11 Best Travel Insurance Companies For Comprehensive Travel Insurance Of 2024

L et me guess; you are eager to conquer your bucket list of travel destinations. But as you probably know, traveling during this pandemic can be quite a hassle. 

The truth is that the Covid-19 pandemic isn’t over even though countries are opening their borders to tourists.

And with many travel plans hanging in the balance, raving globetrotters face impending challenges like canceled trips, medical emergencies, evacuation, etc.; getting travel insurance is crucial now more than ever.

So, what is travel insurance?

Travel insurance is a policy you purchase from an insurance company to cover you during domestic or abroad travels.

The best thing about travel insurance—depending on the travel policy you buy— is that it can help you access emergency medical services and evacuations and get your money back on trip cancellations.

Keep reading if you’re looking for the best travel insurance of 2024 and beyond.

This article will dive into the 11 best travel insurance providers, so you don’t have to waste tons of hours shopping for travel insurance.

How Much is Travel Insurance?

Travel insurance costs vary depending on the policy and the policy limit, travelers’ age, the number of travelers, and travel destination, among other factors.

Recent research by ValuePenguin shows that the average cost of travel insurance is $148. 

A basic travel insurance policy averages at $105, and the average cost of a middle-tier travel insurance policy is $130.

On the other hand, comprehensive travel insurance costs $164 on average.

And luckily, there are ways to keep your travel insurance costs down because you’re in charge of the travel insurance that best suits your travel needs. 

For instance, you can cut down travel insurance costs by researching more about your travel destination. 

Covid-19 and Travel Insurance

Traveling during this pandemic era presents a ton of covid-19 related challenges like contracting the Covid virus while on transit, quarantine, and possibly trip cancellations due to disease outbreaks.

Your best bet as a nomad is to watch out for CDC travel advisory during these times. These travel recommendations can help you plan your trip to avoid high-risk destinations.

Suppose your travel destination is within the U.S territories. You may not need to get another travel medical insurance to cover Covid-related emergencies, and you can use your typical health insurance.

However, if you’re traveling abroad, you might need to purchase travel medical and trip insurance for Covid-19.

The travel medical cover for Covid-19 can be the lifeline when you need emergency evacuation or medical attention after contracting the virus while on transit.

The medical insurance can cover your hospital stay due to contracting Covid-19, Covid-19 tests, medical supplies, treatment, care, etc.

Your trip insurance cover for Covid-19 can help you get money back when you cancel a trip for Covid-related reasons.

For instance, you can recoup your trip costs if you cancel or delay your travel plans because of surging Covid-19 cases in your travel destination.

Canceling a trip for any reason insurance can be great if you can’t predict the event’s outcome of your trip.

Notably, not all travel insurance providers offer cover Covid-19 related emergencies.

It is crucial to review the travel policy to see the plans before investing in travel insurance.

Some of the best travel insurance providers for Covid-19 include HTH Worldwide, Tin Leg travel insurance, Seven Corners, and AXA travel insurance.

Do Credit Cards Provide Travel Insurance?

If you have a credit card, you’re probably wondering if it can provide travel insurance.

The good news? Some credit cards offer travel insurance to cover trip hiccups like cancellations, car rental accidents, loss, lost luggage, and trip interruptions. You have to confirm your credit card provider’s plans.

Typically, the credit card you use to pay for your flights, hotels, rental cars, and other travel expenses can offer some protection in an unexpected challenge while traveling.

And this means that you might not need to get a separate premium travel policy.

In addition to rewards, credit cards like Capital One® Venture Rewards® offer travel accident insurance.

The insurance is automatic, and there are no extra fees charged to your credit card.

Another excellent example of a credit card that provides travel insurance is the AmEx Blue Cash Preferred® which provides cover in case of car rental loss or damage.

The Platinum Card® from AmEx also has travel insurance with no additional charges. This premium credit card can help you recoup money if you cancel or delay your trip. 

For instance, you can get up to $500 back per trip if you delay your trip and up to $10,000 per trip if you cancel your trip.

Additionally, it can cover car rental loss or damage.

To be eligible, your purchases should be through a credit card, and like any other travel policy, terms and conditions apply.

So before you purchase a third-party travel policy, you might need to check with your credit card company and see if they offer travel insurance through their credit card.

You can save a couple of hundred dollars by utilizing your credit card for travel.

What Are The Types of Travel Insurance?

There are a dozen travel insurance plans, and it can be unclear to figure out the best plan for your trip. Furthermore, travel insurance plans can affect the overall insurance costs, so it is crucial to understand each policy coverage to get the biggest bang for the buck. 

1. Travel Medical Insurance

Travel medical insurance is a travel cover that can get emergency medical attention if you get ill while traveling abroad. The policy coverage can also be crucial when you get an injury due to accidents.

For instance, with unpredictable Covid-19 virus surges, your travel medical insurance can help you access medical care, supplies, and treatment.

Additionally, your travel medical insurance can cover dental, pre-existing conditions, and medical evacuations, among other health-related issues.

Your U.S health insurance has limited to no coverage while traveling abroad. You can consult your health insurance provider to see your policy options while vacationing overseas.

Travel medical insurance is ideal for people traveling internationally, students going to study abroad, relatives visiting from other countries, business travelers, etc.

2. Trip Cancellation Insurance

If there is something that the Covid-19 pandemic taught us, a change of plans can happen at the last minute. Life happens, and border closures can wreak havoc on your travel plans. 

Or, you might need to cancel a trip due to family emergencies or other unavoidable circumstances.

According to Destination Analysts, 2021 saw 27% trip postponements and 23% trip cancellations thanks to surging numbers of the Delta Variant.

Canceling a flight means you risk forfeiting the flight fees, hotel booking fees, and other non-refundable travel expenses.

And this is where trip cancellation/interruption insurance saves the day to ensure that you recoup money that would otherwise be non-refundable.

Some of the typical reasons travelers cancel travel plans include unforeseeable events like unforgiving weather conditions, work, injury, illness, death, or other personal reasons.

With trip cancellation insurance, you can rest easy knowing that you’ll claim your refund if you cancel your trip.

There is trip cancellation policy coverage that can protect you when you cancel a trip regardless of the reason, and it is known as Cancel for Any Reason Travel Insurance.

Trip cancellation insurance may sound trivial, but it comes in handy when you spend thousands of dollars on that particular trip.

3. Travel Life Insurance

Also known as accidental death insurance, travel life insurance protects you and your loved ones in the event of premature death or dismemberment.

Typically, your travel life insurance works the same as your life insurance.

Your next of kin will receive compensation in case of accidental death or bodily injury while traveling.

Remember, self-inflicted injuries or life loss due to pre-existing medical conditions may not qualify for compensation with travel life insurance.

For instance, Squaremouth offers three different travel life policies: accidental death, common carrier, and air flight life insurance.

4. Baggage Loss Insurance

Are you worried about losing your baggage while traveling? Losing your stuff while on a trip can make the whole vacation stressful, and it can cost money.

Lost items like expensive jewelry, tech gadgets, art, and other valuable collectibles while traveling can crimp your travel itinerary.

In some cases, your checked bags might be delayed; hence you have to look for alternative essentials to use as you wait for your bags to arrive.

A baggage loss or delay insurance can protect you from such events.

Baggage loss insurance can compensate for your lost items provided that you covered them in the insurance policy.

On the other hand, baggage delay insurance will help you get money to purchase essentials while waiting for your delayed bags to arrive.

Again, limits on the number or types of lost items to claim on baggage loss and delay insurance apply.

It is vital to check your travel insurance plans to see the limits and the type of items you can claim.

Which Is The Best Travel Insurance Company?

There is no one size cut for all regarding travel insurance. We’ve curated the 11 best travel insurance companies that fit your travel plans.

Get ready for anything with a travel insurance policy that covers your travel investments and gives you peace of mind while on vacation.

1. AIG Travel Guard— Best Travel Insurance Company for Insurance Plans that Fit All Travelers. 

AIG Travel Guard is the best travel insurance offering comprehensive travel insurance.

From Basic travel insurance plans, preferred to deluxe travel insurance plans, Travel Guard® offers travel insurance options to fit each traveler’s unique travel budget.

Furthermore, Travel Guard® can be the best travel insurance company to sort you out if you’re looking for last-minute travel insurance.

What travel plans does AIG Travel Guard® offer?

• Travel Guard® Annual Insurance

This is the ideal travel insurance for people who travel full time. 

The Annual Insurance provides you with comprehensive annual coverage from baggage loss, trip interruptions, delays, medical evacuation, security evacuation, death, and dismemberment.

For example, with trip interruptions, Travel Guard® will reimburse up to 100% of your non-refundable unused deposits when you need to cancel your trip for the insured reasons in the plan. 

Furthermore, you can get up to $1,500 to cover trip delays that last more than five hours.

And if you lose your luggage through theft or damage, you can receive up to $2,500 compensation.

Emergency evacuation/repatriation can cover up to $500,000 of medical evacuation expenses or repatriation to your home country.

• Travel Guard® Pack and Go Travel Insurance Plan

This travel insurance plan provides coverage for spontaneous, last-minute trips.

With this plan, you can get up to $500 refunds if you miss your connecting flights. It also covers travel hiccups like a trip interruption, delay, baggage delay, luggage loss, medical emergencies, and emergency evacuation.

You can recoup up to $1,000—capped at $200 per day— for trip delays that last more than five hours.

Additionally, you can get up to 100% of insured trip costs for trip interruptions, and again the limit is $1,000.

• Travel Guard® Essential Travel Insurance

If you’re looking for travel insurance that includes family coverage, the Essential Travel Policy by Travel Guard® is ideal.

This travel insurance policy can reimburse up to 100% of trip costs due to trip cancellation or interruption, and the limit is $100,000. 

Furthermore, you can get an exclusion waiver for a pre-existing medical condition to be sure to access medical care while traveling abroad.

With this travel insurance plan, you can also get baggage loss/delay, travel medical expenses, emergency evacuation, accidental death, and dismemberment coverage.

• Travel Guard® Preferred Travel Insurance Plan

Have you ever had to change your trip dates? The Preferred Insurance Plan by Travel Guard® can help you recoup up to 50% —$75,000 maximum—on the insured trip costs. 

You can also recoup cash for flight cancellation, delay, cruise diversion, runway delay, and river cruise diversion.

And like the essential travel insurance plan, you can add extra coverages like cover for a pre-existing condition to this plan.

Should you need to start your trip earlier than scheduled, this travel insurance plan can reimburse up to $2,500 to cover meals, hotel reservations, and transportation.

Notably, the emergency evacuation cover under this plan is $500,000.

• Travel Guard® Deluxe Travel Insurance Plan

The deluxe plan is the top-tier travel plan that includes a flight guard to protect you against flight accidents leading to accidental death or loss of limbs.

You can also recoup up to 150% of your trip costs due to interruptions, and the maximum amount is $225,000.

The plan also covers other travel hitches like luggage delay or loss, missed connections, travel inconveniences, security evacuation, ancillary evacuation, medical expenses, and death and dismemberment expenses.

Notably, the Deluxe insurance plan offers up to $1,000,000 in emergency medical evacuation expenses, and you get to choose your preferred hospital.