The word “insurance” can be intimidating. Maybe it’s because big insurance companies are notorious for bullying every penny out of you. Or maybe you just don’t want to think about worst-case scenarios in which you’d actually need insurance. On top of that, comparing all the options can be daunting.
The truth is that purchasing travel insurance (and also using it) doesn’t have to be a terrible experience.
Travel insurance is ultimately your friend. It’s arguably your most loyal travel companion. In times of turmoil, travel insurance can quite literally save you.
What is travel insurance? It’s not just travel health insurance—if you have to cancel or change trip plans, travel insurance can help financially. And if you lose your luggage, travel insurance can cover you there, too.
As a wise man once said, “If you can’t afford travel insurance, you can’t afford to travel.” I don’t know who that wise man was, but I do believe he was right.
That said, some travel insurance companies are better than others. This is especially true depending on your travel plans and specific needs. In this article, I’ll help you figure out who the best travel insurance companies really are (and which one is the best fit for you).
If you want to skip the research and get a customized comparison and quote of 104 policies from 23 travel insurance companies, just enter your trip details into the widget below.
Let’s jump right into our list of the 15 best travel insurance companies:
How to Choose Travel Insurance Coverage
There you have it, 15 fantastic companies to choose from, but how do you pick the right option? Not every company is going to offer the same benefits, and there is no one best solution for everyone (or even for every trip). There are several factors you need to take into account when choosing
Here are the main things travel insurance should cover, and things to watch for when choosing a policy:
Medical Expenses and Evacuation
Medical coverage is by far the most important insurance you need when traveling. When you are outside your home country, your standard health insurance probably doesn’t protect you, so you need an insurance plan that includes medical protection in case you are injured or become ill. Without this insurance, you could end up stuck with any hospital bills for emergency care.
Travel medical insurance usually includes coverage up to a fixed maximum amount. This maximum can range from $15,000 to as high as $2 million.
I typically recommend looking for a plan that has at least $100,000 in medical insurance. Hospital bills can rack up quickly, and you don’t want to end up having to pay tens of thousands of dollars if you need medical care abroad.
If you have a pre-existing medical condition, you also need to take that into account when shopping for travel insurance, because not every policy will cover you. Look for plans that include pre-existing condition waivers to make sure you can get the protection you need.
In addition to covering medical expenses, travel medical insurance also usually includes emergency medical evacuation and repatriation. Here’s the difference:
- Medical evacuation coverage will transport you to the nearest facility that will sufficiently provide the right medical services.
- Medical repatriation will transport you to your home.
- Repatriation of remains will transport your deceased remains back to your family in case of accidental death. Nobody wants to think about accidental death, but you also don’t want to leave your loved ones in a bad situation. Repatriation is a necessity.
Trip Interruption or Cancelation
Past emergency medical expenses, travel insurance protects your financial expenses if your trip is interrupted or cancelled.
For example: say you booked a trip to Australia and spent $4000 on flights and lodging. Then your house catches on fire while you’re on the plane. Naturally, you’ll want to cancel your trip, head home, and deal with the situation. In this case, good travel insurance will reimburse you the $4000 you already spent.
Some plans will even pay more than your original trip cost if your trip is interrupted. This can help pay for unplanned hotel stays or flights on the way home. Look for plans that have 150% trip interruption coverage (or any percent higher than 100).
It’s worth noting that you can’t just cancel your trip willy-nilly and get your money back. Most policies have pretty strict restrictions on acceptable reasons for cancelling your trip and how soon before your departure date you can cancel. If you make a cancellation claim, they’ll want you to prove that it was for one of the accepted reasons.
If you don’t want to bother with that stress, look for a plan that includes “cancel for any reason” coverage. Just like it sounds, you can cancel your trip for any reason at all and get refunded. Just expect to pay a bit more for these plans.
Baggage and Personal Belongings Insurance
Most travel insurance policies will offer some insurance to reimburse you if your baggage or some other personal belongings are damaged or lost on your trip.
The important thing to note here is that the coverage typically only goes up to a fixed maximum dollar amount (and sometimes a maximum amount per bag or per item). If you’re traveling with lots of expensive stuff, you want to make sure the policy has a high enough amount to cover everything.
Missed Connections and Trip Delays
The feeling of running through the airport at top speed only to arrive at the gate and find out your plane has already left is not a good one. That’s a lot of time (and money) out the window.
Fortunately, most travel insurance plans have protection for this situation too. With missed connection coverage, travel insurance companies will pay out a specified amount if you miss a flight connection. This can help with any expenses to help you get to your end destination.
On the flip side, delayed or canceled flights can also cause huge headaches. I like having travel insurance that pays for trip delays in case I need to book an unexpected hotel stay or look for a new flight.
Again, both of these services typically have specific payout maximums, so make sure the amount is enough for your trip.
Rental Car Insurance
If you’ll be renting a car, you can always choose to add on the insurance at the rental place. It’s expensive, but going without any insurance is a bit sketchy (especially if you’re out of the country and your normal car insurance doesn’t cover you at all).
The best way to get rental car insurance without paying an arm and a leg is to bundle it in with your travel insurance. Fortunately, most providers offer a rental car protection option that’s much less expensive than the plans you get from the car rental company.
As with everything, there’s typically a maximum insured amount, so double check before you rent the Bugatti.
Other Options and Considerations
We’ve covered the basics, but there may be some specific situations where you want additional coverage. Many companies offer optional add-ons (or additional standard features) that keep you insured for any situation. Here are a few options you may want to look for.
- Adventure Sports: Travel medical insurance covers emergency medical expenses if you’re injured or sick, but they may not accept your claim if you’re participating in “risky activities.” If you want to go skydiving, skiing, climbing, or participate in some other adventure or extreme activity, make sure it’s covered under your policy.
- Vacation Rental Damage Insurance: If you’re renting a place on Airbnb (or an Airbnb alternative), you may want insurance to pay for any damages to the property so you don’t have to.
- Electronics/Equipment Insurance: Whether it’s camera gear or a backcountry ski setup, traveling with expensive equipment can be stressful. Fortunately, you can get travel insurance that covers your high-value items in case they are lost or damaged.
- Pet Care: Leaving a furry friend at home? Some travel insurance policies offer coverage to pay for additional kennelling services if your trip return is delayed in any way.
