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Planning a trip in 2023? You are not alone. According to the U.S. For the Travel Association, a trade group, travel is back after the pandemic. Americans are expected to spend $1.09 trillion on domestic and international travel in 2023. That’s up from $722 billion in 2020 and close to the $1.17 trillion spent before the 2019 pandemic.
Best Travel Insurance Plans
Travel is also becoming more expensive than ever, as a result of increased demand and price inflation. So, if you are planning a big trip, you should consider the financial protection of travel insurance.
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Travelex’s “Basic” plan provides $15,000 in medical coverage and $10,000 in trip cancellation coverage. This amount of coverage is lower than that offered by other companies in our review. However, higher limits are available by choosing the company’s “Select” plan.
Among its upgrade options, Travelex offers adventure sports coverage for those whose itinerary includes adrenaline-pumping activities such as zip lining, skydiving or hiking. This cover can be added to any Travelex plan.
It’s also worth noting that Travelex is one of the highest rated travel insurance providers on Trustpilot, earning 4.3 out of five stars (as of 2 August 2023). A recent reviewer stated: “I’ve always been skeptical of travel insurance and all the promises of an easy claims process, but I was blown away by how fast, simple and logical Travelex was. I turn down all travel insurance for any travel bookings Now and just use Travelex . Cheaper, more efficient, less bureaucracy. What’s not to like?”
Full refund within 10 days, as long as you haven’t traveled or made a claim.
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Generali Global Assistance is a European insurance services company focused on travel and identity protection. Its “Standard” travel insurance plan provides $50,000 medical expense coverage and trip cancellation coverage for 100% of the insured value.
The plan also includes travel delay, baggage damage, baggage delay and missed connection coverage. Options like rental car collision damage and upgrade plans allow you to travel with more coverage.
Many American consumers may not immediately recognize AXA Travel Insurance, but the company is a multinational financial services giant headquartered in France. The “Silver” plan – AXA’s entry-level travel insurance offering – includes coverage for $25,000 in emergency medical expenses and 100% of the insured trip costs if the trip is canceled. Additional coverage includes travel delay, missed connection, medical evacuation and baggage coverage.
The company’s “Platinum” plan provides “cancellation for any reason” trip cancellation coverage. This means you can cancel your trip for any reason – personal, professional, medical, family or otherwise – and expect a refund. This differs from standard trip cancellation cover, where cancellation must be for one of the specific reasons set out in the policy contract. The “Platinum” plan also includes a higher amount of emergency medical expenses and other coverage.
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AIG is a leading global provider of insurance for both individuals and businesses. The Travelguard “Essential” plan offers emergency medical and trip cancellation coverage of $15,000 for 100% of the insured trip cost. Higher coverage amounts are available with the company’s “Preferred” and “Deluxe” plans.
AIG Travelguard also offers an exceptional “Pack N’ Go” plan, designed for last-minute travelers who don’t need trip cancellation coverage. The plan includes up to $1,000 in travel interruption and $25,000 in medical expense coverage, along with coverage for travel delays, missed connections and lost baggage.
AIG promises deals on its website in less than two minutes, making it easy to include Travelguard in your comparison shopping. Travelguard has 1.7 out of 5 stars on Trustpilot, although this is based on only 58 reviews (accessed 2 August 2023).
Allianz Global Assistance (Allianz Travel) is a subsidiary of Allianz SE, the world’s largest diversified insurance company. His “basic” plan includes $10,000 for travel interruption and emergency medical coverage. The company offers several plans with higher coverage, along with an “Emergency Medical Assistance” plan that focuses primarily on medical insurance. Allianz also offers several annual policy plans for those who intend to travel more than once a year.
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The company’s OneTrip Prime plan extends free coverage to children under the age of 17 traveling with parents or grandparents, making it ideal for family vacations. Allianz claims the plan is the most popular, with up to $100,000 for trip cancellation and $50,000 for medical emergencies.
Allianz earned 4.1 out of five stars in its Trustpilot rating (accessed 2 August 2023), including 75% of five-star reviews.
Berkshire Hathaway is one of the largest companies in the country (now seventh in the Fortune 500). It is also the parent company of auto insurance giant GEICO.
Berkshire Hathaway’s “ExactCare Value” policy plan includes $15,000 in medical coverage and trip cancellation coverage of 100% of the insured trip value. The plan also includes cover for lost baggage, delayed baggage, travel delay and emergency evacuation.
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Berkshire Hathaway offers a dedicated luxury travel insurance plan. This plan includes higher health limits and trip cancellation coverage, $2,500 worth of lost baggage coverage, $35,000 worth of rental car collision coverage and 24/7 worldwide travel assistance.
Nationwide is one of the most recognized insurance brands in the country, with policies available for home, car and business. The company also offers travel insurance.
Its “Single Trip” travel insurance plan covers $75,000 in medical emergencies. This is the most coverage of any company in our review. The $10,000 nationwide trip cancellation limit is lower than other plans.
A higher limit is available with its “Prime” plan, along with an option to cancel for any reason that pays 75% of the cost of the insured trip. The plan also includes some additional coverage, such as travel delay, baggage delay, emergency medical evacuation and optional car rental coverage.
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Nationwide also offers a dedicated travel insurance policy for those embarking on a cruise. In addition to the expected coverage such as trip cancellation and medical emergencies, it covers route changes, mechanical breakdowns and missed connections.
Nationwide has earned 1.9 out of 5 stars on its Trustpilot rating, based on just 42 reviews (accessed 2 August 2023).
Tin Leg travel insurance policy plans are being acquired by Berkshire Hathaway and other companies. Its “Economy” plan includes trip cancellation coverage of 100% of the insured cost and $20,000 in emergency medical care. The company offers several additional travel insurance plans with different levels of coverage.
If you are traveling to participate in a sporting event and bring your expensive gear, the Tin Leg can be a great choice. The “Economy” plan includes coverage for loss or damage to sports equipment (such as bicycles or skis). It also refunds your event registration fee if your trip is canceled or interrupted.
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Tin Leg has a Trustpilot rating of 1.9 out of 5 stars (accessed 2 August 2023), although this is based on only 13 reviews.
To develop our recommendations, we have gathered information about several leading travel insurance providers from their websites and third-party reviews, where available. We have focused on a range of essential covers, including emergency medical cover and trip cancellation cover, along with the availability of 24/7 customer support during the trip. Where they exist, we note the cancellation terms of each company’s policy.
We review the most cost-effective plans for each company that include health insurance and trip cancellation coverage. We’ve also seen optional coverage and upgrade plans that provide higher levels of coverage or special coverage for specific trips.
Your travel insurance needs for a Caribbean cruise may differ significantly from those for a backpacking trip through the Swiss Alps. Your first step should be to outline your travel budget and the activities you plan to participate in (note that some policies include optional coverage for certain activities, such as adventure sports). Also, consider your health status, as some policies require you to pay extra for certain pre-existing medical conditions.
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Check if you already have travel insurance available. Some credit card companies offer coverage if you use their card to pay for travel. Coverage is also available from tour operators or airlines. You can also get referrals from travel agents or independent insurance agents.
You’ll find that each travel insurance provider offers different levels of standard cover, such as trip cancellation and emergency medical expenses, along with optional cover. They usually also offer multiple plans (think “good,” “better,” and “best”). Browse through them and select a few providers that offer the coverage you need.
As with any other type of insurance, the cost of travel insurance varies between companies. Check with at least three or four to make sure you’re getting the coverage you want at a price you can afford.
Business and tourist travel have recovered from the outbreak. However, travel is also becoming more expensive, thanks to inflation and increased demand. If you plan to travel to a distant destination – whether by plane, road, train or ship – consider purchasing travel insurance. The policy reimburses covered expenses
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