The Best Travel Insurance Companies: A Guide to Protecting Your Vacation (November 2022)

Shawn Plummer

CEO, The Annuity Expert

If you’re planning on traveling, it’s important to have travel insurance. This will protect you if something goes wrong while you’re away from home. There are many travel insurance companies, so deciding which is right for you can be difficult. This guide will discuss the 3 best travel insurance companies and what they offer their customers!

The Best Travel Insurance Companies: A Guide To Protecting Your Vacation (November 2022) (2022)
The Best Travel Insurance Companies: A Guide To Protecting Your Vacation (November 2022) (2022)
Which Company Has The Best Travel Insurance

Travel Medical And Trip Cancellation

There are two main types of travel insurance: medical and trip cancellation. Medical travel insurance will cover your medical expenses if you get sick or injured while on vacation. Trip cancellation insurance will reimburse you for any non-refundable expenses if you cancel your trip due to an unforeseen event (such as illness, weather, or a family emergency).

Risky Activities

When choosing a travel insurance policy, it’s important to consider what activities you’ll do on your trip. If you’re planning on any risky activities (like skiing or bungee jumping), make sure that your policy covers those activities. You should also check to see if there are any exclusions in your policy – for example, some policies won’t cover you if you’re traveling to a country with a high risk of political unrest.

Reading The Fine Print

Once you’ve chosen a policy, be sure to read the fine print to know exactly what’s covered. And don’t forget to keep your travel insurance documents with you when you go on vacation – you’ll need them if you have to make a claim!

The process is usually pretty straightforward if you need to make a claim. First, you’ll need to fill out a claim form and submit it to your insurance company, along with any supporting documentation. They will review your claim and let you know if you’re covered.

The Best International Travel Insurance

Many companies offer international travel insurance, so choosing the best one can be difficult. Some factors you may want to consider include coverage options, the cost of the policy, and the company’s reputation. You can read reviews of different travel insurance companies online to help you decide. Once you’ve chosen a company, please read their policy’s fine print to ensure you understand what’s covered. Our recommendations include:

  • Travel medical insurance: Travel medical insurance, sometimes known as travel health insurance, is a form of medical insurance that also covers trips. Medical plans cover travelers who need temporary health insurance while traveling for business or pleasure outside their own country. Domestic health insurance companies will not reimburse you for medical expenditures or dental treatments when traveling abroad. The comprehensive medical expense coverage protects you from unforeseen events and evacuations during your trip.
  • International health insurance: International Health Insurance is a policy for expatriates and global citizens who live outside their native country for more than 12 months. The primary distinctions are the payment option, the number of international trips, and the coverage region.

The Best Travel Medical Insurance

The best international health insurance plans include:

  • GeoBlue: GeoBlue is a leading international health insurance provider for U.S. citizens living or traveling abroad. They offer both short-term and long-term plans, and their coverage includes medical evacuation and repatriation. Shop quotes and apply instantly.
  • International Medical Group: International Medical Group (IMG) is a world leader in providing international health insurance for travelers. Their policies include coverage for medical evacuation and repatriation and adventure sports and activities. Shop quotes and apply instantly.

The Best Travel Health Insurance Plans

The Best Travel Insurance Companies

  • Allianz: Allianz is a large, international insurance company that offers a variety of travel insurance products. Their plans cover medical emergencies, trip cancellations, lost luggage, etc. They also offer 24/hour assistance from a team of experts. Shop quotes and apply instantly. Shop quotes and apply instantly.
  • International Medical Group: International Medical Group (IMG) is a world leader in providing international health insurance for travelers. Their policies include coverage for medical evacuation and repatriation and adventure sports and activities. Shop quotes and apply instantly. Apply now and get a free quote.
  • GeoBlue: GeoBlue is a leading international health insurance provider for U.S. citizens living or traveling abroad. They offer both short-term and long-term plans, and their coverage includes medical evacuation and repatriation. Shop quotes and apply instantly. Shop quotes and apply instantly.
The Best Travel Insurance Companies: A Guide To Protecting Your Vacation (November 2022) (2022)
Who Has The Best Insurance For Travel

The Best Credit Card For Travel Insurance

Chase Sapphire Reserve: The Chase Sapphire Reserve is a great credit card for travelers because it offers many benefits, including travel insurance. The card offers trip cancellation and interruption protection and baggage delay insurance. It also comes with a $300 annual travel credit that can be used to offset the cost of your travels. Apply now and get 50,000 bonus points after spending $4000 on purchases in the first three months from account opening.

Citi Prestige Card: The Citi Prestige Card is another great option for travelers seeking comprehensive travel insurance. The card offers trip cancellation and interruption protection, baggage delay insurance, and more. It also comes with a $250 annual air travel credit that can be used to offset the cost of your travels. Apply now and get 40,000 bonus points after spending $4000 on purchases in the first three months from account opening.

The Best Travel Insurance Cancel For Any Reason

The best trip cancellation insurance for any reason is:

  • iTravelInsured Travel Insurance: iTravelInsured trip insurance offers a variety of travel insurance plans, including a cancel for any reason policy. This policy allows you to cancel your trip for any reason up to 48 hours before your departure date and receive a refund of up to 75% of your trip cost. Apply now and get a free quote.
    • Insurance can help you if your trip is canceled or if there are delays in your travel. This can help you recover some of the money you lose if something happens.
    • This travel insurance program covers trips up to 180 days.
    • Provides standard coverage for trip cancellation and interruption
    • Emergency medical expenses, evacuation, and reunion benefits are offered.
    • Choose between three product options for varying levels of coverage.
The Best Cancel For Any Reason Travel Insurance (Cfar)

The Best Travel Insurance For Costa Rica

  • Allianz Premier Plan: The Premier Plan doubles nearly all the post-departure coverage of the Classic Plan. This includes emergency medical and transportation benefits, travel delay protection, baggage loss protection, and more. Plus, kids 17 and under are included for free when traveling with a parent or grandparent. Covered reasons for some benefits of this plan include epidemic or pandemic-related illness, individually-ordered quarantine, and denied boarding. Shop quotes and apply instantly.
  • IMG Patriot Platinum Travel Medical Insurance: Travel medical insurance for individuals, families, and groups traveling to Costa Rica, including travelers with acute onset of pre-existing conditions. Policies are renewable for up to 36 months with maximum limits from $1,000,000 to $8,000,000. Apply now and get a free quote.
  • GeoBlue: GeoBlue is a leading international health insurance provider for U.S. citizens living or traveling abroad. They offer both short-term and long-term plans, and their coverage includes medical evacuation and repatriation. Shop quotes and apply instantly. Shop quotes and apply instantly.

The Best Travel Insurance For The USA

The best visitor insurance for parents visiting the USA, immigrants relocating to the United States, or international students seeking health insurance in the USA is:

  • IMG Patriot America Plus: Travel medical insurance for non-U.S. residents traveling to the USA, including COVID-19 coverage and acute onset of pre-existing conditions. Policies are renewable for up to 24 months with maximum Limits from $10,000 to $1,000,000. Apply now and get a free quote.

The Best Annual Travel Insurance

The Best Travel Insurance For Seniors

The Best Insurance For Senior Citizens Traveling Abroad

What Does Travel Insurance Cover?

Although comprehensive travel insurance policies are the most popular, you can buy policies that only cover trip cancellations or medical expenses. With the different plans available, you can find coverage levels to fit your budget and needs for this specific trip. These are some of the top things a more comprehensive plan would cover.

Trip cancellation insurance

No traveler books a trip to cancel it, yet many unforeseen circumstances, such as illness, injury, or family emergencies, could force you to do so. If you must cancel your trip for a listed reason in the policy, Trip cancellation insurance will reimburse 100% of any non-refundable deposits.

If you’re worried about traveling during the Covid pandemic, various insurance companies offer policies covering trip cancellation due to contracting the virus. A good way to protect your investment is by insuring only non-refundable and pre-paid deposits. Getting reimbursed for refundable items like plane tickets through your insurance company is no use because they won’t honor those claims.

The Best Trip Cancellation Insurance

Travel medical insurance

Travel medical insurance is vital for those outside the country since U.S health plans typically have reduced or no coverage in other nations. Your travel medical insurance will foot the bill for an ambulance, doctor visits, and hospital stay, among other possible expenses, while you’re on your trip. Most companies offer pretty high limits, like up to $500,000 per person, but it ultimately depends on where you’re going and how long you’ll be gone as to whether you need that much coverage.

Unless you want to be unpleasantly surprised with a hefty medical bill, always get travel insurance abroad – especially if you’re a senior citizen (Medicare-Friendly).

If you’re worried about contracting Covid while traveling, there are insurance policies available that will cover any medical expenses related to the virus.

The Best Travel Medical Insurance For International Trips
The Best Travel Health Insurance

Emergency medical evacuation coverage

If you’re planning on going overseas, this is the kind of coverage you want to look into. Especially if you think you might be in an area where quality medical care could be challenging. Emergency medical evacuation insurance essentially acts as a safety net–if something happens and you need immediate transportation to somewhere with better resources, your policy will cover those costs. You can find plenty of policies with $1 million per person worth of coverage.

“Cancel for any reason” coverage.

“Cancel for any reason” (CFAR) coverage is an upgrade that not all providers offer. However, it allows you to cancel your trip even if the reasons aren’t stated in your base policy. With this type of claim, reimbursement is often 75% of trip costs as opposed to 100%, like with the base cancellation coverage. On average, CFAR increases an insurance plan’s cost by 50%.

Travel delay insurance

If your travel plans are delayed, whether it’s due to weather or another unforeseen circumstance, travel delay insurance can help cover the costs of essentials like food and toiletries. In the event of a long delay, it could also cover transportation and lodging expenses.

Trip interruption insurance

If you end up having to leave your vacation spot early for any reason, this policy can reimburse you for non-refundable aspects of your trip that you’re unable to use due to the premature ending. This includes things like resort stays or pre-paid scuba diving lessons. In addition, it will pay for a last-minute one-way ticket home in an emergency.

Baggage and personal effects coverage

Losing your luggage is undoubtedly a vacation nightmare. But if you have baggage coverage, you’ll be reimbursed for the cost of your bag and its contents (minus depreciation). Baggage coverage also covers items lost to theft.

Baggage delay coverage

Being detoured isn’t always fun, especially when your bags come along for the ride. If you’re ever in this predicament and have to wait more than a few hours for your luggage, this coverage will reimburse you for any necessary items, like a pair of swimming trunks in Costa Rica. Remember that most policies have a time delay requirement before baggage delay coverage applies, usually six hours.

What’s Not Covered by Travel Insurance?

Travel insurance doesn’t cover everything, so thoroughly read a policy’s exclusions before buying it. That way, you won’t get caught off-guard later on.

Furthermore, injuries that result from high-risk activities like scuba diving are not covered. But, of course, this also goes for anyone using drugs or alcohol at the time of their injury.

Medical tourism is a general exclusion from travel insurance policies, so if you go overseas for a facelift or other elective procedure, your policy likely won’t cover the related hospital bills or aftercare.

Most travel insurance plans will not reimburse you if you lose cash or it gets stolen.

Please remember that trip insurance is created to help you in unanticipated events or accidents. For example, if you’re too afraid to fly and want to cancel your journey, standard trip cancellation protection does not cover that.

Do I Need Travel Insurance?

There are many reasons you should consider buying travel insurance:

  • For example, suppose you cancel the trip and lose your non-refundable deposits. In that case, trip cancellation coverage will cover 100% of those losses if you cancel for a reason stated in the policy.
  • Without global coverage on your health plan, you may be responsible for a high deductible when receiving medical care outside the United States. Make sure to check your policy details before you travel. Travel medical insurance can help fill any gaps in your coverage.
  • When traveling to a remote area, remember that even something seemingly small could become a significant medical issue if you’re nowhere near quality medical care. With proper medical evacuation coverage, you’ll be taken to an adequate facility should the need arise.
  • With travel insurance, you’re backed up in case of an emergency. In addition, the 24/7 assistance lines can help with necessities like finding a pharmacy or replacing a lost passport and issues such as language barriers.

How to Choose the Right Travel Insurance Policy

There are several key factors to consider when selecting a travel insurance policy that works for you.

  • Travel medical insurance is only necessary for international travel since most U.S. health plans will not cover expenses outside the country. If you’re staying within the States, you probably don’t need this type of coverage, or you could purchase a plan with low coverage amounts as a precautionary measure.
  • Suppose you plan on traveling outside of your home country. In that case, emergency medical evacuation insurance is necessary, especially if you’re going to be in an area that doesn’t have top-notch hospitals.
  • Your mode of transportation. It’s essential to have a backup plan for your travel in case things like the weather, airplane mechanical issues, or other unexpected circumstances occur and disrupt your original mode of transportation. If you’re especially concerned about being able to cover additional costs that may arise from delays, look into getting a travel insurance policy with generous coverage for delays.
  • The importance of trip cancellation and interruption insurance is that you have prepaid, non-refundable deposits for activities, lodging, and tours.
  • If you’re planning on participating in any extreme sports or adventure excursions while traveling, make sure to buy a travel insurance plan that covers these activities. Unfortunately, they’re often excluded from standard plans.
  • If you’re worried about traveling during the Covid pandemic, seek a travel insurance policy that covers cancellation and medical costs relating to coronavirus. The best type of coverage for this is “cancel for any reason” protection.
  • “Cancel for any reason” and “interruption for any reason” upgrades will provide you with more cancellation freedoms, respectively. Although generally speaking, you have to buy the former within a few weeks of placing your deposit down.
  • These upgrades are perfect if you’ve already paid for part of your trip and can’t get a refund.

Which Travel Insurance Company Did We Use?

Allianz Global Assistance is a travel insurance company that offers a variety of coverages, including trip delay, baggage, and medical. We purchased a policy from them for our trip to Florida in September 2022. When we were delayed due to Hurricane Ian, we filed a claim and received a check for $800 within two weeks. The entire process was very easy and straightforward, and we were very happy with the outcome. We would definitely recommend Allianz Global Assistance to anyone looking for travel insurance.

The Best Travel Insurance Companies: A Guide To Protecting Your Vacation (November 2022) (2022)
The Best Travel Insurance Companies: A Guide To Protecting Your Vacation (November 2022) (2022)
The Best Travel Insurance Companies: A Guide To Protecting Your Vacation (November 2022) (2022)

Next Steps

No one wants to think about the possibility of getting sick or injured while on vacation, but if something does happen, you’ll be glad you have medical travel insurance. The same is true for trip cancellation insurance – it’s better to have it and not need it than to need it and not have it. If you’re ready to start your next adventure worry-free, shop quotes today and apply instantly.

The Best Travel Insurance Plans

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Shawn Plummer

CEO, The Annuity Expert

I’m a licensed financial professional focusing on annuities and insurance for more than a decade. My former role was training financial advisors, including for a Fortune Global 500 insurance company. I’ve been featured in Time Magazine, Yahoo! Finance, MSN, SmartAsset, Entrepreneur, Bloomberg, The Simple Dollar, U.S. News and World Report, and Women’s Health Magazine.

The Annuity Expert is an online insurance agency servicing consumers across the United States. My goal is to help you take the guesswork out of retirement planning or find the best insurance coverage at the cheapest rates for you. 

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