If you get hurt, lose your luggage, or get stuck in an airport overnight, the costs can add up quickly. Traveling is often expensive, and it comes with risks that you don’t encounter back home. It is important to find the best travel insurance deals if you are a frequent traveler because affordability matters.
Insurance covers or reimburses a wide range of expenses so you don’t have to worry about the financial fallout of traveling mishaps. And, it’s inexpensive!
Let’s take a closer look at how to find the cheapest travel insurance and what else to consider.
Travel Insurance Cost Factors
Whether you’re shopping around for travel insurance, you’ll find a variety of insurers offering different levels of coverage and price points. Here’s a breakdown of the most common types and their benefits.
Coverage for medical expenses
A key feature of travel insurance is medical coverage that kicks in if you get hurt or sick when traveling. You can be covered up to a maximum limit that can range from $50,000 to $5 million.
Typically, emergency accident and sickness coverage come with a deductible, copay amount, and coinsurance percentage. Insurers cover eligible costs after your deductible is paid, after which they subtract any copay or coinsurance you pay.
Dental emergencies
During travel, emergency dental insurance can help cover the cost of dental care. Providers will usually outline maximum limits, what care is covered, and when it is covered.
If sound natural teeth are causing pain, Seven Corners’ basic plan includes $750 for emergency treatment.
Checked baggage loss
Insurers may provide limits per item and per occurrence for baggage and personal effects coverage.
Delay in baggage delivery
This coverage reimburses reasonable amounts you spend on additional clothing and other necessities, as well as the cost of retrieving your luggage if it gets delayed.
Insurance companies usually have a maximum amount they’ll reimburse and may require your baggage to be lost for a specific period of time before you qualify (e.g. 24 hours).
Evacuation from a natural disaster or an emergency medical situation
You may have a separate maximum for emergency evacuations from your medical limits from many insurers. There are, however, differences between companies as to how much is covered, what situations warrant evacuations (e.g. medical, non-medical, natural disaster), and who can be evacuated (e.g. policyholder, spouse, child).
Deaths and dismemberments caused by accidents
As a result of an accident on your trip that results in your death or the loss of one or more limbs, accidental death, and dismemberment coverage pays you a benefit. Your chosen beneficiary receives the benefit if your plan expires. Insurers will vary in the amount of coverage they provide and the criteria for qualifying situations.
Liability of individuals
Up to the limits of your plan, this coverage could cover your costs if you are sued and found personally liable for injuries or property damage caused by an event that occurred while on your trip. There is no guarantee that insurers will offer this coverage, and the coverage limits will vary.
Activities involving adventure
While on vacation, many people engage in adventure activities. If you are injured as a result of an adventurous activity such as bungee jumping, riding a motor scooter, or parasailing, your medical coverage will still apply. Adventure activities coverage is often an optional add-on that will ensure that your medical coverage will still apply.
Cancellation, delay, or interruption of a trip
Travel cancellation, travel delay, and trip interruption coverage are all available from some insurers. Each coverage type typically has its own maximum limit.
- Cancellation of the trip:
Getting sick, injured, or dying before the trip can be covered events. If you cancel your trip due to a covered event and can’t get a refund, this coverage can help you recover your costs.
- Coverage for travel delays:
If you encounter travel delays that result in the need to pay for reasonable expenses such as accommodations and extra meals, travel delay coverage can help to reimburse you for those expenses. You may be required to be overseas or to experience a minimum delay of 10 hours to qualify.
- Coverage for trip interruptions:
The coverage reimburses you for certain expenses if you must end your trip early due to extenuating circumstances (death of a family member, damage to your home, etc.).
Travel Insurance: How to Save Money
The best way to save money on travel insurance is to shop around. You can find the best overall value if you figure out the minimum amount of coverage you need, and then browse the plan options to find the best overall value. Make sure to read the fine print before purchasing.
The fact that you are able to adjust your coverage and deductible amounts can also impact your premium price. The lower your coverage limits and the higher your deductibles, the lower your premium. The high deductibles and low coverage limits could put you in financial trouble, however, if you end up filing a claim.
If something happens, you might be able to save a significant amount by paying a few more dollars each month.
Frequently Asked Questions
Who Offers the Cheapest Travel Insurance?
For 35-year-olds, International Medical Group Inc. (IMG) had the cheapest travel insurance plan, while Trawick International had the cheapest plan for 60-year-olds. Most quotes were within a few dollars of each other, so you should shop around and compare more than just pricing. Check out our best travel insurance options for seniors if you’re older than 60.
Travel insurance covers 100% of the trip cost?
Generali Global Assistance’s Standard plan covers up to 100% of a trip’s cost if it needs to be canceled or 125% if it is interrupted in certain circumstances.
For its basic plan, Seven Corners lists a $2,500 maximum limit on trip interruption coverage.
The benefits of the policies you’re considering will help you determine whether your trip costs are covered, how much is covered, and under what circumstances.
What is the average cost of travel insurance?
You can expect travel insurance to cost a lot based on your age, the company you choose, the type of coverage you want, and the amount you need. In 2023, travel insurance rates can start as low as $7 to $10 for 35-year-olds and around $27 for 60-year-olds, depending on your destination. Get quotes from a few of the best travel insurance companies to find out exactly what it’ll cost you.
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