Have you been eagerly planning your dream vacation for months? However, just as you’re about to leave, an unexpected illness or a last-minute airline cancellation threatens your getaway and your investment. Travel insurance acts as a safety net, offering peace of mind and financial protection. In this blog post, we’ll find out what are the best travel insurance companies to help you decide on your next adventure.
How to Pick Travel Insurance
Choosing the right travel insurance can be complex due to the many available options. Here are travel insurance tips for selecting the best provider.
Coverage
Knowing the coverage is crucial to ensure you are protected against a wide range of potential issues that could arise during your trip. These include:
- Medical Coverage: This includes emergency medical expenses, evacuation, and repatriation. If you get sick or injured while traveling abroad, medical coverage ensures that your medical bills are covered, which can be particularly important in countries with high healthcare costs.
- Trip Cancellation and Interruption: This reimburses non-refundable trip costs if you cancel or cut short your trip due to unforeseen events like illness, natural disasters, or job loss. For example, trip interruption coverage can help you recover some of your lost expenses if a hurricane hits your destination.
- Baggage and Personal Belongings: This covers lost, stolen, or damaged luggage and personal items. For example, if the airline loses your luggage, you can get reimbursement for the cost of your belongings.
Destination-Specific Considerations
Different destinations may have unique risks and requirements that necessitate specific types of coverage.
- Schengen Visa Requirements: If traveling to Schengen countries, your insurance must meet specific requirements, including minimum coverage amounts for medical expenses.
- High-Risk Activities: If your trip involves scuba diving or skiing, check if your policy covers these activities. Standard policies often exclude adventure sports, so you may need additional coverage.
Policy Exclusions and Limitations
You should know what your travel insurance covers to avoid surprises when making a claim. These may include:
- Pre-existing Medical Conditions: Many policies exclude coverage for pre-existing conditions unless specified otherwise. If you have a chronic illness, ensure your policy includes coverage.
- High-Risk Activities and Acts of War: If you’re going to a place with political instability, you might need extra travel insurance covering war and terrorism. This type of coverage can be expensive, but it gives you peace of mind in risky areas. Always check the latest travel warnings and talk to your insurance provider to ensure you’re covered for your destination and the activities you plan to do.
Insurer’s Reputation and Financial Stability
Choosing a good and stable insurance company ensures they can handle your claims quickly and pay out if something goes wrong. Reading reviews can help determine how satisfied their clients are. You may check the insurer’s financial strength ratings from AM Best or NAIC for legitimate and expert insurance reviews.
6 Best Travel Insurance Companies
When considering what’s the best travel insurance, the ideal policy depends on your travel needs and circumstances. Here are our best picks:
WorldTrips Travel Insurance
WorldTrips is the best travel insurance company that has been around for over 25 years. It is part of the Tokio Marine HCC group and offers various insurance plans, such as travel medical insurance and trip cancellation insurance. Their plans are underwritten by Lloyd’s and the U.S. Specialty Insurance Company, which means they have strong financial support and are reliable.
WorldTrips offers different plans for different travelers. Their main plans are:
- Atlas Travel Plan: This provides international travel medical insurance.
- Atlas Journey Plan: This is for U.S. residents and covers domestic and international trips, including cruises. It covers canceled trips, damaged luggage, flight delays, and medical treatment.
You can customize these plans with optional upgrades, like “Cancel for Any Reason” (CFAR) coverage, which gives you either 50% or 75% back if you cancel for a reason not covered by the standard policy. These upgrades depend on the plan and where you live.
WorldTrips offers special plans for full-time students studying abroad under their StudentSecure insurance. It’s also known for providing the best travel insurance for nomads, with a specialized plan called Atlas Nomads for digital nomads and remote workers. This plan includes medical coverage up to $250,000 with a $0 deductible and emergency medical evacuation, trip interruption, travel delay, and lost checked luggage.
On average, a WorldTrips policy costs about $184, which is competitive compared to other travel insurance companies. For example, the Atlas Journey Economy plan offers basic coverage at a lower cost, while the Atlas Journey Premier plan provides more benefits but is more expensive.
Travel Insured International
Travel Insured International is a top travel insurance company with over 30 years of experience. They offer several insurance plans, including:
- Worldwide Trip Protector
- Worldwide Trip Protector Plus
- Worldwide Trip Protector Edge
- FlexiTrip (a flexible, customizable plan)
These plans cover trip cancellations, medical expenses, emergency evacuations, baggage protection, and travel assistance. They also offer Cancel for Any Reason (CFAR), which lets you get up to 75% back if you cancel your trip for any reason, as long as you cancel more than two days before your departure.
You can get a quote on the website to determine the cost of their policies. While their plans might not be the cheapest for solo travelers, they offer good value for families. They even provide discounts and sometimes free coverage for children under 17 traveling with their parents on the same trip.
Generali Global Assistance
Generali Global Assistance, formerly known as CSA Travel Protection, is a well-regarded travel insurance company that offers a range of coverage options and good customer service.
Their travel insurance plans include:
- Trip cancellation and interruption
- Travel delays
- Baggage loss and delays
- Medical and dental coverage
- Emergency assistance and transportation
- 24-hour emergency assistance
- Concierge services
- Identity theft resolution
If you want extra protection, Generali offers optional upgrades, including:
- Rental Car Coverage: Covers damage to your rental car from accidents, theft, vandalism, or other issues.
- Cancel for Any Reason Coverage: Reimburses up to 60% of the penalty if you cancel your trip. This isn’t available for New York residents, and you must cancel 48 hours or more before your trip.
Generali also has a 10-day free look period, so you can review your plan and get a full refund if you cancel within this time, as long as you haven’t started your trip or filed a claim.
Their plans also include 24/7 travel assistance, help finding medical care, medication replacement, legal referrals, emergency cash transfers, language interpretation, and telemedicine services.
You can get a quote on their website to find out the cost of their insurance plans.
AIG Travel Guard
AIG Travel Guard is a top travel insurance company with over 25 years of service. It provides coverage for vacation and business trips around the world. AIG Travel Guard is part of the AIG Travel Group and offers advanced travel help through its global service centers in Asia, Europe, and the Americas.
Travel Guard’s plans include:
- Trip Cancellation: Refunds 100% if you need to cancel your trip up to $150,000
- Trip Interruption: Reimbursement of 100% if your trip is cut short up to $150,000
- Travel Delay: $100 per day for delays
- Baggage Coverage: For lost or delayed baggage
- Medical Expenses: Covered with their Essential Plan
- Emergency Assistance and Transportation for emergencies
- 24/7 Multilingual Assistance: Support in multiple languages
They also offer additional options like:
- Cancel for Any Reason (CFAR): Get up to 75% back if you cancel
- Sports Coverage: For injuries during sports activities
- Rental Car Damage Protection: Up to $50,000 if your rental car is damaged
Their Premier plan provides up to $2,500,000 in medical coverage abroad, one of the highest limits available. AIG Travel Guard insurance usually ranges from 5% to 7% of your total trip cost. You can get a free quote on their website.
Allianz Travel Insurance
Allianz Travel Insurance is a leading provider with over 100 years of experience and is known for offering the best travel insurance policy. Owned by Allianz SE, the world’s largest insurance company, Allianz uses its extensive global network to provide top-notch travel insurance and assistance services.
They offer 24/7 support and a range of services, including:
- Entertainment and Event Planning: Booking dining reservations and golf tee times.
- Travel Assistance: Providing information on currency exchange rates.
- Transportation and Accommodations: Offering help with translation services and travel arrangements.
Allianz Travel Insurance has various plans to meet different travel needs:
- Single-Trip Plans: Covering trips up to 45 days.
- Annual Plans: Such as AllTrips Prime, covering multiple trips in a year.
- Specialized Plans: Including rental car insurance with coverage up to $50,000.
Their insurance covers:
- Trip cancellation and interruption
- Emergency medical and dental care
- Emergency medical transportation
- Lost or delayed baggage
- Rental car damage protection
Some plans, like the OneTrip Prime for trips up to 180 days, include free coverage for children under 17 traveling with a parent or grandparent (note: this is not available to Pennsylvania residents). Allianz also offers the Cancel Anytime upgrade, which lets you get up to 80% back if you cancel for almost any reason not covered by the plan.
The cost of Allianz Travel Insurance depends on your trip cost, age, and the plan you choose. Basic coverage starts at around $27, and you can get a free quote on their website.
AXA Assistance USA
AXA Assistance USA is a well-established travel insurance company with over 50 years of experience. It is part of the global AXA Group and offers three main travel insurance plans:
- Silver Plan: This is the most affordable option at $16 and is great for domestic travel.
- Gold Plan: At $36, this plan is better for cruises and international trips.
- Platinum Plan: Costing $52, this plan provides the highest level of coverage and includes the option for Cancel For Any Reason (CFAR) protection.
All plans cover trip cancellation, emergency medical expenses, baggage loss, and travel delays. AXA’s plans also cover pre-existing medical conditions if you buy the plan within 14 days of making your initial trip deposit.
Takeaway
Travel insurance is important for any trip because it provides peace of mind and protects you from unexpected problems. When selecting the best travel insurance, consider the coverage details, your destination’s needs, what’s excluded, and the insurance company’s reputation. Compare different providers to find a plan that fits your travel style and budget, and ensure it covers medical emergencies and trip cancellations.
If you want to save money while being protected, sign up on OneAir. OneAir is an AI-powered travel platform that offers unmatched deals on flights and hotels, with discounts of up to 70% off regular prices. Combining these savings with a good travel insurance plan lets you enjoy affordable bookings for a worry-free trip.
