5 Best Cheap Travel Insurance in 2024 (plus DISCOUNTS)

On our site, we have a few excellent articles about the most desirable road trips from Las Vegas and the popular national parks situated near Las Vegas. Let me tell you about some of my favorite spots:

Additionally, affordable travel protection for all budget types can be found, so rest assured great coverage can be obtained without substantial spending. In this guide, I’ll share the 5 most reasonably priced internationaltravel protection companies to help you identify the perfect match for your trip needs.

Upfront, we utilize Heymondo for all our trips. It’s considered one of the top travel insurance providers, offering abundant coverage and competitive pricing. Additionally, Heymondo is the sole provider reimbursing medical expenses upfront, avoiding paying out-of-pocket and submitting claims later. Likewise, you can obtain a 5% Heymondo discount for being a Capture the Atlas reader.

Naturally, there are other great choices, such as SafetyWing, an affordable travel medical insurance that’s suitable for those with limited budgets who don’t mind having a deductible. Keep reading to see all the best possibilities, juxtapose costs, and see what essentials inexpensive travel insurance should incorporate.

Top 5 cheap travel insurance companies in 2024

In this guide, you’ll find the top 5 most affordable and cost-effective travel protection agencies for 2024, so I’m certain you’ll discover an alternative that perfectly fits your needs. Briefly, these are my highest 5 recommendations:

1. Heymondo, the most affordable and skilled travel insurance service
2. SafetyWing, the most inexpensive medical travel insurance option
3. IMG, a budget-friendly travel insurance option for seniors
4. Trawick International, an affordable travel insurance for pre-existing medical conditions
5. Travelex, an inexpensive travel insurance for families

Continue reading to learn additional details about each company, such as their prices, coverage limits, and other benefits, as well as a chart comparing the most affordable travel insurance policies.

Best cheap travel insurance price comparison

Before detailing each of these cost-effective travel insurance providers, I want to provide an overview of their pricing and benefits. This chart will permit seeing each supplier’s cost per individual, deductible, and coverage restrictions at a glance.

For this travel insurance cost assessment, I used a 30-year-old traveler from Canada going to Costa Rica for one week with a trip cost of $2,500 as an example. I also chose the most affordable plan for each company:

As the details illustrate, Heymondo and SafetyWing represent the two most cost-effective choices for international travel medical insurance. While Heymondo demands a higher price, it also provides significantly expanded coverage limits compared to SafetyWing, making it our preferred selection. It is also the only provider that pays your healthcare costs upfront, so you don`t have to cover costs personally.

IMG Global, Trawick International, and Travelex offer comparable protection in some spheres, but they also demand more financial resources. I propose examining the details about each company below so you can decide which one best fits your needs .

1. Heymondo, the best cheap travel insurance company

Heymondo is one of the most affordable travel insurancecompanies overall, offering comprehensive medical and travel-related coverage at a reasonable price. With Heymondo, you’ll have benefits including emergency healthcare costs, insurance for canceling trips, and lost baggage.

There is also no deductible for single trip and annual multi trip insurance, and the deductible for long haul travel protection is merely $250 per claim. Most importantly, they are the only company that pays your medical expenses up front, so you do not have to pay any medical bills and submit a claim later to get reimbursed.

Heymondo was one of the first providers to integrate COVID protection in its policies, establishing a benchmark for other insurers. Furthermore, the round-the-clock traveler help app demonstrates Heymondo’s commitment to customer service. It allows contact with a physician team for recommendations and the closest suitable clinic or hospital location based on advice.

For all these justifications, we have been traveling protected by this insurance provider for 5 years, and we have a comprehensive Heymondo insurance assessment that you can read to learn more. In general, it offers the best value for money, and for a small additional cost, you can upgrade your coverage to include adventure sports, cruises, and electronics.

Presently, we have the yearly multi-trip plan from Heymondo, which is the most affordable international travel protection for frequent travelers. If you decide to purchase from Heymondo, don’t forget to benefit from our 5% Heymondo discount code by using our link.

2. SafetyWing, the best medical-only cheap travel insurance

Another affordable option for travel insurance worth exploring is SafetyWing. Their Nomad Insurance plan provides excellent budget-friendly medical coverage along with some travel benefits like compensation for lost baggage.

One unique aspect of SafetyWing is receiving coverage in your home nation for 30 days after spending 90 days abroad, making it suitable if wanting extra protection for any medical issues. Moreover, this represents decent, low-cost travel insurance for families as it provides free coverage for up to two children under ten years old.

Consider that while SafetyWing provides relatively inexpensive travel medical insurance, it concentrates primarily on health-related benefits such as emergency medical expenses and COVID coverage. That mentioned, if having medical protection for travel just is satisfactory, it represents one of the best deals.

Another limitation of SafetyWing is that it has a $250 deductible per claim, so you’ll have to pay $250 toward your medical bills before the company will cover the remaining amount. If you don’t want a deductible, Heymondo is a good another alternative.

3. IMG Global, the best budget travel insurance for seniors

If you’re searching for travel protection for older individuals, then IMG Global is one of the best choices. Finding budget-friendly travel insurance for seniors can be really tricky, but IMG Global has a plan specifically intended for travelers 65 and above.

The GlobeHopper Senior Single Trip plan offers medical and travel related advantages and the option to choose a maximum insurance limit of either $50,000, $100,000, $500,000, or $1,000,000. It is also one of the few cost-effective travel coverages for pre-existing illnesses, making it ideal for older travelers. While there aren`t as many travel related benefits with this plan, it does offer much flexibility, as customers can select a deductible of either $0, $100, $250, $500, $1,000, or $2,500.

And for other travelers, IMG Global’s iTravelInsured Travel Lite plan is a good deal, with a $0 deductible and a good amount of coverage in all travel and medical-related categories. This includes emergency medical, evacuation, and trip cancellation/interruption benefits. In fact, its trip cancellation covers a wide variety of reasons, including work transfers, job loss, passport/visa theft, natural disasters, and injury/illness.

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4. Trawick International, an affordable travel insurance for pre-existing conditions

Trawick International is another option for inexpensive travel medical insurance for pre-existing conditions, so if that’s something you’re seeking, I suggest getting a quote.

The company’s Safe Travels Explorer Plus plan is marginally more expensive than the Safe Travels Explorer plan, so it’s worth spending a bit extra for its comprehensive coverage. This involves emergency medical costs, repatriation, trip cancellation, baggage loss, and more, plus a $0 deductible. You can even add cancel for any reason travel insurance to your policy.

While Trawick International provides coverage for pre-existing medical conditions during travel, you must purchase your plan within 7 days of the initial trip deposit date to avail of this benefit. Also worth mentioning is that the medical expenses coverage amount is rather low, at $250,000. If you lack a pre-existing medical condition and want higher healthcare protection, you can obtain around five times more coverage by going through Heymondo.

5. Travelex, a cheap travel insurance for families

Finally, Travelex is another affordably priced travel insurance provider and a great choice if you’re looking for domestic travel coverage within the USA. Travelex’s plans are cost-effectively priced and offer all-encompassing protection, such as coverage for pre-existing medical conditions.

You have the choice of the Travel Basic or Travel Select plan, though we suggest the latter, especially if you have a pre-existing condition or want more coverage. Be certain to purchase your policy inside 15 days of your initial trip payment so you get a Pre-existing Medical Condition Exclusive Waiver.

Furthermore, Travelex presents a reasonable option to think about if you seek relatively inexpensive family travel protection since children under 17 are included free of charge. Additionally, you can upgrade your policy to incorporate things like rental vehicles, Cancel for Any Reason, and extra medical coverage.

Travelex’s benefits include coverage for baggage loss, trip cancellation, trip interruption, and evacuation and repatriation. While it also offers emergency medical expenses coverage, the limits are quite low, especially considering the price.

Also, for Canadian residents, there is a medical-only plan, which could be a good choice if you’re looking for reasonably priced medical-only travel coverage.

What does cheap international travel insurance cover?

When looking into the most cost-effective deals on travel protection, remember to carefully examine the policies to fully comprehend what’s incorporated. Some reasonably priced travel medical insurance plans incorporate higher amounts of coverage compared to others with similar pricing, so it becomes somewhat complex.

Below are some of the most crucial factors to weigh when exploring reasonably priced travel coverage options.

Emergency medical coverage

Primarily, coverage for unforeseen medical expenditures abroad is among the most essential components of low-cost travel health plans. Policyholders desire protection for all unexpected expenses originating from injuries or sicknesses during international travel. Such medical coverage incorporates things like hospital stays, practitioner-ordered tests, remedies, and even dental procedures.

Once more, this is among the most significant advantages to seek, even if you aspire for low-cost travelprotection. It’s worth investing a bit extra for an elevated amount of coverage, particularly if you’re exploring around for travel insurance for the USA, where healthcare costs are unusually elevated.

Medical evacuation & repatriation

When choosing the most affordable travel insurance, one must also consider coverage for situations like medical transport and being flown back home. Services of this nature are extremely costly, thus warranting inclusion in a policy.

With protections for evacuation and repatriation if needed, costs will be covered to transport an individual from an isolated area to a treatment center or return them to their home country due to a serious health trouble or damage. It is easy to overlook this advantage but if absent and something adverse occurs, it could lead to huge financial loss for the traveler.

Should an emergency come up, delay in obtaining suitable medical care is undesirable, so possessing this type of coverage is very important!

Covid-related coverage

As was mentioned, Heymondo was among the first providers to treat COVID-19 the same as other illnesses, and many other insurance companies soon followed suit. Although the peak of the pandemic has passed, COVID coverage is still worthwhile.

Additionally, most inexpensive worldwide vacation medical coverage consists of this kind of protection, so it won`t raise the cost of your policy. If you unfortunately contract COVID during your trip, you`ll be covered for the healthcare and travel-related costs.

The exact details and conditions depend on the company, but most insurers cover travelers for COVID testing, treatment, and quarantine.

Trip cancellation (and trip interruption)

Another thing you’ll need your arrangement to incorporate is some kind of adventure cancellation protection. This normally covers reasons like illness, inclement climate, strikes, and jury obligation. In any case, you should consistently check your strategy since suppliers fluctuate regarding what they will and won’t cover.

Also, be aware that inexpensive travel insurance typically does not include Cancel For Any Reason (CFAR) but may offer it as an add-on. You can check our guide on the best travel insurance including cancel for any reason for more information.

Along similar lines, trip interruption coverage will reimburse you if you need to cut your trip short due to a serious health issue, injury, or the demise of a family member. When Obtaining reasonably priced travel insurance, check to see if this benefit is included and what exactly falls under this category.

Lost or stolen baggage & delays

Lastly, having luggage that is lost, damaged, or delayed is something that even the most reasonably priced travel insurance plans ought to cover. Anyone who has traveled knows there is always a risk of your baggage encountering such issues, so having this kind of coverage makes sense.

Under this benefit, you’ll obtain reimbursement to purchase new toiletries, clothing, and other necessities in the case your baggage is lost or damaged. The quantity covers depends on the specific plan chosen.

What’s not covered by cheap travel insurance?

Now that you know the most essential things to look for when shopping for travel coverage on a budget, let’s talk about what isn’t covered. While inexpensive travel insurance can definitely offer comprehensive protection, some policies only cover medical-related costs, so you won’t be protected for travel-related issues.

Others exclude certain things like coverage for pre-existing medical conditions, natural disasters, and fear of travel. Again, it’s crucial that you look over your policy carefully so you know exactly what you’re entitled to.

Tips for buying travel insurance on a budget

Obtaining cost-effective international travel insurance isn’t just a matter of buying the lowest priced policy visible. To receive the best value, keep these tips in mind:

• Pay close attention to the limitations of coverage to make certain you’re getting the best value on travel insurance. While numerous plans may have affordable prices, that does not necessarily mean all offer comparable levels of protection.

• Purchase at the most opportune time. It’s preferable to obtain coverage as soon as you reserve your vacation so you know the precise cost of your trip (this simplifies the claims process). Also, if you acquire the policy right after booking your trip, you will benefit more regarding cancellation protection.

• Research and compare reasonably priced travel insurance policies from different providers.

• Only procure what you require and decline any unnecessary extras. For example, if you just need medical coverage, you don’t need to bother with things like trip cancellation and baggage loss coverage.

• If you travel more than three times a year, consider acquiring yearly multi-voyage coverage, which will preserve funds in the long term.

• Check your credit card benefits, as some provide coverage for trip cancellations or delayed/lost baggage (more on this later).

By keeping these tips in mind, you can find affordable travel insurance for any type of trip.

Medical-only vs. cheap travel insurance

As you’re shopping for reasonably priced travel protection, you’ll likely encounter medically focused travel insurance. While they’re both affordable possibilities, they are not identical, so knowing the differences is significant.

Reasonably priced global travel insurance includes both medical and journey-related coverage. Therefore, you’ll be protected for health crises like illnesses and injuries, as well as trip cancellation and baggage loss.

In contrast, travel insurance that solely covers healthcare will only apply to medical situations, and the coverage limits tend to be significantly higher. Naturally, this proves quite useful when traveling to nations with extremely expensive healthcare, such as the United States or Japan.

For our trips, we prefer to have insurance that covers medical and travel problems, which is why we constantly go with Heymondo travel plans. This way, we’re protected for medical emergencies, trip delays, lost baggage, evacuation, repatriation, and more.

Is getting affordable travel insurance worth it?

Without question, travel protection is worthwhile, always! When you travel as frequently as us, you understand that anything can occur while you’re overseas, so it’s always a good idea to be prepared. We’ve had a number of frightening experiences and mishaps, and if it weren’t for our annual travel protection from Heymondo, we would’ve been stuck with huge issues and financial losses.

Here are just a handful of instances when we’ve had to rely on our insurance:

• We experienced what was perhaps our most stressful situation in the Peruvian Amazon when our boat capsized, tossing all of the passengers and their belongings into the river. We were swept along by the water for about a quarter of an hour before being rescued and helped back onto land. While Dan and I did not require medical care, we lost a significant amount of equipment, including a couple of laptop computers and cameras, several lenses, two hard drives, and our passports. Thankfully, we were able to contact Heymondo through their 24/7 app, and they assisted us in connecting with the Spanish embassy to return to Spain for new passports. Additionally, our policy covered $750 for replacing lost items for both Dan and myself.

• A less dramatic but still terrifying incident occurred in Alaska when Dan’s drone collided with a tree and fell on me, cutting my hand. I became greatly alarmed by all the blood loss, and, in haste, we drove to the nearest hospital for medical care. Had we contacted Heymondo first, they would’ve arranged the medical payments in advance, but since we forgot to, we had to pay the $3,000 bill up front. Heymondo quickly reimbursed us, of course, but imagine if we hadn’t had trip insurance!

• In Ecuador, Dan experienced a stomach ailment leading to hospitalization. Thankfully, with our inexpensive holiday insurance, we were covered for this medical emergency expense.

Therefore, obtaining insurance is certainly worthwhile. Best of all, there are cost-effective travel protection plans accessible, as demonstrated in this guide, so there is no valid reason to not get it.

Credit cards with cheap travel insurance benefits

Lastly, I want to briefly discuss obtaining affordable travel insurance through one of the top credit cards for travel. While not all cards provide this perk, some offer trip cancellation protection or reimbursement if baggage is lost or delayed.

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That said, investing in quality travel insurance is advised, particularly for frequent travelers. Comparing options from providers mentioned in this guide can uncover the most cost-effective travel insurance deals.

FAQs – Cheap travel insurance

To conclude this guide, I’m sharing the solutions to the most frequently asked inquiries regarding reasonably priced travel insurance:

I hope this guide helps you locate the best affordable trip insurance for your needs. Don’t forget that you can save money on a Heymondo policy by using our connection.

If you have any additional questions about low-cost travel insurance, feel free to leave me a comment below. I’d be pleased to help you out.

Until then, enjoy your trip, and don`t leave home without travel protection!