- Best for families and travelers with valuable belongings: Travelex Insurance Services
- Best for seniors and families seeking comprehensive coverage: John Hancock
- Best for frequent travelers and digital nomads: Seven Corners
- Best for budget-conscious travelers seeking comprehensive coverage: Tin Leg
- Best for adventure enthusiasts and extreme sports enthusiasts: Arch RoamRight
- Best for international travelers seeking quality medical coverage: GeoBlue
What is travel insurance?
Travel insurance is a type of insurance coverage that provides financial protection against unexpected events or emergencies that may occur during your travels, such as trip cancellations, medical emergencies, lost baggage, or other unforeseen circumstances.
What are the main types of travel insurance?
- The main categories of travel insurance are typically based on the type of coverage they provide. Here are the main categories of travel insurance:
- Trip cancellation/interruption insurance: This covers expenses incurred if you need to cancel or interrupt your trip due to covered reasons such as illness, injury, death, natural disasters, or other unforeseen events.
- Medical insurance: This provides coverage for medical expenses incurred while traveling. It can include emergency medical treatment, hospital stays, doctor’s visits, medications, and medical evacuations.
- Baggage and personal belongings insurance: This type of travel insurance protects against loss, damage, or theft of your luggage, personal belongings, and valuables during your trip.
- Travel delay insurance: This covers additional expenses incurred due to unexpected delays, such as flight cancellations, missed connections, or severe weather conditions.
- Emergency evacuation insurance: This category assists with the cost of emergency evacuations, particularly in remote or medically inadequate areas.
- Accidental death and dismemberment insurance: This provides financial compensation in the event of accidental death, loss of limbs, or permanent disabilities resulting from accidents that occur during your trip.
How much does travel insurance cost?
The cost of travel insurance varies depending on several factors, including your destination, the length of your trip, your age, the coverage options you choose, and any pre-existing medical conditions. It is advisable to compare quotes from different insurance providers to find the best coverage at a competitive price.
Where can you buy travel insurance?
Travel insurance can be purchased from various sources, providing flexibility and options for travelers. Here are some common places where you can buy travel insurance:
- Insurance companies: Many insurance companies offer travel insurance policies. You can directly contact insurance providers to inquire about their offerings, receive quotes, and purchase a policy. These companies may have online platforms or local offices where you can access their services.
- Travel agencies: Travel agencies often offer travel insurance as part of their services. When booking your trip through a travel agency, they can provide you with options for travel insurance coverage and facilitate the purchase on your behalf.
- Online travel booking platforms: Online travel booking platforms, such as Expedia, Travelocity, or Kayak, often provide the option to purchase travel insurance during the booking process. These platforms may partner with insurance providers to offer a range of policies that you can select from.
- Credit card companies: Some credit card companies offer travel insurance as a benefit to their cardholders. If you have a credit card with travel-related perks, review the terms and benefits associated with your card to see if travel insurance coverage is included and how to access it.
- Comparison websites: There are online comparison websites that allow you to compare different travel insurance policies from multiple providers. These platforms provide a convenient way to review coverage options, prices, and customer reviews, helping you make an informed decision.
- Specialized travel insurance providers: There are companies that specialize in travel insurance, offering a wide range of policies tailored to different types of travelers and trips. These specialized providers may have additional coverage options or unique features that cater to specific needs, such as adventure travel or long-term travel.
While travel insurance is a crucial investment, not everyone wants to spend a fortune on it. If you are a budget-conscious traveler looking to maximize your savings without compromising on coverage, this article is for you.
Even for someone on a budget, travel insurance remains a vital investment for several reasons. While it may seem tempting to cut costs by skipping insurance coverage, doing so could expose you to significant financial risks and ruin your travel experience.
Let’s explore the best options available for the cheapest travel insurance—so you can embark on your adventures worry-free without draining your budget.
1. Travelex Insurance Services
Who’s it best for? Families and travelers with valuable belongings
Travelex Insurance Services is an ideal option for families and individuals carrying valuable belongings. Their plans offer coverage for trip cancellation, baggage loss, travel delays, and medical emergencies. Additionally, Travelex offers optional upgrades like rental car damage protection and Cancel for Any Reason (CFAR) coverage, providing extra peace of mind for travelers with specific needs.
Key features of Travelex Insurance Services:
- Coverage for trip cancellation, baggage loss, and travel delays
- Optional upgrades for rental car protection and CFAR coverage
- Specialized protection for families and valuable belongings
2. John Hancock
Who’s it best for? Seniors and families seeking comprehensive coverage
John Hancock Insurance Agency, Inc. offers budget-friendly travel insurance plans suitable for seniors, families, and individuals alike. Their plans include coverage for trip cancellations, trip interruptions, travel delays, baggage loss, and medical emergencies. With a variety of options to choose from, travelers can select the plan that best meets their unique needs. John Hancock Insurance Agency, Inc. also provides excellent customer service and 24/7 travel assistance.
Key features of John Hancock:
- Comprehensive coverage for trip cancellations, delays, and medical emergencies
- Family-friendly options for budget-conscious travelers
- Reliable customer service and 24/7 travel assistance
Navigator Tip
Before you start looking for travel insurance, evaluate your specific needs and concerns related to Covid-19. Consider factors such as your travel destination, the duration of your trip, the activities you plan to engage in, any pre-existing medical conditions, and the level of Covid-19 risk in both your home country and your destination.
3. Seven Corners Inc.
Who’s it best for? Frequent travelers and digital nomads
For those who travel frequently, Seven Corners Inc offers affordable annual travel insurance plans that can provide significant savings in the long run. Their plans cover multiple trips throughout the year, making them an excellent choice for digital nomads, business travelers, or individuals who love exploring new destinations regularly. Their packages include medical coverage, trip cancellation/interruption benefits, emergency medical evacuation, and 24/7 travel assistance.
Key features of Seven Corners:
- Affordable annual travel insurance plans
- Coverage for multiple trips within a year
- Emergency medical evacuation and 24/7 travel assistance
4. Tin Leg
Who’s it best for? Budget-conscious travelers seeking comprehensive coverage
Tin Leg stands out as one of the best affordable travel insurance options, offering excellent coverage at a reasonable price. They provide three distinct plans, catering to different travel needs and budgets. Even their basic plan includes benefits like trip cancellation/interruption coverage, travel delay coverage, baggage delay coverage, and emergency medical expense coverage. For travelers looking for extra reassurance, Tin Leg also offers add-ons for adventure sports and increased medical limits.
Key features of Tin Leg:
- Multiple coverage options to suit various budgets
- Comprehensive coverage for trip cancellations, delays, and medical emergencies
- Optional add-ons for adventure sports and higher medical limits
Navigator Tip
Look for travel insurance plans that explicitly state coverage for Covid-19-related expenses, such as medical treatment, testing, and quarantine costs. Ensure that the coverage includes emergency medical expenses in case you contract the virus during your trip.
5. Arch RoamRight
Who’s it best for? Adventure enthusiasts and extreme sports enthusiasts
Arch RoamRight is an excellent choice for adventure enthusiasts and thrill-seekers. They offer comprehensive coverage for a wide range of adventurous activities, including scuba diving, skydiving, bungee jumping, and more. With their specialized coverage, you can indulge in adrenaline-pumping experiences without worrying about potential mishaps. Arch RoamRight also provides medical coverage, trip cancellation benefits, and 24/7 emergency assistance.
Key features of Arch RoamRight:
- Specialized coverage for adventure sports and extreme activities
- Medical coverage, trip cancellation benefits, and emergency assistance
- Ideal for thrill-seekers looking for a budget-friendly insurance option
6. GeoBlue
Who’s it best for? International travelers seeking quality medical coverage
GeoBlue is an excellent choice for international travelers who prioritize top-notch medical coverage. Their plans are designed specifically for travel outside your home country, providing access to a global network of doctors and hospitals. GeoBlue offers single-trip and multi-trip options, catering to the needs of various travelers. With their extensive medical coverage, you can travel confidently, knowing you have access to quality healthcare wherever you go.
Key features of GeoBlue:
- Premium medical coverage for international travelers
- Access to a global network of doctors and hospitals
- Single-trip and multi-trip options available
Frequently asked questions
Travel insurance for Covid-19 provides essential coverage and protection against the uncertainties of the pandemic. It can cover medical expenses related to Covid-19, trip cancellations or interruptions due to the virus, and other unforeseen events. Having travel insurance ensures you are financially safeguarded and can receive necessary medical care if you contract the virus during your trip.
Not all regular travel insurance plans provide coverage for Covid-19. Due to the pandemic’s unique nature, many insurers introduced specific policies or add-ons to cover Covid-19-related risks. It is essential to review the policy details and confirm that Covid-19 coverage is explicitly mentioned in the insurance plan.
Covid-19 coverage typically includes medical expenses related to the virus, such as testing, treatment, and quarantine costs. It may also cover trip cancellations or interruptions due to Covid-19-related issues, such as contracting the virus before your trip or getting infected during your journey.
Travel insurance typically does not cover the cost of Covid-19 vaccinations, as they are considered preventative measures rather than emergency medical expenses. However, some insurance plans may offer coverage for medical treatment related to vaccine complications.
Once your trip has started or if you have tested positive for Covid-19, it is generally too late to purchase travel insurance to cover the current trip. Travel insurance needs to be purchased before the trip commences to be valid for potential claims related to Covid-19.
Ask the Navigators: Do I need travel insurance?
by travelers, for travelers.
