Updated
May 24, 2023 Travel insurance can be a smart way to protect yourself from financial loss when you take a trip. Some travel plans cover personal belongings and lost luggage, while others cover unexpected health care costs, medical emergencies, and even trip cancellations.
Several companies offer travel insurance plans, each with varying plans and types of coverage. Are you busy booking your next trip? Use this guide to compare the best travel insurance.
In this guide:
- Best travel insurance companies
- Types of travel insurance
- What affects the cost of travel insurance?
- Is travel insurance worth it?
Best travel insurance companies
We compared the top travel insurance providers on coverage, cost, and quality, using a similar trip scenario. All quotes were based on a September 2020 trip to Spain, with a total trip cost of $3,000. The prospective traveler was a 40-year-old woman.
| Provider | Types | Plans | Quotes |
| World Nomads | Single trip | Basic, Explorer | $69 – $112 |
| Allianz | Single trip, annual plans | Basic, Prime, Premier | $60 – $450 |
| Amex Assurance | Single trip | Basic, Silver, Gold, Platinum | $59 – $208 |
| Seven Corners | Single trip, medical-only, student trip, frequent traveler | Economy, Choice, Elite | $96 – $270 |
| Berkshire Hathaway | Single trip | AirCare, ExactCare, AdrenalineCare, WaveCare | $29 –$246 |
| IMG | Single trip, annual plans | International, Platinum, Exchange, Travel Lite, Travel SE, Student Health, Outreach | $18 – $245 |
World Nomads
Best for: Adventure travelers
- Trip protection: $10,000
- Emergency medical coverage: $100,000
- Baggage protection: $3,000
The information above is for the Explorer plan.
World Nomads is a travel insurance company that offers coverage for medical care, trip delay and cancellation, lost baggage, and more. It also offers “adventure sports and activities” coverage, reimbursing injuries sustained in over 200 different activities. Travel policies from World Nomads are underwritten by Nationwide Insurance—a well-known and highly rated insurance agency.
Coverage:
- Emergency accident and medical expenses
- Repatriation and medical transportation
- Trip cancellation, interruption, and delay
- Lost baggage and personal belongings
- Baggage delay
- Accidental death and dismemberment
- Rental car coverage (damage coverage not included in the basic plan)
- 24-hour assistance
- Adventure sports injuries
Costs:
- Basic: $69.92
- Explorer: $112.13
Allianz
Best for: Regular travelers
- Trip cancellation coverage: $100,000
- Emergency medical coverage: $50,000
- Baggage protection: $2,000
The information above is for the Allianz OneTrip Premier Plan.
Allianz is a travel insurer offering single-trip and annual coverage, though its annual plans are where the company shines. Annual coverage costs as little as $60 per year for basic travel medical insurance. Higher-cost annual plans offer additional coverage for business equipment, lost baggage, trip cancellations, and more.
Coverage:
- Trip cancellation and interruption
- Emergency medical expenses
- Emergency transportation
- Lost or damaged luggage
- Baggage delays
- 24-hour assistance
- Travel delays
- Rental car coverage (optional upgrade)
- Business equipment coverage (annual plans only)
Costs:
- OneTrip Basic: $99
- OneTrip Prime: $126
- OneTrip Premier: $192
- Annual plan: $60 (basic) to $450 (executive)
Amex Assurance
Best for: Custom coverage
- Trip cancellation coverage? Yes (amount unavailable)
- Emergency medical coverage? Yes (amount unavailable)
- Baggage protection? Yes (amount unavailable)
Amex Assurance is the travel insurance arm of American Express, but you don’t need to be a credit card customer to purchase a policy. The company has four established plans, ranging from basic to platinum-level coverage, as well as customizable policies you can build to your liking. Choose from medical and dental coverages, travel accident protection, lost baggage coverage, and more.
Coverage:
- Trip cancellation and interruption
- Medical and dental expenses
- Travel accident and death/dismemberment
- Lost baggage protection
- Trip delay coverage
- 24-hour assistance
Costs:
- Basic: $59
- Silver: $133
- Gold: $157
- Platinum: $208
Seven Corners
Best for: Traveler-specific coverage
- Trip cancellation coverage: $30,000
- Emergency medical coverage: $250,000
- Baggage protection: $2,500
The information above is for the RoundTrip Elite plan.
If you’re looking for a lot of options, Seven Corners is where you’ll want to start. The company offers single-trip travel protection, medical-only plans, frequent traveler coverage, and even plans specific to students, scholars, and educators. Medical-only coverage in our test scenario was a mere $37.90, while whole trip protection for a student was $71 at the economy level.
Coverage:
- Trip cancellation, delay, and interruption
- Missed connections
- Accident and emergency medical expenses
- Lost, stolen, or damaged baggage
- Baggage delays
- 24-hour assistance
- Accidental death and dismemberment
- Preexisting conditions (only on higher-priced plans)
- Rental car damage (optional add-on)
Costs:
- Economy: $96
- Choice: $123
- Elite: $150
- Frequent traveler: $200
Berkshire Hathaway
Best for: Trip-specific coverage
- Trip cancellation coverage: $100,000
- Emergency medical coverage: $25,000
- Baggage protection: $1,000
The information above is for the ExactCare plan.
Berkshire Hathaway offers travel insurance coverage tailored to specific trip types and destinations. Its WaveCare policies are an option for cruise travelers, AdrenalineCare is designed for adventure travelers, and there’s even an AirCare plan for flight-specific coverages. It offers reimbursement plans and fixed-benefit policies.
Coverage:
- Trip cancellation, delay, and interruption
- Missed connections
- Accident and emergency medical expenses
- Lost, stolen, or damaged baggage
- Baggage delays
- Emergency evacuation and repatriation
- Accidental death and dismemberment
- Adventure sports coverage (AdrenalineCare plan only)
Costs:
- AirCare: $29
- ExactCare value: $195
- WaveCare: $240
- ExactCare: $246
- AdrenalineCare: $271
IMG
Best for: Travel medical insurance
- Trip cancellation coverage: $50,000
- Emergency medical coverage: $150,000
- Baggage protection: $1,500
The information above is for the iTravelInsured SE plan.
If your main concern is having medical coverage on your trip, IMG has many options for you. The company offers 17 plans, many offering medical-only coverage. It has medical insurance plans for seniors, students, missionaries, and more, and each plan offers several deductible options and maximum limits.
Coverage:
- Medical and dental expenses
- Emergency evacuation coverage
- Trip protection
- Lost luggage
- Identity theft coverage
- Accidental death and dismemberment
- 24-hour assistance
- Rental car damage
- Small pet coverage and kennel expenses
- Internet usage fees
Costs:
- Patriot International: $18
- iTravelInsured Travel Lite: $108
- Student Health Advantage: $112
- iTravelInsured Travel SE: $128
Types of travel insurance
As you can see, you can choose from several types of travel insurance coverage. The best option depends on your situation, trip, budget, and more.
Here are just a few of the types of travel coverage you can often choose from:
- Trip cancellation or interruption: This covers some or all of your trip costs if you’re forced to cancel it or a travel interruption cuts it short for any reason. Some also cover additional costs you incur if you’re forced to stay longer due to airline or other delays.
- Medical assistance: If you or one of your fellow travelers is injured or gets sick during your travels, this covers costs your health insurance won’t.
- Lost baggage and personal belongings: These plans reimburse you for luggage or belongings that are lost, damaged, or stolen on your trip.
- Rental car coverage: If you’re renting a vehicle during your travels, this coverage can protect you if you’re in an accident.
You can also choose what’s called 24-hour assistance if you want extra help along the way. With this coverage, you’ll get access to a 24-7 hotline that can help you book flights, find a doctor or lawyer, make reservations, and more.
What affects the cost of travel insurance?
The costs of a travel insurance policy vary by plan and insurer. Where you’re traveling, the cost of your trip, and many other factors contribute to your cost.
The cost of travel insurance for your trip will depend on:
- The coverages you choose: The more coverage you want, the higher your costs.
- Your destination: Some destinations have higher health care and lodging costs than others, so this will affect your quote as well.
- Length of trip: Longer trips cost more, and the more yours costs, the more you’ll pay to insure it.
- Your age: Older people tend to be more expensive to insure, so plans for these travelers will come with higher costs.
The type of plan you choose will affect your costs too. A single-trip plan will be much less expensive than an annual one since it covers less risk.
Is travel insurance worth it?
Travel insurance can offer major benefits—especially if your trip is canceled, you experience an unexpected emergency, or you need a medical evacuation—it’s not the right move for everyone.
Here are some scenarios when you might want to consider it and a few when you might not.
When it makes sense to get travel insurance
- You’re booking a trip way ahead of time: If you’re booking your trip many months in advance, chances are better your circumstances might change before your departure date. Travel insurance can protect you if something goes awry during this waiting period.
- You’re traveling somewhere dangerous: Trips to more volatile areas might warrant a look at travel coverage, especially if there’s a conflict or health crisis in the region. If you have dangerous activities planned (climbing a mountain, for example), it might be wise.
- You’re taking a long trip: A long trip, especially one outside the country, allows more time for things to go wrong. Coverage for medical emergencies and even 24-hour assistance might be smart in this scenario.
When you should consider skipping travel insurance
- Your credit card already offers solid coverage: Many credit cards offer free coverage for trips booked using their cards. Benefits can include rental car, lost luggage, and even trip cancellation coverage.
- You’re only traveling domestically: Short trips within the United States often don’t warrant added coverage. Your health insurance will cover you in the event of health issues, and you can likely return home easily.
When should you buy travel insurance
If you’re considering travel insurance, buy it early—within a few days or weeks of booking your trip. This will give you the most coverage in an emergency and might even qualify you for bonus coverage.
Don’t forget to check with your credit card company before buying added trip insurance. Here are just a few cards that offer trip cancellation coverage.