Institution Trip Cancellation/Trip Interruption Emergency treatment/emergency transport Loss/Damage of Baggage Premiums starting at 35-year-olds cost $1,500 per trip Premiums starting at 65 years old, $3,000 trip expenses
Travelex 100%/100% $15,000/$100,000 $500 $68 $186
HTH Travel Insurance 100%/125% $75,000/$500,000 $750 $68 $171
Nationwide 100%/125% $75,000/$250,000 $600 $69 $135
Allianz Travel Insurance 100%/100% $10,000/$50,000 $500 $65 $165
seven corners 100%/100% Up to $100,000/Up to $250,000 $500 $58 $173
Travel Guard by AIG 100%/100% $15,000/$150,000 $750 $51 $144

Emergency medical coverage in a travel insurance policy is often secondary to your primary health insurance. This means you must first file a claim with your primary insurance company to determine how much your travel insurance policy will cover.

Consider other companies

Factors affecting the cost of travel insurance

When buying travel insurance, the length of your trip can affect what policies you can get and whether pre-existing medical conditions are covered at the time of your purchase—but these factors generally don’t affect your premium. Your destination does not affect your premium. Costa Rica travel insurance will cost the same as travel insurance for travel to Europe, all other factors being equal. Instead, travel insurance costs are based on the following factors.


Travel insurance is more expensive for older people, as they are more at risk of developing medical problems. Travel insurance companies charge high premiums to account for that risk. However, even if you’re traveling in retirement, you can probably find low-cost travel insurance that meets your needs.

Trip expenses

The premium is calculated based on your total travel cost. Because it costs more to refund a $10,000 canceled trip than a $1,000 trip, insurance companies charge higher premiums for more expensive trips.


The higher your coverage limit and the more benefits you add (eg, cancellation for any reason, adventure sports coverage, pet treatment), the more expensive your premium will be. Companies often offer a selection of plans at different tiers or benefit levels.

Top Travel Insurance Companies

  • Travelex: Travelex offers plans with trip interruption coverage up to 150% and emergency evacuation coverage up to $500,000. Optional upgrades include adventure sports coverage, cancellation-for-any-reason coverage, pet medical, pet return, and additional medical coverage of $50,000 for medical expenses and $500,000 of medical void coverage. Travelex policies are underwritten by two reliable companies, Berkshire Hathaway and Zurich Insurance Group, which have achieved an A++ (Superior) and A+ (Superior) AM financial strength rating respectively.
  • Allianz Travel Insurance: Allianz offers a variety of single and multi-trip plans and you can choose to purchase medical coverage or trip cancellation coverage separately. The company offers higher coverage limits and most plans include pandemic coverage for COVID-19. Cancel coverage at any time and rental car coverage is available as an optional upgrade. In addition, two underwriters of Allianz, Jefferson Insurance Company and BCS Insurance Company, have earned financial strength ratings of A+ (Superior) and A- (Excellent) from AM Best.
  • HTH Travel Insurance: HTH offers short and long term medical plans along with complete trip protection plans. The plans offer higher medical coverage limits, including emergency medical coverage of at least $75,000, and reimburse up to 200% of trip expenses due to interruptions. All plans include at least $500 in trip-delay coverage and $250 in missed-connection coverage. The plans are underwritten by Nationwide, which has an A+ (Superior) financial strength rating from AM Best. Also, over 90% of customers on travel insurance marketplace InsureMyTrip recommend the coverage.
  • Nationwide: Offers single- and multi-trip plans with a package designed for nationwide cruises. The plans cover at least $75,000 in comprehensive, emergency treatment and up to 200% of trip expenses due to interruption depending on the plan. Accidental death and dismemberment (AD&D) and rental car coverage are available as add-ons, and a diagnosis of COVID-19 may be covered as part of your trip-cancellation coverage. Nationwide has an A+ (superior) financial strength rating with AM Best.
  • seven corners: Seven Corners’ offerings include travel medical, travel insurance and annuity plans. Trip insurance plans offer at least $100,000 in emergency medical coverage, but the basic plan does not cover pre-existing conditions. Add-ons include rental car coverage and optional cancellation-for-any-reason and interruption-for-cause coverage. The diagnosis of COVID-19 is the same as any other illness that triggers coverage. Trip interruption and cancellation policies are underwritten by United States Fire Insurance (USFI), which has an A (Excellent) financial strength rating from AM Best. Travel medical policies are underwritten by USFI if you live in Colorado, Maryland, New York, and South Dakota, and if you live in another state, Lloyds of London or Cram & Forster SPC.
  • Travel Guard by AIG: Travel Guard offers some of the cheapest premiums we could find, especially for youngsters, but the basic plan’s medical limits may not be enough. COVID-19 is treated like any other illness under the plan. The company offers some upgrades, but rental car coverage is available. AIG has an A (Excellent) financial strength rating with AM Best.

How to save money on travel insurance

  • Don’t pay for coverage you don’t need: Check what is covered by your credit card, health insurance, homeowners insurance and in some cases car insurance and try to get a policy that fills the gaps.
  • Compare premiums across companies: While the cheapest plan isn’t necessarily the best, some companies may offer better rates than others for the same coverage. For example, some companies are more affordable for older travelers. It’s a good idea to compare quotes for the coverage you need.
  • Consider an annual plan: If you travel frequently, you can save money by purchasing an annual plan. But you should compare the benefits of a plan and make sure you’re getting more bang for your buck versus a trip-based plan. Also, note that annual plans may not be available in all states.
  • Avoid coverage cancellations at all costs if possible: You might think you can rest easy with cancellation-for-any-reason coverage, but these policies typically cost significantly more and often provide poor quality coverage. You should avoid this type of coverage unless it is necessary for your trip.

How to choose the best travel insurance

Decide which coverage types are important to you

Travel insurance is a package of coverages that may include some or all of the following:

  • Travel cancellations and interruptions: Provides compensation if your trip is canceled or interrupted due to certain reasons such as an injury or unforeseen natural calamity
  • Travel medical coverage: Provides temporary health insurance if you get sick or injured while traveling
  • Emergency medical evacuation: Pays to transport you to the nearest adequate medical facility if necessary
  • Accidental death and isolation: A payment is made to your beneficiaries if you lose a limb or die in an accident
  • Loss or damage to baggage: Reimburses you for lost or damaged baggage and personal items
  • CANCEL COVERAGE FOR ANY REASON: Allows you to cancel in any situation and get a partial refund, but is more expensive.

Some travel insurance packages may also include extras such as car rental coverage, baggage delay, pet medical and missed connection coverage. Most travel insurance plans also include some form of travel assistance. Decide what coverage you want, then check what’s already covered by your credit card and your existing insurance policy before purchasing a travel insurance plan.

Company rating assessment

In the process of comparing companies, you’ll want to consider more than the price of the policy and the coverage offered. You should also check to see if the insurer has an A- (Excellent) financial strength grade or better from AM Best, and evaluate customer reviews from third-party companies like TrustPilot, ConsumerAffairs and BBB.

Compare premiums

Depending on your age and the cost of travel, some travel insurance companies may offer lower premiums than others. This is why comparing quotes is important. You can collect quotes directly from each insurance company’s website, or you can use an insurance aggregator site that allows you to view quotes from several companies with just one application.

Review policy limits and exclusions

When comparing premiums, look at policy details and compare limits and exclusions. For example, some insurance companies won’t reimburse you if your trip is delayed, and some may exclude coverage for pre-existing conditions. Additionally, medical coverage may exclude injuries from certain activities such as scuba diving.

Consider approval

Some insurers offer normally excluded coverage as an endorsement of your travel insurance plan as an additional premium or as a feature included in certain packages. If you’re looking for an extra layer of protection, pay attention to what’s available. For example, although travel insurance plans typically exclude epidemics and pandemics, most of Allianz’s plans include an epidemic coverage endorsement that will cover cancellations, interruptions, medical care and more in the event of a COVID-19 diagnosis.

Buy as soon as possible

To get coverage for pre-existing conditions, you usually need to buy travel insurance after you purchase your trip or pay for the trip. Additionally, travel insurance typically only provides coverage for unforeseen circumstances, so if you wait until a weather event is announced to purchase coverage, that weather event may not be covered. The sooner you purchase travel insurance after purchasing your trip, the fewer exclusions you have to worry about.

What is travel insurance?

The term “travel insurance” generally refers to a package of coverage that helps protect against a variety of things that could go wrong before and during your trip. The best travel insurance will reimburse you for the total cost of your trip if it is canceled or interrupted for certain reasons, such as injury or the death of a family member. It provides temporary major medical coverage and emergency evacuation coverage if you are injured or fall ill while traveling. Many plans also offer additional benefits or optional endorsements, such as canceling coverage for any reason.

Is travel insurance worth it?

It is up to you. You need to weigh the risks of forgoing travel insurance against the cost of a policy. You may have sufficient coverage from a travel credit card or other insurance policy that makes travel insurance coverage unnecessary. However, if you’ve bought an expensive vacation that’s non-refundable, or if your health insurance plan doesn’t cover you where you’re traveling, travel insurance is probably worth it.

How to get travel insurance

If you’re looking to buy travel insurance, a good place to start is company reviews. Then get travel insurance quotes to compare costs and coverage. Almost all travel insurance companies allow you to purchase immediate coverage online, and it’s best to pay for coverage as soon as possible after you book your trip.

What does travel insurance cover?

Although coverages vary from one plan to another, most travel insurance policies cover trip cancellation and interruption, short-term major medical coverage, emergency relocation, and lost or damaged luggage. Most also offer additional benefits, such as cancellation-for-any-reason coverage, pet medical and adventure sports coverage.

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