If you’ve ever planned a big trip, you know how expensive it can be. For your next vacation, we recommend purchasing travel insurance. Travel insurance protects you from financial risks you might face while traveling, like losing your luggage or needing medical care.
Travel insurance is a must-have if you are planning an international trip or going to pre-pay for transportation and activities during your vacation. If you’re unable to attend a particular activity or you miss a flight, travel insurance will reimburse you for the cost. We evaluated the cheapest travel insurance companies to consider based on coverage, medical limits, AM best ratings, and more.
The 5 Best Cheap Travel Insurance Companies of 2021
- John Hancock: Best for Solo Travelers
- IMG: Best for Thrillseekers
- Allianz Global: Best for Frequent Travelers
- AXA: Best for Minimum Coverage
- World Nomads: Best for Adventure Sports
| John Hancock | IMG | Allianz Global Assistance | AXA | World Nomads | |
| Best for | Solo travelers | Thrillseekers | Frequent travelers | Future upgrades | Adventure Sports |
| Reviews.com Score | 4.2 | 4.75 | 3.4 | 4 | 2.75 |
| Recommended plan | Bronze, Silver, or Gold | iTravelInsured LX | One Trip Premier | Gold | Explorer Plan |
| A.M. Best financial strength rating | A+ | A | A+ | Not Rated | Not Rated |
| Max trip length | 90 days | 90 days | 180 days | 60 days | 180 days |
| 24/7 worldwide assistance | ✔ | ✔ | ✔ | ✔ | ✔ |
| Free coverage for travelers under 18 | ✘ | ✘ | ✔ | ✘ | ✘ |
| Adventure sports coverage | ✘ | ✔ | ✘ | ✘ | ✔ |
| Review period | 14 days | 10 days | 10 days | 10 days | 10 days |
Best for Solo Travelrs
Why we chose it
Why we chose it
Pros
- High medical coverage limits
- Multiple plans to choose from
- Excellent customer service
Cons
- Kids not included
- No adventure sports coverage
Add-ons & Coverage
- Trip cancellation: 100% of cost
- Cancel for any reason: 75% of cost
- Lost baggage: $750–$2,500
- Medical evacuation: $250K–$1M
- 24/7 emergency travel assistance
Plans
- Bronze
- Silver
- Gold
Best for Thrillseekers
Why we chose it
Why we chose it
Pros
- Most variety of plans
- Tailored to adventure spots
- Cancel for any reason
Cons
- Few optional coverage options
- Higher cost than competitors
Add-ons & Coverage
- Trip cancellation: 100% of cost
- Cancel for any reason: 75% of cost
- Lost baggage: $150–$2,500
- Medical evacuation: Up to $1M
- Sports equipment rental: $2,000
Plans
- Patriot Travel Medical Insurance
- Patriot America Plus
- Patriot Platinum Travel Medical Insurance
- iTravelInsured Travel Insurance Lite, SE, LX
- GlobeHopper Senior
- Patriot Multi-Trip Travel Medical Insurance
Best for Frequent Travelerts
Why we chose it
Why we chose it
Pros
- Multi-trip plans
- Lengthy single-trip plans
- Kids’ coverage included
Cons
- Lower medical limits than competitors
- Limited coverage upgrades
- Lower cancellation and interruption
Add-ons & Coverage
- Trip cancellation: $5K–$100K
- Trip interruption:$5K–$150K
- Lost baggage: $500–$2K
- 24-hour hotline assistance
Plans
- AllTrips Basic, Executive, Premier, and Prime
- OneTrip Prime, Basic, Premier, Emergency Medical, and Cancellation Plus
Best for Minimum Coverage
Why we chose it
Why we chose it
Pros
- Three plans to choose from
- Highest coverage for lost baggage
- Travel protection plan
Cons
- Third-party underwriter: Nationwide
- Not available in NH or MA
- Only two add-ons available
Add-ons & Coverage
- Trip cancellation: 100% of costs
- Trip interruption: 100%–150% of costs
- Lost baggage: $750–$3,000
- Medical evacuation: $100K–$1M
- 24-hour hotline assistance
Plans
- Silver
- Gold
- Platinum
Best for Minimum Coverage
Why we chose it
Why we chose it
Pros
- High-risk coverage
- Over 200 sports activities covered
- Can change coverage anytime
Cons
- Lower trip cancellation coverage than competitors
- No pre-existing condition coverage
- Third-party underwriter: Nationwide
Add-ons & Coverage
- Trip cancellation: $2,500–$20K
- Lost baggage: $1,000–$3,000
- Medical evacuation: $300K–$500K
- 24-hour hotline assistance
Plans
- Standard
- Explorer
Cheap Travel Insurance: What You Need to Know
Quality before cost
First things first: You should never pick a travel insurance company based on price alone. The bargain policies often cut cost by skimping on coverage — and it makes no sense to pay less for a policy that won’t cover you if your bags get stolen, a hurricane cancels your tour, or you’re injured on a hike.
Before looking at prices, we evaluated travel insurance companies on their quality of coverage and service. We’re confident that all of our top picks will be affordable and have your back, no matter what.
Reliability
We started with 22 of the nation’s top, third-party travel insurance providers, then narrowed in on the most reputable companies guaranteed to be there for you in a pinch. We made sure that each company on our list earned top financial strength scores from AM Best, an independent rating agency that focuses on the insurance industry.
A rating of “A-” or higher means that your insurer can pay out on any claim you might make, no matter how large. We also looked for outstanding customer service, calling each company to test the knowledge and helpfulness of their representatives. Great support is essential, as these representatives will be your first point of contact in an emergency.
Essential coverage options
Along with strong financial backing and excellent customer service, we made sure our top picks offer well-rounded coverage. It’s up to you to choose the type and amount of coverage that’s right for your trip — but your travel insurance company needs to make the most important options available. Here’s what we looked for:
How to Choose the Best Travel Insurance Company
- Insure prepaid, non-refundable costs: If you’re opting for cancellation coverage, make sure to only include prepaid, non-refundable deposits in your overall trip cost. The higher your trip’s value, the more your insurance will cost — so there’s no sense including charges that you’ll be able to recoup without insurance, like refundable rentals or hotel reservations with a lenient cancellation policy.
- Don’t pay for double coverage: Before purchasing travel insurance, make sure the policy doesn’t duplicate something you’re already covered for. For example, many homeowners insurance policies insure your belongings even when you’re away from home, meaning they duplicate the lost/stolen baggage coverage in comprehensive travel insurance. Likewise, your auto insurance or credit card might cover you for rental car damage in another country.
- Choose a higher medical deductible: Like health insurance, medical travel insurance includes a deductible that you must pay out of pocket before your provider will chip in. The higher your deductible, the less you’ll pay for coverage — so bumping that number up can help you save. Keep in mind, though, that the difference might only be a few bucks. In that case, paying a little extra on your policy is worth it for the added peace of mind.
- Skip spendy upgrades: Two travel insurance options — “cancel for any reason “ and “cancel for work reasons” — greatly expand the scope of your insurance. They guarantee an insurance payout no matter what the circumstance was for cancellation instead of restricting coverage to a handful of pre-approved scenarios. However, these options mean a significant price hike; “cancel for any reason” in particular can add up to 40% to your overall cost. If you’re looking to insure your trip on the cheap, it’s best to skip these catch-all clauses.
Cheap Travel Insurance Quotes Comparison
To compare the best cheap travel insurance companies, we compared the quotes for a single, 26-year-old person, traveling from the U.S. to the most popular destination for Americans outside of North America: the United Kingdom. Average trip length of six nights with one travel day on each end as well as an average trip cost of $2,300 were included in our quote analysis.
| Travel Insurance Provider | Level 1 Plan | Level 2 Plan | Level 3 Plan |
| John Hancock | $94 | $102 | $141 |
| IMG | $72.79 | $83.42 | $159.36 |
| Allianz Global Assistance | $90 | $117 | $183 |
| AXA | $66 | $88 | $108 |
| World Nomads | $69.62 | $112.13 | N/A |
Cheap Travel Insurance FAQ
Methodology
We evaluated travel insurance providers based on coverage, number of plans, optional coverage, medical coverage limits, and AM Best ratings to determine Reviews.com scores and create our best travel insurance provider reviews. To compare travel insurance providers with other brands across the board, we calculate each Reviews.com score based on the following:
- Essential Coverage: When comparing travel insurance providers, we considered essential coverage to be 24/7 assistance, trip cancellation/interruption, medical evacuation and more. Providers with more points of essential coverage scored higher.
- Number of Plans: Flexibility and having options is important which is why Reviews.com awarded travel insurance providers with higher scores if they presented more plans.
- Add-on Coverage: Travel insurance providers with more optional coverage add-ons scored higher in this metric — higher flexibility and customization in travel insurance is an indicator of the best travel insurance companies.
- Medical Coverage Limit: We compared the medical coverage limits of the best travel insurance companies and awarded providers with higher scores if they had higher medical coverage limits.
- AM Best: Reviews.com utilized AM Best ratings to assign a score based on each home insurance company’s financial stability.
About the Authors
Elizabeth Rivelli is an insurance writer for Reviews.com. Over the last year, she has covered insurance providers, best policies, industry trends and more. Elizabeth has been featured in The Simple Dollar, Bankrate and Coverage.com, among others. She holds a bachelor's degree in Communication Studies from Northeastern University in Boston, MA. The Best Term Life Insurance Companies is Elizabeth’s favorite review on Reviews.com.
