When traveling abroad, get a policy from one of the best travel insurance companies. You can get a 5% discount on Heymondo, the only insurance that pays medical bills upfront for you, HERE!
You need the cheapest travel insurance. I get it. When I took my first trip, the last thing I wanted was to spend money on travel insurance. However, I learned that it’s much better to buy cheap travel insurance than to travel without any insurance at all.
To help you out, I have compared quotes from all cheap travel insurance companies. Luckily, you can definitely find reasonable travel insurance that still offers a high amount of coverage.
The 5 Cheapest Travel Insurance of 2023
We use Heymondo for all of our trips because it’s the best travel insurance company and it’s really cheap. It is also one of the few travel insurance with Covid coverage, and you can get a 5% discount for being our reader (one of the best discounts for travel).
However, if you want even cheaper travel insurance, SafetyWing is the best medical-only travel insurance plan.
Let’s compare cheap travel insurance plans to find out the cheapest travel insurance companies in 2023!
Top five cheap travel insurance companies
In summary, these are the top five cheap travel insurance companies of 2023:
- Heymondo, the best and cheapest travel insurance overall
- SafetyWing, the best cheap travel insurance medical-only
- World Nomads, the best cheap travel insurance for adventurous travelers
- IMG, the best cheap travel insurance for seniors
- Trawick, the best cheap travel insurance for pre-existing conditions
Cheap travel insurance comparison
One of the most helpful ways to find cheap travel insurance is to compare travel insurance’s cheapest rates.
For this cheap travel insurance comparison, I selected the cheapest travel insurance plan each company offers to compare prices. For companies like Heymondo and IMG, which offer both medical and travel insurance, I chose the cheapest travel insurance plan.
In order to obtain the quotes, I used the example of a 30-year-old American citizen who lives in Pennsylvania and is going to Mexico for a week with a trip cost of $2,500.
Price | $38.17 | $10.50 | $59.63 | $69 | $48.85 |
COVID coverage | ✔️ | ✔️ | ✔️ | ✔️ | ✔️ |
Deductible | $0 | $250 | $0 | $0 | $0 |
Emergency Medical Expenses | $250,000 | $250,000 | $100,000 | $100,000 | $50,000 |
Evacuation and Repatriation | $500,000 | $100,000 | $300,000 | $250,000 | $200,000 |
Trip Cancellation | $3,500 | ❌ | $2,500 | 100% of $2,500* | 100% of $2,500* |
Baggage Loss | $1,700 | $3,000 | $1,000 | $750 | $750 |
CHEAP TRAVEL INSURANCE COMPARISON |
|||||
*Price used for example.
What is the best cheap travel insurance?
There’s no need to settle for anything less than the best cheap travel insurance. All of the companies and plans I compared above have great qualities, but Heymondo stands out as the best affordable travel insurance overall.
Not only does Heymondo offer the cheapest travel insurance plan with both medical and travel coverage, but they are also the only cheap travel insurance company that pays travelers’ medical bills directly for them instead of making them file a claim to get reimbursed.
You’ll find all the details below on each affordable travel insurance plan and its pros and cons, so that you can make an informed decision about the best budget travel insurance for you.
1. Heymondo, the best and cheapest travel insurance overall
Heymondo has earned the title of best and cheapest travel insurance overall because its Top plan offers a high amount of comprehensive travel- and medical-related coverage for a bargain price. The Top plan also has a $0 deductible, so Heymondo will completely cover any medical bills.
Best of all, all Heymondo’s plans provide direct, upfront payments for medical expenses, so Heymondo handles medical bills and payments for you. This eliminates the hassle of paying a medical bill yourself, filing a claim, and then having to wait for reimbursement, especially if you’re traveling on a budget!
You can also customize Heymondo plans to include coverage for electronics or adventure sports, so you can get exactly what you need for your trip.
| PROS | CONS |
|
|
As I said, I have been using this company for the last couple of years. Right now, I have the annual travel insurance plan, which is the cheapest option for frequent travelers. The cherry on top is that you can even get 5% off Heymondo plans with the discount link below.
2. SafetyWing, the best cheap travel insurance medical-only
If you want the best cheap travel health insurance, look no further than SafetyWing. Their Nomad Insurance plan offers excellent, affordably priced medical coverage that even includes some travel-related coverage, such as baggage loss, and COVID-19 coverage.
SafetyWing’s unique features include coverage in your home country for 30 days after you have been abroad for 90 days, which is perfect if you want supplementary coverage for any medical issues. SafetyWing also offers free coverage for up to two children under the age of 10 per family, making the Nomad Insurance plan the perfect low-cost travel insurance for families.
One big drawback to the Nomad Insurance plan, though, is its $250 deductible. This deductible means that you’ll have to pay $250 toward a medical bill before SafetyWing starts to cover the bill for you. If you don’t mind putting $250 toward every medical claim you file, then stick with SafetyWing, but if you prefer spending a little more to get a $0 deductible, go with a cheap travel insurance like Heymondo.
| PROS | CONS |
|
3. World Nomads, the best cheap travel insurance for adventurous travelers
Planning an adventure-filled vacation and looking for a cheap travel insurance to cover your fun? Look no further than World Nomads, whose Standard plan includes coverage for a long list of adventure sports and activities.
World Nomads is also a cheap reliable travel insurance because they offer a solid amount of coverage in all travel- and medical-related coverage categories and have a $0 deductible.
If you are looking for the absolute cheapest travel insurance, you can get similar or better coverage for a more affordable price with Heymondo, but if you’ll be doing lots of sporty activities on your trip, you can trust World Nomads to help keep you safe and healthy.
| PROS | CONS |
|
4. IMG, the best cheap travel insurance for seniors
Travel insurance for seniors can be very expensive, but IMG has developed a cheap travel insurance for seniors that is specifically tailored to their needs. The GlobeHopper Senior Single Trip plan is designed for travelers who are aged 65 and up and provides travel medical coverage, along with coverage for pre-existing conditions and some limited travel-related coverage.
Travelers have a lot of flexibility with the GlobeHopper Senior Single Trip plan, since they can choose among deductibles of $0, $100, $250, $500, $1,000, or $2,500. They can also choose a maximum coverage limit of $50,000, $100,000, $500,000, or $1,000,000, so they can really match their coverage to their needs and budget.
For other travelers, the iTravelInsured Travel Lite plan offers a $0 deductible and great coverage in all travel- and medical-related categories. It is the most expensive cheap travel insurance plan, though, so if you want to save even more money and get coverage that is just as good, go with Heymondo.
| PROS | CONS |
|
5. Trawick, the best cheap travel insurance for pre-existing conditions
It can be rare to find cheap travel insurance that covers pre-existing conditions, but luckily, Trawick provides cheap travel insurance for pre-existing conditions.
The Safe Travels Explorer Plus plan is only a few dollars more than the Safe Travels Explorer plan (if the Safe Travels Explorer Plus plan had been included in the comparison, it would have come to $52.75, which is only $3.90 more than the Safe Travels Explorer plan used in the comparison) and includes coverage for pre-existing conditions as long as the plan is purchased within seven days of the initial trip deposit date.
Both the Safe Travels Explorer plan and Safe Travels Explorer Plus plan offer a $0 deductible and good coverage in most of the travel- and medical-related coverage categories, but their coverage for medical expenses is rather low at $50,000. If you don’t have a pre-existing condition and want higher medical coverage, you can get five times that amount of medical coverage for a lower price with Heymondo.
| PROS | CONS |
|
|
What should budget travel insurance cover?
When buying any low-cost travel insurance, check that it includes medical and evacuation coverage as a bare minimum. Medical coverage is especially key when you’re traveling abroad, where you won’t have medical insurance without travel insurance. Purchasing good cheap travel health insurance will help you avoid paying for expensive medical bills out of your own pocket.
Many budget holiday insurance policies include a deductible, an amount of money that you must pay before your travel insurance company reimburses you for a claim. The higher the deductible, the cheaper the travel insurance. However, the higher the deductible is, the more expensive a medical bill will be for you. Depending on your priorities, it may be worth it to spend a little more to have a $0 deductible. That is the main reason why I prefer Heymondo over SafetyWing.
What should budget travel insurance cover?
Your cheap travel insurance plan should also include medical evacuation and repatriation because this is probably the most expensive cost that could arise on a trip. Evacuation and repatriation coverage ensures that you’ll get the medical attention you need in cases of serious illness or injury by covering transportation from a remote area to a hospital or from your travel destination to your home country.
If you need medical evacuation and you don’t have an insurance plan, it can become a big financial loss, so make sure that even the cheapest travel insurance you buy includes this coverage.
Trip cancellation/interruption/delay and baggage loss coverage can also be handy to have if you want to be covered for any potential travel mishaps, but if that coverage is not a priority for you, don’t worry about skipping it; cheap trip insurance with medical and evacuation coverage is what’s most important.
Top tips to buy cheap travel insurance
Getting the cheapest holiday insurance possible doesn’t have to be complicated. The cheap travel insurance comparison I did above showed you some good cheap travel insurance companies and prices, but of course, you’ll know best what your cheap travel insurance needs are. Here are some tips to help you find cheap travel insurance:
- Compare prices – one of the best ways to buy cheap travel insurance is to compare as many different plans as you can. Lots of cheap travel insurance plans will have similar coverage categories and limits, but prices can vary widely among companies for the same coverage. Shopping around and doing your research will ensure that you get the coverage you need for the best price possible.
- Only buy what you need – if you just need medical coverage, don’t bother buying a travel insurance plan with trip cancellation and baggage coverage. Similarly, if you only plan on cancelling your trip for a covered reason, such as extreme weather or a family illness, don’t shell out for a cancel for any reason insurance. Sticking to just the coverage you need will keep your budget travel insurance price down.
- Make sure you’ll still getting good value for your money just because you’re buying affordable travel insurance doesn’t mean you don’t deserve good-quality coverage. It can be tempting to sacrifice some coverage to get the best price possible, but if, for example, you purchase bargain travel insurance with $10,000 worth of medical coverage and get a $15,000 hospital bill, you’re going to wish you hadn’t skimped on medical coverage.
- Look into annual/multi-trip travel insurance plans – if you travel very frequently (more than three times a year), annual (multi-trip) travel insurance will probably work out to be more affordable for you than buying individual travel insurance policies for each trip. With annual travel insurance, you’ll be covered for all the trips that you take in one year, which will save you both time and money.
- Use our Heymondo discount code – probably the simplest way to buy cheap holiday insurance is with a cheap travel insurance discount. Luckily, all of our Capture the Atlas readers can get 5% off Heymondo travel insurance with the discount link below, so Heymondo’s already affordable travel insurance will be even more of a steal.
Good luck on your hunt for cheap travel insurance!
