|a company||Trip cancellation / trip interruption||Medical emergency/emergency transportation||Loss/damage to baggage||Starting at a 35-year premium, $1,500 flight cost||Starting premium from 65 years old, trip cost $3,000|
|Travelex||100% / 100%||$15,000 / $100,000||500 dollars||$68||$186|
|HTH Travel Insurance||100% / 125%||$75,000 / $500,000||$750||$68||$171|
|nationally||100% / 125%||$75,000 / $250,000||$600||$69||$135|
|Allianz travel insurance||100% / 100%||$10,000 / $50,000||500 dollars||$65||$165|
|seven corners||100% / 100%||Up to $100,000 / Up to $250,000||500 dollars||$58||$173|
|Travel Guard from AIG||100% / 100%||$15,000 / $150,000||$750||$51||$144|
The emergency medical coverage in a travel insurance policy is often secondary to your primary health insurance. This means that you must first file a claim with your primary insurance company to determine how much your travel insurance policy covers.
Other companies to consider
Factors affecting travel insurance costs
When you buy travel insurance, the length of your trip may affect which policies you can get, and the timing of your purchase may affect whether or not pre-existing medical conditions are covered—but these factors usually don’t affect your premium. Your destination also does not affect your premium. Travel insurance in Costa Rica will cost about the same as travel insurance for a trip to Europe, all other factors being equal. Instead, the cost of travel insurance depends on the following factors.
Travel insurance is more expensive for older people, as they are more likely to have medical problems. Travel insurance companies charge a higher premium to account for this risk. However, even if you’re traveling in retirement, you can probably find low-cost travel insurance that meets your needs.
Premiums are also calculated based on the total cost of your trip. Because a $10,000 canceled flight reimbursement costs more than a $1,000 flight, insurance companies charge higher premiums for the more expensive flights.
The higher your coverage limits and the more benefits you add (eg, cancellation for any reason, adventure sports coverage, pet care), the higher your premium will cost. Companies often offer a selection of plans at different tiers or benefit levels.
The best travel insurance companies
- TravelexTravelex offers plans with trip interruption coverage of up to 150% and emergency evacuation coverage of up to $500,000. Optional upgrades include adventure sports coverage, cancellation coverage for any reason, pet medical care, pet return, additional medical coverage of $50,000 for medical expenses and $500,000 for medical evacuation coverage. Travelex policies are insured by two trusted companies, Berkshire Hathaway and Zurich Insurance Group, which are rated A++ (Excellent) and A+ (Excellent) AM Best for financial strength, respectively.
- Allianz travel insurance: Allianz offers a variety of single and multiplex plans, and you can choose to purchase medical coverage or travel cancellation coverage separately. The company offers high coverage limits, and most plans include COVID-19 pandemic coverage. Cancel anytime Car rental coverage is available as an optional update. Also, Allianz’s two insurers, Jefferson Insurance Company and BCS Insurance Company, earn A+ (excellent) and A- (excellent) financial strength ratings from AM Best.
- HTH Travel Insurance: HTH offers short and long term medical plans along with full travel protection plans. Plans offer high medical coverage limits, with emergency medical coverage of at least $75,000, and reimbursement of up to 200% of the cost of a trip due to interruption. All plans also include a minimum of $500 in trip delay coverage and $250 in missed connection coverage. The plans are underwritten by Nationwide, which has an A+ (Excellent) financial strength rating from AM Best. InsureMyTrip is also recommended by more than 90% of customers in the travel insurance market.
- nationally: Nationwide offers single and multi-cruise plans along with a package designed for cruises. Plans are comprehensive, covering a minimum of $75,000 in medical emergencies and reimbursement of up to 200% of the cost of the trip due to interruption, depending on the plan. Accidental death and dismemberment (AD&D) coverage and rental auto are available as add-ons, and a COVID-19 diagnosis may be covered as part of trip cancellation coverage. Nationwide has an A+ (excellent) financial strength rating with AM Best.
- seven corners: Seven Corners’ offerings include travel medical, trip insurance, and annual plans. Trip insurance plans offer at least $100,000 in emergency medical coverage, but the basic plan does not cover pre-existing conditions. Extras include rental car coverage and optional coverage for cancellation for any reason and boycott for any reason. Diagnoses of COVID-19 are treated like other illnesses that trigger coverage. Trip interruption and cancellation policies are insured by the United States Fire Insurance Corporation (USFI), which has a financial strength rating of A (Excellent) from AM Best. Medical travel policies are insured by USFI if you live in Colorado, Maryland, New York and South Dakota, and either Lloyd’s of London or Crum & Forster SPC if you live in other states.
- Travel Guard from AIGTravel Guard offers some of the cheapest premiums we could find, especially for teens, but the medical restrictions on the basic plan may not be enough. COVID-19 is treated like other diseases under the plan. The company offers few upgrades, but rental car coverage is available. AIG has a financial strength rating of A (Excellent) with AM Best.
How to save money on travel insurance costs
- Don’t pay for coverage you don’t need: Check what your credit card, health insurance, homeowners insurance, and, in some cases, car insurance cover, and try to get a policy that fills the gaps.
- Compare premiums across companies: While the cheapest plan isn’t necessarily the best, some companies may offer better rates than others for the same coverage. For example, some companies are more affordable for older travelers. It’s a good idea to compare quotes for the coverage you need.
- Consider an annual plan: If you travel frequently, you can save money by purchasing an annual plan. But you should compare the benefits of the plan and make sure you get more benefits versus the trip-based plan. Also keep in mind that annual plans may not be available in all states.
- Avoid covering cancellation for any reason if possible: You may think you can rest easy with any-reason cancellation coverage, but these policies usually cost much more and often provide poor coverage. This type of coverage should be avoided unless absolutely necessary for your trip.
How to choose the best travel insurance
Select the types of coverage that interest you
Travel insurance is a package of covers that may include some or all of the following:
- Travel cancellation and interruption: Offers compensation if your flight is canceled or interrupted for certain reasons, such as an injury or an unexpected natural disaster
- Travel medical coverage: Provides temporary health insurance if you become ill or injured while traveling
- Emergency medical evacuation: Pay for your evacuation to the nearest appropriate medical facility if necessary
- Accidental death and dismemberment: It pays an amount to you if you lose a limb or to your beneficiaries if you die in an accident
- Baggage loss or damage: Compensates you for lost or damaged baggage and personal items
- Cancel coverage for any reason: It allows you to cancel in any circumstances and receive a partial refund, but it is more expensive.
Some travel insurance packages may also include add-ons such as car rental coverage, baggage delay, pet treatment, and missed call coverage. Most travel insurance plans also include some form of travel assistance. Decide on the coverages you want, then check to see what your credit card and existing insurance policies actually cover before purchasing a travel insurance plan.
Evaluate company ratings
In the corporate comparison process, you’ll want to consider more than just the price of the policy and the coverage offered. You should also verify that the insurance company has a rating of A- (excellent) in financial strength or better than AM Best, and evaluate customer reviews from third-party companies such as TrustPilot, ConsumerAffairs, and BBB.
Depending on your age and the cost of the trip, some travel insurance companies may offer lower premiums than others. This is why it is important to compare quotes. You can collect quotes directly from each insurance company’s website, or you can use an insurance aggregator website that allows you to view quotes from a few companies using just one app.
Review policy limits and exclusions
When comparing premiums, look at the policy details and compare limits and exclusions. For example, some insurance companies will not reimburse you if your flight is delayed, and some may exclude coverage for pre-existing conditions. In addition, medical coverage may exclude injuries from certain activities, such as scuba diving.
Some insurance companies offer generally excluded coverages as an endorsement of your travel insurance plan for an additional premium or as a feature included in certain packages. Pay attention to what’s available if you’re looking for an extra layer of protection. For example, while travel insurance plans usually exclude pandemics and pandemics, most Allianz plans include support for pandemic coverage that will cover cancellation, interruption, Medicare, and more in the event of a COVID-19 diagnosis.
Buy as soon as possible
To get coverage for pre-existing conditions, you usually need to purchase travel insurance soon after purchasing your trip or make a deposit toward the trip. Furthermore, travel insurance typically provides coverage only for unforeseen circumstances, so if you wait until a weather event is announced to purchase coverage, that weather event may not be covered. The sooner you purchase travel insurance after purchasing your trip, the fewer exclusions you will have to worry about.
What is travel insurance?
The term “travel insurance” usually refers to a package of covers that helps protect against a variety of things that can go wrong before and during your trip. The best travel insurance will reimburse you for the total cost of your trip if it is canceled or interrupted for certain reasons, such as an injury or death of a family member. It also provides temporary major medical coverage and emergency evacuation coverage in case you get injured or become ill while traveling. Many plans also offer additional benefits or optional endorsements, such as coverage for cancellation for any reason.
Is travel insurance worth it?
It’s up to you. You will need to weigh the risk of giving up travel insurance against the cost of the policy. You may have enough coverage from a travel credit card or other insurance policies that travel insurance coverage is unnecessary. However, if you purchased an expensive, non-refundable vacation, or if your health insurance plan doesn’t cover where you’re traveling, travel insurance will likely be worth it.
How to get travel insurance
If you are looking to buy travel insurance, it is best to start with company ratings. Then get travel insurance quotes to compare costs and coverage. Almost all travel insurance companies allow you to purchase coverage instantly online, and it’s best to pay for coverage as soon as possible after you book your trip.
What does travel insurance cover?
While coverages vary from plan to plan, most travel insurance policies cover trip cancellation and interruption, short-term major medical coverage, emergency evacuation, and lost or damaged baggage. Most also offer additional benefits, such as any-reason cancellation coverage, pet medical coverage, and adventure sports coverage.