Recently, there are several companies offering travel insurance. In this article we will guide you through the top travel insurance companies.
What is Travel Insurance?
Travel insurance is a type of insurance policy that provides coverage and protection for various risks and losses that may occur while traveling. It is designed to provide financial assistance and support to travelers in case of emergencies, accidents, trip cancellations, or other unforeseen circumstances that may arise during their journey.
What Does A Travel Policy Cover?
- Trip Cancellation/Interruption: This coverage reimburses you for pre-paid, non-refundable expenses if you need to cancel or cut your trip short due to covered reasons such as illness, injury, or other specified events.
- Medical Expenses: Travel insurance can cover medical expenses, including hospital stays, doctor visits, and emergency medical treatment if you become sick or injured while traveling.
- Emergency Medical Evacuation: If you require emergency medical transportation or evacuation to the nearest suitable hospital or back home, travel insurance can cover the costs, which can be substantial.
- Lost, Stolen, or Delayed Baggage: Coverage is provided for personal belongings and luggage that are lost, stolen, or delayed by the airline or other carrier during your trip.
- Travel Delays: Reimbursement for additional accommodation, meals, and other expenses incurred due to travel delays caused by factors like severe weather or mechanical issues.
- Accidental Death or Dismemberment: This coverage provides a lump-sum payment to your beneficiaries if you suffer an accidental death or permanent disability while traveling.
- 24/7 Travel Assistance: Many travel insurance policies offer 24-hour emergency assistance services, providing access to travel resources, medical referrals, and emergency cash transfers.
Top Travel Insurance Companies
- Allianz Travel Insurance
One of the largest and most well-known travel insurance providers, Allianz offers comprehensive plans for trip cancellation, interruption, medical expenses, and more. They have a wide range of coverage options and are highly rated.
- World Nomads
Geared towards adventurous and outdoor travelers, World Nomads provides robust medical and evacuation coverage for activities like hiking, skiing, and extreme sports. Their policies are flexible and can be extended while traveling.
- Travelex Insurance Services
Travelex has been in the travel insurance business for over 50 years. They offer affordable basic and premium package plans, as well as add-ons like rental car coverage and accidental death and dismemberment.
- Travel Guard
Known for their 24/7 travel assistance services, Travel Guard provides comprehensive trip cancellation/interruption and medical coverage. They have plans for cruises, tours, and other travel types.
- Seven Corners
Ideal for frequent international travelers, Seven Corners offers rich medical coverage, evacuation, and trip protection plans at competitive rates. They have specialized adventure sport and expatriate plans.
- Generali Global Assistance
Generali is a large global insurer providing travel medical insurance, trip cancellation/interruption, baggage loss, and other coverages. Their policies are underwritten by reputable companies.
- Trawick International
A top choice for seniors and travelers with pre-existing medical conditions, Trawick has flexible plans with high coverage limits for medical expenses and evacuations.
- Tin Leg
A travel insurance comparison site that lets you get quotes from multiple providers side-by-side to find the best value for your trip details and needs.
Be sure to compare plans based on your travel destination, activities, coverage limits, deductibles and policy pricing to find the right travel insurance fit. Many companies also allow adding optional coverages.
Why You Should Have a Travel Insurance
Travel insurance provides invaluable protection when embarking on a trip, whether it’s a weekend getaway or an around-the-world. A comprehensive travel insurance policy covers you for major financial risks and losses before and during your travels. It provides crucial coverages like:
- Trip cancellation/interruption protection
- Emergency medical expense coverage
- Medical evacuation coverage
- Baggage and personal item loss/delay
- Travel delay expenses
- 24/7 emergency assistance services
Without travel insurance, you could end up paying out-of-pocket for any mishaps, which can easily run into the thousands or even tens of thousands of dollars for something like an emergency medical situation abroad.
Final Thoughts
While we all hope our travels go smoothly, the unexpected can and does happen. Travel insurance is a relatively affordable way to protect your financial investment in a trip and reduce the stress of dealing with any emergencies that may arise. For the cost of a policy, it provides a safety net of coverage and access to emergency support services worldwide.
Travel insurance can be purchased as a comprehensive package or as individual coverage options from the top travel insurance companies depending on your specific needs and travel plans. It is particularly recommended for international travel, expensive trips, or travel involving higher-risk activities.