A medical evacuation from a foreign country costs $50,000-$250,000 out of pocket. A trip cancellation due to illness can forfeit thousands in non-refundable bookings. Travel insurance protects against these financial catastrophes for a fraction of the cost.
What Travel Insurance Covers
Comprehensive travel insurance includes trip cancellation and interruption coverage, emergency medical treatment abroad, medical evacuation, baggage loss or delay, and travel delay compensation. The best policies also cover cancel-for-any-reason (CFAR) as an optional upgrade.
Best Travel Insurance Companies
World Nomads — Best for Adventure Travel
World Nomads specializes in coverage for active travelers. Their policies cover adventure activities like skiing, scuba diving, and hiking that many standard insurers exclude. You can purchase and extend coverage while already traveling, which most competitors don’t allow. Plans start at $35 for short domestic trips.
Allianz Travel Insurance — Best for Families
Allianz offers family-friendly policies that cover children at no additional cost. Their OneTrip Prime plan provides comprehensive coverage including $100,000 in emergency medical, $500,000 in medical evacuation, and $100,000 in trip cancellation protection. Plans start at 5-8% of your total trip cost.
Faye Travel Insurance — Best Digital Experience
Faye’s app-based approach makes filing claims and accessing emergency assistance remarkably simple. Their Whole Trip Coverage automatically covers all trip expenses without itemization. Real-time flight tracking and proactive delay alerts set them apart from traditional insurers.
When You Need Travel Insurance
Travel insurance is essential for international trips, expensive vacations over $5,000, trips with non-refundable bookings, travel to regions with limited medical facilities, and adventure activities not covered by your health insurance.
For domestic weekend trips or cheap flights, travel insurance is usually unnecessary. Your regular health insurance covers medical emergencies domestically, and the financial risk of canceling a $200 flight doesn’t warrant insurance.
How to Save on Travel Insurance
Buy annual multi-trip policies if you travel 3+ times per year — they cost 2-3x a single trip policy but cover unlimited trips. Compare quotes at InsureMyTrip.com or SquareMouth.com which aggregate plans from dozens of providers. Purchase within 14-21 days of your initial trip deposit to qualify for pre-existing condition waivers.