Cheapest Travel Insurance for Schengen Visa

Applying for a Schengen visa is a dream step for many travelers who wish to explore Europe. Whether you’re traveling for tourism, study, or business, the Schengen visa opens the doors to 27 European countries with just one visa. However, before your application can even be considered, there is one mandatory need you must meet: travel insurance.

But let’s be honest—traveling abroad is expensive, and many travelers from Asia, Africa, and other regions often search for the cheapest travel insurance for Schengen visa that still meets all embassy requirements.

In this detailed article, we will explore:

  • Why Schengen travel insurance is mandatory

  • Minimum requirements set by the European Union

  • Factors that affect the cost of insurance

  • List of providers offering the cheapest Schengen travel insurance

  • How to choose the right policy without compromising your safety

  • FAQs and tips to save money

By the end, you’ll have all the knowledge you need to pick the most affordable Schengen-compliant travel insurance for your visa application.

Why Do You Need Travel Insurance for a Schengen Visa?

The Schengen Agreement makes travel insurance compulsory for every non-European applicant entering the zone. This ensures that travelers can afford medical treatment or emergencies abroad without burdening the host country.

Here’s why it’s required:

  1. Mandatory Visa Need – Without insurance, your Schengen visa application will be rejected.

  2. Medical Protection Abroad – European healthcare is costly, and insurance covers emergencies.

  3. Accident & Injury Coverage – Hospitalization or treatment is financially secured.

  4. Repatriation – If you become seriously ill or die, the insurance covers the cost of returning you to your home country.

  5. Peace of Mind – Travel confidently knowing you’re protected.

Minimum Requirements for Schengen Travel Insurance

Before you search for the cheapest travel insurance for Schengen visa, you must ensure the policy meets these EU requirements:

  • Minimum coverage: €30,000 (approx. $32,000)

  • Valid in all 27 Schengen countries

  • Covers medical emergencies, hospitalization, and accidents

  • Includes repatriation of remains in case of death

  • Covers the entire duration of your stay

If your policy doesn’t meet these requirements, the embassy will reject it—even if it’s cheap.

Factors That Affect the Cost of Travel Insurance

Not all travelers pay the same for Schengen insurance. Prices depend on:

  1. Duration of Stay – Longer trips = higher premiums.

  2. Traveler’s Age – Older applicants often pay more due to higher health risks.

  3. Type of Policy – Single-trip vs. multi-trip policies.

  4. Insurance Provider – Some international providers are pricier than local insurers.

  5. Coverage Add-ons – Extra benefits like lost baggage or trip cancellations increase cost.

How Much Does the Cheapest Schengen Travel Insurance Cost?

On average, here’s what you can expect to pay for budget Schengen travel insurance:

  • Short trip (7–15 days): $8 – $25

  • 1-month trip: $20 – $50

  • 3-month trip: $50 – $100

These costs vary depending on where you buy the insurance (local vs. international providers).

Cheapest Travel Insurance for Schengen Visa – Top Providers

Here are some of the best and most affordable insurance providers that meet Schengen requirements.

1. AXA Schengen Insurance

  • Price: Starts from €22 (~$24) for a short trip.

  • Accepted by all Schengen embassies.

  • Plans: Low Cost, Europe Travel, Multi-Trip.

  • Highlights: Quick online buy, instant certificate, visa-friendly.

2. Allianz Travel Insurance

  • Price: Around $25 – $40 for short-term trips.

  • Global leader in insurance.

  • Strong reputation, recognized worldwide.

  • Coverage: Medical, repatriation, and optional add-ons.

3. MondialCare Schengen Insurance

  • Price: From €20 (~$22).

  • Known for budget-friendly student and tourist packages.

  • Fast online purchase and PDF certificate delivery.

4. Europ Assistance

  • Price: Starting at €21 (~$23).

  • Highly reliable, wide European presence.

  • Covers medical costs, hospitalization, and repatriation.

5. IMG Europe Travel Insurance

  • Price: Around $18 – $30 depending on trip duration.

  • Affordable, especially for students and families.

  • Available online and embassy-accepted.

6. True Traveller Insurance (UK-based, EU Coverage)

  • Price: From €25 (~$27) for basic packages.

  • Ideal for backpackers and long-term travelers.

  • Coverage includes medical emergencies and optional extras.

7. Global Alliance Travel Insurance (Regional Providers)

  • Price: $15 – $25 for short stays.

  • Many regional providers across Asia and Africa partner with Schengen embassies.

  • Affordable and embassy-recognized.

Cheapest Options for Students

If you are a student applying for a Schengen visa, you may find discounted packages:

  • AXA Student Travel Insurance – Starting at €20.

  • MondialCare Student Plan – Affordable long-stay options.

  • IMG Student Travel Medical Insurance – Tailored for international students.

Tips to Find the Cheapest Travel Insurance for Schengen Visa

  1. Compare Providers Online – Use comparison websites to check prices.

  2. Buy Early – Prices may be slightly cheaper if purchased in advance.

  3. Avoid Unnecessary Add-ons – Stick to embassy-required smallest coverage.

  4. Consider Local Providers – Sometimes local insurers in your country offer lower prices than international brands.

  5. Look for Student Discounts – If you’re under 30, many providers offer youth discounts.

Can You Buy the Cheapest Schengen Travel Insurance Online?

Yes, almost all providers allow online buy. You’ll get an instant insurance certificate in PDF format, which can be printed and submitted with your visa application.

Steps:

  1. Visit the provider’s website.

  2. Enter travel dates and personal details.

  3. Choose the cheapest plan that meets Schengen requirements.

  4. Pay online (credit card, PayPal, etc.).

  5. Download the certificate.

Refund Policy if Visa is Denied

Most providers offer a refund guarantee if your visa is rejected, but they may deduct a small administrative fee. Always check refund terms before purchasing.

Benefits of the Cheapest Schengen Travel Insurance

Even the cheapest insurance provides:

  • Medical emergency coverage

  • Accident protection

  • Hospitalization coverage

  • Repatriation

Optional extras may include:

  • Lost baggage

  • Trip delays/cancellations

  • Family travel packages

Common Mistakes When Buying Cheap Schengen Insurance

  1. Choosing the cheapest plan that doesn’t meet embassy rules.

  2. Buying country-specific insurance instead of Schengen-wide coverage.

  3. Forgetting to cover the entire trip duration.

  4. Buying from unrecognized or unauthorized providers.

Frequently Asked Questions (FAQs)

1. What is the cheapest travel insurance for Schengen visa?

AXA Schengen, MondialCare, and Europ Help often provide the most affordable embassy-approved policies.

2. How much does Schengen travel insurance cost?

As low as $18 – $25 for a short trip, depending on provider.

3. Is cheap insurance still valid for a visa?

Yes, as long as it meets the €30,000 smallest coverage and Schengen-wide validity.

4. Can I buy Schengen insurance after applying for a visa?

No, insurance must be submitted with your visa application.

5. Is online insurance valid for embassies?

Yes, if purchased from approved providers.

6. Can I get a refund if my visa is denied?

Yes, most providers refund minus a small fee.

7. Do students get cheaper Schengen insurance?

Yes, many companies offer discounted student policies.

8. Can I buy insurance only for one Schengen country?

No, it must be valid across all 27 Schengen countries.

9. What is the least coverage required?

At least €30,000.

10. Do multi-entry visas need new insurance each time?

You only need to show insurance for your first trip. Later trips may need updated policies.

Final Thoughts

Finding the cheapest travel insurance for Schengen visa is not about simply picking the lowest price—it’s about choosing the most affordable plan that still meets all the official requirements. The good news is that many providers, including AXA, MondialCare, and Europ Help, offer budget-friendly policies starting from as low as $18–$25, which are fully embassy-approved.

For students, long-term travelers, or families, special packages are available that reduce overall costs. To avoid visa rejection, always double-check coverage, provider recognition, and policy duration.

With the right insurance, you can confidently submit your Schengen visa application, knowing you’ve saved money while staying fully protected during your European journey.

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