Best Travel Insurance Companies

Travel insurance can save the day if your reservation is lost, flight is missed or your plans are botched due to a natural disaster. Without travel insurance, there is little guarantee of compensation for your ruined vacation plans, and all you can do is complain to the airline, hotel or travel agent. Control what you can, and protect your itinerary with travel insurance. Get started now with our review of the best travel insurance.

Quick Look: Best Travel Insurance

• Best for International Travel: Faye
• Best for Trusted Travel Insurance: Travelex Insurance Services
• Best for Epidemic Endorsement Coverage: Allianz Global Assistance
• Best for Frequent Travelers: Arch RoamRight

Best Travel Insurance Companies

Many insurance companies offer travel insurance. Some are life insurance companies while others specialize in the travel industry. It is wise to do your homework when it comes to trusting your trip to a company. 

1. Best for International Travel: Faye

Faye Travel Insurance is an excellent choice if you’re looking for reliable and comprehensive travel insurance coverage, such as trip cancellation, trip interruption, trip delay, missed connections, baggage delay, emergency accident and sickness medical expenses and medical and non-medical evacuation coverage.

The travel insurance plan offered by Faye is also competitively priced and the coverage options are customizable to suit your needs. A week-long trip to Mexico for a 30-year-old couple would cost around $300.

You can easily navigate Faye’s online platform or app to purchase a plan and file a claim. It provides 24/7 assistance and up-to-date travel alerts, making its customer service team top-notch.

Why We Love It: We love Faye Travel Insurance because of its comprehensive coverage, including medical expenses, trip cancellation and baggage protection. It has an impressive customer satisfaction rate of over 95% and a quick claims process that averages only 24 hours. Additionally, its competitive pricing and 24/7 customer support make it a reliable choice if you're looking to protect your travel investment.

2. Best for Trusted Travel Insurance: Travelex

Travelex travel insurance provides protection for travelers on most types of trips, from weekend getaways to the luxury ski vacations.

The Travel Basic plan provides the essentials for your travels, while the Travel Select plan allows you to customize your coverage. The Flight Insurance options are also available for those who want flight-specific protection.

A 42-year-old male traveling internationally for a week at a trip cost of $2,500 pays $110 for Travel Basic. The Travel Select runs $153.

Travel Select includes children in its pricing. Travelex also offers coverage upgrades like car rental collision, additional medical coverage and more.

Why We Love It: Travelex offers a convenient way to get travel insurance with an instant quote available online. Not only does it provide coverage for COVID-19 (with certain restrictions), but it also offers 24/7 assistance for all your travel needs. Whether you need help with medical emergencies, lost luggage, or any other travel-related issues, Travel has you covered around the clock.

3. Best for Epidemic Endorsement Coverage: Allianz Global Assistance

Allianz is the largest travel insurance company. It's owned by Allianz SE, the world’s largest diversified insurance company.

The provider services worldwide and partners with thousands of travel agencies, airlines, resorts, websites and credit card companies. Founded in 1983, Allianz has an Insurer’s Better Business Bureau rating of A+ and is trusted by more than 35 million travelers each year.

Allianz plans include policies designed for domestic and international travel. For a 42-year-old male traveling internationally for a week on a trip cost of $2,500, a basic policy will cost $96. This plan covers most circumstances. The premier plan is $176 with greater coverage.

A family of 4 traveling internationally for a week on a $5,000 trip would pay $158 for a prime policy and $214 for a premier policy. Note that Allianz Prime family policy is less expensive than its basic policy at $204. Allianz offers special packages for certain customer classes.

Why We Love It: Allianz Global Assistance offers a wide range of plans, covering trips up to 365 days. It provides convenience through its mobile app, allowing you to easily access its policy information, file claims and receive assistance while on the go.

4. Best for Frequent Travelers: Arch RoamRight

Arch RoamRight offers a comprehensive mobile app and online platform that makes purchasing and managing a policy super easy. Travelers can quickly purchase a policy online, and policy details can be monitored on the company’s app.

Arch RoamRight Travel Insurance provides extensive options for trip insurance, including medical travel coverage. Policies are available with coverage for trip cancellations, baggage delays, emergency evacuations and more.

Why We Love It: Arch Roamright offers a comprehensive mobile app and online platform for travelers, providing convenience and accessibility at their fingertips. With multi-policy coverage options available for frequent travelers, you can choose the plan that best fits your needs. Additionally, the Pro Plus plan includes the added benefit of having one child included for every adult plan purchased.

What Is Travel Insurance?

Travel insurance is designed to financially protect your travel plans in a variety of ways.

Events that could hinder your travel plans can vary. You may have to:

• Cancel your trip due to an immediate emergency
• Miss a connecting flight
• The weather event causes damage to your destination.
• Track lost or delayed baggage.
• Miss events due to illness during your trip
• Acquire new required ID such as your ID or passport.

Without protection, you could be out the entire cost of your vacation or completely stranded. Travel insurance is affordable, and a policy could save you when the unexpected happens.

Average Cost of Travel Insurance

Travel insurance is not a 1-size-fits-all. Many factors will determine the cost of your policy, including:

The Age of Those Traveling

Age is the most crucial factor in determining the cost of your travel insurance policy. Those over the age of 65 pay more, while minors can often be included at no additional cost. This varies by company.

How Many Will be Traveling?

The more people covered, the greater the cost of your insurance.

How Long Is Your Trip?

Risk is the reason insurance exists. A longer trip poses more risk to the insurance company and will require a higher premium.

Type of Coverage Selected

Optional benefits increase your premium. You pick and choose your policy coverage based on your needs and how much you are willing to pay for protection.

Based on a single traveler up to age 30, the average cost of travel insurance for an individual for a basic, no-frills policy is $105. A multi-tier comprehensive policy can cost up to $164.

After age 30, the price tends to increase about $20 up to the age of 60. Beyond 60, a basic policy can cost up to $160 to $200.

Average Cost of Travel Insurance for a Family

Your travel insurance cost will increase as you add family members to your travel insurance policy. It's wise to budget between 5% to 7% of your total trip cost.

If your trip costs $5,000, expect your insurance to cost around $250. This figure will vary by insurance carrier. It is essential to shop around for the best policy.

What Does Travel Insurance Cover?

Travel insurance policies vary in coverage. But most basic policies include the following perils:

Trip Cancellation

You’ll find that when you book a vacation package, a portion of that deposit that is non-refundable. Even if you have a valid excuse for having to cancel your trip, you lose that portion, which can sometimes be substantial.

With travel cancellation coverage, you can recuperate some or all of that prepaid, non-refundable deposit. Insurers may also offer a “cancel for any reason” upgrade to a standard policy if it is purchased well enough in advance of your trip. This benefit will cos t extra but can help should you have to cancel at the last minute.

Trip Interruption

There are times when you need to cancel your trip before you board a plane or cast out from port. There are other times that you do make it to your destination, only to have an emergency back home cut your trip short. Travel interruption will help pay the expenses needed to return your home to deal with your emergency.

Trip Delay

Trip delay insurance provides coverage for unexpected delays during a trip. This insurance typically reimburses travelers for additional expenses incurred due to delays such as accommodation, meals, and transportation.

Emergency Medical Expenses

No one likes to think about being sick during a week away from home. But if illness or injury does happen, travel insurance provides the necessary funds to seek medical treatment.

A health insurance policy may not cover you if you are in another country. If it does, the coinsurance is often higher and brings additional out-of-pocket expenses. Travel insurance can help bridge that gap.

Emergency Medical Evacuation

This benefit provides the funds for you to seek medical treatment and goes a step further. It also pays for transportation to the nearest medical facility that provides adequate medical care.

There is a benefit called repatriation for the unfortunate event of a death on your trip that would pay the expenses to send your remains back home.

Accidental Death and Dismemberment

This coverage applies if you pass away or lose limbs in an accident during your trip.

Baggage

Luggage loss and delay does happen, you may have to go shopping to replace your wardrobe. Travel insurance usually covers:

• Lost checked-in luggage
• Baggage delays
• Expenses incurred due to lost luggage
• Pay for reimbursement of lost items

Other Benefits

Other benefits will vary by policy and company. These can include emergency cash transfer, ID theft protection, rental car coverage or flight accident.

What It Doesn't Cover

There are some circumstances not covered by a travel insurance policy. Common exclusions are:

Traveler Neglect

Leaving your luggage unattended or your valuables lying around your hotel room or another unsecured location could result in a denied claim.

Unapproved Medical Condition

Just as with a life insurance policy, if you were to file a claim due to an unreported illness or are waiting for test results, your claim will most likely be turned down.

Reckless Behavior

A claim can be rejected for engaging in reckless behavior, including:

• Excessive drinking
• Taking recreational drugs
• Engaging in high-risk sports or activities
• Disobeying traffic laws

Unapproved Travel

A travel policy can be void if you visit an area the local government discourages for travel.

Changing Your Mind

There are circumstances that may cause you to cancel your trip. Simply changing your mind about travel is not a covered cause of cancellation. Neither is neglecting the appropriate paperwork or identification, such as a passport, within the proper time.

Find Your Travel Insurance Today

Read all policy statements in full, and be aware of coverage amounts, limitations and exclusions before you choose a travel insurance policy. This is crucial when you are comparison shopping. There are reasons why a company is less expensive, and the reasons often lie in the limitations.

Travel insurance can be purchased for a single trip, multiple trips or annually. If you are a frequent flyer, an annual policy can be the most cost-effective route.

And travel insurance is not just for vacationers. Perhaps your job requires business travel, or you're a student who travels home for the holidays. A multi-trip or annual policy can provide coverage, and most insurance companies have special riders that focus on the needs of frequent travelers.

Another recommendation when you travel is to register your trip with the State Department’s Travel Registry website. In the event of a family emergency or another type of crisis, they can contact the traveler if he or she is registered.

Preparation is key. Control what you can, and travel with confidence and coverage. Find your travel insurance policy today.

Frequently Asked Questions