The Best Travel Insurance for Your Next Adventure

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April 10, 2024

The Best Travel Insurance for Your Next Adventure

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Whether you’re traveling to see relatives or friends in another country, setting out for solo travel, or wandering the world with your family in tow, the best travel insurance can provide financial travel protection in case minor–or major–inconveniences occur. While traveling offers a chance to learn new experiences, connect with others, and see new sights, it can also come with flight cancellations, lost luggage, trip interruptions, or even trip cancellations. Choosing a travel insurance plan can ensure a snafu doesn’t ruin your next adventure, or drain your wallet.

What is travel insurance?

Travel insurance is a type of insurance policy designed to offer coverage for various unforeseen circumstances while traveling. It aims to protect travelers against potential financial losses and risks that can occur before or during a trip. These risks include trip cancellations, lost luggage, travel delays, and especially medical emergencies that may arise in foreign countries. Coverage can vary widely, with policies offering protection for trip cancellation, trip interruption, emergency medical expenses, emergency evacuation, and sometimes even accidental death and dismemberment. This insurance is crucial for international travelers, who might find themselves in places where their personal health insurance has limited or no coverage at all. By providing a safety net against a range of common travel-related risks, travel insurance ensures that unforeseen events don't turn into financially burdensome situations, allowing travelers to enjoy their journeys with peace of mind.

Overview of the best travel insurance plans

Provider:	Best for:
Faye Travel Insurance	Whole trip travel insurance
Allianz	International travel multiple times per year
Travelex	Emergency services and assistance
AIG Travel Guard	Last minute coverage
SquareMouth	Comparing multiple travel plans
Seven Corners	Travelers to the U.S.
Berkshire Hathaway	Pre-existing conditions coverage
Nationwide	High emergency evacuation coverage
AXA	Higher coverage limits

Best travel insurance providers

Faye Travel Insurance

Faye Travel Insurance offers a variety of adaptable plans designed to cater to the unique needs of different travelers. Their offerings include up to $250,000 in coverage for emergency medical expenses on international trips, covering conditions like COVID-19. Additionally, Faye provides up to 100% reimbursement for non-refundable expenses due to various covered reasons under their trip cancellation and interruption coverage. They also compensate for delays, cancellations, and other inconveniences that may occur during the trip.

For personal belongings, Faye protects against the loss, theft, or damage of luggage and personal items. Moreover, they ensure round-the-clock customer support for emergencies, which includes real-time updates on flights and medical assistance, making their service comprehensive and responsive to the needs of modern travelers.

Pros

Customizable plans. Coverage can be adapted to include everything from basic trip cancellation to comprehensive medical and evacuation services.
Digital-first approach. Streamlines purchasing, managing policies, and filing claims through an app, enhancing user convenience.
Real-time support and alerts. Offers 24/7 customer service and real-time alerts about travel itineraries and changes.

Cons

Complex pricing. Customizable options might make it difficult to predict total costs without a detailed consultation.
Limited physical presence. Primarily an online service, which might not appeal to those preferring traditional in-person insurance dealings.

Read a full review of Faye Travel Insurance

Allianz

Allianz offers 10 plan options for travel insurance–five plans for single trips (including one plan for domestic travel), four plans for multi-trip/annual plans, and one rental car coverage only option. If you’re someone who travels internationally with multiple trips per year, you may benefit from an annual travel insurance plan with Allianz, which can save money overall, plus lessen the amount of time you spend activating a policy.

All Allianz plans, including the most basic plan, offer epidemic coverage, trip cancellation, trip interruption, emergency medical, emergency medical transportation, lost baggage, and delayed baggage coverage. Each includes a 24-hour assistance hotline.

Pros

Numerous plans for a variety of budgets
Allianz app lets you easily file claims
Offers comprehensive coverages

Cons

Longer reimbursement times
Low coverage amounts for basic plans

Read a full review of Allianz travel insurance.

Travelex

Travelex offers the typical travel insurance coverages you might expect, including trip cancellation, trip interruption, lost or delayed baggage, and more, but it’s the emergency medical coverage that stands out.

Travelex offers three plans, with up to $50,000 in emergency medical expenses coverage. However, it also offers up to $500,000 in emergency medical evacuation coverage and repatriation of remains, should the worst happen. The coverage also includes up to $25,000 in escort services, so if you or your family members have to leave the country while the other family member is still recovering.

Pros

High emergency medical evacuation coverage
Offers three plans, with several upgrade options for customized coverage
Faster claims reimbursement

Cons

No app for added convenience
Lower coverage amounts compared to other plans

AIG Travel Guard

AIG Travel Guard offers a variety of travel plans, including basic coverage, single-trip, and annual coverage options. These plans all include trip cancellation coverage up to $150,000, however, if you purchase the Pack-N-Go plan which is intended for last-minute travel, then it excludes the cancellation coverage and lowers the cost of the plan. Travel Guard not only provides comprehensive coverage for emergency medical and dental coverage, plus trip interruptions, cancellations, or delays, it includes coverage for inconveniences too. You can get up to $750 in aggregate coverage for trip inconveniences such as room lockout, bed infestations, closed attractions, and much more.

Pros

Pack-N-Go plan is ideal for last-minute travelers who don’t need cancellation insurance
Plenty of add-on options for customization
Can upgrade to “cancel for any reason” (CFAR coverage)

Cons

No app for greater convenience
Lower emergency evacuation coverage compared to other options

SquareMouth

SquareMouth operates differently versus the other travel insurance providers we’ve highlighted because it’s a comparison site, versus an individual provider site. You can use SquareMouth for comparing a wide variety of travel insurance plans, including sorting it by the category most important to you, such as trip cancellation coverage or emergency medical coverage. It compares over 30 providers and each one has been vetted by SquareMouth and each provider offers 24-hour assistance.

You can also search for cruises, annual plans, or international travel insurance plans. Once you find a plan you like and works for your travel needs, you can book through the SquareMouth site and pay the same cost as you would booking directly from the provider.

Pros

Compares plans from over 30 different providers
Book through the website once you find a plan you like
Can search based on your most important features

Cons

Not the company providing the policy

Seven Corners

Seven Corners is another option for purchasing travel insurance plans, where you can receive coverage for both your domestic trips and trips abroad. You can also purchase one of its plans whether you’re a U.S. resident or a foreign traveler traveling into the U.S. If you are a policyholder, you have access to 24/7 assistance, which is available in multiple languages.

Among the standard travel insurance coverages, you can purchase the optional Cancel for Any Reason coverage, which offers a 75% reimbursement if you have to cancel a trip for any reason within 48 hours of the trip start date. It also offers a similar optional coverage referred to as Interruption for Any Reason, ideal for those worried about a trip interruption.

Pros

Plans for both U.S. residents and travelers to the U.S.
Coverage for both trips in the U.S. and abroad
Emergency assistance is available in multiple languages

Cons

Website is difficult to navigate
No app available

Berkshire Hathaway

Berkshire Hathaway offers seven travel insurance plans, with the option of adding on coverages such as Cancel for Any Reason or car rental collision coverage. However, it’s worth considering a Berkshire Hathaway plan based on what it includes, which other companies often exclude. It’s one of the few companies offering a pre-existing condition waiver, which means you still receive coverage even if with a pre-existing medical condition and as long as you’ve filled out the appropriate paperwork.

Plans also include financial default coverage, which means you receive reimbursement if an airline, cruise, tour operator, or other entity ceases operation once you have a trip planned.

Pros

Includes pre-existing conditions and financial default coverage
Faster claims reimbursement
High emergency evacuation coverage with certain plans

Cons

No app for claims submissions

Nationwide

Nationwide sells travel insurance plans too, including for multi-trip, single-trip plans, and cruise insurance. One of its standout features is the option of purchasing a travel plan up to the day before your trip, perfect for those who make spontaneous plans or don’t have time to book any sooner. Nationwide offers two plans for single trips, four plans for multi-trip/annual plans, and three cruise coverage options, each with varying levels of emergency medical coverage, trip cancellation or interruption, lost or delayed baggage, and much more.

Nationwide does include coverage for pre-existing conditions and financial default, but you should note these coverages are only available if you purchase a plan within 10 days of your trip start date.

Pros

Can purchase up to a day before the trip
Includes pre-existing conditions and financial default
Multiple options available for add-on protection

Cons

No app is available for claims submission or information

AXA

AXA offers straightforward travel plans with three options to choose from: Silver, Gold, and Platinum. In addition to the comprehensive emergency medical services and trip coverages, you can add-on Cancel for Any Reason coverage and/or rental car collision. The three plans also cover both domestic and international travel. AXA offers varying levels of coverage and insurance, but some of the limits are higher compared to other companies. For example, the Platinum plan offers up to $3,000 reimbursement for coverage of lost baggage and personal effects, where most plans cap out around $500.

Pros

Straightforward plans
Includes both domestic and international travel
High coverage limits across multiple categories

Cons

No app for claims submission

Best travel insurance providers

Provider	Number of plan options	Emergency medical coverage	Trip cancellation coverage	Trip interruption coverage
Faye Travel Insurance	NA	Up to $250,000	N/A	N/A
Allianz	10	Up to $75,000	Up to $200,000	Up to $150,000
Travelex	3	Up to $50,000	Up to $50,000	Up to $75,000
AIG Travel Guard	5	Up to $100,000	Up to $150,000	Up to $225,000
SquareMouth	N/A	N/A	N/A	N/A
Seven Corners	9	Up to $1,000,000 (for foreign travelers)	Up to $20,000 per person	Up to 125% of trip cost
Berkshire Hathaway	7	Up to $100,000	Up to 100% of trip cost	Up to 150% of trip cost
Nationwide	8	Up to $150,000	Up to $30,000	Up to 200% of trip cost
AXA	3	Up to $250,000	Up to 100% of trip cost	Up to 150% of trip cost

Features of travel insurance

Travel insurance typically offers a range of features and benefits tailored to meet the needs of travelers. Here are some common features you might find in a travel insurance policy:

Trip cancellation coverage. This feature reimburses you for prepaid, non-refundable travel expenses if you need to cancel your trip for a covered reason, such as illness, injury, or a family emergency.
Trip interruption coverage. If your trip is cut short due to a covered reason, such as a medical emergency or a natural disaster, trip interruption insurance can reimburse you for the unused portion of your trip expenses and additional expenses incurred to return home early.
Emergency medical coverage. This feature covers medical expenses incurred due to illness or injury during your trip, including hospital stays, doctor visits, prescription medications, and emergency medical transportation.
Emergency medical evacuation. If you become seriously ill or injured and need to be transported to the nearest adequate medical care facility or back to your home country for treatment, emergency medical evacuation coverage can pay for the associated expenses.
Baggage delay coverage. This feature provides reimbursement for lost, stolen, or damaged baggage, as well as compensation for essential items purchased due to baggage delay.
Travel delay coverage. If your trip is delayed due to covered reasons such as inclement weather, airline strikes, or mechanical breakdowns, trip delay coverage can reimburse you for additional expenses incurred during the delay, such as accommodation, meals, and transportation.
Missed connection coverage. If you miss a connecting flight due to a covered reason, missed connection coverage can reimburse you for additional expenses to catch up with your trip, such as accommodation and transportation.
Personal liability coverage. This feature provides coverage for legal expenses and damages if you accidentally cause injury to someone else or damage someone's property during your trip.
24/7 assistance services. Several travel insurance cover includes 24/7 assistance services that offer emergency travel assistance, medical assistance, legal assistance, and concierge services.
Pre-existing medical conditions coverage. Some travel insurance policies offer coverage for pre-existing medical conditions if certain conditions are met, such as purchasing the policy within a specified time frame or meeting certain eligibility criteria.

FAQs

How much does travel insurance cost?

The cost of travel insurance depends on various factors, including your age, destination, trip duration, coverage limits, and the type of coverage you choose. On average, travel insurance can cost anywhere from 4% to 10% of your total trip expenses.

When should I buy travel insurance?

It's best to purchase travel insurance as soon as you book your trip to ensure coverage for any unexpected events that may occur before your departure. Some benefits, such as trip cancellation coverage, may only be available if you purchase the insurance within a certain time frame after booking your trip.

What is a deductible in travel insurance?

A deductible is the amount you must pay out of pocket before your travel insurance coverage kicks in. For example, if your policy has a $100 deductible and you incur $500 in covered expenses, you would pay the first $100, and the insurance would reimburse you for the remaining $400.

How do I make a claim on my travel insurance?

To make a claim on your travel insurance, you typically need to contact your insurance provider as soon as possible and follow their specific claims process. This may involve submitting documentation such as receipts, medical records, or police reports, depending on the nature of the claim.

The bottom line

While it's not mandatory, travel insurance is a smart investment for anyone traveling, especially internationally or for longer durations. Travel insurance provides financial protection and peace of mind against a wide range of unforeseen events and emergencies that can disrupt or jeopardize your trip. From medical emergencies and trip cancellations to lost luggage and travel delays, travel insurance can save you from significant financial losses and provide valuable assistance services when you need help the most.

While the cost of travel insurance varies depending on factors like your age, destination, and coverage limits, the benefits far outweigh the expense for most travelers. Ultimately, having travel insurance allows you to focus on enjoying your trip with the assurance that you're prepared for the unexpected.

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Sara Coleman is a former corporate gal turned creative entrepreneur. She began writing professionally several years ago and now contributes to multiple websites, blogs, and magazines. She’s also an avid reader and can’t resist a great historical fiction novel. Sara holds a BA in journalism from the University of Georgia and can be found supporting her Bulldogs every chance she has. She resides in Charlotte, North Carolina, with her wonderfully supportive husband and three children. When she’s not ushering her kids to sports and dance lessons, she can be found creating content for her own website, TheProperPen.com.

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