The Best Cheap Travel Insurance

Keep your wallet as full as your itinerary.

We made sure our finalists for the best cheap travel insurance offered all the must-haves: primary medical coverage, generous limits, few exclusions, and top-notch customer service. But there's no such thing as one "cheap" for every traveller. We got quotes for a variety of trips to learn what impacts premiums most, but to find your best price, you’ll need to shop around.

Travel Insurance

The Best For:

Website:

Coverage for Kids:

Max Trip Length:

Extreme Sports Coverage:

Best Coverage for Families

Kids under 21 included

180 days

Add-on

Best Coverage for Solo Travelers

Kids not included

60 days

Add-on

Best for Adventurers

Kids under 18 included

89 days

Included

Best for Long Trips

Kids under 18 included

365 days

N/A

First things first: Coverage, not cost, should be your number one priority when purchasing travel insurance. It makes no sense to pay less for policy that won’t cover you if your bags get stolen, a hurricane cancels your tour, or you’re injured on a hike. After comparing coverage details and getting quotes for different travel scenarios, we’re confident all four of our top picks will have your back, no matter what.

However, the quotes we ran apply to only a handful of possibilities among countless trip scenarios. Your premium will depend on you, your trip, and who’s coming with. Our top picks are a great place to start, but to find the lowest price, we recommend collecting quotes from all four.

Travelex topped our list for family trips, especially international ones. Its policies include kids under 21 in their parents’ coverage — an added perk on top of its already excellent plans. That said, if you’re shopping for a policy just for yourself, we found John Hancock boasts across-the-board low premiums, particularly for cruise coverage.

Initially, IMG stood out for its included coverage of adventure sports, like scuba diving excursions and moped rentals. And we liked that Allianz will cover trips up to a full year in length — twice as long as its closest competitor, Travelex. But while we liked these companies’ coverage, their premiums across all our sample scenarios were consistently more expensive than John Hancock and Travelex. Like we said, shopping around is key.

Our Picks for the Best Cheap Travel Insurance

Best for Families

Travelex Insurance Services Its policies include kids under 21 for free — but you’ll pay more for extra medical coverage recommended for cruises or adventure sports.

A standout feature of Travelex’s well-rounded “Travel Select” plan is automatic coverage of kids under 21 when traveling with a parent. This value bears out in low rates for the family of four in Canada, which were neck-and-neck with TripAssure’s. But unlike TripAssure, Travelex answered our phone calls and emails promptly, which is why we gave it the edge. If you’re in a crisis far from home, your travel insurance company is your first point of contract; its reps should be ready to help at a moment’s notice.

For specific non-family scenarios, however, Travelex’s lack of coverage flexibility seemed to hamstring itself in terms of pricing. Its mid-tier Travel Select plan was significantly more expensive once we added the “Adventure Pak” necessary to get extreme sports coverage. And the higher medical requirements for the Caribbean cruise forced an upgrade to its top-tier “Travel Max” package and everything that comes with it (including rental car collision coverage, which would be practically useless on a cruise). Travelex does offer a bare-bones comprehensive plan (“Travel Basic”), but its $15K limit for emergency sickness/accident coverage was too basic to use as a benchmark in our quote comparison.

Best for Solo Travelers

John Hancock Kids aren’t automatically included in its policies, but JH offers consistently low premiums, generous limits, and top-notch customer service.

John Hancock’s was the cheapest, or almost cheapest, in three out of four scenarios (the exception being the family of four’s trip to Canada, where Travelex and TripAssure essentially tied). That’s a pretty strong showing by itself, but it’s all the more remarkable given that John Hancock was already a top pick for travel insurance before we ever considered price. We love the company for several reasons, including its A+ rating from A.M. Best and generous medical coverages (its lowest level Bronze plan has $50K in emergency medical, the same as Allianz’s highest level plan), and its warm, knowledgeable customer service.

Digging into the quotes themselves, it’s also worth noting that even though JH doesn’t include children in its coverage for parents (like Travelex and AXA), it still managed to be cheapest for the cruising family of six with its higher levels of medical coverage. It also offered the cheapest plans for two people exploring Europe, no matter what age. And it was a close second to April for the solo traveler climbing Kilimanjaro, which speaks to the value of its “extreme sports” coverage. The bottom line is that John Hancock’s coverage is competitively priced, with customer service that’s a cut above the rest.

Other Cheap Travel Insurance to Consider

IMG Extra medical and extreme sports coverage are included in its comprehensive "LX plan" — which is why IMGs premiums are so high.

IMG was significantly more expensive in every scenario except the solo traveler at Kilimanjaro, chiefly because its only plan to meet our medical coverage standards is a “deluxe” one that also includes numerous extras. These include limits of $100K/$1M for emergency medical/evacuation, automatic extreme sports coverage, rental car coverage, and most notably “Cancel For Any Reason” coverage, which typically adds around 40 percent to a premium when added as an option. If you need or want all these extras, IMG isn’t a bad deal, but its lack of flexibility means it’s only competitive in certain scenarios.

Allianz Global Assistance Allianz doesn't offer as much coverage as our top picks, but it is the only provider that will cover trips over 6 months in length.

Allianz is another solid option for most travelers, with competitive rates as long as you’re not taking part in extreme sports or in need of high-dollar coverage for accidents and illnesses. Its “Classic Plan with Trip+” package — its highest-limit comprehensive option — maxes out at $50K of emergency medical coverage per traveler, which ruled the company out of our cruise comparison. They also don’t offer any coverage for extreme sports, so look elsewhere if you’re going to be scuba diving, bungee jumping, or hang gliding.

Still, it was cheaper than John Hancock for the family of four in Canada, and only about 11 percent more than Travelex for the couple in Europe. We found its web and phone customer service to be satisfactory, if not amazing. Still, Allianz is the only provider that offers coverage for trips longer than six months. Most providers limit their coverage to just three months, but Allianz will insurance trips up to a full year in length.

Did You Know?

Premiums rise more sharply as you get older.

In every scenario, the price jumps between ages 45 and 65 were significantly higher than the ones between ages 25 and 45. The reason is straightforward: Injury and illness pose the greatest monetary risk to insurers, both in terms of medical bills and cancellation coverage, since medical emergencies are generally covered reasons for trip cancellation (subject to pre-existing conditions rules). So because seniors are statistically much likelier to get sick or injured, they’re much more expensive to insure. Guidebook author and travel TV show host Rick Steves puts it succinctly: “Rates go up dramatically for every decade over 50.”

Travel insurance will cover just about any destination.

It’s interesting to note that your travel destination is one thing that doesn’t have a major impact on price. The reason is that the scope of standard travel coverage is limited enough that it doesn’t take on additional value in “riskier” locations. The industry’s standard list of covered reasons for cancellation and interruption already excludes things like acts of war, hurricanes that have already been named, and injuries resulting from extreme sports (although optional coverage is available for the latter).

Beyond getting quotes, there are other ways to help make sure you don’t overpay.

  • For cancellation coverage, only insure pre-paid, non-refundable trip costs. There’s no point in insuring costs that you’ll be able to recoup without insurance, so make sure you only calculate non-refundable costs on your insurance application. The lower your trip cost, the less you’ll pay for cancellation coverage.
  • Check your homeowners, auto, and credit card insurance for coverage that can apply to your trip. Many homeowners policies include coverage for your belongings even when they’re not in your house or apartment, 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 collision damage in another country (though you should definitely check first).
  • Bump up your medical deductible. The higher your deductible, the less you’ll pay for medical coverage. Keep in mind, though, that the difference might just be a few bucks, in which case, it’s easy to view it as worth the peace of mind.
  • Avoid costly options like “Cancel For Any Reason.” Two options in trip cancellation coverage — “Cancel For Any Reason” and “Cancel for Work Reasons” — greatly expand the scope of what your insurance will cover, but they come at a price. “Cancel for Any Reason” in particular will add roughly 40 percent to your premium, so unless you’re really worried that some non-covered reason could prevent you traveling, it’s best to skip it.

The Best Cheap Travel Insurance: Summed Up

Travel Insurance Company
The Best
Travelex
Coverage for Families
John Hancock
Coverage for Solo Travelers
IMG
For Adventurers
Allianz
For Long Trips