Top 5 Travel Insurance Companies in 2024: A Comprehensive Guide
Planning a trip in 2024? Whether it’s a short weekend getaway or a long-awaited international adventure, securing the right travel insurance is crucial for peace of mind. Travel insurance can protect you from unforeseen circumstances, from trip cancellations and lost luggage to medical emergencies and travel disruptions. But with so many options available, how do you choose the best travel insurance provider? This guide will walk you through some of the top travel insurance companies in 2024, highlighting what makes them stand out and who they might be best suited for.
Why Do You Need Travel Insurance?
Before diving into specific companies, it’s essential to understand why travel insurance is so important. Travel can be unpredictable. Flights get delayed, luggage gets lost, and unexpected illnesses can occur. Having travel insurance means you’re not left footing the bill for these unforeseen events, ensuring your travel investment and well-being are protected. Travel insurance can cover medical expenses, emergency evacuations, trip interruptions, baggage, rental cars, and more.
What to Look for in a Travel Insurance Policy?
When selecting a travel insurance policy, consider the following key factors:
- Coverage Breadth: How many plans does the company offer, and what is the range of their standard plans?
- Coverage Depth: What are the maximum limits for trip cancellation and trip interruption claims?
- Cost: How does the cost of basic coverage compare with the industry average?
- Customizability: Can you add optional extras like “Cancel For Any Reason” (CFAR) coverage or pre-existing medical condition waivers?
- Customer Satisfaction: What do customer reviews and ratings say about the company?
The Top 5 Travel Insurance Companies in 2024
Based on factors like customer reviews, coverage options, and overall reliability, here are five of the top travel insurance companies in 2024:
- Berkshire Hathaway Travel Protection (BHTP):
- Best Overall: Berkshire Hathaway Travel Protection is frequently cited as a top overall provider. They offer a variety of plans, including specialized options for road trips, luxury travel, adventure activities, flights, and cruises.
- Pros: The ExactCare Value (basic) plan is often among the least expensive, and they offer the potential for faster reimbursement, sometimes even same-day compensation. They also provide pre-existing medical condition exclusion waivers at almost all plan levels.
- Cons: The multiple “Trip Delay” coverage types might be confusing, and the cheapest plan only includes fixed amounts for its coverage.
- Who’s it for? BHTP is a great option for a wide range of travelers due to their many plans and potential for customization.
- Allianz Global Assistance:
- Best for Emergency Medical Coverage: Allianz is known for offering a wide range of plans that can be customized for various trip types, durations, and budgets.
- Pros: They offer both annual and single-trip policies, and all plans include access to a 24/7 assistance hotline. Allianz also offers a TravelSmart app and an annual plan geared toward business travelers.
- Cons: They are generally more expensive than average, and CFAR upgrades aren’t available. Rental car protection is also an add-on.
- Who’s it for? Allianz is a solid choice for travelers who want robust emergency medical coverage and those who need annual business travel policies.
- Travel Insured International (TII):
- Best for Those Who Pack Expensive Equipment: If you’re traveling with valuable electronics or other high-cost items, Travel Insured International is worth considering.
- Pros: They offer primary medical coverage and optional add-ons for event tickets and electronic equipment, especially in higher-tier plans. A rental car protection add-on is also available for a low price per day.
- Cons: Many customizations are only available in the higher-tier plans, and the coverage cost is often above average.
- Who’s it for? TII is a good fit for travelers with expensive gear and those who want the option to add protection for event tickets.
- World Nomads:
- Best for Medical Coverage and Adventure Travelers: World Nomads offers comprehensive international travel insurance plans, automatically covering over 200 adventurous activities.
- Pros: Their plans are designed for thrill-seekers and include coverage for activities like trekking, mountain biking, and scuba diving.
- Cons: They have a more limited age range for their policies, insuring travelers under 70 years old.
- Who’s it for? World Nomads is best for active travelers who need coverage for adventurous activities and comprehensive medical coverage.
- Seven Corners:
- Best for Large Groups and Long-Term Travelers: Seven Corners is often recommended for insuring large groups with comprehensive policies covering medical expenses and evacuations.
- Pros: They offer coverage from five to 364 days and permit coverage extensions. Seven Corners also has Travel Medical plans that can be suitable if you already have travel insurance coverage via a credit card.
- Cons: Hazardous activities are not included in the coverage (add-on only), and plan options may vary by state.
- Who’s it for? Seven Corners is ideal for large groups and those needing long-term travel insurance, especially if they already have some credit card travel insurance.
Other Notable Travel Insurance Companies
While the above companies are among the best, many other providers offer excellent services. Some of the other noteworthy options include:
- Travel Guard by AIG: Known for its comprehensive plans and various add-ons, suitable for travelers with pre-existing medical conditions and cruise goers. AIG also offers unique services like MedEvac and Bag Trak®.
- Travelex Insurance Services: A good option for families with children, offering two plans that cover family members under 17 at no additional cost. Travelex is also a decent option for stand-alone flight insurance.
- IMG: A provider with a wide range of plans, making it suitable for long-term travelers and those with unpredictable work demands.
- Tin Leg: A good choice for travelers who book with points and miles and are looking for affordable, basic coverage.
- TravelSafe: Suitable for U.S. residents shopping for single-trip coverage and those booking with points or miles. They are also a good option for tight layovers, as their Classic plan includes up to $2,500 in missed connection coverage.
- Generali Global Assistance: Praised for its 24-hour emergency assistance and up to $1,000 upfront payment for acute medical treatment.
- HTH Travel Insurance: Known for being ideal for long-term international travel, with specialty coverage for expats and students.
- Nationwide: A good option for cruise travel insurance, with three cruise insurance plans fitting different needs and budgets.
How to Choose the Best Travel Insurance Policy for You?
With a variety of companies and plans to consider, selecting the right policy can seem daunting. Here’s how to approach it:
- Assess Your Needs: Determine the type of trip you’re taking, the activities you’ll be participating in, and your budget.
- Compare Multiple Quotes: Use travel insurance comparison sites like Squaremouth or TravelInsurance.com to see a range of plans side-by-side.
- Check Customer Reviews and Ratings: See what previous travelers have to say about the provider’s service.
- Read the Policy Fine Print: Understand what’s covered, what’s excluded, and the limits on coverage.
- Factor in Your Credit Card Coverage: Some travel credit cards provide some travel protections, so check what coverage you may already have.
Travel Insurance Comparison Sites
Travel insurance comparison sites make it easy to research and compare various policies. Here are some of the best platforms to use:
- Squaremouth: They have more than 30 providers, many customer reviews, and a Zero Complaint Guarantee.
- TravelInsurance.com: This site lets you compare plans from 13 providers and view customer ratings and reviews.
- InsureMyTrip: This platform allows you to compare plans from over two dozen providers, and they have advocates who will help with denied claims.
- Insubuy: Here you can compare plans from 11 providers, and they allow you to search coverage by sporting activity.
- AARDY: Compare plans from 35 providers, with a “Travel Insurance 101” learning center and COVID-19 coverage highlighted.
When Can You Skip Travel Insurance?
While it’s generally recommended to have some form of travel insurance, there are situations where it might not be necessary:
- You have booked flexible airline tickets or hotels with a good cancellation policy.
- Your credit card already offers adequate travel protection.
- You haven’t booked any non-refundable activities.
- You are young and healthy, and your trip is inexpensive.
Do You Need Travel Insurance if You’re Healthy?
Even if you’re healthy, travel insurance can still be beneficial. Unexpected illnesses and accidents can happen, and medical care in some destinations can be expensive. Plus, travel insurance can cover other aspects of your trip, such as trip delays, baggage loss, and cancellation, not just medical emergencies.
Are “Cancel For Any Reason” (CFAR) Policies Worth It?
If you’re on the fence about your trip or have non-refundable reservations, a CFAR policy might be a good idea. It will allow you to recoup a percentage of your costs if you decide to cancel for any reason. CFAR options are often upgrades or included in the premium level plans.
How Much Does Travel Insurance Cost?
The cost of travel insurance can vary based on factors like your age, the length of your trip, your destination, and the type of coverage. A comprehensive plan might cost between 5% and 10% of your insured trip cost, and many plans can be customized at an added cost. According to Squaremouth, travelers spent an average of $403 for comprehensive coverage in 2023.
Final Thoughts
Choosing the best travel insurance in 2024 depends on your individual needs and travel plans. The top 5 companies detailed in this guide and other options mentioned can help you find the best travel insurance policy for your next adventure. By understanding the importance of travel insurance, assessing your needs, and comparing different providers, you can travel with confidence and protect your travel investment. Remember to consider all factors beyond price, such as customer reviews, coverage limits, and your own unique circumstances when making your final decision.