Although travel insurance may seem like an unnecessary investment when there are already so many things to consider for a trip, a basic plan may go a long way toward mitigating unforeseen costs. Travel insurance gives you peace of mind in these uncertain times, whether you’re going on a last-minute road trip or a month-long trip you’ve been planning for months.
At the very least, you should think about getting medical coverage in case of an emergency while traveling. You should also think about trip cancellation insurance in case your airline, hotel, or other travel provider cancels your plans without giving you another trip or a refund.
Here are the top 10 best travel insurance providers to help you secure yourself, your cash, and your valuables when traveling.
10 Best Travel Insurance Companies
Here are our recommendations for the best cheap travel insurance policies in 2022.
HTH Worldwide’s TripProtector Economy plan provides the most comprehensive coverage across the main categories when compared to the other plans on our list. You’ll be able to relax knowing that you’re covered for up to $75,000 in medical costs and up to $500,000 per person in medical evacuation costs. You can also relax with coverage for lost or stolen luggage, trip interruption, cancellation, or delay, which can help you get most or all of your money back. This plan isn’t as good as it could be, though, because the missing connection benefit and accidental death coverage are usually not available. For example, the missed connection benefit only applies to cruises and pays up to $500 per person after a three-hour delay.
World Nomads offers customizable travel insurance products that vary in terms of coverage and cost based on your requirements. Its policy features are extensive, and unlike other travel insurance firms, it includes adventure activities such as scuba diving, mountain biking, bungee jumping, and skiing in its base coverage. When you apply for a free quote from World Nomads, you’ll have the option of selecting one of two travel insurance plans: the Standard Plan or the Explorer Plan. The Standard Plan offers less coverage for a lower upfront cost, but the Explorer Plan offers more comprehensive coverage for a higher premium. The standard plan only provides trip protection up to $2,500.
Trip Cancellation Plan from GoReady The GoReady Trip Cancellation Plan is precisely that: a low-cost plan that protects you if your trip is cancelled for a covered cause. The plan we devised for our hypothetical trip cost only 1.16% of our total travel expenses—a small price to pay for the assurance that our money would be returned in the proper conditions. The advantage is that this plan can supplement other coverage you currently have or provide some protection for a trip where you might not have otherwise selected insurance. This plan does not provide coverage for medical emergencies, trip interruptions or delays, or missing luggage.
Berkshire Hathaway Travel Protection offers a variety of travel insurance products and provides a free online quotation in minutes. Not only does the firm provide travel insurance for flights or cruises, but it also provides three levels of coverage for your vacation: ExactCare Value, ExactCare, and ExactCare Extra. The organisation also provides tailored arrangements for adventure travel, road excursions, cruise travel, and other activities. Note that all Berkshire Hathaway Travel Protection plans for individual trips offer global travel support 24 hours a day, seven days a week. This could be very helpful if you lose or have your wallet stolen, if you need emergency translation services, if you lose your passport while traveling, or if you have any other kind of disaster while traveling.
Nationwide Trip Protector Economy is a well-rounded alternative to Nationwide Essential. This plan covers everything, including travel-related problems and situations that may require emergency care and evacuation. This makes it a great option for trips where you’re worried about things going wrong or taking longer than expected. This plan, however, does not cover missed connections or accidental deaths.
More than 36,000 travellers have bought this insurance plan and given it excellent ratings. And it’s no surprise: Trawick provides significant trip delay coverage of up to $2,000 per person, but ideally you won’t need to use it because the daily maximum is $150. You can also count on a $200 refund per person for lost baggage, which is one of the greater sums among these low-cost policies, albeit it pales in contrast to the baggage loss coverage provided by premium credit cards. Unfortunately, this plan does not cover accidental death. So, you may want to choose a travel insurance plan that covers more things and has higher risk factors.
The Seven Corners RoundTrip Ready plan received the most positive feedback while being very low on our priority list. The fine aspect of this plan is that it covers missed connections for cruises and tours. You’ll also be able to rest easy with up to 100% trip cost coverage for approved cancellations and interruptions, as with the majority of the other policies on our list. However, most of the other benefits are just mediocre when compared to competitors, and this plan has among the lowest medical coverage ceilings on our list.
8. AXA Silver
AXA Assistance is a firm that frequently appears on “best of” lists, and their Silver plan is no exception. This policy excels in some of the more uncommon categories of coverage on budget travel insurance, such as up to $10,000 in accidental death coverage, up to $500 per person for missed cruise connections, and up to $200 in luggage loss coverage per person. While AXA Silver was at the upper end of our price point comparison, the difference was just $12 more than Nationwide’s Essential plan, making this a decent option for travellers who believe they may require cruise-related travel protection.
AIG Travel provides three types of travel insurance plans: the annual plan, which covers all travel within a year; the Pack N’ Go plan, which covers last-minute vacations; and the single-trip plan (of which there are three levels). Single trips can be covered at the essential, preferred, or deluxe level, depending on how much the trip costs and how much compensation you want to be sure of. Your plan’s level of coverage and restrictions may vary depending on the details of your trip. Because of these differences, it is important to use the AIG Travel search engine to get a quote and confirm the level of coverage you are eligible for.
AIG travel insurance policies typically cover children aged 17 and under. You may be eligible for trip cancellation coverage for up to 100% of your trip’s cost (up to $150,000) and trip interruption coverage for up to 150% of your trip’s cost (up to $225,000) with a mid-tier Preferred plan. Depending on the conditions of your trip, medical expense coverage of up to $50,000 and trip delay coverage of up to $800 can be included.
Travelex Travel Basic is the most costly travel insurance plan on our comparison list, but it includes a few perks that the other plans do not. For one thing, the missed connection benefit of up to $500 is applicable for any covered cause and is not limited to cruises or excursions. The Travelex Travel Basic also has one of the highest accidental death coverage limits, which is $10,000. However, this is still much lower than the coverage that comes with a travel credit card. On the other hand, the Travel Basic only covers very basic medical emergencies up to $15,000 per person, and it only covers lost luggage up to $500 per person and $100 per day.
How to Choose the Best Travel Insurance Plan?
The ideal travel insurance plan will differ from person to person and even from trip to trip. If you’re traveling to a large metropolis for a solo week away from home, you generally don’t need the same level of coverage that you would if you were going on a mountain hiking trip. If you’re planning a longer trip overseas or with family members, it’s certainly worth the little investment to get comprehensive insurance coverage for peace of mind in case something goes wrong.
In most circumstances, obtaining basic travel insurance will only save you a few bucks when compared to more comprehensive plans. In either case, it’s a good idea to pick an insurance provider that has a solid reputation for customer care and has received positive feedback from other travellers.
What is the best, most cost-effective travel insurance plan?
If you only need trip cancellation insurance, choose the GoReady Trip Cancellation Plan. Consider HTH Worldwide’s TripProtector Economy, Trawick’s Safe Travels Explorer, or Nationwide’s Essentials plan if you want more coverage at a lower cost.
Is it worthwhile to purchase travel insurance?
You can’t go wrong with buying travel insurance these days, even if it’s simply for peace of mind. You may be able to get by with the insurance provided with your credit card, or any of these low-cost policies are an excellent place to start.