Cheap Travel Insurance Options

Allison Martin
Baggage damage

If you have plans to travel in the near future, it may be wise to purchase some form of travel insurance. This is particularly true if you will be at a high-level of risk when traveling or the appropriate medical coverage will not be available. Finding the cheapest insurance will save you money, but you also need to make sure that the insurance you buy will be there if you end up needing it!

How to Shop for the Cheapest Policy

The price of the travel insurance policy you select will depend heavily on the coverage options you select. To properly do so, you will need to determine your needs.

  • Current Coverage: Review your existing medical and credit card policies to ensure that you don't double-dip and pay for coverage that you already have elsewhere.
  • Reason for Travel: Will you be traveling for business or pleasure? If a missed flight could cause a major business deal to slip through the cracks, you may want to strongly consider travel insurance.
  • Riskiness of Activities: Will you be skydiving, skiing or hiking in an area that does not offer feasible healthcare options?
  • Valuables: If valuables will be accompanying you on your trip, consider purchasing insurance just in case they are lost, stolen or damaged during travel.
  • Peak-Season: Are you planning to travel during Spring Break or other holidays when delays are likely inevitable?
  • Benefits and Exclusions: Do any exclusions apply that make the plan not worth possessing?
  • Affordability: Do the benefits outweigh the costs?
  • Reviews: What have you heard about the company through others? What do the online reviews indicate about key factors, such as the overall level of customer satisfaction and pricing?

Reputable Providers

Below are some travel insurance providers who consistently receive positive reviews while also keeping their rates low.

Travel Guard International

With over 20 years in the industry, Travel Guard International carries an A+ ranking from the Better Business Bureau (BBB) and offers single trip and annual travel insurance plans. Coverage options include:

  • Trip cancelation
  • Trip interruption
  • Trip delay
  • Medical expense reimbursement
  • Baggage protection

Their comparison tool offers you the ability to select an affordable product that best suits your unique needs, even if your travel budget is limited.

Travel Insured International

Travel Insured International was founded in 1994 and is ranked as an A+ provider by the BBB. They offer four distinct plans which include a combination of:

  • Trip cancellation
  • Trip interruption
  • Medical expense reimbursement
  • Baggage protection
  • Car rental insurance
  • Accidental death and dismemberment via air
  • Pet care

A recent review from TravelInsuranceRatings.com noted that their plans are very affordable, and the cheapest policies they offer are comprehensive in nature due to the company's willingness to conform to the budgetary needs of its customers.

Allianz Global Assistance

Formerly Access America, Allianz Global Assistance operates in 28 countries worldwide and is the recipient of an A+ BBB ranking and Travel Age West's Editor's Pick for Best Travel Insurance. They offer single trip and annual coverage which includes:

  • Trip cancellation
  • Trip interruption
  • Baggage protection
  • Emergency medical protection

Rental car plans are also available. Top Ten Reviews also classified this provider as one of the most affordable in the industry.

Travel Safe Insurance

Established in 1971, Travel Safe Insurance is ranked as an A+ BBB entity and provides coverage for those traveling in the United States and Canada. They offer three distinct plans that include protection against:

  • Trip cancellation
  • Trip interruption
  • Emergency medical coverage
  • Accidental death and dismemberment
  • Baggage protection
  • Rental car collision coverage

The policies provided by Travel Safe Insurance are quite affordable compared to the level of coverage you will receive from other providers. According to Travel Insurance Reviews, their plans are some of the most comprehensive in the industry and are very affordable for consumers.

Average Rates

Although rates vary based on coverage level, they typically account for 4-8% of the trip cost. Factors used to calculate this figure include, but are not limited to:

  • Deductible
  • Length of coverage
  • Average age of travelers
  • Add-ons

Important Types of Coverage

Prior to shopping for a travel insurance policy that best suits your needs, it is pertinent that you understand the most common coverage options offered by providers and what they entail.

Emergency Evacuation

In the event of an emergency, it may be necessary to immediately evacuate the premises. The cost of airfare can be tremendous and really place a dent in your wallet if special medical instructions must be followed, such as an attending physician in tow or a special seating arrangement that an ordinary aircraft would not permit. So if you sustain a serious injury on a trip one-thousand miles away with your kids by your side, this coverage will enable you to have a peace of mind knowing that your travel costs will be covered.

Travel Protection for Prepaid Reservations

Also known as trip cancelation insurance, this coverage will reimburse you for all trip-related costs in the event of a cancelation, interruption or delay. Examples of covered occurrences include:

  • A tour operator closing their doors prior to your trip
  • A delayed flight that calls for you to stay overnight in the airport, but you are traveling with an infant
  • A canceled honeymoon or family excursion due to a natural disaster that destroyed the premises

As with all coverage options, it is important to check with providers to learn more about the terms and conditions and any exclusions that may apply. Also, check to see if coverage of this sort is offered by your credit card.

Baggage Protection

Baggage protection prevents you from incurring financial damages if your luggage is delayed, lost or stolen. For example, if your luggage carrying your bridesmaid dress for your sister's wedding becomes misplaced, the coverage will provide monetary reimbursement. Before selecting this option, check with your airline to see if they cover passengers.

Accidental Death or Dismemberment

If you or a covered family member lose a limb while traveling, this coverage will provide a cash benefit. Some plans even offer funds to be used toward foreign funeral and burial expenses.

Selecting a Suitable Policy

Prior to selecting a policy, be sure to thoroughly review the terms and conditions to ensure that you will receive what you actually signed up for. Consider mixing and matching coverage options to best suit your needs while saving you money.

Cheap Travel Insurance Options