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So you’re planning a big family vacation—if you’re lucky, the trip of a lifetime. Travel costs can skyrocket quickly, leaving you feeling a bit overwhelmed. At this point, travel insurance starts to look like a potentially unnecessary cost, but is it really?
One of the best travel insurance plans can go a long way toward defraying unexpected costs that may arise if you’re asking the right questions starting with: What does travel insurance cover?
Best Cheap Travel Insurance
HTH Worldwide Travel Insurance: Best overall
GoReady travel insurance: Best for trip cancellation protection only
Nationwide Travel Insurance: Best value
Trawick International Travel Insurance: Most popular
Seven Corners Travel Insurance: Best for missed tours
AXA Assistance USA: Best for lost baggage
Travelex Travel Insurance: Best for missed travel connection coverage
Next Step: Compare rates on more than 100 travel insurance policies in minutes.
In an ever evolving world, emergency medical and evacuation coverages are essential, even moreso 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.
compare policies and rates with SquareMouth Travel Insurance
Best Value
Insider’s Take
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.
Details
Features & Discounts
Trip cancellation coverage of up to 100% of trip costs (for cruises) or up to $30,000 (for single-trip plans)
AM Best Financial Strength Rating
A-
Editor’s Rating
4.5/5
4.5 out of
5 Stars
Pros & Cons
Pros
Three cruise-specific plans to choose from
Annual travel insurance plans available
Strong trip cancellation coverage
Cancel for any reason coverage available
Cons
CFAR insurance not available with every single plan
Medical coverage is lower than what some competitors offer
Highlights
More Information
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
Additional Reading
Read our review
Most Popular
Trawick International Travel Insurance
4.33/5
Features & Discounts
Trip cancellation coverage for up to 100% of the trip cost and trip interruption coverage for up to 150% of the trip cost
compare policies and rates with SquareMouth Travel Insurance
Most Popular
Insider’s Take
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.
Details
Features & Discounts
Trip cancellation coverage for up to 100% of the trip cost and trip interruption coverage for up to 150% of the trip cost
Editor’s Rating
4.33/5
4.33 out of
5 Stars
Pros & Cons
Pros
Useful for adventurous travelers headed to higher-risk destinations
Affordable plans with varying levels of coverage
10-day free look option
Generous baggage loss replacement policy
Trip delay coverage kicks in after just six hours
Some policies allow a CFAR add-on
Up to $1 million medical evacuation coverage limit
Cons
Baggage and trip delay coverages don’t kick in until after the 12-hour mark
International student policies available for temporary stints abroad
Complaints about claims not being paid or involving an intermediary to resolve claims
Highlights
More Information
Travel medical insurance
Trip protection and cancellation
International student insurance
Visitor medical insurance (for traveling to the US)
compare policies and rates with SquareMouth Travel Insurance
Best for Lost Baggage
Insider’s Take
AXA Assistance USA keeps travel insurance simple with gold, silver, and platinum plans. Emergency medical and CFAR are a couple of the options you can expect. Read on to learn more about AXA.
Details
Features & Discounts
Trip cancellation coverage of up to 100% of the trip cost
Editor’s Rating
4.17/5
4.17 out of
5 Stars
Pros & Cons
Pros
Generous medical evacuation coverage
Up to $1,500 per person coverage for missed connections on cruises and tours
Covers loss of ski, sports and golf equipment
Generous baggage delay, loss and trip delay coverage ceilings per person
Cons
Cancel for any reason (CFAR) coverage only available for most expensive Platinum plan
CFAR coverage ceiling only reaches $50,000 maximum despite going up to 75%
Highlights
More Information
Silver, Gold, and Platinum plans available
Trip cancellation coverage of up to 100% of the trip cost
Trip interruption coverage of up to 150% of the trip cost
Emergency medical coverage of up to $250,000
Additional Reading
Read our review
Best for Missed Travel Connection Coverage
Travelex Travel Insurance
4.33/5
Features & Discounts
Trip cancellation coverage for up to 100% of the trip cost and trip interruption coverage for up to 150% of the trip cost
compare policies and rates with SquareMouth Travel Insurance
Best for Missed Travel Connection Coverage
Insider’s Take
Travelex travel insurance is one of the largest travel insurance providers in the US providing domestic and international coverage options. It offers a basic, select, and America option. Read on to learn more.
Details
Features & Discounts
Trip cancellation coverage for up to 100% of the trip cost and trip interruption coverage for up to 150% of the trip cost
Editor’s Rating
4.33/5
4.33 out of
5 Stars
Pros & Cons
Pros
Options to cover sports equipment
Option to increase medical coverage
Can cancel up to 48 hours before travel when CFAR option is purchased
Affordable coverage for budget-conscious travelers
Includes generous baggage delay, loss and trip delay coverage
Optional “adventure sports” bundle available for riskier activities
Cons
Only two insurance plans to choose from
CFAR coverage only reimburses up to 50% of total trip costs
Medical coverage maximum is low at up to $50,000 per person
Pricier than some competitors with lower coverage ceilings
Some competitors offer higher medical emergency coverage
Highlights
More Information
Trip cancellation and trip interruption coverage starting at up to $10,000
Optional CFAR insurance available with the Travel Select plan
Trip delay insurance starting at $500 with the Travel Basic plan
Emergency medical and dental coverage starting at $15,000
Additional Reading
Read our review
Affordable Travel Insurance FAQs
What is the most affordable travel insurance plan?
If you just want trip cancellation protection, go with the GoReady 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.
Is it worth it to get travel insurance?
You can’t go wrong by purchasing travel insurance these days, if just for the peace of mind. You may be able to get by with the travel insurance protections included on your credit card, or any of these affordable plans are a good start.
How do I find the right travel insurance plan for my budget?
When shopping for travel insurance, consider the type of trip you’re planning. If you’re planning leisurely excursions in a big city, you may not need as much emergency medical coverage as you would if you’re planning a serious hiking expedition in the mountains. A good plan should include trip cancellation, some emergency medical protection, and 24-hour assistance at a minimum.
How much should I expect to pay for travel insurance?
Travel insurance costs generally fall between 4-8% of your trip costs for full coverage. If you want cancel for any reason coverage or other additional protection, it may cost more.
Compared to all the other plans on this list, HTH TripProtector Economy plan offers the most comprehensive coverage across major categories.
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).
HTH Worldwide Travel Insurance Review
GoReady Trip Cancellation Plan Travel Insurance
The GoReady 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.
GoReady Travel Insurance Review
Nationwide Essential Travel Insurance
Nationwide 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.
Trawick Safe Travels Explorer Travel Insurance
Purchased by more than 36,000 travelers since 2020, this travel insurance plan also 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 premium credit cards.
Unfortunately, this plan also does not include accidental death coverage, so you may want to consider a more comprehensive insurance plan for travel that includes higher risk factors.
Trawick Travel Insurance Teview
Seven Corners RoundTrip Ready Travel Insurance
The Seven Corners was the highest-reviewed insurance plan on our list, although it’s actually relatively low on our priority list. The best feature of this plan is the coverage for missed connections that’s offered for cruises and tours. As with most of the other plans on this list, you’ll also be able to relax with up to 100% trip cost coverage for eligible cancellations and interruptions.
However, most of the other benefits are just average for other categories of coverage compared to competitors, and this plan offers some of the lowest medical coverage ceilings on this list.
Seven Corners Travel Insurance Review
AXA Silver Travel Insurance
AXA is an insurer that often shows up on “best of” lists, and the Silver plan from this company is no exception. This policy shines when it comes to some of the rarer categories of coverage on budget travel insurance, including up to $10,000 accidental death coverage, up to $500 per person for cruise-related missed connections and up to $200 of baggage loss coverage per person.
While AXA was on the higher end of our price point comparison, the difference was just $12 more than Nationwide’s Essential plan, making this a good choice for travelers who think they might need the cruise-related travel protection.
AXA Assistance USA Travel Insurance Review
Travelex Travel Basic Travel Insurance
Travelex is the most expensive travel insurance plan on our comparison list, although it includes a few benefits that the other plans did not. For one, the missed connection benefit of up to $500 could be applied for any covered reason, and is not specific to cruises or tours alone. The plan also includes one of the highest ceilings for accidental death coverage (although again, the $10,000 ceiling pales in comparison to travel credit card coverage).
On the downside, the Travel Basic offers minimal medical emergency coverage at a lackluster $15,000 per person maximum, and the baggage loss coverage capped out at $500 per person, with a daily limit of $100.
Travelex Travel Insurance Review
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 big city trip 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.
See our picks for the best international travel insurance »
In most cases, the cost difference between 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 agency Squaremouth.)
Why You Should Trust Us: How We Chose the Best 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, between December 23, 2022 to January 4, 2023 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 seven winning plans cost between $29 to $74 — significantly below the typical 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 financial protection if you incur emergency medical bills while traveling. We also factor in what travelers are most concerned about now. Personal Finance Insider conducted a 2023 winter travel insurance survey of 971 US adults in December through Momentive AI Audience.
You can read more about our insurance ratings system here.
Katherine Fan
Katherine Fan is passionate about empowering people through personal finance and travel education. She is an editor at Upgraded Points and has published more than 1,500 articles and guides for NerdWallet, The Points Guy, CreditCards.com, and Bankrate in addition to Insider.
Lina Roby
Insurance Editor, LIA, MLO
Lina Roby (she/her) was a Personal Finance Insurance editor at Insider. She covered pet, travel, auto, and other common insurance products. She is also a licensed property & casualty insurance agent. Her goal is to help readers make informed decisions for all their insurance needs and plan for the unexpected, especially in a constantly evolving insurance marketplace. As a licensed insurance agent, she worked closely with clients and insurance carriers to quote and bind homeowners, auto, liability, and other insurance plans for personal and business. As a licensed mortgage loan originator, she was also able to more effectively quote and bind homeowners insurance policies meeting mortgage lender requirements. With a love for writing, she has also assisted with marketing for her local insurance marketplace.
Evelyn He
Compliance Associate
Evelyn He is a compliance associate at Insider who supports the Personal Finance Insider team. Personal Finance Insider is Insider’s personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Insider readers already know and love. The compliance team’s mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team. Before joining Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries. Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst. Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 5-year-old Bichon named Tibber.
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