Best Travel Insurance Companies

Contributor, Benzinga

Travel insurance can save the day if your reservation is lost, flight is missed or your plans are botched due to a natural disaster. Without travel insurance, there is little guarantee of compensation for your ruined vacation plans, and all you can do is complain to the airline, hotel or travel agent. Control what you can, and protect your itinerary with travel insurance. Get started now with our review of the best travel insurance.

Best Travel Insurance:

Get Started securely through Arch RoamRight’s website
Disclosure: This provides a broad overview of your policy provisions and does not revise or amend the policy. Insurance coverages are underwritten by Arch Insurance Company, NAIC #11150, under policy series LTP 2013 and amendments thereto. Plans are offered and disseminated by registered travel retailers on behalf of Arch Insurance Solutions Inc., a licensed travel insurance producer* (CA License #0I18111, TX License #1787195). Both the travel insurance producer and the underwriter referenced above may be reached at 1-844-872-4163. Your policy is the contract that specifically and fully describes your coverage. Certain terms, conditions, restrictions and exclusions apply and coverages may vary in certain states. Please refer to your policy for detailed terms and conditions. Consumer Disclosures can be found at: https://www.roamright.com/disclosures/. Privacy policy can be found at: https://www.roamright.com/roamright-website-privacy-policy/ *Plans are solicited by licensed producers in NY and HI.   
Best For
Frequent travelers
N/A
1 Minute Review

Arch RoamRight travel insurance provides extensive options for trip insurance. Travelers can quickly purchase a policy online, and policy details can be monitored on the company’s app. Policies are available with coverage for trip cancellations, baggage delays, emergency evacuations and more.

Arch RoamRight offers its users a comprehensive mobile app and online portal they can use to plan their trip. The app is equipped with everything from safety warnings to travel documents. Travel insurance plan options may be overwhelming for those who have never bought travel insurance before, and that is why Arch RoamRight offers a policy choice for every traveler. 

#1 Highlight: Wide range of coverages available

AM Best Rating: A+

Moody’s Rating: A2

1Financial ratings are as of 9/21/2021. Subject to change. For more information, visit https://insurance.archgroup.com/.

Best For
  • Frequent travelers
  • Travelers looking to cover international medical expenses
  • New travelers looking to protect their trip costs
Pros
  • Comprehensive mobile app and online platform
  • Multi-policy coverage options available for frequent travelers
  • 1 child included on Pro Plus plan for every adult plan purchased
Cons
  • Some (but very few) geo restrictions on product
  • Comparing plans can be overwhelming
Get started securely through Travelex’s website
Best For
Affordable travel insurance
N/A
1 Minute Review

Travelex is a leading travel insurance provider with over 55 years of experience under its belt. Travel insurance plans are underwritten by Berkshire Hathaway and Zurich Insurance Group, so you can rest assured you’re getting the best deal.

Choose from 3 different plan tiers, Travel Select, Travel Basic and Travel America. You can also choose from a host of optional upgrades, including car rental insurance, additional medical coverage and accidental death and dismemberment coverage (limited to common air carriers only.)

Travelex offers 24/7 global assistance from World Travel Protection.

Best For
  • Affordable travel insurance
Pros
  • Instant quote online
  • COVID-19 coverage (restrictions apply)
  • 24/7 assistance
Cons
  • Less plan options than some other providers
Compare Plans securely through Allianz’s website
Best For
Epidemic endorsement coverage
N/A
1 Minute Review

Provided by Allianz Global Assistance, Allianz Travel Insurance is a solid choice for frequent travelers or travelers who travel for long periods of time. Allianz offers free coverage for kids up to 17, making it perfect for traveling families or families who are living abroad for work.

 

Allianz offers a wide range of plans (5 in total), but their coverage limits can be relatively low compared to other providers.

Best For
  • Epidemic endorsement coverage
Pros
  • Coverage provided by Allianz Global Assistance
  • Mobile app
  • Covers trips up to 365 days
  • Wide range of plans
Cons
  • Low coverage limits

What is Travel Insurance?

Travel insurance is designed to financially protect your travel plans in a variety of ways.

Events that could hinder your travel plans can vary. You may have to:

  • Cancel your trip due to an immediate emergency
  • Miss a connecting flight
  • The weather event causes damage to your destination.
  • Track lost or delayed baggage.
  • Miss events due to illness during your trip
  • Acquire new required ID such as your ID or passport.

Without protection, you could be out the entire cost of your vacation or completely stranded. Travel insurance is affordable, and a policy could save you when the unexpected happens.

Average Cost of Travel Insurance

Travel insurance is not a 1-size-fits-all. Many factors will determine the cost of your policy, including:

The age of those traveling. Age is the most crucial factor in determining the cost of your travel insurance policy. Those over the age of 65 pay more, while minors can often be included at no additional cost. This varies by company.

How many will be traveling? The more people covered, the greater the cost of your insurance.

How long is your trip? Risk is the reason insurance exists. A longer trip poses more risk to the insurance company and will require a higher premium.

Type of coverage selected. Optional benefits increase your premium. You pick and choose your policy coverage based on your needs and how much you are willing to pay for protection.

Based on a single traveler up to age 30, the average cost of travel insurance for an individual for a basic, no-frills policy is $105. A multi-tier comprehensive policy can cost up to $164.

After age 30, the price tends to increase about $20 up to the age of 60. Beyond 60, a basic policy can cost up to $160 to $200.

Average Cost of Travel Insurance for a Family

Your travel insurance cost will increase as you add family members to your travel insurance policy. It’s wise to budget between 5% to 7% of your total trip cost.

If your trip costs $5,000, expect your insurance to cost around $250. This figure will vary by insurance carrier. It is essential to shop around for the best policy.

What Does Travel Insurance Cover?

Travel insurance policies vary in coverage. But most basic policies include the following perils:

Trip cancellation. You’ll find that when you book a vacation package, a portion of that deposit that is non-refundable. Even if you have a valid excuse for having to cancel your trip, you lose that portion, which can sometimes be substantial.

With travel insurance, you can recuperate some or all of that prepaid, non-refundable deposit. Insurers may also offer a “cancel for any reason” upgrade to a standard policy if it is purchased well enough in advance of your trip. This benefit will cost extra but can help should you have to cancel at the last minute.

Trip interruption. There are times when you need to cancel your trip before you board a plane or cast out from port. There are other times that you do make it to your destination, only to have an emergency back home cut your trip short. Travel insurance will help pay the expenses needed to return your home to deal with your emergency.

Emergency medical expenses. No one likes to think about being sick during a week away from home. But if illness or injury does happen, travel insurance provides the necessary funds to seek medical treatment.

A health insurance policy may not cover you if you are in another country. If it does, the coinsurance is often higher and brings additional out-of-pocket expenses. Travel insurance can help bridge that gap.

Emergency medical evacuation. This benefit provides the funds for you to seek medical treatment and goes a step further. It also pays for transportation to the nearest medical facility that provides adequate medical care.

There is a benefit called repatriation for the unfortunate event of a death on your trip that would pay the expenses to send your remains back home.

Accidental death and dismemberment. This coverage applies if you pass away or lose limbs in an accident during your trip.

Baggage. Luggage loss and delay does happen, you may have to go shopping to replace your wardrobe. Travel insurance usually covers:

  • Lost checked-in luggage
  • Baggage delays
  • Expenses incurred due to lost luggage
  • Pay for reimbursement of lost items

Other benefits. Other benefits will vary by policy and company. These can include emergency cash transfer, ID theft protection, rental car coverage or flight accident.

What it Doesn’t Cover

There are some circumstances not covered by a travel insurance policy. Common exclusions are:

Traveler neglect. Leaving your luggage unattended or your valuables lying around your hotel room or another unsecured location could result in a denied claim.

Unapproved medical condition. Just as with a life insurance policy, if you were to file a claim due to an unreported illness or are waiting for test results, your claim will most likely be turned down.

Reckless behavior. A claim can be rejected for engaging in reckless behavior, including:

  • Excessive drinking
  • Taking recreational drugs
  • Engaging in high-risk sports or activities
  • Disobeying traffic laws

Unapproved travel. A travel policy can be void if you visit an area the local government discourages for travel.

Changing your mind. There are circumstances that may cause you to cancel your trip. Simply changing your mind about travel is not a covered cause of cancellation. Neither is neglecting the appropriate paperwork or identification, such as a passport, within the proper time.

Best Travel Insurance Companies

Many insurance companies offer travel insurance. Some are life insurance companies while others specialize in the travel industry. It is wise to do your homework when it comes to trusting your trip to a company. 

Best For
Frequent travelers
Pros
  • Comprehensive mobile app and online platform
  • Multi-policy coverage options available for frequent travelers
  • 1 child included on Pro Plus plan for every adult plan purchased
Cons
  • Some (but very few) geo restrictions on product
  • Comparing plans can be overwhelming
Disclosure This provides a broad overview of your policy provisions and does not revise or amend the policy. Insurance coverages are underwritten by Arch Insurance Company, NAIC #11150, under policy series LTP 2013 and amendments thereto. Plans are offered and disseminated by registered travel retailers on behalf of Arch Insurance Solutions Inc., a licensed travel insurance producer* (CA License #0I18111, TX License #1787195). Both the travel insurance producer and the underwriter referenced above may be reached at 1-844-872-4163. Your policy is the contract that specifically and fully describes your coverage. Certain terms, conditions, restrictions and exclusions apply and coverages may vary in certain states. Please refer to your policy for detailed terms and conditions. Consumer Disclosures can be found at: https://www.roamright.com/disclosures/. Privacy policy can be found at: https://www.roamright.com/roamright-website-privacy-policy/ *Plans are solicited by licensed producers in NY and HI.   

1. Arch RoamRight

Arch RoamRight offers a comprehensive mobile app and online platform that makes purchasing and managing a policy super easy. Travelers can quickly purchase a policy online, and policy details can be monitored on the company’s app.

Arch RoamRight Travel Insurance provides extensive options for trip insurance, including medical travel coverage. Policies are available with coverage for trip cancellations, baggage delays, emergency evacuations and more.

RoamRight offers its users a comprehensive mobile app and online portal they can use to plan their trip. The app is equipped with everything from safety warnings to travel documents. Though the company’s plan options may be overwhelming for those who have never bought travel insurance before, RoamRight offers a policy choice for every traveler. 

Parents can purchase the Pro Plus plan, which includes 1 child per each adult.

Best For
Affordable travel insurance
Pros
  • Instant quote online
  • COVID-19 coverage (restrictions apply)
  • 24/7 assistance
Cons
  • Less plan options than some other providers

2. Travelex

Travelex travel insurance provides protection for travelers on most types of trips, from weekend getaways to the luxury ski vacations.

The Travel Basic plan provides the essentials for your travels, while the Travel Select plan allows you to customize your coverage. The Flight Insurance options are also available for those who want flight-specific protection.

A 42-year-old male traveling internationally for a week at a trip cost of $2,500 pays $110 for Travel Basic. The Travel Select runs $153.

Travel Select includes children in its pricing. Travelex also offers coverage upgrades like car rental collision, additional medical coverage and more.

Best For
Epidemic endorsement coverage
Pros
  • Coverage provided by Allianz Global Assistance
  • Mobile app
  • Covers trips up to 365 days
  • Wide range of plans
Cons
  • Low coverage limits

3. Allianz Global Assistance

Allianz is the largest travel insurance company. It’s owned by Allianz SE, the world’s largest diversified insurance company.

The provider services worldwide and partners with thousands of travel agencies, airlines, resorts, websites and credit card companies. Founded in 1983, Allianz has an Insurer’s Better Business Bureau rating of A+ and is trusted by more than 35 million travelers each year.

Allianz plans include policies designed for domestic and international travel. For a 42-year-old male traveling internationally for a week on a trip cost of $2,500, a basic policy will cost $96. This plan covers most circumstances. The premier plan is $176 with greater coverage.

A family of 4 traveling internationally for a week on a $5,000 trip would pay $158 for a prime policy and $214 for a premier policy. Note that Allianz Prime family policy is less expensive than its basic policy at $204. Allianz offers special packages for certain customer classes.

Compare Travel Insurance Plans

Get Started securely through Arch RoamRight’s website
Disclosure: This provides a broad overview of your policy provisions and does not revise or amend the policy. Insurance coverages are underwritten by Arch Insurance Company, NAIC #11150, under policy series LTP 2013 and amendments thereto. Plans are offered and disseminated by registered travel retailers on behalf of Arch Insurance Solutions Inc., a licensed travel insurance producer* (CA License #0I18111, TX License #1787195). Both the travel insurance producer and the underwriter referenced above may be reached at 1-844-872-4163. Your policy is the contract that specifically and fully describes your coverage. Certain terms, conditions, restrictions and exclusions apply and coverages may vary in certain states. Please refer to your policy for detailed terms and conditions. Consumer Disclosures can be found at: https://www.roamright.com/disclosures/. Privacy policy can be found at: https://www.roamright.com/roamright-website-privacy-policy/ *Plans are solicited by licensed producers in NY and HI.   
Best For
Frequent travelers
N/A
1 Minute Review

Arch RoamRight travel insurance provides extensive options for trip insurance. Travelers can quickly purchase a policy online, and policy details can be monitored on the company’s app. Policies are available with coverage for trip cancellations, baggage delays, emergency evacuations and more.

Arch RoamRight offers its users a comprehensive mobile app and online portal they can use to plan their trip. The app is equipped with everything from safety warnings to travel documents. Travel insurance plan options may be overwhelming for those who have never bought travel insurance before, and that is why Arch RoamRight offers a policy choice for every traveler. 

#1 Highlight: Wide range of coverages available

AM Best Rating: A+

Moody’s Rating: A2

1Financial ratings are as of 9/21/2021. Subject to change. For more information, visit https://insurance.archgroup.com/.

Best For
  • Frequent travelers
  • Travelers looking to cover international medical expenses
  • New travelers looking to protect their trip costs
Pros
  • Comprehensive mobile app and online platform
  • Multi-policy coverage options available for frequent travelers
  • 1 child included on Pro Plus plan for every adult plan purchased
Cons
  • Some (but very few) geo restrictions on product
  • Comparing plans can be overwhelming
Get started securely through Travelex’s website
Best For
Affordable travel insurance
N/A
1 Minute Review

Travelex is a leading travel insurance provider with over 55 years of experience under its belt. Travel insurance plans are underwritten by Berkshire Hathaway and Zurich Insurance Group, so you can rest assured you’re getting the best deal.

Choose from 3 different plan tiers, Travel Select, Travel Basic and Travel America. You can also choose from a host of optional upgrades, including car rental insurance, additional medical coverage and accidental death and dismemberment coverage (limited to common air carriers only.)

Travelex offers 24/7 global assistance from World Travel Protection.

Best For
  • Affordable travel insurance
Pros
  • Instant quote online
  • COVID-19 coverage (restrictions apply)
  • 24/7 assistance
Cons
  • Less plan options than some other providers
Start Comparing securely through AARDY’s website
Best For
Cheap travel insurance plans
N/A
1 Minute Review

AARDY is a travel insurance marketplace offering a best price guarantee. Find the lowest priced plans from trusted travel insurance providers like John Hancock, AIG Travel Guard and more.

Get quick quotes by filling out a few traveler and destination details. You can even see plans for multiple destination trips.

AARDY is highly rated by consumers on TrustPilot, boasting a 4.9 TrustScore and has an A+ rating from the Better Business Bureau.

Best For
  • Best price guarantee
Pros
  • Best state-approved price guarantee
  • Compare plans from multiple trusted providers
  • Cruise, airline and tour operators coverage available
Cons
  • No mobile app

Find Your Travel Insurance Today

Read all policy statements in full, and be aware of coverage amounts, limitations and exclusions before you choose a travel insurance policy. This is crucial when you are comparison shopping. There are reasons why a company is less expensive, and the reasons often lie in the limitations.

Travel insurance can be purchased for a single trip, multiple trips or annually. If you are a frequent flyer, an annual policy can be the most cost-effective route.

And travel insurance is not just for vacationers. Perhaps your job requires business travel, or you’re a student who travels home for the holidays. A multi-trip or annual policy can provide coverage, and most insurance companies have special riders that focus on the needs of frequent travelers.

Another recommendation when you travel is to register your trip with the State Department’s Travel Registry website. In the event of a family emergency or another type of crisis, they can contact the traveler if he or she is registered.

Preparation is key. Control what you can, and travel with confidence and coverage. Find your travel insurance policy today.

Frequently Asked Questions

Q

What is the best travel insurance for backpackers?

1
What is the best travel insurance for backpackers?
asked
A
1

This depends on the person and other factors like length of trip and countries travelled, but World Nomad’s flexible and extensive coverage is great for backpackers.

answered
Q

Are there any age restrictions for travel insurance?

1
Are there any age restrictions for travel insurance?
asked
A
1

This depends on the provider, but many offer coverage for seniors. Also, many providers offer free coverage with adult plans for people up to the age of 17.

answered