Best Travel Insurance Companies of 2023

Our experts answer readers’ insurance questions and write unbiased product reviews (here’s how we assess insurance products). In some cases, we receive a commission from our partners; however, our opinions are our own.

Both novice and seasoned travelers understand how unpredictable travel planning can be. All it takes is one lost bag, an unexpected illness, or something else to throw a wrench in the best-laid plans proving you wrong in an instant if you thought it couldn’t happen to you.

You could spend months planning a big trip only to get sick, have a family emergency, etc. It could also be something pleasant like a new family member or wedding causing you to cancel your trip. Travel insurance also comes in handy when you’re facing flight delays, cancellations, and lost baggage. Regardless of the losses or causes, a little protection goes a long way in planning the perfect vacation.

Top Travel Insurance Companies

A comprehensive insurance plan should cover your expenses for situations that may go awry. Here are our picks for the best travel insurance companies of 2023.

8 Best Travel Insurance Companies

Our Methodology

To come up with our list of the best travel insurance companies, we evaluated each insurer based on the following factors:

Policy Types

Travel insurance is essential, but often underused partly because people aren’t getting what they want. Insider’s 2022 travel study showed 10.65% of travelers surveyed bought cancel for any reason insurance. Cost may be a factor, but in many cases, the coverage is more affordable than you might think. Regardless, companies must offer a diverse range of coverage options. We award 5 stars to companies offering all standard coverages and additional options like pet and sports equipment protection.

Our 2022 travel study indicated the majority of purchases were made through the travel provider (ex: flight protection insurance when you’re purchasing your airline tickets). While these may be sufficient for some customers, we look for companies offering a more comprehensive range of services.

Cost

According to the US Travel Insurance Association, the average cost of travel insurance will be between 4% and 8% of total travel expenses. Anything beyond that price point should include additional benefits beyond the standard inclusions, such as CFAR protection or upgraded medical coverage. Anything below that 4% threshold may leave you lacking important or sufficient coverage in an emergency.

Convenience and Flexibility

Whether you’re an infrequent traveler or a suitcase warrior, a good travel insurance company should have you covered. In many cases, you might not even have to talk to a person in order to purchase your policy.

Many people think of travel insurance in context with specific trips, but most of these top contenders sell both single-trip and multi-trip policies, also known as annual travel insurance. Some companies also offer plans specifically designed for cruisers, students abroad, and business travelers. Finally, all of these providers offer multiple options for getting the specific areas and amounts of coverage that you want.

Claims Handling

Most travelers never have a large claim. Premiums are low, and it provides peace of mind for the just in case situations. So they leave reviews based on their reduced stress levels. But what happens if you lose your luggage or have to stay a few extra days due to an unexpected accident? Will your insurance carrier cover your claim without all the hassle? We check real customer reviews to sort this out for you.

Ease of Use and Support

When purchasing, during your trip, and throughout the claims process, you may need extra support. Does the company have a 24/7 help line? Does it have an online or mobile system allowing you to self-manage? Essentially, what are the options when you need help? We look at the big picture to evaluate the average customer experience with each company.

FAQs

Best Travel Insurance Overall

One of the largest players in the travel insurance space offers nearly endless options for any customer on the travel spectrum, including annual plans which can offer frequent travelers the flexibility to “set it and forget it” on their insurance coverage.

Nationwide also offers some of the most affordable policies in the market compared to similar plans from competitors, which makes it a great pick for just about anyone. Buyers can discuss bundling options as Nationwide also sells homeowners, auto, pet, and other insurance products. Its travel insurance quoting is just as easy as it has been with other Nationwide insurance products.

Read our full review of Nationwide travel insurance.

Best Travel Insurance Runner-Up

AXA offers consumers a great option for no-stress travel insurance: low-priced plans, generous coverage limits on key categories including primary insurance on lost luggage, and up to 150% reimbursement for qualifying trip cancellations.

While add-ons are limited and rental car coverage is not included by default on cheaper plans, AXA is a perfect fit for travelers who don’t plan to drive (or who already hold credit cards with rental car coverage), and don’t need any additional bells and whistles.

Read our full review of AXA Assistance USA travel insurance.

Best Travel Insurance for Cruises

This well-known insurance provider is a great fit for travelers who want to ensure that they can get their money back in the event of canceled or interrupted travel plans.

While the company’s policies can be pricey compared to its competitors, the high medical and evacuation limits make AIG a solid choice for older travelers who value peace of mind and simplicity over highly customizable plans that may to be bolstered with medical upgrades.

Read our full review of AIG.

Most Reputable Travel Insurance

The best-case scenario for any trip is that your travel insurance can go unused. However, Berkshire Hathaway helps travelers make the best of bad situations by simplifying the process of filing a claim down to a simple photo snap and some basic paperwork submitted directly through a dedicated app.

Approved claims are also paid out very rapidly, making it easier to carry through with a trip when luggage has been lost or alternative travel plans need to be made on the fly.

Read our full review of Berkshire Hathaway.

Best Travel Insurance for Preexisting Conditions

Tin Leg is a great fit for travelers with medical issues in particular. Thanks to coverage for preexisting medical conditions as well as for potential COVID-19 infection while traveling, this company offers some of the best financial investment options for travelers who are or will be exposed to higher health risks and issues.

Read our full review of Tin Leg travel insurance.

Best Travel Insurance for Backpackers, Study-Abroad Students, and Digital Nomads

WorldTrips‘ affordable premiums, highly customizable add-ons and generous coverage for core categories of travel insurance make it a great option for digital nomads, students studying abroad and backpackers.

However, travelers should keep in mind that plans are not particularly flexible, and coverage amounts are limited unless you plan ahead to pay for the areas and amounts that you need.

Best Low-Cost Travel Insurance

Trawick is another medically robust insurance provider that can help higher-risk and anxious travelers find peace of mind while on the road. This company offers one of the most generous medical evacuation policies in the market, although travelers will need to remember to add on rental car coverage if they need it.

Read our full review of Trawick travel insurance.

Best Travel Insurance for Road Trips

Travelex travel insurance company offers three plans:

• Travel Basic
• Travel Select
• Travel America

The Travelex American plan is meant for trips limited to the US, but it has the highest coverage limits in many areas compared to its other programs. If you’re flying somewhere, the lost baggage limits are higher. Its natural strengths shine for road trippers, though. Travelex America adds coverage for roadside service and rental car coverage for unexpected accidents. It also covers pets should you be involved in an accident while on the road.

While your standard auto insurance does extend to car rentals within the US for a limited time, any accident would affect future rates. Travelex would eliminate the risk of reporting to your auto insurance provider for minor incidents within its purview.

Read our full review of Travelex travel insurance.

Travel Insurance Alternatives

The Credit Card in Your Wallet

Believe it or not, several credit cards on the market today provide robust travel insurance coverage that can sometimes rival the plans offered by our top-pick providers.

The Chase Sapphire Reserve® is often considered the industry leader for comprehensive travel insurance, with the The Platinum Card® from American Express
coming in a close second.

If you’re not a fan of the sky-high annual fees on those cards, the Capital One Venture X Rewards Credit Card and the American Express® Gold Card
offer a robust alternative for card-provided travel insurance at a mid-tier cost of $395 or $250 per year, respectively.

And don’t sleep on the Chase Sapphire Preferred® Card or the Ink Business Preferred® Credit Card: Each card includes hearty coverage for travel interruption, cancellations, baggage loss and delays that’s comparable or even superior to many mid-range travel insurance plans.

The travel insurance provision on each of these credit cards can yield up to $3,000 per trip for lost or damaged baggage; stipends for baggage or travel delays as short as six hours; anywhere from $2,000 to $10,000 per trip for canceled, nonrefundable travel such as flights or hotels; and primary rental car coverage.

How to Pick The Best Travel Insurance Company for You

There isn’t a one-size-fits-all policy that works perfectly for every traveler. Young, healthy solo travelers can opt for much cheaper plans that offer bare-bones coverage, while families juggling complex itineraries will do best by investing in a robust policy that can help defray any costs associated with lost baggage, delayed transportation or other trip-impeding obstacles.

That being said, you can’t go wrong with a travel insurance provider that boasts a reputable history and offers a wide range of customizable plans. In some cases, you may be comparing plans that are only a few dollars’ difference apart from each other. In such situations, you should generally opt for the insurance company that offers stronger customer service and has been favorably reviewed by other travelers, particularly if they have undertaken similar trips to yours.

An insurance aggregator like InsureMyTrip or Squaremouth is one of the best tools for searching travel insurance policies. Once you input the specifics of your travel itinerary, you’ll be able to see hundreds of search results to compare the ones that catch your eye. If the options are too overwhelming, use the filters to the left of your search page to eliminate as many irrelevant plans as possible.

Questions about Travel Insurance? Check Out Personal Finance Insider’s Recent Study

If you’re looking for travel insurance or questioning if you need it, you have plenty of questions. Personal Finance Insider conducted a 2023 winter travel insurance survey of 971 US adults in December through Momentive AI Audience. You can see what others like you are really thinking about travel insurance.

Get Free Travel Insurance Quotes

Lina Roby

Insurance Editor, LIA, MLO

Lina Roby (she/her) is a Personal Finance Insurance editor at Insider. She covers pet, travel, auto, and other common insurance products. She is also a licensed property & casualty insurance agent. Her goal is to help readers make informed decisions for all their insurance needs and plan for the unexpected, especially in a constantly evolving insurance marketplace. 
As a licensed insurance agent, she worked closely with clients and insurance carriers to quote and bind homeowners, auto, liability, and other insurance plans for personal and business. As a licensed mortgage loan originator, she was also able to more effectively quote and bind homeowners insurance policies meeting mortgage lender requirements. With a love for writing, she has also assisted with marketing for her local insurance marketplace. You can reach Lina at lroby@insider.com. 
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