The number of Americans traveling outside the country noted a record of 93 million in 2018. A 2019 study by Phocuswright reveals that traveling is among the top three spending priorities for U.S. citizens. On average, Americans spend about $1,978 on their summer vacations.
With the rise of the travel industry, another one emerged equally strong. Of course, we refer to the travel insurance market, whose size in the USA reached a fantastic $2.2 billion.
If you are one of those frequent travelers who need top-quality insurance, we’re here to help. Read further to find the best companies that provide insurance policies for traveling. We will give you some useful tips alongside a comprehensive buying guide too.
ExpertTravel Insurance Reviews
Below, we will review the best players in this lucrative market. All these brands have a rich selection of offers and high customer satisfaction rates. They are true leaders in the industry and employ high operating standards.
If you’re not sure which one to choose, make sure to check out our buying guide too. It will help you find the best option for your traveling style. You can find it by the end of this article.
Now, for the travel insurance reviews.
| Travel Insurance Companies | Features | Quotes | |
|---|---|---|---|
| 1 |  World Nomads | • Online quote generator • Purchases can be made while on the road • Online claims • 24/7 customer service, unlimited in both plans | Get Quote |
| Built by travelers, for travelers. That is what WorldNomads is. Since its launch in 2002, the company managed to fill in the market gap when it came to insurance for nomads. Read Review | |||
| 2 |  RoamRight | • 24 Hour Emergency Assistance • Online claims • Compares quotes from multiple insurance agencies • AD&D • Emergency evacuation • Medical evacuation • Flight insurance • Baggage and personal effects | Get Quote |
| You can’t go wrong if you go RoamRight. This insurance company was launched quite recently, in 2012 to be exact. Even though it’s relatively new, it’s become a recognizable and reputable brand in the industry. Read Review | |||
| 3 |  TravelInsurance.com | • Trip cancellations & interruptions • Cancel for work reasons • Flight insurance • Baggage and personal effects • Trip cancellation coverage • Online claims | Get Quote |
| TravelInsurance.com is an online aggregator that assists travelers in quickly finding the best insurance coverage for them. The platform provides consumers with an easy-to-use plan comparison tool. In a matter of minutes, you get a detailed list describing multiple major insurance companies. Read Review | |||
| 4 |  Allianz | • Online claims • Multitude of plans • Free family coverage • 24/7 support hotline | Get Quote Powered by TravelInsurance.com |
| When using Allianz, know you’re aligning yourself with one of the most strapping insurance providers in the game. It’s owned by Allianz SE, the world’s largest diversified insurance corporation. The company’s underwritten by BCS Insurance Company. Since its launch back in 1890, Allianz has been collaborating with thousands of hotels, airlines, and travel agents. Read Review | |||
| 5 |  John Hanco*ck | • Online quote generator • 24/7 multilingual emergency travel assistance • Upgradable plans • Online claims • Trip delay (3 or more hours) • Missed connection | Get Quote Powered by TravelInsurance.com |
| John Hanco*ck was launched back in 1862. This travel group’s insurance policies are underwritten by the Starr Indemnity & Liability Company and administered by Indiana-based Seven Corners Inc. Since it was set in motion, it has become a leading name with a powerful reputation in the travel industry. John Hanco*ck provides its customers with lavish coverages, versatile add-ons, and much more! Read Review | |||
| 6 |  April International | •24/7 live support •Online claims •Quote generator •Trip Cancellation & Interruption •Missed Connection •Travel Delay •Rental Car Damage | Get Quote Powered by TravelInsurance.com |
| April International Travel Insurance has been around for over three decades now. This insurance company is underwritten by Generali U.S. Branch, New York. It’s listed on the Euronext Stock Exchange. April has over 2 Million policyholders all around the globe, as well as offices in more than 40 countries, each strategically located. Read Review | |||
Types of Travel Insurance
Choosing the right plan can turn into a nightmare if you don’t know all your options and needs. Below, we will explain the most common types of packages. Hence, you’ll have a better idea of what you can choose from.
Single plan vs. a combination of two or more – there are various packages to choose from, such as standard insurance, travel medical, evacuation, or accident. You can pick one or combine two or more, depending on your needs.
One-time vs. Annual Travel Insurance – Do you want a plan that covers a single trip (start date on departure and end date on arrival)? Would you prefer something that lasts throughout the year? That’s the main difference between a one-time and annual coverage.
Package plan – This is the standard type of insurance you can get, and the first thing to come to mind to travelers. This plan covers several situations. Trip cancellation and interruption, baggage, medical, accident, and evacuation are some of them. This option is the best travel insurance for those going on cruises, family holidays, and international journeys. It covers the most common issues and provides 24/7 assistance. This may be a pricey option but offers excellent value for money.
Trip cancellation, trip delay, trip interruption insurance – The first two cover your loss in case your trip is canceled or delayed for whatever reasons. The third option benefits you in case your journey has started but was interrupted. Package plans provided by the best travel insurance companies usually include coverage for all three situations.
Baggage insurance – Most package plans include some baggage protection. In case of delay, loss, and damage, the insurer will cover a certain predetermined amount. Those who need something extra can go for specific baggage insurance that can have an overall limit, a per-item limit, or a specific-item limit. This is an excellent option for frequent travelers who carry lots of baggage and expensive items.
Travel medical insurance – Focuses on health-related issues and covers pre-existing conditions. The best medical travel insurance companies have plans that include evacuation, accident, and sometimes baggage. This is the best option for traveling outside your country as it covers medical expenses in foreign countries.
Travel accident insurance – Any travelers without life insurance may want this type of coverage. It focuses on accidental death and dismemberment. In the case of an accidental tragedy, this type of insurance grants term life benefits.
International travel insurance
24/7 assistance – The best travel insurance companies provide 24/7 support with all their plans. This is crucial for getting the correct information on how to behave in the case of an emergency. Just in case, make sure to ask if support around the clock is included in your plan. Alternatively, it’s smart to pay extra to get it.
Rental car insurance – If you use a rental, it’s smart to get this type of insurance. When traveling abroad, rental car insurance is as essential as international travel insurance. The average daily cost for this coverage goes between $9 and $20, depending on the car, country, and age. This plan may include a collision damage waiver and/or a loss-damage waiver too. Rental companies will charge huge repair charges if you don’t have rental car insurance. So, our advice is to go for it.
Kids at no additional cost – This feature saves lots of cash and headaches for families with children. So, if companies offer it, we give them a better ranking.
How To Recognize the Best Travel Insurance Products?
Below, we included a detailed buying guide on choosing the right product for your needs and budget. Still, there are several general rules to keep in mind when investing in insurance for your traveling adventures.
- Buying from tour operators, airlines, and individual agents costs more.
- Have reasonable value for money expectations.
- Don’t overspend on unnecessary additional coverage.
- Check if you can grab a free policy on traveling with credit card rewards or home insurance.
- Stick to annual plans if you travel at least three times per year.
- Check what their “risky activities” clause includes.
Simple Buying Guide on Which Best Travel Insurance Companies to Consider
With a vast market always comes fierce competition. Meaning, customers have headaches when they need to choose one product among tons of options. Let us guide you through the buying process with our simple guide. Just follow these three steps, and you’ll quickly find the best policy for your traveling style.
Step 1: Decide What You Need
The first step is to define your needs in terms of coverage. For instance, people with pre-existing medical conditions should invest in a quality travel health insurance. If you travel often, an annual plan makes more sense for you. Are you visiting foreign countries regularly? Then, you’ll want international coverage too.
Don’t limit yourself here. Just list everything that applies to your traveling habits. Shortlist only companies that offer such services.
Step 2: Focus on Limitations and/or Hidden Fees
The cheapest offer can quickly become sour after limitations, and hidden fees are applied. Be smart by checking these before making a purchase. For instance, let’s say your travel medical insurance limits daily hospitalization reimbursem*nt to $500. This means you’ll have to pay for any amount over $500, leading to substantial medical bills despite having insurance.
Weed out any companies that have ambiguous terms and conditions. Too low limitations are acceptable if you travel to budget-friendly counties. Policies with hidden fees should be avoided altogether.
Step 3: Define Your Budget
Finally, it’s time to calculate how much money you can invest in this product. Compare your budget against the shortlisted offers from Step 2. Any policy that falls within its limits should do the trick!
Travel Insurance FAQs
Why do you need travel insurance?
This type of insurance protects in case of unforeseen emergencies. These may be medical issues, canceled flights, road accidents, etc. Travel insurance, depending on its exact type, will cover all or part of the costs associated with such emergencies while traveling.
How much travel insurance cost?
The exact price of this product depends on several factors. Seniors often pay more. Getting insurance that covers multiple areas costs more too. Generally, you should expect the plan to be between 4% and 10% of your trip cost. So, if your holiday is $1,000, the travel insurance quote will move between $40 and $100.
How long is travel insurance valid for?
There are different types of plans you can invest in. You can get insurance for the exact days you’re abroad, and it can last one or more days. Alternatively, you can invest in an annual plan that covers multiple trips within that year.
What does travel insurance cover?
Medical emergencies are covered by most plans. Canceled or delayed flights, trip interruptions, and lost, stolen, or damaged luggage can be covered too. Depending on the type of trip insurance, medical or emergency evacuation, and disruptions may be included in your plan.
How long does it take to get travel insurance?
These insurance plans are processed relatively quickly. It shouldn’t take more than a day for you to apply and get approved for one. With online apps, you get to buy insurance for your trip within minutes and from the comfort of your home. Generally, travel insurance companies won’t issue policies on the day of your departure or after the journey has started.
Tags: Travel InsuranceTravel Tips
