BEST TRAVEL INSURANCE
Globalization has made businesses operate in more than one country, which means that employees and business owners are now traveling more than ever before. Medical advancements in other countries have also led to several flights in search of advanced treatment abroad. Frequent traveling has led to potential financial losses that the best travel insurance can mitigate.
A 2021 survey by Battleface discovered that almost 50% of Americans had faced the cost of losses or fees traveling without travel insurance. After Covid-19, many people are looking forward to traveling domestically from one state to another, while others also look forward to international travel to visit families, friends, and places.
An increase in international and domestic travel signifies that the associated risks have also skyrocketed. Therefore, there is a need to search for the best travel insurance to cover the risk and eventualities likely to happen when traveling. This could make more sense for individuals or companies spending thousands of dollars booking trips for their employees or executives.
Table Of Contents
- 1 What is Travel Insurance?
- 2 How to Find the Best Travel Insurance Company
- 3 5 Best Travel Insurance Companies
- 4 Conclusion
What is Travel Insurance?
Several airlines or companies are selling travel packages or tickets, presenting consumers an option to buy travel insurance. These policies often cover rented equipment, including cars or ransom costs, as well as damage to personal items. Some available travel packages also include interruption or trip cancellation coverage, medical expenses coverage, personal effects and baggage coverage, and flight accident coverage. Let’s shed some light on these coverages.
Trip interruption or Cancellation Insurance
People book trips to travel; however, an eventuality, such as sickness of a family member, unexpected illness, injury, or jury duty, could interfere with your scheduled trip. If you have travel insurance, you will get a 100% refund of your money, which you could otherwise lose in the non-refundable, prepaid deposits without a policy. This policy comes in handy for many travellers during Covid-19, allowing them to cancel trips upon contacting the virus before the flight.
Medical Expense Coverage
This coverage is vital for U.S. citizens traveling abroad to a country where their home medical coverage has limited or no application. The travel medical expense coverage will cater for the ambulance services, hospital and doctor bills, including any other related medical expenses when traveling. The emergency medical evacuation coverage for those headed in remote parts of the world pays the cost of getting you to the nearest medical facility.
Other coverage for travel insurance that may interest you include travel delay, missed connections, and cancellation for any reason. These covers often have 24/7 emergency services, including cash wire assistance, lost passports, and re-booking canceled flights. The best travel insurance coverages should be affordable and still provide excellent coverage. When shopping for these companies, examine those with high consumer satisfaction ratings and few exclusions and limits.
How to Find the Best Travel Insurance Company
If you are looking for the best travel insurance to cover your upcoming trip, you should first know what is covered by your payment method. For instance, booking a trip by credit card may cover trip interruption and cancellation. This means that when you are considering travel insurance, it would be wise to know what coverage you already have before deciding on what additional protection you want. Here are some ways to help you get the best travel insurance:
Some travel credit cards offer you rental car and trip cancellation insurance if you use the card while booking the flight. The advantage is that the coverage is free. Nevertheless, it does not allow for customization to meet a customer’s specific needs. The car rental insurance may be secondary, paying only the cost of travel and not the regular car coverage plan.
Using travel agents and reservation sites
You can choose to buy your travel insurance while booking the flight, car rental, or hotel. This way, you benefit from the quick transaction, completing the entire process with a click of a button. It is relatively cheap to buy travel insurance this way. However, it does not allow you for coverage customization to suit your specific needs.
Buy from Travel Insurance Companies
Customers also have the option of purchasing travel insurance from insurance companies offering these policies. This option will enable you to choose a policy that meets your needs. The insurer will also provide you with additional information, equipping you with knowledge before deciding what cover to buy. However, you will grapple with many companies with varied policies as you compare prices and coverage, which may take a considerable amount of time.
Find Information from Travel Insurance Comparison Sites
Several comparison sites allow you to consider different policies and quotes based on the trip criteria you are searching for. This method allows you to see which company offers what you are looking for. The advantage of this method is that it enables you to choose what fits your circumstances, though it will be time-consuming as you compare several policies.
5 Best Travel Insurance Companies
Searching through the internet to get the best travel insurance company to buy a policy from can be tiring and confusing. Therefore, we have collected some of the best players in the industry to ease your work.
It was founded in 1996, offering several travel insurance packages depending on the customers’ needs for the trip. Their underwriters, the Berkshire Hathaway Specialty Insurance company, were accorded an A++ rating with AM Best. Travelex offers its services to travellers globally, starting with a $28 plan covering trip interruption, emergency medical, and trip cancellation. If you need additional coverage, Travelex offers you an opportunity to upgrade and customize the coverage.
Apart from generous cancellation, trip cost, trip interruption, and emergency medical coverage, Travelex also has a 15-day exclusion waiver on those with the pre-existing condition if you fully pay for a policy with the 15-day window period.
- Their pricing for comprehensive cover is relatively cheap than most competitors.
- It has several policies plans you can choose from
- Your children under the age of 21 are covered without any additional costs
- It does not have an annual plan
- The basic coverage offers minimal coverage.
This company is a subsidiary of Allianz, formed in 1890 in Germany. The AM Best rating gave it an A+ rating, with the company only offering its services to legal U.S. residents. If you know that you will hit the road several times in a given year, Allianz Travel will suit you well with their annual insurance policy.
You could choose AllTrip Executive, offering the largest coverage with the highest limits. For instance, this coverage guarantees you $5,000 coverage on trip cancellation and interruption. Additionally, you will get a 250,000 on emergency transportation coverage and $ 50,000 for medical emergencies.
- The company offers both single-trip and annual plans
- You will not miss a policy that fits your need as they offer several policies
- The policy covers you and your family throughout the year, even when you are traveling differently.
- Their policy does not cover those with extended travel periods.
- It does not offer the highest emergency medical transportation
- Some of their policies contain per-trip limit clauses.
This company was formed in 2000 is not an insurance company per se; rather, it is a comparison website with a pool of over 20 insurers. It provides an easy sign-up and a comparison tool to speed up your ability to compare various policies based on your needs. On the website, you will find filters to help you pick policies that cover what you and your family need at a particular point.
Some of the basic coverage you will find with most companies listed here include medical care, travel delay, and luggage coverage. Furthermore, the companies listed on this website are well reputed with high ratings from renowned national bureaus.
- The website enables you to search for several quotes from renowned insurers easily.
- There is only one application for searching multiple trip types
- You could view various plans from potential insurers for your upcoming trip.
- Several reputable insurers are excluded from the list
- The initial listing page from the website does not indicate the policy limits
- It has included some policies, having low coverage.
This travel insurance company offers Explorer and Standard travel insurance plans. It covers sports and related activities and covers trip delay, lost luggage protection, and baggage delay. Their plan is available for travels from most countries, covering trips to nearly any destination in the world.
- Your insurance coverage can be extended while you are traveling.
- Customers have the option of insuring their trips for 180 days
- The company offers a more robust adventure sports coverage than many competitors
- Its policy does not cover extreme sports
- The company does not have an annual plan and ends once you are 100 miles from your home.
- you cannot qualify for a policy if you are above 70 years
It was formed in 1997, offering policies with improved medical coverage on transit. HTH Travel is suitable for seniors traveling outside the country since they may find themselves in a doctor’s office while abroad with a huge hospital bill to follow.
Their medical coverage is up to $1 million, and those with existing primary insurance could benefit from 100% coverage for any accompanying costs. These costs could include tests, surgery, inpatient hospital, office visits, and drugs.
- Its high-level medical coverage is helpful for seniors up to 95 years old.
- It provides up to a $1,500 allowance to enable family and friends to visit you in the hospital.
- HTH Travel is not the cheapest provider
- Their best travel insurance needs that a senior to have existing health insurance.
Travel insurance is something worth considering if you are planning to travel a lot domestically or internationally. Most policies will cover eventualities such as trip cancellation and interruption, medical expense coverage, trip delays, lost luggage, and much more. Since there are many companies offering travel insurance, you need to do your due diligence in searching to find the best travel insurance that is affordable yet meets your need.
What are the best travel insurance companies?
- Travelex Insurance Services
- Allianz Travel Insurance
- World Nomads
- HTH Travel Insurance