Incorporating travel insurance into your travel arrangements can provide essential protection for your trip investment, regardless of whether you are embarking on a much-anticipated dream vacation or a spontaneous getaway. Opting for the right travel insurance can save you money, time, and unnecessary frustration in case unforeseen events disrupt your plans.
The Best Travel Insurance Companies
- HTH Worldwide – Great For Medical Coverage
- Nationwide – Best For Upgrades
- Seven Corners– Best Value For Robust Coverage
- Travel Insured– Best For Non-Medical Evacuation
- TravelSafe– Best For Missed Connection Coverage
- WorldTrips – Great For Add-On Coverages
- AXA Assistance USA – Best For Baggage And Personal Effects Coverage
- Cat 70 – Great For Parents
- Generali Global Assistance – Great For Pre-Existing Medical Condition Coverage
- IMG – Great For Dog Owners
- John Hancock Insurance Agency – Best For Ad&D Coverage
- Tin Leg – Great For Price
- Trawick International – Great For Rental Car Coverage
- USI Affinity Travel Insurance Services – Great For Superior Coverage
- Berkshire Hathaway Travel Protection – Great For Hurricane And Weather
- GoReady Insurance – Best For Price
- Travelex Insurance Services – Best For Families
Summary: Travel Insurance Ratings
|COMPANY||ADVISOR RATING||TOP-SCORING POLICY||MEDICAL BENEFITS PER PERSON||EVACUATION BENEFITS PER PERSON|
|5.0||TripProtector Preferred||$500,000||$1 million|
|5.0||Cruise Luxury||$500,000||$1 million|
|5.0||RoundTrip Choice||$500,000||$1 million|
||Worldwide Trip Protector||$100,000||$1 million|
||Atlas Journey Premier||$150,00||$1 million|
||Travel Plan||$500,000||$1 million|
||iTravelInsured Travel LX||$500,000||$1 million|
|4.5||Safe Travels Voyager||$250,000||$1 million|
Travel insurance offers various comprehensive benefits that can safeguard your travel investment. Depending on your needs and budget, you can choose policies that cover trip cancellation, medical expenses, or a combination of both.
Key coverage options in comprehensive travel insurance plans include:
1. Trip Cancellation Insurance: Reimburses you for non-refundable deposits if you need to cancel your trip due to specific reasons mentioned in the policy. Some policies also cover Covid-related trip cancellations.
2. Travel Delay Insurance: Provides reimbursement for expenses incurred during trip delays caused by covered events, such as bad weather resulting in flight delays.
3. “Cancel for Any Reason” Coverage (CFAR): Allows you to cancel your trip for any reason not listed in the base policy. This upgrade typically reimburses a portion of your trip costs.
4. Travel Medical Insurance: Covers medical expenses during your trip, particularly important for international travelers with limited global health coverage from their U.S. health plans.
5. Emergency Medical Evacuation Coverage: Pays for transportation to the nearest suitable medical facility in case of a medical emergency, especially valuable in remote areas.
6. Trip Interruption Insurance: Provides coverage if you need to cut your trip short due to covered reasons, reimbursing non-refundable expenses.
7. Baggage Delay Coverage: Reimburses for essential items while waiting for delayed baggage, usually with a specified time delay requirement.
8. Baggage Loss and Personal Effects Coverage: Covers the loss, theft, or damage of baggage and personal belongings, though reimbursement is typically based on the depreciated value.
It’s essential to review a policy’s exclusions to understand what is not covered. For instance, high-risk activities, injuries due to alcohol or drug use, medical tourism, and loss of cash are often excluded from reimbursement.
Keep in mind that travel insurance is meant to protect against unforeseen events and emergencies, and it does not cover canceling a trip due to personal preferences or fears, such as fear of flying.
How Much Does Travel Insurance Cost?
The average cost of travel insurance is 6% of your trip cost, based on a Forbes Advisor analysis of travel insurance rates. The cost of travel insurance is usually mainly based on the age of travelers and the trip cost.
|Trip cost||Average travel insurance cost||Travel insurance cost as % of trip cost|
The plan and provider you choose will also affect cost. Here are examples of the costs of the top plans in our ratings.
How to Choose the Best Travel Insurance Policy
Choosing the right travel insurance policy involves considering several essential factors that align with your specific travel needs. Here are key considerations to help you make the best decision:
1. Destination: If you’re traveling outside the U.S., prioritize a plan with travel medical insurance since your U.S. health plan may offer limited coverage overseas. For international trips to remote areas, ensure your policy includes emergency medical evacuation coverage for access to top-quality medical facilities.
2. Weather Concerns: Traveling to hurricane-prone destinations? Look for a policy with trip interruption and cancellation insurance for weather events. This way, you can be reimbursed for non-refundable deposits if your trip is affected by severe weather.
3. Mode of Travel: If you’re concerned about potential delays due to weather or mechanical issues, seek a plan with generous travel delay insurance coverage to cover additional expenses during delays.
4. Activities and Deposits: For trips involving prepaid, non-refundable deposits for activities, lodging, and tours, prioritize trip cancellation and interruption coverage to safeguard your investment. If engaging in extreme sports or adventure excursions, ensure these activities are covered, as they might be excluded from standard policies.
5. Flexibility: Want the freedom to cancel or interrupt your trip for any reason? Consider adding “cancel for any reason” or “interruption for any reason” upgrades to your policy. These upgrades are particularly useful when you have substantial non-refundable deposits.
6. Covid Concerns: If Covid is a worry, opt for a travel insurance plan that covers Covid-related cancellations and medical expenses. The best plans may include “cancel for any reason” coverage. In case you test positive during your trip and require quarantine, travel delay and trip interruption insurance can cover extra expenses and non-refundable costs.
Remember to gather necessary documentation, such as a positive Covid test result, to make a successful claim. By considering these factors, you can select a travel insurance policy that offers peace of mind and protection throughout your journey.
Top Travel Destinations in July 2023
Americans are ready to take trips abroad in July: 80% of travel insurance purchases for trips taking place July 1 to 31, 2023, are for international trips, based on data from Squaremouth.
Italy is the top international destination for trips this month and was also the most popular destination for trips abroad in June. Great Britain is the No. 2 international spot, followed by Mexico. In addition:
The average trip cost for people traveling outside the U.S. in July is $6,167, down $329 from June’s average of $6,496.
The average trip cost for folks traveling within the U.S. this month is $6,648, up $751 from the average domestic trip cost in June ($5,897).
Americans traveling internationally paid an average of $337 for their travel insurance policies for July trips and domestic travelers paid an average of $363.