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The 5 Cheapest Travel Insurance Companies Of November 2023

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Updated: Nov 1, 2023, 8:31am

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.

Buying travel insurance can be a smart move if you don’t want to lose the money you invested in your trip if an emergency arises. For example, travel insurance can compensate you if you have to cancel a trip due to unexpected events or you get injured abroad where your health insurance benefits don’t apply.

But you don’t want to sacrifice the coverage found in the best travel insurance policies to get the best price. To help thrifty travelers, we evaluated 53 travel insurance policies to identify the five cheapest travel insurance policies that provide valuable benefits.

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Best Cheap Travel Insurance Of 2023


BEST FOR NON-MEDICAL EVACUATION

Travel Insured

Travel Insured
5.0
Our ratings take into account a product's cost, features, ease of use, customer service and other category-specific attributes. All ratings are determined solely by our editorial team.

Top-scoring plan

Worldwide Trip Protector

Average cost per trip

$336

Medical & evacuation limits per person

$100,000/$1 million

Travel Insured
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Via Forbes Advisor's Website

Top-scoring plan

Worldwide Trip Protector

Average cost per trip

$336

Medical & evacuation limits per person

$100,000/$1 million

Why We Picked It

Travelers on a budget will appreciate Worldwide Trip Protector’s superior medical evacuation and non-medical evacuation benefits. The Worldwide Trip Protector plan also offers optional cancellation and interruption upgrades, and has short waiting periods for delays.

Pros & Cons
  • “Cancel for any reason” upgrade available.
  • “Interruption for any reason” upgrade available.
  • Top-notch non-medical evacuation benefits of $150,000 per person.
  • Good travel delay ($1,500) and baggage delay ($500) benefits per person kick in after just a 3-hour delay.
  • Excellent hurricane and weather coverage after a 6-hour delay.
  • Highest average cost among the top-rated travel insurance plans evaluated, but still a good value for the benefits included compared to competitors.
  • Baggage loss coverage of $1,000 is low compared to most competitors.
  • Missed connection coverage for cruises and tours has only a 3-hour delay, but is low at $500.

BEST FOR MISSED CONNECTIONS

Nationwide

Nationwide
4.5
Our ratings take into account a product's cost, features, ease of use, customer service and other category-specific attributes. All ratings are determined solely by our editorial team.

Top-scoring plan

Choice Cruise

Average cost per trip

$330

Medical & evacuation limits per person

$100,000/$500,000

Nationwide
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Via Forbes Advisor's Website

Top-scoring plan

Choice Cruise

Average cost per trip

$330

Medical & evacuation limits per person

$100,000/$500,000

Why We Picked It

Nationwide’s Choice Cruise plan includes non-medical evacuation benefits and provides an array of other generous benefits at a decent average price. It includes excellent missed connection coverage and superior baggage insurance. The Choice Cruise plan offers upgrades for trip cancellation and trip interruption and has short waiting periods for travel delays.

More: Nationwide Travel Insurance Review

Pros & Cons
  • Cancel for any reason” upgrade available.
  • “Interruption for any reason” upgrade available.
  • Includes $25,000 in non-medical evacuation benefits.
  • Superior baggage loss benefits of $2,500 per person.
  • Excellent missed connection coverage for tours and cruises of $1,500 per person after only a 3-hour delay.
  • Good travel delay benefits of $750 per person covered after only a 6-hour delay.
  • Accidental death and dismemberment limit of $25,000 is the highest among top-rated plans evaluated.
  • Higher average cost than some other top-rated travel insurance plans, but a good value for money because of its robust benefits compared to other policies.
  • 24-hour delay required for hurricane and weather coverage, compared to some competitor policies with only a 12-hour delay requirement.

BEST FOR MEDICAL AND EVACUATION BENEFITS

Trawick International

Trawick International
4.5
Our ratings take into account a product's cost, features, ease of use, customer service and other category-specific attributes. All ratings are determined solely by our editorial team.

Top-scoring plan

Safe Travels First Class

Average cost per trip

$294

Medical & evacuation limits per person

$150,000/$1 million

Trawick International
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Via Forbes Advisor's Website

Top-scoring plan

Safe Travels First Class

Average cost per trip

$294

Medical & evacuation limits per person

$150,000/$1 million

Why We Picked It

Trawick’s Safe Travels First Class plan is worth a look because it provides a good range of benefits at a low average cost. It has the highest limits for travel medical expenses among the top-rated plans in our analysis, along with superior medical evacuation limits.

More: Trawick International Travel Insurance Review

Pros & Cons
  • Has a lower average cost than many other top-rated travel insurance plans.
  • Superior coverage for medical evacuation at $1 million per person.
  • “Cancel for any reason” upgrade available.
  • Good baggage loss coverage of $2,000 per person.
  • Good missed connection coverage for cruises and tours of $1,000 after a 3-hour delay.
  • Good travel delay coverage of $1,000 per person but after a 12-hour delay, some competitors only have a six-hour delay requirement.
  • 48-hour delay required for hurricane and weather coverage, compared to some competitor policies with only a 12-hour delay requirement.

BEST FOR ADD-ON COVERAGE

WorldTrips

WorldTrips
4.5
Our ratings take into account a product's cost, features, ease of use, customer service and other category-specific attributes. All ratings are determined solely by our editorial team.

Top-scoring plan

Atlas Journey Preferred

Average cost per trip

$316

Medical & evacuation limits per person

$100,000/$1 million

WorldTrips
Get A Quote Arrow

Via Forbes Advisor's Website

Top-scoring plan

Atlas Journey Preferred

Average cost per trip

$316

Medical & evacuation limits per person

$100,000/$1 million

Why We Picked It

The Atlas Journey Preferred plan provides decent coverage at a competitive price. Available upgrades include extra coverage for pets traveling with you, adventure sports, destination weddings, hunting and fishing equipment, and more.

More: WorldTrips Travel Insurance Review

Pros & Cons
  • Superior medical evacuation benefits.
  • “Cancel for any reason” upgrade available.
  • Very good travel delay benefits of $2,000 per person after only 5 hours.
  • Excellent missed connection coverage of $1,500 per person after 3 hours.
  • Very good baggage insurance benefits of $1,500 per person.
  • Baggage delay benefits have a 12-hour waiting period.
  • Baggage delay coverage of $300 is on the low side compared to most competitors.

BEST FOR AVERAGE COST

Seven Corners

Seven Corners
4.0
Our ratings take into account a product's cost, features, ease of use, customer service and other category-specific attributes. All ratings are determined solely by our editorial team.

Top-scoring plan

RoundTrip Basic

Average cost per trip

$280

Medical & evacuation limits per person

$100,000/$250,000

Seven Corners
Get A Quote Arrow

Via Forbes Advisor's Website

Top-scoring plan

RoundTrip Basic

Average cost per trip

$280

Medical & evacuation limits per person

$100,000/$250,000

Why We Picked It

Seven Corners’ RoundTrip Basic plan provides solid benefits at the lowest average cost among the top-rated plans in Forbes Advisor’s analysis.

More: Seven Corners Travel Insurance Review

Pros & Cons
  • Cheapest average cost among travel insurance policies we evaluated.
  • “Cancel for any reason” upgrade available.
  • “Interruption for any reason” upgrade available.
  • Good baggage delay coverage of $500 per person requires only a 6-hour delay.
  • Good trip delay coverage of $600 per person requires only a 6-hour delay.
  • Does not include accident death and dismemberment benefits, while most top-rated travel insurance plans do.
  • Baggage coverage of $500 is on the low side compared to competitors.
  • Missed connection coverage of $500 for cruises and tours is lower than many of the top-rated plans in our analysis.

Summary: Best Cheap Travel Insurance

Company Forbes Advisor Rating Top-scoring cheap travel insurance policy Average cost per trip LEARN MORE
Travel Insured 5.0 5 Worldwide Trip Protector $336 Get A Quote Via Forbes Advisor's Website
Nationwide Nationwide Logo 4.5 4.5 Choice Cruise $330 Get A Quote Via Forbes Advisor's Website
Trawick International 4.5 4.5 Safe Travels First Class $294 Get A Quote Via Forbes Advisor's Website
WorldTrips WorldTrips Logo 4.5 4.5 Atlas Journey Preferred $316 Get A Quote Via Forbes Advisor's Website
Seven Corners Seven Corners Logo 4.0 4 RoundTrip Basic $280 Get A Quote Via Forbes Advisor's Website

Average prices are based on rates for five different trips with a variety of traveler ages. Note that plans have different levels of benefits, which can account for price differences.


How to Find the Cheapest Travel Insurance

Be a Savvy Travel Insurance Comparison Shopper

As with most insurance, comparing policies from multiple companies can potentially save you hundreds of dollars. Travel insurance policies often include most of the same benefits, but the price and coverage amounts can vary considerably by policy, says Steven Benna, a spokesperson for Squaremouth, a travel insurance comparison provider.

A good place to start is to check out Forbes Advisor’s rankings of the best travel insurance companies.

A travel insurance agent can also be helpful. That person can help identify the coverage you want and then price-shop the options.

Understand Exactly What Can be Insured Under Travel Insurance

You can avoid overspending on a travel insurance plan by understanding exactly what you should insure, says Benna. For example, it’s important to understand that trip cancellation insurance will only reimburse you for prepaid and non-refundable trip expenses. So don’t buy coverage for the refundable parts of your trip, advises Benna.

For example, if you’ve booked a hotel for five nights for a total of $5,000, but the cancellation penalty is $1,000, you would insure the $1,000. You can’t make a travel insurance claim for amounts that are refundable.

Avoid Unnecessary Travel Insurance Coverage

Be cautious about buying coverage or upgrades that you likely don’t need.

For example, many travelers buy a “cancel for any reason” upgrade in addition to standard trip cancellation insurance. It adds an average of 50% to the cost of your travel insurance plan. The upgrade gives you partial reimbursement for trip costs if you cancel for a reason not listed in the base policy—for example, canceling because you’ve had a falling out with your traveling companion.

“However, if your primary concern is covered by trip cancellation, such as canceling due to an illness or a family member’s illness, you can be covered without spending the additional money to add ‘cancel for any reason,’” says Benna.

Another example: you don’t need baggage insurance of $2,500 if you’re packing $200 worth of T-shirts, shorts and a swimsuit.

You also may not need travel medical insurance if you’re not leaving the country during your trip. This may be especially true if  you’ll primarily be shopping, dining out and sightseeing and not participating in a lot of outdoor activities like hiking and biking. Your U.S. health plan will usually cover you if you become ill or injured during a domestic vacation.

And if you’re booking a trip last-minute, trip cancellation may be less important.

That’s why it’s a good idea to think about why you want travel insurance. Don’t go with the policy with the most bells and whistles that you won’t need. Instead, explore which coverage would benefit you the most.

Consider Buying an Annual Travel Insurance Policy

If you’re taking one or two trips a year, buying travel insurance for each one makes sense. But if you’re planning multiple trips, buying a policy for each one gets inconvenient and expensive.

Annual travel insurance policies are primarily designed to provide travel medical insurance for multiple trips, and at a better overall price.

These types of annual policies can make it easier to buy just one policy instead of multiple ones and could be a travel insurance solution for people who plan to take multiple domestic flights. However, annual travel policies may not make sense if you’re taking road trips.

Basic annual policies also offer limited trip cancellation insurance and trip interruption coverage.

Check Your Credit Card’s Travel Insurance Benefits

The best credit cards for travel insurance have perks insurance benefits built in. The key here is that you must charge the entire trip on that credit card.

“This benefit can include some cancellation coverage for trip expenses paid for with that card, in addition to coverage for luggage,” says Benna. He points out that instead of paying for a travel insurance policy, you can save money by relying on a credit card’s cancellation benefits.

If your trip expenses exceed the credit card’s coverage limit, you can buy travel insurance for the remaining amount, notes Benna. This will make the policy less expensive than insuring the entire trip cost.

Value of Travel Insurance Should Be More Important Than Cost

Cost should not be the only factor when you’re buying travel insurance. A cheap travel insurance policy that lacks good benefits won’t pay off in the end.

“Shop for value,” says Lisa Cheng, a spokesperson for World Nomads, a travel insurance company. “Some plans are priced low for a reason—they could come with high deductibles and low benefit limits.”

For example, Cheng says, you could buy cheap travel insurance and find there’s only $5,000 for medical expenses when you have an $8,000 hospital bill from your trip. Comparison shop but don’t skimp on coverage that is important to you, such as trip cancellation or travel medical insurance.

For some people, medical coverage matters most, and baggage insurance is less important, especially if they’re not planning to pack anything valuable, Cheng says. Medical coverage is especially important if you’re traveling overseas, because U.S. health plans may provide no coverage outside the U.S., and Medicare is not accepted outside the U.S.

Travel medical insurance limits vary by travel insurance policy. For instance, GoReady offers $50,000 in travel medical coverage per person, while Cat 70, HTH Worldwide, Seven Corners, Tin Leg and USI Affinity plans provide $500,000 in medical coverage, depending on the policy.

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Methodology

Forbes Advisor scored 53 policies to find the best travel insurance plans using data provided by Squaremouth, a travel insurance comparison provider. Among the plans that were the best (receiving at least 4 stars), we chose the five travel insurance plans with the lowest average cost. The benefits scored were:

Cost (25% of score): We scored the average cost for each travel insurance policy for trips to the popular destinations of Italy and Mexico for common traveler profiles:

  • Couple, age 30 for Mexico trip costing $3,000
  • Couple, age 40, for Italy trip costing $6,000
  • Family of four for Italy trip costing $15,000
  • Couple, age 65, for Italy trip costing $6,000
  • Couple, age 70, for Mexico trip costing $3,000

Covid-related medical coverage (10% of score): Travel insurance policies were awarded points if they include coverage for Covid-related medical expenses.

Medical expenses (10% of score): Travel medical insurance was evaluated by coverage amount. Travel insurance policies with travel medical expense benefits of $250,000 and up per person were given the highest points.

Medical evacuation (10% of score): Emergency medical evacuation/transportation coverage was evaluated by coverage amount. Travel insurance policies with medical evacuation expense benefits of $500,000 and up per person were given the highest points.

“Cancel for any reason” upgrade (10%): Travel insurance policies received points if “cancel for any reason” upgrades were offered. More points were awarded for “cancel for any reason” upgrades with reimbursement levels of 75%.

Baggage delay required waiting time (5%): Policies with baggage delay benefits kicking in at 12 hours or less were given points.

Baggage reimbursement benefits (5%): Travel insurance plans with baggage reimbursement benefits of $2,000 per person and higher were awarded points.

Hurricane and weather (5%): Plans received points If the required waiting period for hurricane and weather coverage was 12 hours or less.

“Interruption for any reason” upgrade (5%): Policies were awarded points if they offered an “interruption for any reason” upgrade.

Pre-existing medical condition exclusion waiver (5%): Points were given to policies that cover pre-existing medical conditions if purchased within a required timeline.

Travel delay required waiting time (5%): Policies with travel delay benefits kicking in after six hours or less were given points.

Trip interruption travel insurance (5%): Points were given if trip interruption reimbursement was 150% or higher.

 


Next Up In Travel Insurance


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