6 Cheapest Travel Insurance Companies of May 2023

The right travel insurance plan can give you peace of mind when spending money on a domestic or international trip. In this guide to the cheapest travel insurance, learn about companies that offer low-cost policies and how to save on coverage for your next trip.

We at the Guides Home Team researched dozens of the top travel insurance providers to help you find a plan that best fits your needs and budget. Below, we rounded up the best trip insurance options for travelers seeking coverage without breaking the bank.

Here are our picks for the top travel insurance companies offering low-cost policies:

Compare the Cheapest Travel Insurance Companies

Below is an at-a-glance look at how each travel insurance company on our list compares in terms of cost and coverage. We collected sample quotes for a 35-year-old solo traveler from Alabama who is visiting Italy for 10 days in August. The total trip cost is $2,000.

Unless otherwise noted, we collected all quotes for this article directly from each company’s website in January 2023.

Note: The above prices reflect each company’s cheapest travel insurance policy rounded up to the nearest dollar.

Nationwide Travel Insurance: Our Pick for Cruise Insurance

• Our rating: 4.3 out of 5  stars
• COVID-19 coverage: Yes (limited) 
• CFAR coverage: Add-on available
• AM Best rating: A+

Nationwide offers three unique cruise policies with protections beyond most standard travel insurance. While these plans cover trip cancellation insurance and medical bill coverage, Nationwide also includes ship mechanical breakdowns and last-minute itinerary changes.

Nationwide also offers standard travel insurance plans with up to 200% reimbursement for trip interruptions and up to $150,000 in medical expense coverage. However, baggage limits and medical evacuation coverages are higher, which is best for travelers with independent international health insurance.

Pros and Cons of Nationwide Travel Insurance

Plans and Coverage

The chart below outlines Nationwide’s three cruise travel insurance plans. If your cruise schedule is interrupted, each plan also covers missed connections and itinerary changes.

You can find more information about Nationwide’s single-trip plans on its website.

Add-On Options

You can add the following optional coverages to Nationwide’s cruise and single-trip travel insurance plans:

• Accidental death and dismemberment 
• CFAR coverage
• Vendor financial default coverage
• Preexisting medical conditions waiver
• Rental car collision coverage

Cost

A 28-year-old traveler planning a $1,000 three-day trip to Mexico would pay between $31.74 and $54.80 for Nationwide’s cruise coverage, depending on the policy..

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Generali Global Assistance: Our Pick for Emergency Assistance

• Our rating: 4.2 out of 5 stars
• COVID-19 coverage: Yes
• CFAR coverage: Add-on available
• AM Best rating: NR

Generali Global Assistance earns a place on our list for its around-the-clock emergency support. Customers can access a 24/7 emergency hotline to speak with an expert if an issue arises while traveling, which can provide peace of mind if you’ve never traveled internationally or are traveling to a location where you do not speak the primary language.

Generali extends emergency evacuation coverage of up to $1 million and medical expense coverage of up to $250,000. Plans also feature identity theft protection, a common problem abroad that some travel insurance companies don’t consider.

Pros and Cons of Generali Global Assistance

Plans and Coverage

Generali offers three plans with the below coverage levels. In addition, the Preferred and Premium plans offer reimbursement if you experience any delays when renting sporting equipment on your trip.

Add-On Options

Generali offers the following coverage add-ons:

• CFAR upgrade 
• Rental car collision coverage
• Preexisting medical conditions waiver

Cost

A 28-year-old traveler planning a $1,000 three-day trip to Mexico would pay between $52.73 and $80.29 for Generali travel insurance, depending on the coverage level.

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AXA Assistance USA: Our Pick for Leisure Travelers

• Our rating: 4.2 out of 5 stars
• COVID-19 coverage: Yes (limited)
• CFAR coverage: Add-on available
• AM Best rating: NR

AXA Assistance offers travel insurance policies that are ideal if you are planning to ski, golf, go on a cruise or participate in other activities on your trip. The company’s Platinum Insurance Plan is affordable and inclusive — available from just $100 per traveler — and includes unique coverages for lost ski days and unused concert and event tickets.

The platinum-level coverage also includes a generous $3,000 limit for lost baggage, more than the coverage you’ll find with most travel insurance providers. Plus, all policies include concierge services that help you understand and use your benefits.

Pros and Cons of AXA Assistance USA

Plans and Coverage

AXA offers three travel insurance plans with varying coverage amounts. If your trip involves sporting activities, the Platinum policy also includes daily coverages for lost skier days, lost golf rounds and sporting equipment rentals.

Add-On Options

AXA allows you to choose from the following coverage add-ons:

• CFAR coverage
• Rental car collision damage

Cost

A 28-year-old traveler planning a $1,000 three-day trip to Mexico would pay between $48 and $83 for AXA travel insurance, depending on the coverage level.

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AIG Travel Guard: Our Pick for Families

• Our rating: 4 out of 5 stars
• COVID-19 coverage: Yes (limited)
• CFAR coverage: Add-on available
• AM Best rating: A

Trying to buy travel insurance for a family doesn’t have to be overly expensive. With AIG Travel Guard’s Deluxe Plan, you can include complimentary coverage for one child aged 17 years or younger with the purchase of an adult plan. The policy also includes unique coverages for leisurely activities, such as benefits for lost golf tee times and sporting equipment rentals.

In addition to multi-person plans, AIG offers affordable travel insurance for individuals with up to $150,000 in medical expense coverage and up to 150% reimbursement for trip cancellations. All of AIG’s plans also include 24/7 emergency assistance over the phone.

Pros and Cons of AIG Travel Guard

Plans and Coverage

AIG has three travel insurance plans, all of which include family coverage.

Add-On Options

AIG Travel Guard allows you to customize your policy with the following add-ons:

• CFAR coverage
• Preexisting conditions waiver
• Rental car collision damage
• Vendor financial default coverage

The company also offers coverage bundles that can be added to the Preferred and Deluxe plans:

• Adventure sports bundle: Removes policy exclusions for adventure activities and extreme sports.
• Name Your Family™ bundle: Allows you to add one person as a family member to take advantage of family-related unforeseen event coverage.
• Medical bundle: Increases your policy’s medical benefits.
• Inconvenience bundle: Payment for trip inconveniences such as closed attractions, rental home lockouts, hotel infestation, etc.
• Baggage bundle: Increases your policy’s baggage benefits.
• Pet bundle: Adds travel coverage related to your pet, including benefits for boarding and emergency medical bills.
• Security bundle: Covers costs related to security evacuations and trip interruptions or cancellations due to riot or civil disorder.
• Wedding bundle: Covers the costs if the wedding you are traveling to is canceled.

Cost

A 28-year-old traveler planning a $1,000 three-day trip to Mexico would pay between $40.48 and $78.41 for AIG coverage, depending on the policy.

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Travelex Insurance: Our Pick for Budget Travelers

• Our rating: 3.8 out of 5
• COVID-19 coverage: Yes
• CFAR coverage: Add-on available
• AM Best rating: NR

Travelex’s affordable travel insurance policies are billed as flat-rate coverage, making your pricing more predictable. Policies are available from $60 for most travelers and include all the coverages you’d expect from a standard travel insurance plan. Plans also include access to 24/7 emergency assistance services, which can connect you with travel and legal assistance anywhere.

The company offers CFAR upgrades and allows you to add up to $1,000 in coverage for lost and delayed baggage, which is higher than many other providers. This may be beneficial for business travel if you need to protect equipment, or if you generally need travel insurance coverage for gear such as an expensive video camera, laptop or other valuables.

Pros and Cons of Travelex Insurance

Plans and Coverage

Travelex offers the below travel insurance plans. The Travel Select and Travel America plans include coverage for sporting equipment delays, and Travel America offers medical emergency protection for your pet.

Add-On Options

Travelex allows you to add the following coverage to your travel insurance:

• CFAR coverage
• Adventure sports coverage
• Accidental death and dismemberment (AD&D) and medical benefit upgrades

Cost

A 28-year-old traveler planning a $1,000 three-day trip to Mexico would pay between $31 and $45 for Travelex coverage, depending on the plan.

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International Medical Group: Our Pick for Medical Coverage

• Our rating: 3.3 out of 5
• COVID-19 coverage: Yes (limited)
• CFAR coverage: No
• AM Best rating: NR

International Medical Group’s (IMG) travel insurance plans include numerous benefits for international travelers at affordable prices. IMG’s policies include more than four individual coverage levels, allowing you to balance costs and coverage. Plans include up to $2,000 in baggage delay and even coverage for a pet’s boarding expenses at higher policy tiers.

In addition to travel insurance policies you’ll find with any other insurance provider, IMG also offers stand-alone travel medical plans. Travel medical insurance plans from IMG are entirely customizable, allowing you to carefully select a deductible and set of coverage limits that fit your unique travel needs.

Pros and Cons of IMG

Plans and Coverage

IMG Global offers four travel insurance plans, which are outlined in the chart below. More comprehensive policies, such as the iTravelInsured Travel SE and LX plans, include coverage for rental car damage, pet kennel fees and other unique items.

If you are looking for travel medical coverage, you can visit IMG’s website for more information on policies and costs.

Add-On Options

IMG offers the following add-ons on its travel insurance plans:

• CFAR coverage
• IFAR coverage
• Terrorism waiver (medical-only plans)
• Adventure sports waiver (medical-only plans)

Cost

The cost of your IMG insurance policy will vary depending on your coverage level and deductible. A 28-year-old traveler planning a $1,000 three-day trip to Mexico would pay $37.11 for coverage.

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If you’ve never purchased it before, you might be wondering what travel insurance is and what it covers.

As we’ve seen by comparing companies and policies, travel insurance can cover a wide array of things. But some of the most basic coverages are as follows:

• Trip cancellation protection: Compensates you for nonrefundable trip payments prepaid to your hotel, airline, cruise and other vendors if you’re forced to cancel your trip for a covered reason.
• Trip interruption protection: Compensates you for nonrefundable trip expenses if you’re forced to leave your vacation early for a reason stated in your policy.
• Baggage delay and loss: Compensates you for lost, stolen or delayed baggage costs.
• Emergency medical expenses: This covers the cost of expenses if you’re injured, become ill or experience a medical issue on a trip. Some travel insurance plans also include coverage limits for dental costs.

Common Add-Ons

If you buy a cheap travel insurance plan, it will likely only protect you from the most basic issues. But if you pay a little extra, you can add on coverage for things you might be more likely to need, including:

• Cancel-for-any-reason (CFAR) coverage: When you claim reimbursement through your travel insurance policy, you’ll need to prove why you’re canceling. With a CFAR upgrade, you can cancel your trip for any reason and still claim a percentage reimbursement on nonrefundable costs.
• Interrupt-for-any-reason (IFAR) coverage: IFAR coverage is similar to CFAR coverage except that it protects you starting 72 hours after your departure until the end of your trip. If you have to cut your trip short for any reason, IFAR will reimburse 75% of the total amount of coverage you purchased for any non-refundable travel arrangements.
• Collision coverage waiver: Extends your rental car coverage to include collision damage.
• Financial default: This type of coverage applies if your airline, resort or other trip vendor declares bankruptcy.
• Preexisting conditions waiver: Most standard travel insurance policies exclude health conditions if you show symptoms before buying travel insurance. An add-on allows you to extend your coverage to waive preexisting condition exclusions.

Travel insurance is not a one-size-fits-all plan. Several factors determine how much your travel insurance will cost, which we’ve listed below.

• Age: Many travel insurance companies increase costs and coverage amounts with age. You should expect to pay more the older you are, as age often correlates with increased risk. However, typically prices are the same for travelers up to age 50 and increase from there.
• Plan type: There are all different types of travel insurance policies. The more protection you need, the more expensive your travel insurance cost. Some basic plans may only provide flight or medical protection, so those will be the cheapest. If your plan covers multiple means of travel (like flights, rental cars, a cruise, etc.) or more risk-prone sports (like rock climbing), you’ll pay more.
• Add-on coverages: Most plans will give you the option to add on certain features without having to upgrade your entire plan. For example, you may be able to buy basic flight insurance for $30 and add on CFAR coverage for an additional $30.
• Number of travelers: While you can buy a single policy for multiple travelers, each traveler will have their own premium, which increases the total cost of the travel insurance. However, many travel insurance companies offer group-rate discounts.
• Trip cost: The more expensive your trip, the more it would cost the travel insurance company to reimburse it. As such, your travel insurance premium will increase alongside your reported total trip cost.
• Trip length: Another no-brainer — the longer the trip, the more you’ll pay for travel insurance. Longer trips are not only more expensive but also increase the chances of something going wrong.
• Destination: Your travel insurance provider will take the risk factor of your trip destination into consideration when determining the cost of travel insurance. It’s less focused on crime statistics and more focused on the likelihood of danger. For example, if you’re embarking on a rural jungle adventure, you’ll probably have a more expensive travel insurance cost compared to staying in a populous city with a high crime rate.

If you are a budget-savvy traveler, you may be searching for the best deals to get the most out of your vacation without hurting your credit card or wallet. For that reason, you may be questioning whether travel insurance is worth it or not.

It’s hard to give a straight answer whether or not travel insurance is worth it because — the short answer is, it is dependent on the traveler. But as we’ve seen in this review, you can get cheap travel insurance that will save you a lot of money in the long run should your travel plans change.

If you’ve purchased a hefty airline ticket — especially one that has multiple layovers — it’s likely worth spending the extra $15 to $50 for travel insurance to protect your investment. It’s also worth getting travel insurance if you or someone you care for has known medical conditions that could prevent you from going on the trip.

The good news is that it’s free, quick and easy to get a travel insurance quote online. We recommend you compare premiums from at least three of our top travel insurance companies and use that information to make an informed decision on whether or not travel insurance is worth it to you.

While many companies offer cheap travel insurance, not all policies are created equal. As you compare the best travel insurance plans, think about which coverages you can sacrifice to maintain valuable protections and still save money. For example, many travelers can safely avoid CFAR add-on coverage, as standard travel insurance policies include unavoidable circumstances, such as the death of a family member or major injury.

Be sure to note any policy exclusions and coverage limits, as these details also reduce the value you get from your insurance contract. Finally, we recommend getting quotes from at least three providers, starting with Nationwide, Generali and AXA, before deciding.

Our team surveyed dozens of travel insurance providers and created a scoring system to judge each company’s quality and service. We reached out for sample quotes, both over the phone and on the internet, to simulate an authentic customer experience. Here are the factors that account for our provider reviews:

• Plans availability (20%): We looked for insurers with a variety of plans and the ability to customize the policy with upgrades.
• Coverage (40%): Among the benefits scored were medical expenses, medical and nonmedical evacuation, COVID-19 coverage, preexisting condition exclusion waivers, “cancel for any reason” coverage, trip interruption, travel delay time requirements, baggage delay time requirements, baggage reimbursement and financial default of a travel supplier. Special consideration was given to companies offering unique add-ons, such as extreme sports coverage, coverage for business equipment and pet coverage.
• Customer service and support (30%): We looked for indicators that a company is well-prepared to respond to customer needs. Companies with an established global resource network, a 24/7 emergency hotline, robust mobile apps and perks like concierge and translation services scored higher.
• Reputation (10%): We gauge reputation by evaluating consumer reviews, third-party financial strength and customer experience ratings, specifically from AM Best and the Better Business Bureau.

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Kristina Zagame is a multimedia journalist with a background that spans multiple topics, including news, finance, environment and solar technology. Her work has been published on multiple platforms including ABC and NBC affiliate stations, EcoWatch, the World Economic Forum, and Ramsey Solutions. Kristina’s reporting has taken her all over the U.S., as well as to Puerto Rico and Chile.

Tori Addison is an editor with over five years of experience in the digital marketing industry. Her includes communications and marketing work in the nonprofit, governmental and academic sectors. A journalist by trade, she started her career covering politics and news in New York’s Hudson Valley. Her work included coverage of local and state budgets, federal financial regulations and health care legislation.