If you buy a cheap travel insurance plan, it will likely only protect you from the most basic issues. But if you pay a little extra, you can add on coverage for things you might be more likely to need, including:
- Cancel-for-any-reason (CFAR) coverage: When you claim reimbursem*nt through your travel insurance policy, you’ll need to prove why you’re canceling. With a CFAR upgrade, you can cancel your trip for any reason and still claim a percentage reimbursem*nt on nonrefundable costs.
- Interrupt-for-any-reason (IFAR) coverage: IFAR coverage is similar to CFAR coverage except that it protects you starting 72 hours after your departure until the end of your trip. If you have to cut your trip short for any reason, IFAR will reimburse 75% of the total amount of coverage you purchased for any non-refundable travel arrangements.
- Collision coverage waiver: Extends your rental car coverage to include collision damage.
- Financial default: This type of coverage applies if your airline, resort or other trip vendor declares bankruptcy.
- Preexisting conditions waiver: Most standard travel insurance policies exclude health conditions if you show symptoms before buying travel insurance. An add-on allows you to extend your coverage to waive preexisting condition exclusions.
Is Cheap Travel Insurance Worth It?
When deciding if travel insurance is worth it, we recommend you consider your personal circ*mstances before making any decisions about a policy. For example, if you’ve purchased an expensive airline ticket — especially one with multiple layovers — you may decide to purchase travel insurance to protect your investment. Travel medical insurance policies can also provide peace of mind around a potential medical emergency abroad, for example, if you are traveling to a remote location.
While many companies offer cheap travel insurance, not all policies are created equal. As you compare the best travel insurance plans, consider which coverages you can sacrifice to maintain valuable protections and save money. For example, if you have a health care policy that covers you abroad or a credit card that provides rental car coverage, you will not need a plan that includes these protections.
No matter what kind of travel insurance coverage you’re looking for, we recommend comparing premiums from at least three of our top travel insurance companies before deciding whether travel insurance is worth it.
Frequently Asked Questions About Cheap Travel Insurance
Our travel insurance comparison found that Nationwide offers some of the most affordable basic travel protection options for international travel insurance. However, we recommend getting a quote from each provider recommended above before you purchase travel insurance, as prices will vary based on the traveler, trip details, budget and destination.
There are multiple types of cheap travel insurance, including policies that include coverage for trip cancellation, trip delay and medical treatments issued abroad. Some travel insurance providers offer robust plans with various benefits, while others offer more affordable policies with limited benefits. The latter usually only allows you to cancel for a covered reason to receive a reimbursem*nt for airfare, hotel costs and other nonrefundable expenses.
While travel restrictions have lifted immensely since 2021, COVID-19 concerns are still impacting travelers in 2023. According to a study from AAA, about 31% more Americans now choose to cover their trip costs with travel insurance compared to pre-pandemic.
Many of the companies we’ve reviewed in this guide offer some type of coverage for COVID-19, but it may be more limited in a basic plan. Now that COVID-19 has become less of a threat, many travel insurance policies treat it like any other illness under medical insurance. If you’re in a group at a higher risk of COVID-19 and believe a new strain might affect your travel plan, consider upgrading to CFAR insurance to extend your cancellation coverage to situations like fear of flying or illness.
You can expect to pay between 4% and 12% of your total trip cost for your international travel insurance, according to Generali Global Assistance. Actual costs will vary depending on trip details and the type of coverage you select.
The best travel insurance for your needs might vary depending on the specifics of your trip. For example, if you’re a student taking a budget trip to Mexico for spring break, Trawick’s low-cost basic plan might offer the most bang for your buck. If you’re planning a cruise, Nationwide’s cruise-specific coverage might provide peace of mind. We recommend getting at least three quotes from competing providers to be sure you’re getting the best coverage.
Methodology: Our System for Rating Travel Insurance Companies
Our team surveyed dozens of travel insurance providers and created a scoring system to judge each company based on coverage, quality and service. We also collected sample quotes from each company, both over the phone and on the internet, to simulate an authentic customer experience. Here are the factors we take into consideration when rating providers:
- Cost (10%): To determine a baseline average travel insurance cost, we gathered quotes from each travel insurance company based on different traveler profiles. Travel insurance companies at or below our calculated average cost of $221 earn full points in this category. Specifically, we obtained quotes for the following trips
- A 30-year-old couple taking a $5,000 vacation to Mexico.
- A family of four taking an $8,000 vacation to Mexico.
- A 65-year-old couple taking a $7,000 vacation to the United Kingdom.
- A 30-year-old couple taking a $7,000 trip to the United Kingdom.
- A 19-year-old taking a $2,000 trip to France.
- A 27-year-old couple taking a $1,200 trip to Greece.
- A 51-year-old couple taking a $2,000 trip to Spain.
- Plan availability (10%): We look for insurers with a variety of travel insurance plans and the ability to customize a policy with coverage upgrades.
- Coverage details (29%): We review the baseline coverage each company offers in its cheapest comprehensive plan. A provider with robust coverage earns full points, including baggage delay and loss, COVID-19 coverage, emergency evacuation and medical coverage, trip delay and cancellation coverage, and more. Companies also receive points for offering a variety of policy add-ons like accidental death and dismemberment, extreme sports, valuable items, cancel for any reason coverage and more.
- Coverage times and amounts (34%): We compare each company’s waiting periods and maximum reimbursem*nt amounts for baggage, travel and weather delays. Companies that offer customers reimbursem*nt after fewer than 12 hours of delays earn full points in this category. We also reward travel insurance providers that cover more than 100% of trip costs in the event of cancellations or interruptions.
- Company service and reviews (17%): We look for indicators that a company is well-prepared to respond to customer needs. Companies with an established global resource network, 24/7 emergency hotline, mobile app, multiple ways to file a claim and concierge services score higher in this category. We assess reputation by evaluating consumer reviews, third-party financial strength and customer experience ratings, specifically from AM Best and the Better Business Bureau (BBB).
For more information, read our full travel insurance methodology.
A.M. Best Disclaimer
Additional Travel Insurance Resources
- Best COVID-19 travel insurance companies
- Best cruise insurance plans
- Best travel insurance companies
- Best group travel insurance companies
- Health insurance for USA visitors
- Best senior travel insurance
- Best travel insurance for families
- Best student travel insurance plans
- Travel insurance for parents visiting USA
- Best travel medical insurance plans
- How much does travel insurance cost?
Alexandra CarverWriter
Alex is a MarketWatch Guides team writer that covers automotive and personal finance topics. She’s worked as a content writer for over a dozen car dealerships across the U.S. and as a contributor to several major auto news websites.
Tori AddisonEditor
Tori Addison is an editor who has worked in the digital marketing industry for over five years. Her experience includes communications and marketing work in the nonprofit, governmental and academic sectors. A journalist by trade, she started her career covering politics and news in New York’s Hudson Valley. Her work included coverage of local and state budgets, federal financial regulations and health care legislation.
