Our picks for the best cheap travel insurance companies of 2024
Advertiser Disclosure
Best Cheap Travel Insurance Overall
Why We Like It
The TinLeg basic plan is our best budget travel insurance plan overall thanks to the comprehensive coverage, high customer satisfaction ratings, and of course, the price tag.
The Basic plan comes with $50,000 of medical expense coverage and $100,000 of medical evacuation coverage. You also get trip up to 150% trip cost reimbursement for interruptions & 100% trip cost reimbursement cancellations included as part of the plan.
While the medical reimbursement limit is lower than more expensive plans, at $50,000, the limit is higher than most other budget plans on the market and should be enough to cover non-severe medical emergencies.
When we compared cheap plans from a range of providers, we found that the Basic plan from Tin Leg offers the best coverage overall for travelers on a budget.
Read our full review
- Strong coverage for a budget plan
- Covers hurricanes and inclement weather
- Covers pre-existing conditions if purchased in time
- No CFAR add-on
- Secondary medical coverage
- Long time limit for covering missed connections
Cheap Family Travel Insurance (Kids are free)
Why We Like It
Travel insurance plans from Berkshire Hathaway consistently rank among the cheapest travel insurance plans, but their ExactCare plan is our top choice for families with children who need coverage on a budget.
Apart from already being one of the cheapest travel insurance policies around, kids under 17 are covered for free on this policy. Each adult you insure is allowed to cover two kids (ages 1 to 17) at no additional charge.
This plan covers each person for up to $25,000 for medical expenses, and up to $500,000 for medical evacuation to a hospital, or back to the US if you happen to be abroad.
You’ll also get basic trip cancellation and interruption coverage with reimbursement levels of 100% and 150% of your total trip costs, respectively.
Overall, this plan is a solid option for people looking for a cheap family travel insurance plan.
- Free coverage for two children per adult
- Includes high emergency medical evacuation coverage
- Covers interruption and cancelation of the trip
- Includes travel, baggage, and the loss of personal items coverage
- Offers hurricane and weather coverage
- 24 Hour AD&D
- Lower medical coverage limits for international travel
Cheapest Travel Medical Insurance
Why We Like It
Based on our review of the market, this is the cheapest travel medical insurance worth its salt.
When aiming to find cheap travel medical insurance, it’s important to consider the level of coverage you need. While there are cheaper plans available, many of them offer meager medical coverage limits of $10,000-$25,000. These limits may not be high enough to cover you in an emergency.
That’s why the Safe Travel Explorer plan offers the best medical-only travel coverage for your money. You get $50,000 of coverage for medical expenses, $750 of emergency dental coverage, and a generous $200,000 for emergency medical evacuations. The medevac coverage ensures that in a medical emergency, you’ll be sent to the nearest suitable medical facility or back to the US if you happen to be abroad.
For this price, this plan includes solid medical coverage.
- Affordable medical travel insurance
- Optional trip cancellation & interruption coverage
- Comprehensive plan comes with solid baggage coverage
- Secondary medical coverage
Best Cheap Domestic Travel Insurance
Why We Like It
Trawick offers a host of extremely affordable travel insurance policies, but its Safe Travels Protect plan is our top pick for cheap domestic travel insurance thanks to its comprehensive coverage and low price.
This plan is available as medical-only coverage or comprehensive coverage that includes 100% reimbursement for trip cancellations and interruptions.
With the comprehensive option, you’ll get up to $25K of emergency travel medical coverage as well as $250K of coverage for emergency medical evacuations. On top of the 100% trip reimbursement protection, it also includes $1K per person for travel delays, $200 for baggage delays, $500 for missed connections, and up to $750 for lost or damaged personal items.
Since the medical limits are on the lower side, this plan is ideal for people who travel domestically and already have health insurance. The added medical coverage is a “plus”, but the real benefit lies in the cheap comprehensive benefits like cancellation coverage, baggage insurance, and more.
Overall, this plan is a solid option as it ticks all the boxes for coverage and comes at a lower price than much of the competition.
- Checks all the boxes for basic coverage
- Includes 24 hour travel assistance
- 100% trip reimbursement for cancellations/interruptions
- Lower medical limits with $100 deductible
- Secondary medical coverage
Cheap Travel Insurance for Seniors
Why We Like It
We recommend the Standard plan from Generali if you need cheap travel insurance for seniors.
The Generali Standard plan comes with emergency medical coverage limits of $50K and medevac & repatriation coverage of $250K per person making it a great option for traveling within the U.S. or to neighboring countries like Canada, Mexico, or Caribbean nations.
Trip Cancellation and Trip Interruption coverage also come standard with this plan at reimbursement levels of 100% and 125% of your total trip costs, respectively. You can also buy optional “Cancel for Any Reason” or “Interruption for Any Reason” coverage at an added cost.
Despite its low price, this comprehensive plan offers luxurious perks and benefits like coverage for your pet travel companion, travel delays, baggage delay/damage/loss, missed connections, identity theft protection while traveling, and more.
You’ll also get free access to worldwide 24-hour emergency phone support and concierge services that can help book events, tours, restaurants, rental cars, offer advice, organize pick-ups, etc.
- Lowest cost of all Generali Global Assistance plans
- 24/7 emergency travel assistance included
- Telemedicine included
- Lower coverage than other Generali plans
- Pre-existing conditions are not covered by the Standard plan
- No coverage for accidental death and dismemberment during on-land travel
Cheap Annual Travel Insurance
Why We Like It
If you plan to travel a lot throughout the year, the Heymondo Annual Multi-trip plan is our top choice for cheap annual travel coverage thanks to its comprehensive benefits at an affordable price point.
Heymondo is a lesser-known provider but has a major following among travel bloggers and people who are “in the know.” It offers extremely comprehensive annual multi-trip travel coverage for people looking for a 12-month plan.
The Heymondo Annual Multi-trip plan comes with $100K of emergency medical and dental coverage, $500K of emergency medevac & repatriation coverage, $5K of search and rescue coverage, and $3K of trip cancellation and interruption benefits. These are some of the most comprehensive coverages currently on offer among annual multi-trip plans available through major providers.
Apart from these integral protections, you’ll also get coverage for trip delays, missed connections, lost and delayed baggage, accidental death and dismemberment coverage, adventure sports protection, and more.
Lastly, Heymondo’s annual policy is the cheapest plan on our list of the best annual multi-trip travel insurance for 2024.
- Comprehensive medical & cancellation coverage
- Includes Search & Rescue coverage
- Covers adventure sports & activities
- Trip cancellation/interruption has $3,000 max limit
- Long list of excluded items for loss & damage protection
Cheapest Travel Insurance for Schengen Visa
Why We Like It
Aegis Go Ready Choice is one of the cheapest travel insurance plans on the market and is a great option for anyone, but is also especially well-suited for those visiting Europe and needing coverage for a Schengen Visa.
Despite being affordable, it offers just enough coverage for most travelers on a budget. With this plan, you’ll have $50k in medical expense reimbursement coverage if you fall ill or become injured while traveling. This is enough for minor medical interventions, but you’ll also get a solid $250k in medical evacuation and repatriation coverage. This coverage offers medical rescue and escorts back to the US where you can get quality medical treatment and your US health insurance can take over.
Apart from this, Aegis Go Ready Choice covers travel delays, baggage delays, personal item loss, missed connections, accidental death and dismemberment, and full trip cancellation/interruption benefits.
All of this makes Aegis a top contender for solid coverage at an affordable price point.
- One of the cheapest providers around
- Comprehensive coverage on a budget
- Strong cancellation & interruption coverage
- Optional upgrade covers pre-existing conditions
- Secondary medical coverage (not primary)
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Types of coverage to look for when buying cheap travel insurance
When it comes to travel insurance, cheap plans are not always good plans, much like flight insurance.
So, as you compare insurance companies, it’s important to think about the coverage options you’ll need for your trip to find the best value travel insurance policy for your budget.
Here is a list of essential travel protections you should look for when buying cheap or affordable travel insurance:
Emergency travel medical insurance coverage
Protection for emergency medical expenses is likely the most important protection you should have, particularly if you’re traveling outside of the United States or in an area where your own health insurance will not apply.
For international trips such as to the Bahamas, for example, you should aim to have a minimum of $50,000 in coverage for emergency illnesses and injuries that could occur post-departure.
If you have pre-existing medical issues, look for a policy that covers them with or without an additional charge. Typically, pre-existing conditions are not covered by travel insurance unless you get a plan made for pre-existing conditions or meet the waiver criteria.
For people like senior citizens who are looking for a senior travel insurance plan, you may want to consider paying a bit extra to ensure your pre-existing conditions are covered rather than opting for the cheapest international travel insurance.
COVID-19 coverage
Check to make sure your travel health insurance comes with coverage for COVID and that your travel medical coverage treats coronavirus as every other illness. Fortunately, most insurance companies have expanded their coverage to include COVID-19 since the start of the pandemic, so this should not be hard to come by. That said, it’s important to still ensure it’s included.
Medical evacuation coverage
Having adequate coverage for medical evacuation is also crucial, mostly because the cost of this emergency care can easily cost tens of thousands of dollars or more. If you have to be airlifted from the side of a mountain or flown home to receive adequate medical care for a life-threatening illness or injury, you’ll be glad to have this protection.
Generally speaking, you should aim to have at least $100,000 in medical evacuation coverage even if you opt for a budget travel insurance plan.
Protection for travel delays
If you’re looking to purchase cheap international travel insurance for any type of trip, you may want to ensure you have coverage for travel delays in place. This type of insurance can pay for lodging costs, meals, and other incidental expenses that pop up when your flight is delayed for at least six to 12 hours.
If you purchased a policy directly from an airline, this type of protection is commonly included. However, you’ll want to check the protection limits as flight insurance plans often aren’t worth it due to lower coverages than traditional travel insurance.
Some travel insurance plans also include travel protection for cruises, which are notorious for leaving late.
Insurance for luggage issues
Lost or delayed baggage is a common occurrence these days, and there’s not much you can do about it if you have to check a bag. For this reason, you may want to buy a travel insurance policy that comes with reimbursement for lost luggage and protection for delayed bags.
Lost luggage reimbursement will typically pay you for misplaced or stolen luggage and personal belongings. Baggage delay coverage will pay you a daily amount (usually $100 to $250) for any clothing, toiletries, and other essentials you buy when your bags are delayed while in transit with a common carrier.
Trip cancellation insurance
Trip cancellation coverage is a godsend when you end up having to cancel your trip due to unforeseen circumstances such as the run up to a Christmas to trip to Mexico. This type of coverage can kick in when a trip must be canceled for reasons beyond your control, such as the illness, injury, or death of a traveling companion or family member or inclement weather that prevents you from traveling.
While it’s one of the best types of travel insurance to have, it’s important to note that cancellation insurance is one of the variables that can greatly influence the cost of your travel insurance plan. By foregoing this coverage, you can typically save big on your premium. You are can also consider cancel for any reason (CFAR) coverage, allowing you to cancel your trip regardelss of the reason.
Drawbacks of buying a cheap travel insurance plan
While we wholeheartedly support buying a cheaper travel insurance plan, there are some drawbacks to keep in mind before you purchase.
Ideally, you will be able to find a plan that meets your needs at an affordable price. However, you may have to compromise to be able to save money on your policy.
Some of the downsides of opting for a cheap travel insurance policy include:
- Lower coverage limits
- Less coverage overall
- Exclusions in the fine print
Cheap travel insurance usually has lower coverage limits
Low-cost travel insurance plans typically come with lower policy limits overall. For example, choosing a cheap insurance policy may mean having $50,000 in emergency medical coverage instead of $250,000 or more, or having limited coverage for perils like baggage delays or lost luggage.
That said, the limits of most travel insurance plans can be customized to meet your needs. Likewise, lower policy limits may be sufficient for the trip you are planning, so it’s important to check your needs before buying.
Inexpensive plans often include fewer types of coverage
Some cheap travel plans exclude certain types of coverage, or they stick to offering medical-only protection and fail to offer non-medical travel insurance altogether. This is not always an issue, but it may not be enough for all types of trips.
If you’re planning on going on multiple trips during the year, it may save you money to buy a multi-trip travel insurance policy instead of multiple single-trip policies.
Sometimes the fine print excludes important coverage
Before you buy an insurance policy that’s cheaper than the rest, make sure to read over the fine print and compare several alternative policies side-by-side. You may find that fine print applies, or that some of the coverage you get is secondary and only applicable after you use your own insurance.
Tips to reduce the cost of travel insurance
There are several variables that you can influence to reduce the price of your travel insurance policy.