7 Best Cheap Travel Insurance Companies in July 2024

Finding the cheapest travel insurance is often a priority for travelers hoping to protect themselves and their finances while away from home.

But is it better to err on the side of affordable travel insurance or opt for a more comprehensive plan? That depends on your needs.

On average, a comprehensive plan that covers some combination of trip cancellation and interruption costs, medical coverage and baggage protection (and perhaps a number of other things) will cost you 5%-10% of what you paid for the trip, according to NerdWallet partner Squaremouth, a travel insurance marketplace.

That means a comprehensive policy for a trip that costs you $3,000 could run you anywhere between $150 and $300. Factors like the cost and length of your trip, the age of the travelers and how much protection you want can significantly influence what you pay for your plan.

Ultimately, Squaremouth recommends “the least expensive policy that offers the coverage [travelers] need.”

» Learn more: The best travel insurance companies right now

Factors we considered when picking cheap travel insurance plans

We considered a few factors as we looked for the most affordable travel insurance plans.

• Price: If your goal is to find cheaper travel insurance, you want the price to be affordable.

• Breadth of coverage: The best budget travel insurance is typically going to be a plan that offers a wide range of protections at an affordable cost, ensuring you’re protected with at least some coverage for a wide range of scenarios.

• Uniqueness or customizability: While many travel insurance plans have similar protections, some stand out for particular coverage that can be helpful to certain travelers, like those needing to Cancel For Any Reason, those going on a cruise, or travelers with preexisting health conditions. We didn’t spring for the priciest plans with broad, deep coverage; instead, we picked those that meet a sort of budget "sweet spot" when it comes to cost efficiency.

» Learn more: Is travel insurance worth getting?

An overview of the best cheap travel insurance plans

We looked at travel insurance quotes for a hypothetical 10-day trip to Italy in October 2023. The traveler is a 40-year-old man living in North Carolina who spent $2,000 on the trip, including airfare.

Reliable but cheap travel insurance providers

1. AXA Assistance USA (Silver plan: $70)

Why we picked it:

• The $500 missed connection benefit is great for cruise and tour participants. It covers additional transportation, accommodations and meal costs when you miss a cruise or tour departure.

• Full trip cancellation and interruption coverage, along with up to $25,000 for out-of-pocket medical costs and baggage coverage.

• Among the lowest prices we found.

If you’re willing to spend a bit more than AXA's $70 Silver plan, a Gold plan only costs $19 more and gets you deeper coverage amounts and up to $35,000 in collision rental car insurance.

2. Berkshire Hathaway Travel Protection (ExactCare Value plan: $56)

Why we picked it:

• Cheapest plan we found while still offering a wide array of protections.

• Includes a preexisting medical condition waiver.

• Add-on rental car collision coverage optional for $10 per day. You can pick how many days you want the additional coverage — it’s not all or nothing.

At $56, this plan comes in at less than 3% of the $2,000 trip cost.

3. IMG (iTravelInsured Lite plan: $77)

Why we picked it:

• Treats COVID-19 like any other illness, which is to say, if your claim accepts flu, strep throat or appendicitis as an acceptable, covered condition, the coronavirus is, too.

• Covers costs related to trip interruption up to 125% 

• Higher than normal limits on dental expenses, at $1,000. If your teeth are your Achilles heel (or your biggest fear), this plan might be for you.

The iTravelInsured Lite plan doesn’t offer some of the bells and whistles that other plans do, like rental car coverage, Cancel For Any Reason coverage or waivers for pre-existing conditions. But you’ll have relatively solid across-the-board trip protections.

4. John Hancock (Silver plan: $93 for a mid-tier plan)

Why we picked it:

• Mid-level plan (as opposed to a basic plan) at an affordable price for travelers who want more coverage without paying too much.

• Includes an optional Cancel For Any Reason add-on for travelers wanting flexibility. It is a bit pricey, at half the cost of the insurance ($46.50 extra for a $93 plan).

• Reimburses up to $1,000 for lost baggage, far more than many basic plans.

• Add-on rental car coverage for $9 per day.

At $88, John Hancock’s basic (Bronze) plan isn’t particularly affordable. But for just $4 extra, you can tap into the benefits of a mid-tier plan at still less than 5% of the total trip cost.

5. Nationwide (Essential plan: $76)

Why we picked it:

• Includes a preexisting conditions waiver.

• Add-on rental car coverage for $90. 

• Covers trip interruption at 125% of the trip cost while providing comprehensive emergency medical and baggage coverage.

6. Seven Corners (Basic plan: $75)

Why we picked it:

• On top of standard trip protections, it includes a relatively affordable Cancel For Any Reason option for $31.50 extra.

• If you plan to rent expensive sporting equipment, you might consider paying $10 extra to cover lost, damaged, stolen or destroyed gear.

• COVID-19 coverage reimburses you for costs incurred if you have to quarantine.

• Rental car coverage comes in at an affordable $7 per day.

Seven Corners’ Basic plan stands out because it offers a little bit of everything, appealing to athletic travelers, those who need affordable trip protections, those who want the flexibility to cancel for any reason and those still concerned about getting quarantined due to COVID-19.

7. Travelex Insurance Services (Basic plan: $71)

Why we picked it:

• Straightforward: What you see is what you get. This plan’s coverage has fewer rules and caveats than many. 

• While not sporting the highest coverage amounts, it offers a solid range of protections to ensure you get at least something back when your travel is disrupted or you have a medical emergency.

• Offers add-on rental car coverage for $10 per day.

At $71, the Travelex Basic plan’s cost is just over 3% of the $2,000 trip’s cost.