Cheapest Travel Insurance (December 2023)
Travel insurance typically costs between 4% and 10% of your total trip cost. The cheapest travel insurer for total trip protection is Nationwide.
Updated October 19, 2023 at 12:00 PM PDT
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.
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.
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 companies 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|
Policies with Travel Insurance 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.
Baggage delay kicks in after only three hours
14-day cancel period (full premium refund)
Event ticket reimbursement only applies to non-refundable registration fees
Many coverages only offered as optional riders (for an additional cost)
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.
Insure your entire trip or just the travel portion
Trip interruption reimbursement of up to 150% of your total cost
Must enter email address to get a quote
Baggage delay reimbursement only kicks in after 24 hours
Nationwide is a top-rated 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 were $97 and $163, respectively. It provides travelers with trip, baggage, and medical protection while away from home.
Baggage delay only needs to be 12 hours
10-day premium refund policy
Strict medical requirements for trip protection benefits (60-day pre-existing condition policy)
No rental car collision or loss coverage
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.
Medical limits as high as $8 million
Up to 36 months of continuous coverage
Longer requirement for delayed baggage coverage
Low emergency dental coverage
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.
Top industry ratings
15-day free look period (full refund)
Not available in all states
Trip interruption coverage limited to 100%
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:
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 CFAR (cancel for any reason) policy.
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.
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.
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 won’t always apply), including medical evacuation
Trip or baggage delay and interruption coverage
Trip cancellation coverage
Pet travel and fees
Death or dismemberment
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 an extended period of time. For example, frequent travelers may want to buy a policy that covers them for 12 to 36 months.
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 bags 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:
Pre-existing medical conditions or known illnesses
Acts of war and terrorism
Dangerous or high-risk activities
Below, you’ll find answers to a few commonly asked questions about how to find the cheapest travel insurance for your next trip.
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, 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.
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.
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.
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.
Stephanie is a DC-based freelance writer. 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