Planning to travel in 2024? You’re not alone. According to the U.S Travel Association, travel has bounced back after the pandemic, with Americans projected to spend a staggering $1.09 trillion on domestic and international travel this year. However, this surge in travel comes with increased expenses and uncertainties. To ensure your peace of mind, travel insurance is essential. Let’s explore the best travel insurance companies that will not only make your journeys memorable but also financially protected.
Compare the Best Travel Insurance Companies 2024
| Company | Medical Coverage | Trip Cancel Coverage | Purchase Window |
|---|---|---|---|
| Travelex | Varies by plan | Up to 100% | Within 15 days of purchase if travel has not started |
| Generali Global Assistance | Up to $50,000 | 100% of trip cost | Within 10 days of purchase if travel has not started |
| AXA Travel Insurance | Up to $25,000 | 100% of insured trip cost | Varies by plan |
| AIG Travelguard | Varies by plan | Up to 100% | Depends on plan selection |
| Allianz | Varies by plan | Varies by plan | Depends on plan selection |
| Berkshire Hathaway | Up to $15,000 | 100% of insured value | Varies by plan |
| Nationwide | Up to $75,000 | Up to $10,000 | Depends on plan selection |
| Tin Leg | Up to $20,000 | 100% of insured cost | Varies by plan |
Our Recommendations for the Best Travel Insurance Companies
Best for Adventure Enthusiasts: Travelex
The Travelex “Basic” plan provides medical coverage up to $15,000 and trip cancellation coverage up to $10,000. While these amounts are lower compared to other companies, Travelex offers adventure sports coverage, making it ideal for adrenaline junkies. Moreover, Travelex is highly rated on Trustpilot, with a 4.1 out of 5 stars rating.
Best Standard Coverage Package: Generali Global Assistance
Generali Global Assistance offers a “Standard” plan that includes medical coverage up to $50,000 and trip cancellation coverage for 100% of the insured value. Their plan also covers travel delay, baggage damage, baggage delay, and missed connection. With a Trustpilot rating of 3.4 out of 5 stars, Generali Global Assistance is a reliable choice.
Best for “Cancel for Any Reason” Coverage: AXA Travel Insurance
AXA Travel Insurance offers the “Silver” plan, which includes medical coverage up to $25,000 and trip cancellation coverage for 100% of the insured trip cost. Their “Platinum” plan provides “cancel for any reason” coverage, allowing you to cancel your trip for any personal or professional reason. AXA has a Trustpilot rating of 3.2 out of 5 stars.
Best for Spontaneous Travelers: AIG Travelguard
AIG Travelguard’s “Essential” plan offers medical coverage up to $15,000 and trip cancellation coverage for 100% of the insured cost of the trip. They also have a unique “Pack N’ Go” plan for last-minute travelers who don’t need trip cancellation coverage. AIG promises quick quotes on their website, making it convenient for comparison shopping. Trustpilot rates AIG Travelguard at 1.7 out of 5 stars.
Best for Families with Young Children: Allianz
Allianz’s “Basic” plan includes trip interruption and emergency medical coverage, making it suitable for family vacations. For families, Allianz also offers the “OneTrip Prime” plan, which extends coverage to children under 17 traveling with a parent or grandparent. With a Trustpilot rating of 4.4 out of 5 stars, Allianz is highly regarded.
Best for Luxury Travel: Berkshire Hathaway
Berkshire Hathaway’s “ExactCare Value” plan provides medical coverage up to $15,000 and trip cancellation coverage for 100% of the insured value. Their specialized insurance plan for luxury travel offers higher coverage limits and additional perks like car rental collision coverage and worldwide travel assistance. Trustpilot does not currently have a rating for Berkshire Hathaway Travel Insurance.
Best for Cruises: Nationwide
Nationwide’s “Single-trip Essential” plan offers medical emergency coverage up to $75,000, the highest among all companies reviewed. While their trip cancellation coverage is lower, Nationwide also provides specialized coverage for cruises, including itinerary changes, mechanical breakdown, and missed connections. Trustpilot rates Nationwide at 1.5 out of 5 stars.
Best for Amateur Athletes: Tin Leg
Tin Leg’s “Economy” plan includes trip cancellation coverage for 100% of the insured cost and emergency medical coverage up to $20,000. They also offer specialized coverage for sporting equipment and event registration fees. Trustpilot rates Tin Leg at 1.6 out of 5 stars.
Methodology
To develop our recommendations, we gathered information from travel insurance provider websites and third-party reviews. We focused on essential coverages, customer support availability, and policy cancellation terms. We reviewed each company’s most economical plan that included medical and trip cancellation coverage. Optional and upgraded plans were also considered. Please verify policy details before purchasing.
How to Select the Best Travel Insurance Company
Follow these tips to choose the best travel insurance company for your needs:
- Determine your needs: Outline your travel expense budget, activities, and health status to understand your specific insurance needs.
- Investigate your options: Check if you have any existing coverage through credit cards, tour operators, or airlines. Seek recommendations from travel agents or independent insurance agents.
- Compare features and coverage: Review the standard coverage and optional coverages offered by different providers.
- Get quotes from multiple companies: Compare prices and ensure you are getting the desired coverage at an affordable price.
Time STAMP: Travel is more expensive than ever. Protect your trip with travel insurance.
Frequently Asked Questions (FAQs)
- How is your travel insurance cost determined?
- Which travel insurance coverages are available?
- I’m concerned about getting sick while traveling. What insurance should I look for?
- Do I need travel insurance for a cruise?
- Is there travel insurance for multiple trips?
- How do I file a travel insurance claim?
- How long does it take for a travel insurance claim to be paid?
- Does my credit card offer travel insurance?
The Personal Finances Blog offers more detailed information and tips on travel insurance selection and coverage.