Do you travel frequently or only take a few big trips per year? In either case, a travel insurance plan can help you avoid financial losses when tragedy strikes, or when some aspect of your trip doesn’t go the way you hoped. Travel insurance is the smart and best way to protect your investments for a trip against the unforeseen and unexpected. If you are spending a lot of money such as hundreds of thousands of dollars. You don’t need anyone to tell you that it is important to purchase travel insurance.
Moreover, policies offered by most travel insurance companies provide individuals with exciting coverage while still at an affordable rate. However, there is no single travel insurance company that you can say it’s best for everyone. While the policies are affordable with great coverage, they still have few limitations and exclusions. With different levels of customer satisfaction ratings which is why it is important to research before purchasing a policy.
Travel insurance has become a priority consideration for individuals in planning their trip abroad. Regardless of what your intention for the trip is, whether you are on planning your honeymoon, family, or business trip. It is essential that you have travel insurance, besides many countries are now requiring insurance coverage as a condition for entry.
It is usually difficult to know the insurance policy that you need, and the best provider to choose. But just like we said earlier, there’s no single travel insurance company or policy that is the best for everyone. That is to say, there’s no one-sized policy that fits all, rather they are suited to one’s individual needs.
Best Travel Insurance Companies
Besides, the insurance policy should provide you with suitable coverage. One that covers the basics or major categories of travel insurance which are medical services, trip cancellation/ interruption, and lost/ stolen luggage. Therefore, before you purchase a travel insurance policy, it is important that you research and find a reputable company.
However, here are some of the best travel insurance companies, including an overview, pros, and cons of each one of them.
- Allianz Travel Insurance
- HTH Travel Insurance
- World Nomads
- Generali Global Assistance
- IMG Travel Insurance
Moreover, note that there is no specific rank or level in this list. We just outlined some of the best reputable insurance providers you can consider when planning to purchase travel insurance. However, here’s an overview of each of them including reviews on why we chose it.
Best: Overall/ Best for Families with Children
Travelex Insurance Services is a reputable and top leading travel insurance provider that is based in Omaha, Nebraska. The insurance company was founded in 1996, but its parent company, Travelex is a foreign exchange company that offers financial services such as international payments, foreign currency exchange, issuing prepaid credit cards for use by travelers, etc.
Moreover, Travelex provides clients with several insurance packages depending on the coverage that suits their needs that are available to customers all over the globe. The company’s insurance policies are underwritten by Berkshire Hathaway Specialty Insurance company. Which holds a financial strength rating of A++ from AM Best and an AA+ rating from Standard and Poor’s.
However, when it comes to coverage, Travelex offers two main coverage plans – Travel basic and travel select. With both offering protection for business and leisure travelers. The travel basic plan offers the primary coverage which includes trip cancellation/ interruption, medical services, and also offers 24-hour travel assistance services. While the travel select plan includes a pre-existing condition waiver if eligible, and additional optional upgrades to customize coverage.
Pros and Cons
Although Travelex is considered the best overall, there are certain features that might not be favorable to some people.
- Several plan options with optional upgrades/ customizable features
- Coverage for children who are 21 and under at no additional cost
- Competitive pricing for comprehensive coverage
- Travel basic plan features less coverage
- Coverage for certain sports activities requires an additional plan upgrade
- There are no annual plans available
Travelex builds its travel protection plans with its customers in mind. They offer several comprehensive travel insurance plans to protect you and your travel investment. From the weekend getaway to the family vacation, to the luxury around-the-world cruise, Travelex has a protection plan to meet your needs. Moreover, the starting price for Travelex insurance plans is $28, and trips are covered up to 100% with %25,000 being the coverage limit.
Allianz Travel Insurance
Best: Reputation/ Runner-up Best Overall/ Frequent Travelers
Allianz Travel Insurance is a subsidiary of Allianz SE, a German multinational financial services company headquartered in Munich, Germany. Its core businesses are insurance and asset management. Allianz is accredited with the Better Business Bureau and policies are underwritten by insurers with AM Best ratings. Thereby giving them a financial rating of A+ from AM Best.
The travel insurance company offers ten different insurance plans with extensive coverage for frequent travelers at a low cost per trip. The annual travel insurance plan is more ideal for travelers who want to hit the road many times per year than the individual per-trip policies. it provides medical and lost/ stolen luggage expenses for all your trips throughout the year. However, the travel insurance company offers our different annual plans which have a variety of benefit levels.
Moreover, among the different annual travel insurance plans, there is the AllTrips Executive. It has the highest limits and coverage, with the limits starting at $5,000 for trip cancellation/ interruption coverage. However, they also provide $50,000 for emergency medical services and %250,000 for emergency transportation, note that is per insured, per trip.
Pros and Cons
- Multi-trip (annual plans) and single-trip plans are available
- The travel insurance company has several policy types that fit a variety of needs
- Provides coverage for you and your family member throughout the year
- TravelSmart mobile app to stay connected and access 24-hour services
- Availability of benefits and coverage may vary by state
- It does offer coverage for extended travel periods
- Does not have the highest limit for emergency medical transportation coverage ($250,000)
Furthermore, Allianz Travel Insurance also has the TravelSmart mobile app, which allows travelers to access their travel insurance plan information while on their trip. It also connects travelers to approved hospitals in more than 120 countries, file and track claims, and receive emergency international assistance, etc.
Nationwide is an insurance company based in Ohio, United States. Established in 1925, Nationwide has more than 95 years of experience in insurance. They offer the most popular types of insurance policy which includes auto, home, and life. However, they also provide a range of travel insurance coverage for single trips, multi-trips, and cruises. Each of the Nationwide travel insurance plans is designed to meet the specific needs of travelers.
Moreover, Nationwide offers trip cancellation/ interruption coverage of up to $10,000 in the Essentials plan and $30,000 in its Prime plan. Nationwide’s Prime plan has a full slate of solid benefits, plus additional options that are not common. Furthermore, all Nationwide plans include coverage for the weather, school sessions extension, terrorism, work emergencies, etc.
Pros and Cons
- Offers three different cruise insurance plans to choose from
- Provides travelers 21 days to add cancel for any reason coverage after the first trip payment
- Also, offers coverage for common cruise issues like missed connections and itinerary changes
- Large insurer with a strong reputation
- Reimbursement/ benefit for missed connection which is $500 is lower than many competitors
- May not provide coverage for pre-existing conditions
- Some Nationwide insurance plans have low coverage levels for certain incidents
HTH Travel Insurance
HTH Travel Insurance is a subsidiary of HTH Worldwide, established in 1997 and is headquartered in Pennsylvania. HTH Travel Insurance offers a variety of travel insurance plans with high levels of medical coverage. This is why it is the best travel insurance company for seniors, who could end up in a doctor’s office or hospital abroad with an expensive medical bill.
Moreover, HTH Travel Insurance offers a broad range of insurance plans to travelers that include coverage for surgery, hospital care, drugs prescriptions, office visits, tests, etc. Benefits for trip cancellation/ interruption and stolen luggage coverage are quite low. But they offer more than $500,000 for medical evaluation without a lifetime limit.
Furthermore, the travel insurance company’s policies are underwritten by Nationwide, which has a financial strength rating of A+ from AM Best. However, HTH travel medical insurance plans are supported by a strong community of English-speaking physicians in more than 180 countries around the world. It also offers 24/7 customer service for multilingual customer support.
Pros and Cons
- High levels of medical coverage benefits of $500,000
- Excellent emergency medical evacuation coverage of $1 million
- Also offers up to a $1,500 allowance for someone to visit while at the hospital
- The lowest policy has a $50,000 maximum benefit per person which is sufficient for many trips but lower than some competitors
InsureMyTrip is a travel insurance quote comparison website. Established in 2000, it searches from more than 20 insurance providers with the use of one intake form. You can compare insurance quotes and policies from several travel insurance companies with one single form. Therefore, you can research and find low-cost travel coverage or customize an insurance plan to meet your specific needs so you don’t exceed your budget. Moreover, InsureMyTrip offers easy-to-use signup and comparison features and tools to compare several policies according to your needs.
Pros and Cons
- Research and compare insurance quotes from several reputable travel insurance providers
- A+ rating from Better Business Bureau
- A group of licensed representatives that can assist you with claims filing process, whenever necessary
- Research and shop around with one application form for multiple trip types
- Most popular insurance companies/ providers are not included in the listings
- Includes few policies with low coverage limits
- Initial listing pages don’t display policy limits
Best: Most comprehensive coverage
World Nomads is a favorite for long-term and frequent travelers. It is an Australia-based insurance company that covers activities like kite sailing, snowboarding, bungee jumping, etc. Their insurance plans provide coverage for medical emergencies, evacuation, and even several adventure activities. Although World Nomads does not have the same level of reputation as most travel insurance providers. It works with financially strong and reputable companies to underwrite policies and achieve good reviews. Such companies include Nationwide, Generali Global, AIG, Lloyd’s, etc.
Pros and Cons
- It offers coverage for cameras, laptops, computers, and all sorts of sports equipment for travel activities.
- Offers extensive coverage with high limits for medical and emergency evacuation
- Offers only single-trip plans
- Not all policies cover adventure sports
- Most pre-existing conditions are not covered in the policy
GeoBlue Travel Insurance
Best: Medical coverage
GeoBlue is a trading name of Worldwide Insurance Services, LLC, an independent licensee of the Blue Cross Blue Shield Association. Their policies are underwritten by 4 Ever Life International Limited, a company with a history of more than 70 years and an A rating (Excellent) from AM Best.
Moreover, GeoBlue has a network of more than 80 percent of physicians and 90 percent of hospitals across the United States. Travel insurance health plans offered by GeoBlue focus primarily on emergency medical benefits. Purchasing a GeoBlue plan gives you access to a global network of physicians ready to offer assistance at any moment.
Pros and Cons
- Offer coverage for medical needs when on a trip
- Different policies that allow you to cover various needs and pre-existing conditions
- A global network of physicians and care professionals for you to access
- Primarily covers medical costs
- May require additional medical coverage
- Does not offer coverage for adventure sports
How Much Travel Insurance Coverage Should I Get?
Generally, there’s no specific amount of coverage you should get. This is because it depends on the following:
- Your destination: However, for certain countries such as Europe’s Schengen Zone, you need at least €30,000 worth of travel health insurance, although you can choose to have more. But in countries like the United States, where healthcare costs are very high, a $30,000 policy maximum may not be much help if you require extended medical care.
- The duration of your trip: You don’t really need a million-dollar/euro policy maximum if you are only spending a few days abroad. But it could be necessary for months-long trips.
- What you will be doing on your trip: This refers to the type of activity you will be engaging in during your stay. For instance, if you intend to do a lot of increased-risk activities, such as camping, skiing, scuba diving, surfing, etc, a higher policy maximum makes sense due to the increased probability of getting into an accident.
How Much Does a Travel Insurance Policy Cost?
Furthermore, the cost of your travel insurance policy plan also depends on certain factors, but it is usually between 4% to 13% of the overall cost of your trip. However, the factors that determine the cost of the travel insurance policy are as follows:
- the overall cost of the trip
- the coverage you need or choose
- duration of your stay
- your destination
- your age, etc.
You May Also Like:
- USA Diversity Visa Lottery Info – Qualification Tips and Requirements
- What you should know about immigrating to Canada
- How to Obtain Netherlands Permanent Residence
- Immigrant Visas – Information About Sponsoring a Loved one
- Complete Guide to American Student Visa Sponsorship
How to Compare Travel Insurance Companies
Moreover, below are a few factors to consider or keep in mind when comparing travel insurance policies. There are as follows:
- Price: This is one of the most important or significant factors when comparing insurance policies. Research and find an insurance company or provider that offers great coverage at affordable rates.
- Policy Types: This depends on the duration and destination of your trip. That is to say, different policy types may work best for you depending on your situation.
- Coverage Limits: Each travel insurance plans have its specific coverage limits for trip cancellation/ interruption and medical services. Therefore, you should look for a plan whose coverage limits suits the amount you have or will spend on your trip.
- Exclusions: Most travel insurance plans usually exclude certain coverages. Therefore, make sure that you confirm that the events that you need are covered before buying the policy.
- Customer Satisfaction: Last but not the least, this is also very important when purchasing a travel insurance plan. Search for a provider that has high customer satisfaction ratings.
However, most are still wondering when and whether it is worthwhile to get travel insurance. It may seem like an irrelevant additional expense, but it provides you with peace of mind. It also saves you hundreds or thousands of dollars if an unforeseen incident happens while on your trip.
Moreover, even though there are travel insurance companies on the list that seem like they offer the best policy. We still highly recommend that you research and compare several quotes from multiple insurers. As the best travel insurance company or policy is the one that fits your specific needs, both in terms of coverage and the budget you have for the purchase.
In conclusion, please refer to our previous post, which will enlighten you more on everything you should know about Travel Insurance and its providers or company.