Travel insurance not only protects you against risks like flight cancellations, lost luggagee, or unexpected medical emergencies but also provides peace of mind during your trip. However, finding the right insurance plan can be difficult with so many options available. This article will help you compare 14 of the best travel insurance companies in 2024, from plans for seniors to insurance for cruises and special situations like COVID-19. Let’s find out with LifeMySavings now.
The best travel insurance 2024 for each situation
Travel insurance is a type of insurance that covers you for unforeseen events and accidents that prevent you from going on vacation or that affect you while you’re away. Choosing the best travel insurance plan for you will depend on your circumstances, such as your age, destination, mode of transportation, or the level of risk you may face during your trip. Let’s explore the best insurance options for 2024 and how they can protect you on every trip.
Best travel insurance for seniors
When it comes to travel insurance for seniors, medical and cost are always top concerns. After reviewing plans from multiple providers, Faye, Travelex, and Nationwide emerged as the best options for seniors. Here are the reasons why:
- Faye: Faye’s Travel Protection Plan is particularly well-suited for seniors thanks to its core medical coverage and special pre-existing condition exclusion clause. The average cost for seniors is around $337.
- Travelex: With its Travel Select plan, Travelex offers upgraded medical and emergency medical evacuation benefits. The average cost for seniors is around $585, but it comes with additional benefits that are worth the price.
- Nationwide: Nationwide’s Luxury Cruise is also a good option with a pre-existing condition waiver if purchased within 21 days of booking the trip. This is helpful for seniors who often have health issues before the trip. The average cost for this package is $407.
It is important to note that the cost of insurance for seniors, especially those between the ages of 60 and 80, tends to be much higher than for younger customers. The increase can range from 80% to 303% compared to the cost of insurance for a 20-year-old. However, with the recommended insurance packages, seniors will have comprehensive medical protection and peace of mind when traveling.
Best for cruises
When traveling by cruise, having the right insurance plan is essential to protect you from the risks that may arise during your trip. Here are the three best travel insurance providers for cruises in 2024:
- Nationwide stands out with insurance plans designed specifically for cruise passengers, including benefits such as on-board service interruption coverage, reimbursement for prepaid excursions, and more. In particular, Nationwide’s Luxury Cruise plan costs an average of $208 and is rated 4.6 out of 5 stars for the comprehensive protection it provides.
- With Allianz Global Assistance, the OneTrip Prime plan is ideal for families traveling by cruise, as children under 17 are covered for free. This is a big plus for families who want to explore the ocean together. The average cost of this plan is $219, with a rating of 4.1/5 stars.
- AIG Travel Guard makes the list with its Preferred Plan, which features a non-airline AD&D (Accidental Death and Dismemberment) benefit that protects travelers in the event of death or serious injury on a cruise ship. This insurance plan costs an average of $197 and is rated 4.6/5 stars.
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Best for “cancel for any reason”
When it comes to insurance with a “cancel for any reason” (CFAR) clause, Faye stands out as the best option. Not only does Faye offer up to 75% of the cost of the trip, but it also has competitive rates, adding just 31% to the total cost of the insurance. When we quoted a $4,000 one-week trip to France, Faye’s CFAR plan only cost an additional $256, while most other providers typically add around 50% to the total premium.
In addition to Faye, Seven Corners, and Travelex are also top names in the list of CFAR insurance providers. Both offer 75% of the cost of the trip at a reasonable price. Seven Corners’ Trip Protection Choice plan costs an average of $206, while Travelex’s Travel Select plan costs $202.
An important note for those interested in CFAR is that this is a time-sensitive benefit. You need to purchase this insurance as soon as you book your trip to ensure you have CFAR coverage. If you delay, you may lose the opportunity to add this option.
Best for the Covid-19 season
With the COVID-19 pandemic still posing many risks, choosing travel insurance with specific protection for COVID-19 is very important. One of the top choices for COVID-19 travel insurance is the Trip Protection Basic plan from Seven Corners. This insurance plan is affordable and offers a “cancel for any reason” option, allowing you to get a refund of up to 75% of the prepaid cost of your trip if you have to cancel. This is especially useful in the event of unexpected Covid-19-related situations.
In addition, this insurance plan has an average price of about $502, which is lower than many other options on the market. Some other plans you can consider include Atlas Journey Explore from WorldTrips with an average price of $513 and Trip Protector from Travel Insured with a price of $639. Each plan offers medical and trip cancellation coverage options, but Seven Corners’ plan is rated highest for its combination of comprehensiveness and affordability.
The best travel insurance United States today
The travel insurance market in the United States is diverse with many options from reputable companies. Below are the best options for travel insurance in the United States today, from leading brands, highly rated for quality service and level of protection:
- Nationwide Travel Insurance
- Travelex
- Travel Insured International
- AIG Travel Guard
- Trawick International
- Tin Leg
- Seven Corners Travel Insurance
- Faye
- Generali Global Assistance
- Berkshire Hathaway Travel Protection
Nationwide Travel Insurance
Nationwide Travel Insurance is one of the top choices for travel insurance, especially when it comes to baggage protection. Rated 4.6/5, Nationwide is recommended for high-end trips, such as cruises, thanks to its generous baggage coverage limits. With its comprehensive standard coverage, Nationwide offers up to $2,000 for lost or damaged baggage and $600 for delayed baggage. In particular, Nationwide’s Luxury Cruise insurance package increases coverage to $2,500 for lost or damaged baggage and $1,000 for delayed baggage.
Additionally, Nationwide stands out for its exclusive cruise insurance policies, which few other providers can offer. The company offers three different types of cruise insurance plans to suit a variety of budgets and needs. Some of the notable features of these plans include coverage for paid-for excursions, itinerary change coverage, and more.
Pros:
- Offers specific coverage for cruise vacations.
- Cancel for Any Reason (CFAR) upgrade option that allows for up to 75% reimbursement.
- Offers multiple levels of coverage for annual plans and single, multi-destination plans.
Cons:
- Higher average premiums.
- Longer waiting period before delayed baggage coverage kicks in.
Travelex
Travelex is our top pick for best travel insurance companies thanks to its excellent scores across all of our criteria. With an overall rating of 4.7, Travelex stands out in our travel insurance plans.
Travelex’s Travel Basic plan offers medical and evacuation coverage limits of up to $15,000 / $100,000, along with 100% reimbursement if you have to cancel your trip. Travelex is also named as one of the best travel insurance for families, with free coverage for children under 17 when purchased with an adult policy. However, note that the Travel Basic plan does not include child coverage.
Travelex also tops our list of long-term travel insurance providers with its Travel Select policy, which covers travelers for up to a year without requiring primary health insurance. While many other providers do not offer trip cancellation or “cancel for any reason” (CFAR) coverage on long-term policies, Travelex’s Travel Select package stands out with this feature.
Pros:
- Flat-rate policies starting at $60 per person
- Includes emergency evacuation as part of standard coverage
- Offers extreme sports exemptions
Cons:
- Minimum medical coverage limit of $15,000
- Only offers up to 50% of the trip cancellation for any reason (CFAR) benefit
Travel Insured International
Travel Insured International is one of the best travel insurance when it comes to emergency evacuation protection. The company stands out for its coverage, which offers up to $150,000 in coverage for evacuations due to political, security or natural disasters. This provides exceptional peace of mind for travelers traveling to high-risk areas, although this feature is only available in Travel Insured International’s top-tier plan.
Their most popular plan is the Worldwide Trip Protector, which offers medical and evacuation protection of up to $100,000 and $1 million respectively, along with trip cancellation coverage of up to 100% of the trip cost. The company offers two single-trip policies and one annual multi-trip plan, starting at $94 for adults and $64 for children. This is great for those who travel internationally and want to protect their families while they are on the road.
Pros:
- No destination-based premiums.
- Optional coverage for dogs, cats, and car rentals.
- Includes evacuation coverage due to political, security, and natural disasters.
Cons:
- No pre-existing medical condition waiver.
- Lower coverage for trip delays than other providers.
AIG Travel Guard
AIG Travel Guard stands out as the best option for families thanks to its attractive child policy. With every adult policy, AIG offers free coverage for children under 17, helping families save money while still providing full coverage.
AIG’s Deluxe Plan includes medical coverage of up to $100,000 and medical evacuation coverage of up to $1 million, along with trip cancellation coverage of up to 100% of the cost of the trip. While the cost of this plan is about 16% higher than the average price of $237, the free child benefit may make it a better value option for some customers.
This best travel insurance is its Medevac plan, which offers up to $5 million in medical evacuation coverage, which is especially useful for trips to remote areas where medical facilities may be inadequate. Additionally, AIG’s Pack N’ Go plan provides immediate coverage for emergency travel, along with 24-hour emergency assistance.
Pros:
- The Medevac plan offers up to $5 million in medical evacuation coverage.
- The Deluxe plan includes “Travel Inconvenience Benefits” for situations like flight delays.
- Pack-N-Go provides immediate coverage for emergency travel.
Cons:
- Average premiums are higher than many other options.
- Only offers trip cancellation for any reason (CFAR) coverage of up to 50%.
Trawick International
Trawick International is the best travel insurance, offering comprehensive coverage and flexible premiums to suit a wide range of customers. It not only protects against common risks such as trip cancellation and medical incidents but also includes flexible terms for special situations, including “Cancel for Any Reason” (CFAR) – allowing customers to cancel their trip for any reason and receive a refund of up to 75% of the prepaid cost.
Trawick International stands out by offering high-limit coverage for medical expenses and emergency evacuation, helping to protect travelers in the event of a serious medical incident or need to be transported to a better medical facility. In addition, Trawick also has suitable insurance options for travelers who frequently participate in adventure activities or travel to remote areas.
Pros:
- CFAR plans allow for cancellations and refunds of up to 75% of the cost.
- Includes high medical and emergency evacuation coverage limits.
- Great for adventure travel or trips to high-risk areas.
Cons:
- Some plans may have higher premiums than competitors.
- The claims process can be time-consuming in some cases.
Tin Leg
Tin Leg stands out for its high level of flexibility and reasonable cost, making it an attractive option for those looking for comprehensive travel insurance without breaking the bank. Tin Leg insurance plans are known for their good combination of coverage and price, helping travelers protect their trips with valuable benefits.
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This best travel insurance plan offers medical coverage of up to $50,000 and medical evacuation coverage of up to $500,000. In addition, this insurance plan offers trip cancellation coverage of up to 100% of the trip cost. The average premium for an insurance plan from Tin Leg is around $250, which is suitable for many budgets and requirements of customers.
Advantages:
- Provides medical and medical evacuation coverage at reasonable levels.
- Trip cancellation coverage of up to 100% of the trip cost.
- Flexibility in customizing your coverage and add-ons.
Cons:
- Lower medical and evacuation coverage than some competitors.
- Does not include benefits for children under 17.
Seven Corners Travel Insurance
Seven Corners Travel Insurance is the best travel insurance in the United States, especially for families and seniors. With its Travel Medical Basic plan, Seven Corners offers coverage for groups of up to 10 people, including non-US residents or citizens.
This plan allows for coverage to be extended for up to one year and provides up to $1 million in medical coverage for travelers under 69, which is good coverage for those hosting parents from abroad. Note, however, that medical coverage drops to $100,000 for travelers ages 70 to 79 and to just $10,000 for those 80 and older. Coverage for pre-existing conditions is not offered for travelers 80 and older, although many other providers do not cover seniors over a certain age.
Pros:
- Includes trip interruption coverage up to 150% of the set limit.
- Can customize trip cancellation coverage up to $10,000.
- Offers coverage for pre-existing conditions.
Cons:
- Limits health coverage for New Hampshire residents to $50,000.
- Only provides coverage for pre-existing conditions within 60 days of policy initiation.
Faye
Faye is rated as the best travel insurance for any reason (CFAR) thanks to its high reimbursement and reasonable cost. The Faye Travel Protection Plan offers comprehensive protection with medical coverage of up to $250,000 and medical evacuation coverage of up to $500,000, along with trip cancellation coverage of up to 100% of the trip cost.
One of the highlights of Faye is the ability to provide CFAR insurance with a reimbursement of up to 75% of the trip cost, which helps you get a refund if you have to cancel your trip for any reason. Notably, the additional cost of Faye’s CFAR insurance only adds about 31% to the base premium, which is lower than many other providers that often charge an additional fee of 50% or more.
Advantages:
- Provides quick quotes and registration completely online.
- Baggage delay insurance up to $200 if delayed for more than six hours.
- Optional CFAR insurance reimburses up to 75% of trip cost.
- Reimbursements can be received via your mobile wallet for approved claims.
Cons:
- Only one plan option is available.
- No additional coverage for death or dismemberment.
Generali Global Assistance
Generali Global Assistance stands out as the best option for trip interruption coverage, offering up to 175% reimbursement for trip interruption costs, compared to other providers who limit themselves to 150% in their premium plans. Generali’s Preferred Plan offers medical coverage of up to $150,000 and medical evacuation coverage of up to $500,000, along with trip cancellation coverage of up to 100% of prepaid trip costs.
While Generali is not the cheapest provider, its prices are still slightly below average, allowing customers to protect their trips at a reasonable price. A special feature of this best travel insurance is its 24/7 emergency assistance service with a team of multilingual representatives, supporting travelers with language difficulties in emergencies.
Pros:
- All plans include 24/7 emergency assistance with multilingual representatives.
- There is no maximum limit for dental insurance in the medical insurance section.
- Trip interruption coverage is up to 175% of the trip cost.
Cons:
- Offers less compensation for delays than some other providers.
- The cancellation for any reason (CFAR) option only reimburses up to 60% of prepaid expenses.
Berkshire Hathaway Travel Protection
Berkshire Hathaway Travel Protection stands out for its fast and reliable claims process, making it an ideal choice for travelers who prioritize speed of claims processing. The company’s ExactCare plan offers up to $500,000 in medical coverage and up to $1 million in medical evacuation coverage, protecting travelers in the event of a serious medical incident abroad.
One of the big strengths of Berkshire Hathaway Travel Protection is its ability to process claims quickly thanks to its advanced technology. For small claims like lost luggage or canceled flights, travelers can receive compensation within hours, which is much faster than the typical processing time with other insurance companies.
ExactCare also offers trip cancellation coverage of up to 100% of prepaid expenses and trip interruption coverage of up to 150%. However, one slight downside is that Berkshire Hathaway’s insurance plans are higher than average, but the speed and convenience they offer may make up for the cost.
Pros:
- Quick claims processing, which can be completed in a matter of hours.
- High medical and medical evacuation coverage of up to $1 million.
- Up to 100% trip cancellation coverage and up to 150% trip interruption coverage.
Cons:
- Higher than average premiums.
- The cancelation for any reason (CFAR) option has a limited coverage limit.
Popular types of travel insurance
When planning a trip, choosing the best travel insurance is important to protect you from unforeseen risks. Here are some common types of travel insurance to consider:
- Rental Car Coverage: This insurance protects against damage or loss when renting a car, helping you avoid paying large sums if your rental car is damaged or stolen.
- Collision Coverage: Protects you from costs if you are involved in a collision during your trip, especially useful when driving in unfamiliar places.
- Cancel for Any Reason (CFAR) Coverage: Allows you to cancel your trip for any reason and receive a partial refund, usually between 50% and 75% of the total prepaid trip cost.
- Emergency Medical Evacuation and Expenses: This covers emergency medical expenses or medical evacuation, ensuring you are treated and brought home safely if you develop a serious health problem during your trip.
- Trip Interruption Protection: If you have to leave your trip midway through an emergency (such as illness or natural disaster), this insurance will reimburse the remaining costs of your trip and may even cover the cost of returning home.
- Trip Cancellation Protection: Provides financial protection if you have to cancel your trip before departure for legitimate reasons such as illness, accident, or serious family issues, allowing you to get a 100% refund of prepaid expenses.
Price of travel insurance package and factors affecting cost
Factors that affect the best travel insurance prices:
- Older people often pay higher premiums due to a higher risk of health problems during their trip.
- Places with a higher risk of natural disasters, epidemics, or poor medical infrastructure can lead to higher premiums.
- The longer you travel, the higher your insurance costs, as you are exposed to risk for a longer period.
- Insurance plans include a variety of benefits such as medical coverage, trip cancellation, trip interruption, or cancellation for any reason (CFAR). The more comprehensive the benefits, the higher the cost.
- Insurance premiums are usually calculated based on the total cost of your trip. The higher the cost of your trip, the higher the level of coverage required, resulting in higher premiums.
- If you add additional coverages like car rental insurance, sports equipment insurance, or CFAR trip cancellation insurance, the overall cost of your insurance package will also increase.
Here are the average prices for some popular travel insurance plans:
| Cost of the trip | Average cost of travel insurance |
| $1,000 | $61 |
| $2,500 | $120 |
| $5,000 | $228 |
| $10,000 | $512 |
| $20,000 | $1,204 |
| $30,000 | $1,848 |
| $50,000 | $3,091 |
How much should I buy travel insurance?
Travel insurance plans vary by coverage limits, with higher limits resulting in higher costs. For international travel, it’s recommended to have:
- Emergency medical coverage: At least $50,000.
- Medical evacuation coverage: At least $100,000.
For cruises or remote locations, aim for:
- Emergency medical coverage: At least $100,000.
- Medical evacuation coverage: At least $250,000.
Top plans should offer a minimum of $250,000 for emergency medical coverage and $500,000 for medical evacuation.
When should I purchase travel insurance?
The ideal time to buy the best travel insurance is within two weeks of making your first nonrefundable payment for your trip, such as for flights, accommodations, or excursions. Purchasing early offers several advantages:
- You can often add “cancel for any reason” (CFAR) coverage, which is usually available only for a limited time.
- You may be eligible for a pre-existing medical condition exclusion waiver, covering pre-existing conditions if purchased within the specified period.
- You’ll be protected from unforeseen events over a longer period.
While you can buy travel insurance up until the day before your trip, waiting might mean missing out on CFAR coverage or the pre-existing conditions waiver.
Address providing reputable travel insurance
You can buy travel insurance online through your insurance company’s website, or use comparison sites like Squaremouth and Travelinsurance.com to compare plans. You can also buy insurance through services like airlines, cruise lines, hotels, or car rental companies. If you prefer, you can get help from a travel agent or insurance agent to buy your insurance.
Best travel insurance Trends 2024
Travel Insurance Trends 2024 Show Americans Are Increasingly Focusing on Travel Insurance. As travel spending increases, they stand to lose more if their trip is disrupted. Data from Squaremouth shows that the top three benefits travelers care about are emergency medical coverage (28%), medical evacuation (23%), and major medical coverage (15%).
How to choose the right travel insurance?
To choose the best travel insurance, consider the following factors:
- Trip value: For expensive trips, choose a plan with high coverage and trip interruption reimbursement. For budget trips, choose a cheaper plan.
- Destination: If you are going to a remote location, choose a plan with higher medical evacuation coverage.
- Transportation: Find a plan that fits the type of travel you are doing, such as cruise or business travel.
FAQs
What does travel insurance not cover?
Travel insurance typically does not cover losses that are foreseeable or preventable. Common exclusions include injuries from alcohol or drug use, trip cancellations or interruptions due to personal change of mind, self-harm, and losses related to war or civil unrest. It also excludes medical tourism, treatment for pre-existing conditions, mental health care, and natural disasters that occur before purchasing the insurance. Additionally, coverage generally does not extend to non-medical evacuations, routine medical care, or injuries from high-risk activities.
Is travel insurance required?
Travel insurance is not legally required, but it is highly recommended for protection against unexpected events like trip cancellations, medical emergencies, or lost luggage. Many travel providers and some countries may require proof of insurance for entry, so it’s wise to check specific requirements for your destination.
Do all credit cards come with travel insurance?
Not all credit cards include travel insurance. Some cards, like the Chase Sapphire Preferred® Card, offer benefits like trip cancellation and interruption coverage, baggage delay coverage, and delayed trip reimbursement when you use the card to pay for your trip. However, you should check your card’s benefits guide from the issuer for coverage details, and note that it may not cover all risks, such as international healthcare costs or emergency medical evacuation.
Should I buy travel insurance before or after booking tickets?
It’s generally best to purchase travel insurance as soon as you book your tickets. Buying insurance early ensures that you are covered for any potential issues that might arise between the time of booking and the start of your trip, such as trip cancellations or interruptions. Some policies also offer benefits like coverage for pre-trip cancellations that might not be available if you wait until closer to your departure date.
Should I buy travel insurance when going on a business trip?
Yes, it’s a good idea to buy travel insurance for a business trip. The best travel insurance can provide coverage for unexpected issues such as trip cancellations, delays, medical emergencies, and lost or stolen belongings. This added protection can be especially valuable when traveling for business, where disruptions can affect important meetings and deadlines.
Should I buy travel insurance when traveling by sea?
Yes, purchasing travel insurance is advisable when traveling by sea. Sea travel can present unique risks such as cruise cancellations, medical emergencies on board, and delays due to weather conditions. Travel insurance can provide coverage for these potential issues, ensuring you’re protected and minimizing the impact of any disruptions to your trip.
What types of travel insurance can I buy?
You can buy several types of travel insurance, including trip cancellation and interruption insurance, which cover unexpected cancellations or interruptions. Medical insurance covers medical expenses and emergency evacuation, while baggage insurance handles lost or damaged belongings. Travel delay insurance reimburses extra costs due to delays, and rental car insurance covers damage to rental vehicles. Cancel for Any Reason (CFAR) insurance allows you to cancel for any reason and get partial reimbursement. Emergency assistance services provide additional support like medical assistance and concierge services.
This article has provided an overview of the best travel insurance, analyzing plans from leading companies such as AIG Travel Guard and Generali Global Assistance, to help you understand the benefits and costs of each option. To learn more and compare plans to suit your needs, visit the LifeMySavings website. The website provides detailed information and useful tools to help you make smart decisions about your trip.
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