What to Know About Travel Insurance
Travel insurance is a safety net for travelers, providing reimbursement for unexpected mishaps like lost luggage, missed flights, trip cancellations, and emergency medical expenses. When planning your next trip, consider investing in travel insurance to safeguard your investment.
It’s advisable to purchase travel insurance soon after booking your trip to ensure you’re covered from the get-go. Some of our top picks in the industry include Seven Corners, Generali Global Assistance, and TravelInsured.com.
How We Chose Our Top Picks
In selecting our top picks, our team conducted over 1,000 hours of exhaustive research, evaluating 15 different travel insurance providers based on more than 15 data points. We meticulously reviewed each company’s fine print, comparing their coverage options and pricing to ensure our recommendations meet the diverse needs of travelers.
For those interested, you can read the full methodology for more insights.
Our Top Picks for the Best Travel Insurance
Best Travel Insurance Reviews
AIG Travel Guard
Pros
- Lodging expense benefit for COVID-19 related delays
- Comprehensive add-ons, including pet and wedding bundles
- Coverage for trips to Cuba with documentation
Cons
- Higher premium costs
- Basic plan lacks many add-on options
Why We Chose It: AIG Travel Guard stands out for its wide range of customizable options, from MedEvac to unique bundles for traveling pets. Its lodging expense coverage specifically for travelers testing positive for COVID-19 showcases the flexibility in its plans.
Allianz Travel
Pros
- Includes an epidemic coverage endorsement
- Offers the comprehensive TravelSmart App
- Annual plans tailored for business travelers
Cons
- Low medical coverage compared to others
- Lacks a “cancel for any reason” benefit
Why We Chose It: Allianz Travel is ideal for business trips, offering extensive coverage for trip interruptions, emergency medical needs, and unique business equipment protection, all backed by their user-friendly app.
Generali Global Assistance
Pros
- Comprehensive global support services
- Emergency assistance available 24/7
- All plans include travel medical coverage
Cons
- Pre-existing condition coverage limited to premium plans
- Premium costs can be high
Why We Chose It: For emergency support services, Generali stands out with its emphasis on 24-hour assistance and varied plan options, making it a great match for expansive travel needs.
Seven Corners
Pros
- Plans that cover groups of five or more
- Emergency medical coverage for expatriates
- 24/7 multilingual customer service
Cons
- “Cancel for any reason” only available in select plans
- Some plans require prior health insurance
Why We Chose It: Seven Corners is the go-to choice for large groups, providing comprehensive medical options and travel protection tailored for emergency situations at competitive rates.
Travelex Insurance Services
Pros
- Family coverage for children under 17
- Multiple plans to cater to various trip lengths
- Robust trip protection including cancellation and interruption
Cons
- Limited add-ons compared to competitors
- High premium costs
Why We Chose It: Travelex is excellent for families, ensuring children travel free while receiving extensive trip protection, making family vacations easier and more affordable.
Other Travel Insurance Companies We Considered
Several reputable companies, such as TravelInsurance.com and Berkshire Hathaway, were reviewed but did not make our top picks. These firms still hold considerable merit, offering personalized quotes and specialized plans for certain situations.
Travel Insurance Guide
Understanding how travel insurance works is fundamental for any traveler. It reimburses you for pre-paid, non-refundable costs like airfare and accommodations, and it provides coverage for medical expenses and unexpected events during your trip.
What Does Travel Insurance Cover?
Comprehensive travel insurance typically covers:
- Trip cancellation: Refunds for covered cancellations.
- Trip interruption: Compensation for unused portions and necessary return travel expenses.
- Travel delay: Coverage for expenses due to delays, such as meals and lodging.
- Emergency medical coverage: Reimbursement for medical treatment while traveling.
- Baggage coverage: Reimbursement for lost or delayed luggage.
- Emergency assistance: 24/7 customer service to assist with travel issues.
What Doesn’t Travel Insurance Cover?
Common exclusions to be aware of include:
- Pre-existing medical conditions
- Injuries sustained while intoxicated
- Missed flights due to your own fault
- Adverse weather or natural disasters
Is Travel Insurance Worth It?
Whether travel insurance is a wise investment depends on various factors, including the cost of your trips and potential medical emergencies. If you’ve pre-paid for non-refundable expenses or are traveling to high-risk locations, travel insurance can be extremely beneficial.
How to Get Travel Insurance
Consider securing travel insurance soon after booking your trip for optimal coverage. Review your insurance needs, compare quotes, and ensure the plan covers your intended activities. It’s a smart way to protect your investment and ensure peace of mind during your travels.