Compare Cheap Travel Insurance Plans & Prices

How Much Should Travel Insurance Cost?

Comprehensive travel insurance should typically cost between 4-10% of your prepaid, non-refundable travel expenses.

According to Squaremouth data, which factors in travel insurance policy sales over the past 12 months, travel insurance costs an average $309 per policy.

With that said, if you don't need to insure your travel expenses with Trip Cancellation, you can purchase a travel medical insurance policy. On average, this type of coverage costs just $5.05 per day, with some plans available for as little as $1 per day.

How to Find Affordable Travel Insurance

Travel insurance doesn’t have to be expensive. With the right strategy in place, you can easily find great coverage that doesn’t break the bank.

Use the following 8 tips the next time you're shopping for trip protection:

1. Consider Medical-Only Insurance:

   The number one tip for getting a cheap travel insurance policy is to forgo comprehensive cancellation coverage and opt for a medical-only travel insurance policy. These plans can cost as low as $1/day and can provide robust coverage for medical emergencies. Some of these plans may also include cancellation coverage for medical reasons only.

2. Check if You Have Existing Coverage:

   Many people have some form of travel coverage through credit cards or similar memberships. For example, many credit cards offer cancellation reimbursement for flights and hotel bookings made with the credit card. If you already have certain types of travel coverage, you can save money by leaving these existing protections off your travel insurance policy, which will make the plan much cheaper.

3. Compare Prices from Different Companies:

   Travel insurance prices are standardized nationwide, so the only way to save on travel insurance is to compare plans and companies to see which offers the best value for your money. You can compare prices by getting quotes one by one or use a website like Squaremouth, which allows you to view policies, prices, and coverage from several companies at once to find the best deal.

4. Determine Your Coverage Needs:

   It sounds obvious, but we recommend you avoid overinsuring yourself. It can be tempting to buy the highest level of coverage and all the add-ons, but taking a few minutes to research how much coverage you need can help you keep your plan focused and tailored to your exact requirements. This will translate to greater cost savings at the time of purchase.

5. Only Insure Non-Refundable Expenses:

   Most travel insurance cancellation policies will only refund non-refundable trip expenses. Therefore, it makes sense to exclude these from the total trip cost you enter when buying your policy. This is similar to the credit card example mentioned before. If you can get your purchases refunded without travel insurance, then it makes sense to exclude these from your policy, which will ultimately make the policy cheaper overall.

6. Avoid Policy Add-Ons:

   Add-ons are completely optional and directly affect the final price of your policy. If you are trying to find a cheap travel insurance plan, we recommend forgoing optional add-ons to save money.

7. Consider Annual Insurance:

   If you are a frequent traveler or plan to take several trips per year, you can often save money by purchasing an annual travel insurance policy. Annual travel insurance has a higher upfront cost but is cheaper in the long run when broken down to a per-day cost. These policies are mainly medical-only policies but some may include limited trip cancellation protections as well.

8. Purchase Group Insurance (If Applicable):

   If you're traveling with 10+ people, group travel insurance policies are the best option for saving money. These plans are often cheaper as a whole thanks to group rates, which come with lower premiums per person.