6 Best Travel Insurance Companies of 2021, from Money.com

Traveling safely in 2021

Expect the unexpected. Rarely is that old adage proven true as often as it is in the context of

traveling. But some surprises aren’t as cool as cruising through the ocean, diving under the sea,

or scaling a mountain. These are just some of the great adventures that we partake in as we

tour across the globe. With that in mind, it is important now more than ever to have the

necessary coverage for your trip in the event that any delays, cancellations, or emergencies

occur.

Now with travel restrictions being lifted slowly over the next few months, people are scrambling

to get travel again. The most adequate travel insurance policy for you is going to be the one that

offers the specific coverage you need for the activities and tours you take. Here’s a rundown of

the most common types of travel insurance, as well as some of the optional benefits you may

want to look into.

1. An interruption in your trip: Interruption coverage protects you in the event you have

to return home due to an emergency once you’ve already started your trip or before. It

will pay for the cost of getting you home and getting you back to your destination once

you’re able to travel again.

A good example is medical conditions. If you have a pre-existing medical condition,

verify whether it’s included in a policy’s medical insurance provisions. Most insurance

companies require you to purchase additional coverage for pre-existing conditions.

2. If something happens to your luggage: There are few things more irritating than

getting to your destination and realizing your luggage has not arrived with you. Pay

attention to coverage limits and increase yours as necessary. Even mundane items like

laptops and cell phones have replacement costs beyond the limits set by basic policies,

so be careful to read your policy closely to be sure your most expensive possessions are

fully protected.

Coverage for delayed bags will need some time to pass before you can make a claim –

depending on the policy you purchased this anywhere from 2 to 6 hours and up. Once

claimed your insurance will reimburse you to help replace your lost items, up to the

policy limit.

3. Canceling a trip: Cancellation coverage covers you for pre-paid, non-refundable

expenses under a fixed set of circumstances outlined in your policy. You can make a

claim when you have to cancel a trip due to a health emergency or illness, for example.

Depending on the policy you choose, you may also be able to make a claim if you’re laid

off from work or you’re called for jury duty.

If the list of covered cancellation reasons under basic cancellation coverage seems too

limited to you, you might want to opt for CFAR or “Cancel For Any Reason”. It offers

the fullest coverage but may only make sense for you if your calendar is subject to

change at a moment’s notice.

Trip cancelation is a common travel insurance claim, but many policies won’t pay out for

trips canceled for any reason whatsoever. Be sure to review the specifics of the policy

you’re considering.

By far, the company that offers some of the best and flexible coverage is World Nomads. In

addition to what you read above, they also cover over 200 activities for us adventurers, from

Mountain biking to bungee jumping to bike/safari/ski tours and much more!

Some credit cards will even cover your expenses sometimes if you were to cancel last minute.

Having a travel credit card can allow you to have a more enjoyable and affordable travel

experience, which means planning is key.

Credit card companies such as Chase and American Express have begun to extend the eligible

purchase periods giving their customers additional time to earn their signup bonuses. Some

companies are now providing additional bonus points for purchases done due to the pandemic.

Examples include streaming services, food, and grocery delivery. It is important for cardholders

to check in with their credit card companies to learn which non-travel purchases qualify for

bonus points. This is a great incentive when trying to build good credit if you think about buying

a house one day as well.

While travel insurance isn’t terribly expensive when compared with the cost of your trip, there

are ways to bring down the cost. If you’re a frequent enough traveler, an annual policy might

make financial sense for you. And if you’re traveling with a group—to take advantage of one of

our terrific team-building events, for example—buying group insurance is a great way for all

members of your party to get the same coverage for less.

Even if you decide on picking travel insurance for your international or domestic trip, make sure

you understand exactly what’s covered. There are different categories for basic and special

coverage. Be sure to check out this article from Money.com who provided the information for

this post and make sure you understand you know everything that is covered in your policy.

The below is shared from Money.com to help you in choosing travel insurance.

UPDATED: MARCH 5, 2021 7:33 AM ET | ORIGINALLY PUBLISHED: FEBRUARY 24, 2021

Travel insurance reduces the stress of unforeseen travel costs by protecting your trip plans from unexpected medical expenses or cancellations of non-refundable hotels or flights. To help you figure out what travel insurance covers — and what it doesn’t — here are the best travel insurance companies of 2021.

We also include individual company information and links to the latest COVID-19 related updates for each of our recommended travel insurance providers.

Our Top Picks for Best Travel Insurance

Best Travel Insurance Companies Reviews

TravelInsurance.com Review: Best for Comparing Quotes

ProsConsFast and easy quotesQuotes from different companies each have their own policiesPrice guaranteeCertain activities, such as extreme sports, might require policy buyers to obtain additional coverageInstant confirmation email once you check outGlossary of insurance terms

A member of the US Travel Insurance Association, TravelInsurance.com, works with some of the largest, top-rated insurers in the country to simplify the process of shopping and purchasing travel insurance.

As a travel insurance marketplace, you’ll be able to get quotes for travel insurance costs from multiple insurance providers by filling out a form with information such as the cost and duration of your trip.

This information will be sent to multiple insurance companies, and you’ll receive quotes from each one arranged in a format that makes it easy to compare costs and examine their pros and cons, as well as policies regarding trip cancellations or interruptions.

TraveInsurance.com COVID-19 Response as of February 2021

Many of the companies on TravelInsurance.com provide trip cancellation, trip interruption, emergency medical, medical evacuation coverage, and other benefits due to COVID-19. However, for most companies, fear of getting infected with COVID-19 is not a valid reason for canceling a trip since the disease is now classified as a foreseeable event.

Click here to learn more about their policies regarding COVID-19.


Generali Global Assistance: Best for Emergency Support Services

ProsCons10-day “free look period”Higher cost compared to similar optionsCancel for a full reimbursement if you haven’t already left on your trip24-hour emergency hotlineAccess to a global network of doctors via phone or videoID theft resolution support

Generali Global Assistance offers a 24-hour emergency hotline and a global network of doctors via phone or video, no matter where in the world you happen to be. You’ll also receive access to ID theft resolution support, as well as concierge services that can help with needs such as pet relocation.

The company offers three travel insurance plan options: standard, preferred, and premium, each with comprehensive support for trip cancellation, trip interruption, baggage loss, and medical and dental coverage at different benefit limits.

The Premium plan, their top tier offering, includes up to $1 million in evacuation and $250,000 in medical coverage, generous benefits for delay coverage and lost baggage claims (up to $2,000 per person), and benefits for lost sporting equipment. The plan even includes coverage for pre-existing medical conditions and rental car damage.

Generali COVID-19 Response as of February 2021

Plans provide coverage if you, a family member, or a traveling companion contract COVID-19 and plan requirements are met. However, the service will not provide coverage if you cancel your trip due to fear of travel. A full description of the company’s COVID-19 policies is available here for potential buyers to examine before purchase.


Travelex Insurance Services: Best for Families with Children

ProsConsSavings for families traveling with kidsSparse information available on the claims processCustomizable upgradesCustomer Service has limited operating hoursExpedited passport service in as little as 24 hoursAn international driving permit allows you to rent and drive in over 150 countries

With Travelex Insurance Services, all children under age 17 are automatically protected at no additional cost as long as they travel with an adult covered under the plan. Just list all of the children on the application, and they’re automatically covered.

Travelex offers two plans for easy comparison: basic protection and premium coverage. The company provides coverage for lost, stolen, or damaged luggage and can help replace lost essentials such as travel documents or prescriptions. With customizable upgrades, you can add on extra medical coverage and sports coverage.

For international travel, Travelex also provides an expedited passport service where customers can obtain a passport in as little as 24 hours and an international driving permit to rent a car and drive in over 150 countries.

Travelex Insurance Services has over 55 years in business and is a member of the US Travel Insurance Association.

Travelex Insurance Services COVID-19 Response as of February 2021

Trip cancellations or interruptions due to causes related to the COVID-19 pandemic may still be covered. Travelers who contract coronavirus or are physically quarantined while coverage is in effect qualify for benefits. However, fear of travel, travel advisories, or the destination being inaccessible due to COVID-19 are not covered under Travelex’s insurance plan. More details on the company’s COVID-19 policies can be found here.


RoamRight Travel Insurance: Best for Frequent Flyers

ProsConsMulti-Trip Annual insurance plan covers unlimited tripsCoverage for hazardous sports may require an additional policy upgradeFile paperless claims directly from your phoneOnly available to citizens and permanent US residents24-hour emergency travel assistanceMedical information required to determine if a condition is coveredReceive mobile alerts while travelingCovers trip cancellation due to natural disasters or geopolitical instability

RoamRight Travel Insurance offers different plans with a variety of pricing and coverage combinations. Among these, the Multi-Trip Annual insurance offers an annual plan with coverage for an unlimited number of trips per year, ideal for frequent travelers looking for coverage without the hassle of signing up on every single trip.

If you’re not interested in trip cancellation coverage, you can choose a plan with medical emergency and evacuation coverage instead. RoamRight also offers a standalone auto rental insurance plan if you do not require trip cancellation and medical coverage.

RoamRight uses the latest technology, including an online claims submission option and a mobile app complete with travel alerts. They also provide 24/7 assistance, translation of over 150 medical terms in seven languages, and information on local equivalents for medications you may be taking.

RoamRight COVID-19 Response as of February 2021

As with most travel insurance companies, fear of travel due to the risk of exposure to COVID-19 is not accepted as a covered reason for trip cancellation/interruption, nor are travel restrictions, quarantines, travel alerts to any destination affected by COVID-19, unless you have the Cancel For Any Reason coverage.

For more information on RoamRight’s COVID-19 policies, click here.


World Nomads: Best Travel Insurance for Comprehensive Activity and Gear Coverage

ProsConsOver 200 adventure activities coveredNo Cancel for Any Reason optionPurchase additional coverage while travelingCoverage may not be the same or available for residents of all countries, states, or provinces24/7 multilingual assistanceInsurance for photo and tech gear, as well as sports equipment

“Designed by travelers for travelers,” World Nomads covers over 200 adventure activities, including bungee jumping, scuba diving, camel riding, motorbiking, skydiving, and snowboarding.

The company offers comprehensive coverage benefits beyond some of the standard options you’ll find in other plans, including coverage for photography, video, or sports gear equipment. Plans also include coverage for trip cancellation, assault, death overseas, and stolen passports or credit cards. Customers can purchase additional coverage for activities not initially planned while traveling.

World Nomads offers a 24-hour multi-lingual assistance team, and their website has several travel blogs and podcasts with valuable information from customers’ experiences throughout the world.

World Nomads COVID-19 Response as of February 2021

World Nomads may protect specified benefits if you test positive for the COVID-19 virus before or during your trip. If the plan’s policies and conditions are met, the company will cover pre-paid non-refundable travel expenses such as flights, hotels, and excursions. Keep in mind that, as with other companies, pre-existing conditions are excluded.

For more information on COVID-19 related policies, click here.


Allianz Travel: Best Reputation

ProsConsTen different plans to accommodate all types of travelersRequires some effort on the buyer’s side to read through the different plansRental car damage protector with 24-hour emergency assistanceBenefits and coverage availability may vary by stateDownload the TravelSmart app to obtain alerts, trip information, and file claims24-hour multilingual hotline

Owned by Allianz SE, the largest diversified insurance company in the world, Allianz Travel has established partnerships with thousands of travel agencies, airlines, event ticket brokers, and credit card companies to ensure competitive service rates and travel assistance.

Allianz offers ten different insurance plans with several coverage combinations and benefits that any world traveler will find useful. The Alltrips Executive plan features higher limits and added business rental benefits, and OneTrip Cancellation Plus may be the perfect plan for domestic travelers who don’t need many post-departure services.

The company’s TravelSmart app allows the traveler to access their plan information, file and track claims, locate hospitals, and access local emergency numbers. The Allianz 24-hour hotline features multilingual specialists to help travelers replace lost passports, obtain local legal assistance, or even secure cash from home.

Allianz Travel COVID-19 Response as of February 2021

Allianz will not process claims due to “known, foreseeable, or expected events, epidemics, government prohibitions, warnings, or travel advisories, or fear of travel.” At the moment, the company is offering emergency medical care, up to a specific limit of days, for customers that become ill with COVID-19 while on their trip.

For more details and the latest information on COVID-19 policies, click here.

What Does Travel Insurance Cover

There are many different types of coverages and benefits available. Ahead we list some of the standard coverage plans and common add-ons.

Trip Cancellation/Interruption

Trip cancellation insurance will refund up to 100% of the pre-paid, non-refundable travel costs as long as the reason for cancellation is covered under the policy and the cancellation takes place before the trip.

Suppose the trip already started and you can’t continue and need to return home for some reason. In that case, trip interruption insurance will reimburse you for the unused portion of the trip and even cover expenses you may incur to get back home, such as last-minute flights. Trip interruption insurance can pay as much as 150% of the interrupted trip cost.

Some insurance providers will also offer travel delay coverage, providing a daily amount to pay for meals or lodging during the wait. Other companies offer insurance for missed connections between flights. They will provide reimbursement for any flight change fees or additional expenses incurred while trying to catch up with your travel plans.

Emergency Medical/Dental Expenses

Your health insurance will generally not cover your medical expenses out of the country, so emergency medical can give you some comfort knowing that if you need medical attention, you’ll be covered. Benefits for medical expenses can range from $15,000 to $50,000, and in some cases, additional coverage can be purchased.

For serious conditions, you can also get Emergency Medical Evacuation coverage. Suppose you suffer an injury, dismemberment, or illness that cannot be properly treated locally. In that case, this benefit will pay to have you evacuated to the nearest medical facility or even repatriated to a facility back in your home country. Benefits usually range between $100,000 to $500,000, but can be as high as $1,000,000.

Baggage and Personal Effects

Baggage delay coverage has a 2-6 hour wait-period before a claim can be made. The coverage includes reimbursement for replacement items purchased during the delay, up to the policy limit.

If your bag is lost, travel insurance can reimburse you up to the policy limit, anywhere between $500 to $1,000. Claims typically require receipts or lists of items that prove what was in the luggage. It’s recommended that travelers keep their receipts and/or this list of items on their person.

Worldwide Assistance

Make sure whichever insurer you choose has 24/7 services available in the country you’re travelling to. Request local contact information, including phone numbers and addresses, and keep the information handy with your other travel documents.

Add Ons

Customizable coverages allow customers to increase benefits limits and cover activities that may be excluded from standard policies. Common add-ons include:

Cancel for Any Reason: Standard travel insurance policies will reimburse for canceling a trip as long as the reason for cancellation is covered. With Cancel for Any Reason, you can do just that — cancel your travel plans for any reason whatsoever and get reimbursed for your pre-paid travel costs.

Pre-existing Medical Condition Waiver: Most emergency medical policies will not cover you for medical assistance related to a pre-existing condition. You can get a waiver for this exclusion, basically setting it aside and receiving medical coverage as long as you meet the waiver’s requirements.

Rental Car Insurance: Basically, a car insurance add-on for your travel insurance package. Coverage will include damages to the rental car and injuries to yourself or others should an accident occur while traveling.

Adventure Sports: Most standard travel insurance policies exclude injuries or losses caused by participating in adventure sports such as skydiving or bungee jumping. Adding adventure sports to your coverage ensures you’ll have coverage in case of injury.

Important Things You Should Know When Buying Travel Insurance

Know where you’re going and what you’re doing

When traveling to more exotic locales where access to medical services may not be that easy to find, you’ll want a policy with a more robust medical emergency and evacuation benefit. If you’re renting a car and traveling across Europe, car rental insurance may be a priority.

Before you request a quote, you’ll need to know the details of your trip, such as transportation, destinations, how many people will travel with you, and the value of the items you’ll bring with you. All of these factors will affect the underwriting that determines the plan’s cost.

Consider ways to save on travel insurance

If you’re traveling in a group, the entire group may be able to purchase a group policy at a lower rate than you’d pay for individual policies. If you’re traveling with kids, look for insurers that offer family policies. Some, like Travelex, insure kids for free when you pay for coverage for an adult.

Your homeowners or renters insurance may extend its coverage to your personal belongings if you’re traveling within the country, so you may not need to purchase travel insurance that covers luggage and personal effects.

Choose a policy without trip cancellation/ interruption/ or delay benefits if these are covered by other sources, such as certain credit cards. If you only choose medical and baggage insurance, you can get significant savings on cost.

Read the fine print

It pays to read the policy before you buy travel insurance. As you review the different plans available, pay attention to the fine print.

Basic plans generally will cover medical insurance and qualifying trip cancelations, but possibly not much else. More extensive plans might provide things like luggage insurance, passport replacement, and more.

Most plans do not cover pre-existing medical conditions, high-risk activities, or travel to high-risk destinations. Pay attention to the exclusions in the policy you’re considering.

Compare multiple quotes before buying

Always take some time to shop and compare. By doing a little extra digging, you may find a company that offers the coverage you want at a more affordable cost or that has just the added coverage you need to make it worth spending more money.

Best Travel Insurance FAQs

What is travel insurance?

Travel insurance policies cover unforeseen losses and expenses while traveling. Policies regularly include coverage for trip cancellation, both before and during your trip, emergency health care, car rental insurance, as well as lost baggage or costs for trip delays. Some companies include coverage for trip specifics, such as extreme sports coverage or professional photo and video equipment.

Scott Hartman