Best Travel Insurance Companies of 2023

International travelers have many considerations in planning their trip abroad. One of the important items on that list should be purchasing international travel insurance. Having the best travel insurance can save money, time, and frustration if things go wrong. It helps you protect the financial investment you made in your vacation, whether you booked a tropical cruise or a sightseeing trip to a far-flung island.

However, insurance policies are all suited to the customer's individual needs. So, there's no one-size-fits-all best travel insurance policy. There are some benefits to having global coverage when traveling overseas. Your travel insurance policy should offer you reasonable coverage and should cover at least the basics, such as medical emergencies and trip interruption and cancellation.

Moreover, the difficulty is often deciding on which provider to choose. You should also research and make sure you are purchasing travel insurance from a reputable company. The best travel insurance companies will reimburse you for medical expenses, baggage loss, evacuation to your home country, and more. As your departure date draws near, consider the companies that can help protect you from financial losses if your trip is canceled or interrupted for reasons beyond your control.

Although we cannot choose a travel insurance policy for you, we can tell you where to look and what you should be looking for in a policy. Therefore, to help you get started, we have created the following list of the best travel insurance companies. This list is evaluated ratings and scores from insurance comparison websites like Squaremouth, InsureMyTrip, etc.

What are the Best Travel Insurance Companies?

Some of the best travel insurance companies include:

Allianz Travel Insurance

Allianz Travel is a subsidiary of the giant multinational corporation Allianz, which traces its history back to 1890 in Germany. Travel policies are underwritten by insurers with AM Best ratings of A to A+ and are available only to legal US residents. Allianz Travel Insurance lets consumers purchase individual plans based on unique trips. But travelers who want to hit the road many times per year should consider annual travel insurance rather than individual per-trip policies.

Allianz Travel offers four different annual plans with varying benefit levels. If you're looking for the highest limits and coverage, then you should opt for its AllTrips Executive. It provides tiered limits starting at $5,000 for trip cancellation or interruption coverage. It also offers $50,000 for emergency medical, and $250,000 for emergency transportation, per insured, per trip. Moreover, there's a lengthy list of exclusions, including extreme sports, so make sure to read the fine print before jumping into adventure activities.

In addition to offering annual plans, Allianz Travel Insurance offers many different travel insurance options that can be tailored to your needs with higher coverage limits when you need them. Moreover, Allianz is accredited by the Better Business Bureau, which gives them an A+ rating. Its financial rating from A.M. Best is A+.

Pros

• Multi-trip/ annual or single-trip plans are available
• Many policy types fit varying needs
• Cover yourself and your household all year even if you’re not traveling together
• TravelSmart app provides travel alerts and allows you to file claims
• 24-hour multilingual hotline

Cons

• Does not cover extended travel periods
• Benefits and coverage availability may vary by state
• No cancel for any reason option
• Some annual plans have per-trip limits while others have annual limits
• Limit emergency medical transportation coverage to only $250,000

Travelex

Travelex Insurance Services is a well-known travel insurance provider based in Omaha, Nebraska. Founded in 1996, Travelex offers several insurance packages depending on the coverage needed for your trip. Travelex is ideal for trips that include minor children. The company's insurance plans protect children ages 17 and younger at no additional cost.

Moreover, Travelex also offers five main travel insurance plans—Travel Basic, Travel Select, Travel America, Flight Insure, and Flight Insure Plus. Their Travel Select Plan is the most robust since it includes trip cancellation coverage, trip interruption coverage, trip delay coverage, missed connection coverage, baggage insurance, and even special insurance for sporting equipment delays.

Furthermore, in addition to covering children at no extra cost, Travelex also offers the Travel America plan which was designed specifically for domestic travel within the USA. All plans include coverage for trip cancellation and trip interruption, as well as 24/7 travel assistance. With customizable upgrades, you can add on extra medical coverage, rental car collision coverage, and cancel for any reason coverage. Policies are underwritten by Berkshire Hathaway Specialty Insurance company, which earns an A++ rating from AM Best and AA+ from Standard & Poor’s.

Pros

• Competitive pricing for comprehensive coverage
• Multiple plan options with customizable features
• Children younger than 21 covered at no extra cost

Cons

• Mixed pre-existing condition coverage depending on the policy purchase date
• No annual plan is available
• Customer Service has limited operating hours
• The basic coverage plan features minimal coverage

World Nomads

World Nomads is an Australia-based insurance provider. It sells customizable travel insurance policies that vary in terms of coverage and price based on your needs. It is a good insurer for those looking for adventure. Moreover, World Nomads is the best insurance for adventure sports coverage because its Explorer Plan covers an unusually wide range of adventure activities, including freediving and bull riding, and offers coverage for specialty equipment.

Moreover, when you apply for a free quote from World Nomads, you will have to choose between two travel insurance plans—a Standard plan or an Explorer plan. The Standard Plan provides a lower level of coverage for a more affordable upfront cost, whereas the Explorer Plan offers more robust coverage for a higher premium.

Policies are underwritten by various insurers including financially strong and well-known Nationwide Mutual Insurance Company which boasts an A+ rating with AM Best. Others include Generali Global, AIG, and Lloyd’s. While World Nomads doesn’t have the same insurance reputation as some other providers, it works with reputable companies to underwrite policies. Moreover, World Nomads lets you apply for a quote online with ease, and you can also file a travel insurance claim online.

Pros

• Extensive coverage with high limits for medical and emergency evacuation
• Protects your bags, computers, and sports equipment when traveling
• 24/7 multilingual assistance
• Explorer plan covers adventure sports at no additional cost

Cons

• Only single-trip plans are available
• Coverage varies by country, state, and province
• Most pre-existing conditions are not covered
• No cancel for any reason option
• Not all policies cover adventure sports

AIG Travel

AIG Travel insurance plans are backed by more than 25 years of industry experience and a network of assistance centers located in Asia, Europe, and the Americas ready to assist travelers prior to and during their trip.

Moreover, AIG Travel features the greatest flexibility and highest limits among all the travel insurance companies that offer “cancel for any reason” coverage. Many travel insurers have a flat 75% reimbursement and maximum dollar reimbursement of $75,000, whereas AIG allows for either 50% or 75% and has a very generous benefit level maximum of $112,500.

Pros

• Choice of 50% or 75% cancel for any reason reimbursement
• High maximum benefit level of $112,500
• Above-average baggage loss and delay benefits
• 24-hour emergency travel assistance hotline

Cons

• Information about policy coverage inclusions is not readily available without first obtaining a quote
• Relatively expensive compared to other travel insurance companies

Seven Corners

Since 1993, Seven Corners has provided high-value travel insurance plans to travelers around the world and assisted them with all aspects of travel-related concerns such as finding English-speaking doctors and protecting their travel investments. Seven Corners offers travel insurance plans for US residents. However, it also offers travel insurance with medical coverage for visitors traveling to the United States.

Meanwhile, if you are traveling in a crowd, it can be cheaper and simpler to insure all with the same provider. Seven Corners features individual policies likewise well-priced group travel insurance plans for 10 or more travelers.

Moreover, you can purchase a Seven Corners plan with up to $5 million dollars in coverage for international medical expenses. If you live outside the United States, you can also buy health insurance to cover potential medical expenses while you’re in the U.S., then renew this coverage for up to three years. Seven Corners travel insurance lets you customize your travel insurance coverage so it fits your needs perfectly.

Pros

• Affordable multi-trip coverage, especially for couples and families
• Plans available for U.S. and non-US residents
• Add trip cancellation or interruption for any reason to RoundTrip plans
• Coverage available for groups of 10 or more

Cons

• Excludes specific destinations from coverage
• Cancel for any reason coverage costs extra
• Residents of some US states are exempted from coverage

HTH Travel Insurance

HTH Worldwide was founded in 1997, and HTH Travel Insurance offers plans with high levels of medical coverage. Which is a big concern for seniors leaving the country, since they could end up in a doctor’s office or hospital with an expensive bill to follow. HTH Travel Insurance offers up to $1 million in total coverage for medical.

Moreover, with HTH Travel Insurance, consumers have a wide range of options that can fit different goals. You can buy medical-only coverage for single trips or multiple trips, standalone trip cancellation coverage, and more.

Pros

• High levels of medical coverage for seniors up to 95 years old
• Up to $1,500 allowance for someone to visit you in the hospital

Cons

• It may be expensive depending on your needs
• The best plan for seniors requires existing health insurance
• The lowest policy has a $50,000 maximum benefit per person

Generali Global Assistance

Generali Global Assistance is a full-service travel insurance and assistance provider. It offers three travel insurance plans you can customize according to your needs – a Standard plan, a Preferred plan, and a Premium plan. Its Standard plan provides the lowest level of coverage, whereas the Premium plan offers more coverage and higher limits for an increased upfront cost. However, each plan includes coverage for trip cancellation, trip interruption, baggage loss, and medical and dental coverage at different benefit limits.

Travel insurance plans provided by Generali Global Assistance (formerly CSA Travel Protection) are backed by their Customer Commitment to provide superior products and services, attentive customer care, and personalized claims handling. With a Generali plan, you can rest assured that they will uphold their reputation and stand by you in a stressful time to insure a smooth, in-house claims process.

Pros

• 24-hour emergency hotline
• Access to a global network of doctors via phone or video

Cons

• Higher cost compared to other insurers

IMG Travel Insurance

Founded in 1990, the International Medical Group (IMG) is a worldwide leader in designing, distributing, and administering global healthcare benefits and assistance services. Headquartered in Indiana, they provide insurance to customers in over 190 different countries. IMG has prepared plans that reach the needs of their various travelers to protect them in the best way possible.

While IMG offers a variety of travel insurance plans, they offer popular medical insurance plans that work well for families who plan to travel abroad, immigrants, and business travelers. IMG Travel Insurance focuses on three main types of coverage – travel medical insurance, international health insurance, and traditional travel insurance.

Moreover, IMG's three main travel insurance plans for families or business travelers include iTravelInsured Travel Lite, iTravelInsured Travel SE, and iTravelInsured Travel LX. However, iTravelInsured’s Travel SE plan comes at a great average price for solid benefits. The iTravelInsured Travel LX plan has the same benefits but also includes “cancel for any reason” coverage.

Pros

• Generous travel delay coverage of $2,000 per person, but only after a 12-hour delay.
• Three plans for individuals and families and one plan for groups of 10+ travelers
• Medical-only travel insurance is available
• Global health insurance policies for many kinds of travelers, including missionaries and students

Cons

• Cancel for any reason only available for the most expensive plan

AXA Assistance USA

AXA Assistance USA Travel Insurance is a small part of a large organization that is dedicated to offering emergency services for its clients. With over 60 years of experience, the AXA Travel Insurance division has the experience and resources needed to provide quality protection for travelers. They are underwritten by the experts at Nationwide Mutual Insurance Company.

AXA Assistance USA has three tiers of travel insurance (Silver, Gold, and Platinum) for customers who want to pay more (or less) to get the right amount of coverage.

Pros

• All plans include missed connection coverage of $1,500 per person
• Generous medical and evacuation limits.
• Top-notch baggage loss coverage of $3,000 per person

Cons

• Travel delay and baggage coverage kicks in only after 12-hour delays
• the highest-tier plan allows travelers to add cancel for any reason coverage

Final Thoughts

In conclusion, there are dozens of travel insurance companies offering policies online today.  It can provide you with peace of mind and save you thousands of dollars if your travel plans are canceled or interrupted at the last minute. With world events like pandemics, natural disasters, and wars that could easily throw an unexpected wrench in your travel plans, travel insurance helps you to stay prepared.

Just as we said earlier, there's no one-size-fits-all best travel insurance policy. The best travel insurance is the one that suits all your needs at your desired budget. However, the difficulty is often deciding on which provider to choose. You should also research, compare, and make sure you are purchasing travel insurance from a reputable company.

Moreover, when comparing travel insurance policies, there are a few things that you should keep in mind. These include Pricing, policy types, coverage limits, exclusions, and customer satisfaction.