Best Travel Insurance Companies

Travel insurance is a product that covers financial losses you may incur before and during your trip. It can cover things like medical expenses, lost luggage, and unforeseen event cancellations. Plans typically cost between 4 and 10% of your total trip price (CoverTrip), with more expensive trips costing more. You can also choose to pay more for “cancel for any reason” coverage, which will reimburse prepaid trip costs if you cancel for a covered reason, such as severe weather or airline maintenance.

Some policies also provide coverage for emergency medical services, which can be costly abroad and are often not covered by health insurance plans. Other coverages include baggage and personal belongings protection, which reimburses you for stolen or lost items during your trip. You can purchase a travel insurance plan on its own or as an add-on to a premium credit card. Some plans are designed for specific types of travelers, such as adventurers and families.

Is Travel Insurance Still Worth it?

Ultimately, whether travel insurance is worth depends on your specific trip. It’s important to weigh the risks versus the costs and consider how much peace of mind is worth to you. There are a wide range of policies to choose from, with varying benefits, coverage limits, and prices. Some common coverages include trip cancellation, lost luggage, medical and dental, emergency evacuation, and 24-hour traveler assistance. Specialized policies offer coverage for high-risk activities and recurring health issues like diabetes or arthritis.

Some policies have a free look period during which you can return the policy for a full refund if it doesn’t suit your needs. This varies by provider and state of residence. Most plans require you to pay a deductible or copay before the insurance covers expenses. For this reason, it’s a good idea to budget for these expenses when planning your trip. In addition, many policies exclude certain types of losses, such as bicycles, hearing aids, or other medical devices, keys, and tickets.

What Insurance Should I Get for Travelling?

When it comes to traveling, there are several types of insurance that you should consider to ensure your safety, financial protection, and peace of mind. The specific insurance you need can depend on various factors, such as your destination, activities, health conditions, and the value of your belongings. Here are some key types of travel insurance to consider:

Travel Medical Insurance

This type of insurance covers medical expenses if you become ill or injured while traveling. It can include hospital stays, doctor visits, prescription medications, and emergency medical evacuations. This is particularly important if your regular health insurance doesn’t provide coverage outside of your home country.

Trip Cancellation and Interruption Insurance

This insurance provides coverage if you have to cancel or cut short your trip due to unforeseen circumstances such as illness, death in the family, or travel supplier issues. It can reimburse you for non-refundable expenses like flights, accommodations, and tour bookings.

Travel Delay Insurance

If your trip is delayed due to factors beyond your control (like weather, strikes, or mechanical issues), this insurance can cover additional accommodation, meals, and transportation expenses incurred due to the delay.

Baggage and Personal Belongings Insurance

This insurance covers your belongings’ loss, theft, or damage during your trip. It can include baggage, electronics, and personal items. Make sure to review the coverage limits and exclusions before purchasing.

Emergency Evacuation and Repatriation Insurance

In case of a serious illness or injury, this insurance covers the cost of medical transportation to the nearest adequate medical facility or to your home country for treatment.

Rental Car Insurance

If you plan to rent a car, you might want to consider rental car insurance, which can cover damages to the rental vehicle and liability for any accidents.

Adventure or Hazardous Activity Coverage

If you plan to engage in adventurous or risky activities such as skiing, scuba diving, or bungee jumping, check if your insurance covers these activities or if you need additional coverage.

Pre-existing Medical Condition Coverage

If you have pre-existing medical conditions, make sure to inquire about coverage for these conditions as part of your travel medical insurance.

Top Travel Insurance Companies

Choosing the best travel insurance company depends on your specific needs, preferences, and coverage options that align with your travel plans. However, here are some well-regarded travel insurance companies that consistently receive positive feedback and ratings from travelers:

World Nomads: World Nomads is a popular choice among travelers, especially those engaged in adventure activities. They offer comprehensive coverage, including medical expenses, trip cancellation, baggage protection, and coverage for a wide range of activities.

Allianz Global Assistance: Allianz is known for its extensive coverage options and reliable customer service. They offer various plans catering to different types of travelers, from individuals to families, and often provide competitive pricing.

Travelex Insurance: Travelex offers a range of plans with customizable options, including coverage for medical emergencies, trip cancellations, and baggage protection. Their plans often include features like trip interruption coverage and 24/7 travel assistance.

InsureMyTrip: While not an insurance company, InsureMyTrip is a website that compares quotes and coverage from multiple travel insurance providers. This platform can help you find the best policy for your specific needs.

Generali Global Assistance (formerly CSA Travel Protection): Generali provides comprehensive coverage for a variety of travel scenarios, including trip cancellations, medical emergencies, and baggage protection. They also offer optional add-ons like rental car protection.

AIG Travel Guard: AIG Travel Guard offers a range of plans with varying levels of coverage. Their plans often include benefits such as trip cancellation, emergency medical coverage, and travel assistance services.

HTH Worldwide: HTH Worldwide specializes in international health insurance and medical assistance services. They offer plans tailored to travelers’ medical needs, making them suitable for those concerned about healthcare coverage abroad.

Seven Corners: Seven Corners offers a variety of travel insurance plans with flexible options, including coverage for trip cancellations, medical emergencies, and more. They have plans for individuals, families, and groups.