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Written byStephanie Colestock
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Founder of personal finance site TomorrowsDollar.com
Candidate for CFP® certification
Stephanie is a DC-based freelance writer specializing in personal finance. Her work covers insurance, loans, real estate investing, retirement, and more.
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Edited byDanny Smith
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Licensed auto and home insurance agent
4+ years in content creation and marketing
As Insurify’s home and pet insurance editor, Danny also specializes in auto insurance. His goal is to help consumers navigate the complex world of insurance buying.
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Reviewed byMark Friedlander
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Corporate communications director for Insurance Information Institute
20+ years in insurance and communications
As Director, Corporate Communications for Triple-I, Mark serves as the non-profit’s national spokesperson, sharing information and education on a wide array of insurance issues.
Updated December 11, 2023
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Table of contents
Table of contents
Travel isn’t cheap; unexpected expenses or plan changes can be very costly. Travel insurance provides financial protection if you cancel your trip, experience a delay, or get sick or injured while on your trip.[1]
Nationwide, Travel Insured, and Berkshire Hathaway offer some of the cheapest total trip protection policies. Some plans are more expensive than others and may not be suited for you, so it’s crucial to compare plans from multiple companies to find the best coverage. Here’s a look at some of the best travel insurance prices and what these insurers offer.
Where to find the cheapest insurer
The right travel insurance plan for you is one that protects your travel investment at the most affordable price. Here’s a look at some of the cheapest travel insurance policies and what each offers. The quotes below are for a $4,000 trip to Mexico for two 30-year-olds.
Insurance Company ▲▼ | Travel Policy Cost ▲▼ |
|---|---|
| Travel Insured International | $144 to $176 |
| Berkshire Hathaway | $88 to $188 |
| Nationwide | $97 to $163 |
| IMG | $19 to $271 |
| Travelex | $38 to $200 |
Travel Insurance International
Policies with Travel Insurance International ranged from $144 to $176, with many possible add-ons and additional coverage options. And if you change your mind about the travel insurance policy, you can cancel within two weeks and get a full refund.[2]
Pros
Baggage delay coverage kicks in after only three hours
14-day cancel period (full premium refund)
Cons
Event ticket reimbursement only applies to non-refundable registration fees
Many coverages only offered as optional riders (for an additional cost)
Berkshire Hathaway Travel Insurance
Berkshire Hathaway offers multiple policy options ranging from flight-only insurance to full trip protection, with robust coverage and an affordable price tag. Quotes ranged from $88 for flight-only coverage to $188 for premier trip insurance.[3]
Pros
Provides options to insure your entire trip or just the travel portion
Trip interruption reimbursement of up to 150% of your trip's total cost
Cons
Must provide email address to get a quote
Baggage delay reimbursement coverage kicks in after 24 hours
Nationwide
Nationwide is a top-rated all-lines insurance company in the U.S., offering everything from auto and home insurance to travel coverage. Trip insurance through Nationwide comes in two tiers, and quotes we received were $97 and $163, respectively. It provides travelers with trip, baggage, and medical protection while away from home.[4]
Pros
Baggage delay only needs to be 12 hours
10-day premium refund policy
Cons
Strict medical requirements for trip protection benefits (policy includes 60-day pre-existing condition clause)
No rental car collision or loss coverage
IMG
Through IMG, you can choose coverage that’s based on either medical insurance or travel insurance. Costs can vary dramatically depending on the type of coverage you choose (our quotes ranged from $19 to $271), but this gives you the flexibility to build a policy based on your travel protection preferences.[5]
Pros
Medical coverage limits as high as $8 million
Up to 36 months of continuous coverage
Cons
Longer requirement for delayed baggage coverage
Low emergency dental coverage
Travelex
Travelex offers five types of travel insurance coverage, depending on whether you want comprehensive, post-departure, or flight-only coverage. Quotes ranged anywhere from $38 for flight insurance to $200 for total trip protection, with the option to pay more for upgrades like the ability to cancel for any reason or doubling your medical coverage limits.[6]
Pros
Strong consumer ratings
15-day free preview period (full refund offered)
Cons
Not available in all states
Doesn't offer excess trip interruption coverage (limited to 100% of trip cost)
How to find the cheapest travel insurance
Finding the most affordable travel insurance is a great way to protect your trip and your budget at the same time. Here are some tips to consider if you’re looking for the cheapest travel insurance:
Shop around
As with any insurance product, you’ll find the most affordable travel insurance coverage by getting quotes from multiple insurers. Luckily, most travel insurers provide online quotes in minutes after just a few questions. Be sure to read the limits, privacy policy, and options that each offers so you’re comparing apples to apples.
Decide what’s most important
What are you worried about most when it comes to your trip? What would be the most financially devastating? If you have a refundable trip and are only worried about medical coverage, your coverage needs differ from those of someone who wants a cancel for any reason (CFAR) policy.
Adjust your policy details
Many companies will allow you to adjust coverage options, such as your deductible and medical limits. By taking on more risk, you’ll usually reduce your overall cost, and vice versa.
Capitalize on other coverage you might have
Many credit cards offer trip delay and cancellation coverage, medical emergency coverage, and even lost or delayed baggage reimbursement. If you book your trip with one of these travel credit cards, you might not need as much trip insurance as travelers without those protections.
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How Much Is Travel Insurance?
What travel insurance covers
Vacations can be expensive, especially if you’re planning a long-distance trip, going to an exotic location, or traveling with a group. No matter how well you plan, your trip can easily be derailed by illness, injury, travel delays, or even a simple change of plans.
Travel insurance provides financial protection if and when your travel plans change, either before you depart or while you’re away from home. This coverage can also offer you financial reimbursement if you experience flight delays, lost baggage, and more. And if you get sick or hurt while traveling, it can provide you with the care you need, regardless of where.
A few different travel insurance coverages are available to choose from, depending on which insurer you buy your policy through and how much you’re willing to spend. You can typically choose coverage that provides one or more of the following:
Medical and dental care (especially important since your medical insurance policy typically won’t apply outside the U.S.), including medical evacuation back to the U.S.
Trip or baggage delay and interruption coverage
Trip cancellation coverage
Pet travel and fees
Accidental death or dismemberment
Good to Know
These policies may also be issued for a single trip, such as a planned cruise or vacation, or can provide you with blanket coverage for multiple trips over an extended period of time. For example, frequent travelers may want to buy a policy that covers them for 12 to 36 months.
What travel insurance doesn’t cover
Your travel insurance coverage will depend on the policy you purchase. If you buy a medical-based policy, you may not have coverage for things like lost luggage or pet kennel charges. And depending on the company and plan you choose, you might not have options like canceling your trip for any reason.
In general, though, travel insurance typically doesn’t protect you against losses related to:
Named tropical cyclones
Pre-existing medical conditions or known illnesses
Acts of war and terrorism
Epidemics and pandemics
Dangerous or high-risk activities
Cheap travel insurance FAQs
Below, you’ll find answers to a few commonly asked questions about how to find the cheapest travel insurance for your next trip.
Which factors determine the cost of travel insurance?
The cost of your travel insurance depends on the type of coverage you buy (medical, cancel for any reason, trip interruption/delay), as well as the deductible, coverage limits, age of those covered, and optional features you choose. Your policy price will also be affected by your country of travel, travel dates, and the total cost of your trip.
What is the cheapest travel insurance?
The cheapest travel insurance plan is flight-only protection, which offers financial compensation if someone is killed or injured on a common airline. It may also offer protection against delays and lost bags, depending on which additional coverage options you choose.
What is the average cost of travel insurance?
On average, travel insurance costs between 4% and 10% of your total trip cost. This price tag can be further affected by the coverage options you choose, the duration of your trip, and your destination.
Methodology
Quotes for this article were sourced directly from each insurance company’s website. The travel insurance plan costs are for two 30-year-olds traveling from the United States to Mexico with a trip cost of $4,000.
Related articles
- Airbnb Travel Insurance: What Guests Should Know
- Does Travel Insurance Cover Pre-Existing Conditions?
- Travel Medical Insurance: What to Know
- Visitor Insurance for Parents: What to Know
- What Is Cancel For Any Reason (CFAR) Travel Insurance?
- Do You Need Group Travel Insurance?
- What Does Cruise Insurance Cover?
Sources
- Centers for Disease Control and Prevention. "Travel Insurance."
- Travel Insured International. "Travel Insurance."
- Berkshire Hathaway Travel Protection. "Travel Insurance."
- Nationwide. "Travel Insurance."
- International Medical Group. "Travel Insurance."
- Travelex. "Travel Insurance."
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Stephanie Colestock
Stephanie is a DC-based freelance writer and Certified Financial Education Instructor (CFEI). She primarily covers personal finance topics such as insurance, loans, real estate investing, and retirement. Her work can be found on CBS, FOX Business, MSN, Yahoo! Finance, Business Insider, and more. When she isn't helping people plan for their financial futures, she is traveling, hiking with her kids, or writing for her own website, TomorrowsDollar.com. She can be reached on Twitter @stephcolestock
Edited byDanny Smith
Licensed auto and home insurance agent
4+ years in content creation and marketing
As Insurify’s home and pet insurance editor, Danny also specializes in auto insurance. His goal is to help consumers navigate the complex world of insurance buying.
Featured in
Corporate communications director for Insurance Information Institute
20+ years in insurance and communications
As Director, Corporate Communications for Triple-I, Mark serves as the non-profit’s national spokesperson, sharing information and education on a wide array of insurance issues.
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