If you are planning on going on a trip, you will have to get travel insurance. It does not matter how long this trip will take: a few days or a couple of months; you will still have to purchase a travel insurance plan. You might not like this idea at first, but you will get used to it. The thing is that if you don’t, you might get into big trouble.
Have you ever heard of Murphy’s law? This is a famous saying that means “If something can go wrong, it will go wrong”. If you want to stay away from the trouble, you should find the best plan and get it before you go on a trip. But how to pick the best travel insurance 2020? Find out everything you should know about insurance on this page.
What Is Travel Insurance?
There are many misunderstandings that are surrounding travel insurance. Some people think that it is a way to get more money from people who believe that travel insurance can save someone, while others believe that travel insurance is going to solve all their problems and don’t even read agreement when purchasing a travel insurance plan.
The truth is that travel insurance is neither of these. It is something that you can buy without necessarily using it: it can serve as a safety pillow that is able to save you from situations in which you might have to pay a lot of money for medical treatment, accidents, emergency evacuations, as well as other serious issues that might happen while you are abroad.
Our Top 10 Companies To Get Your Travel Insurance From
So how are the best travel insurance companies chosen? The main criteria that our experts used to select the best travel insurance companies are based on the feedback from travelers. They have shared their ideas and thoughts about providers whom they worked with, experiences during trips, conditions, etc. Here is the list of the best travel insurance companies which will help you pick the right service to get your insurance from:
- Travelex. This company offers two types of plans: Basic and Travel Select. Both include coverage for trip cancellation, delay, interruptions, as well as missed connections, and lost baggage. Travel Select plan is good for families since the children are covered for free when traveling with the adults. Basic and Travel Select plans also cover medical expenses, but Travel Select offers more coverage than the Basic plan.
- World Nomads. If you are traveling by yourself, this is one of the best travel insurance companies for those who enjoy traveling on their own. You will get not only cancellation or medical travel insurance but also multilingual assistance around the clock. You will not be left by yourself in any situation since this company takes good care of its clients.
- Safety Wing. Here, you can get the nicest medical travel insurance for a good price. It has got coverage for a medical and dental emergency, medical expenses, travel delays, trip interruption, etc. You can purchase it upfront or pay for a few months. The price of the plan depends on your age. For example, if you are from 10 to 39 years old, you will have to pay around $36, but if you are from 60 to 69, you will have to pay approximately $127.
- Allianz. It is one of the best travel insurance companies for all travelers. They have got a variety of different plans to offer: for families, singles, couples, those who travel with their pets. In some cases, you can even get a reimbursement without a receipt. Allianz also plans that will cover pre-existing medical conditions, which not even all the best travel insurance companies can offer. But there a few requirements that you have to meet.
- Seven Corners. This is one of the best travel insurance companies that let you customize your plan and pick features that sound good to you. You don’t have to pay for things you don’t need: you can adjust the plan and choose the coverage that suits your lifestyle and traveling habits. From the frequency of trips to dental services, you can decide the coverage for all the aspects of traveling.
- Travel Guard. You might know this name already because this company often appears on the lists of the best travel insurance companies because of the high satisfaction rate of most clients. Here, you can choose not only the plan that you like the most. If you are not satisfied with the service or feel like the company does not work properly, you will get a refund for the price you paid for the trip insurance plan.
- IMG. If you are traveling abroad, IMG is one of the best travel insurance companies that will provide you with a good plan. It is good for both short and long trips, so if you are going to stay somewhere for a long time, IMG good be a great pick. You can also add coverage for action sports to your plan, but it might be a little bit expensive.
- Amex Assurance. This is a company that offers insurance through American Express. Still, there is no need to know their customer credit card in order to be able to use their plans. You can purchase a standard plan or build your own. The maximum coverage for medical expenses is around $100,000, while dental coverage is around $750. You will receive a full refund after you submit the documents during the 14 days after your trip. No wonder with Amex Assurance is always on the list of the best travel insurance companies!
- GeoBlue. It is a little bit different from other providers since they provide only medical travel insurance. If you are mostly worried about this part of your travels, then GeoBlue is the right pick. They are ready to cover all types of medical expenses. The prices may vary since they depend on the length of the trip as well as the age of the traveler.
- STA. If you are a student and looking for a good plan that will not cost a lot but still will provide you with everything you need, STA is one of the best travel insurance companies for you. They have got some cheap plans for those who would like to save more money or just cannot afford to buy usual travel insurance. It is also a great pick for teachers who are working overseas as well as students who participate in exchange programs.
How We Chose The Best Insurance Travel Companies
There are a few criteria that we used to choose the best travel insurance services. Here is the list of them:
- Compared to the prices. We checked all rates that companies offer to see which services have got cheaper plans and which provide their customers with more expensive insurance. You will be able to find a service where you can get a plan that does not cost a lot and will not hurt your budget.
- Analyzed the top-lists of the best travel insurance companies. On the internet, you can find a variety of different “top lists” that contain all the best services that are experts in that field. We wanted to make sure that every company that we talk about is actually the one that can be trusted.
- Read the feedback of different customers. To make sure that you will get to the service you deserve, we checked out a variety of reviews that previous customers have left. All the reviews we found are written by real clients who have ordered insurance plans with the chosen company before.
- Checked different types of plans offered by the best travel insurance companies. Before describing any company, we first studied their website and learned everything about their plans.
Do You Need Travel Insurance?
This is a question that many travelers ask. Some prefer to refuse from insurance and think that in this way, they are saving some money. But the truth is that if you get into an accident, you will have to pay much more than you could have paid for the insurance. Medical treatment is very expensive in many countries, especially the USA and most European countries, and if you travel there, you might end up all of the money you have or will get into a terrible debt that will take years to pay off.
But getting sick is not the only problem that you might have during your travels. There is always a high chance of something happening that might force you to refuse from trips. Delays and cancellations are something that anyone might have to experience. And in this situation, you definitely don’t want to be left by yourself without knowing what to do.
Another issue that might happen to you is something that does not happen a lot, but there is still a big chance of it happening. Natural catastrophes, as well as world epidemics or pandemics, are always possible. In the year 2020, nobody was expecting anything. Those who traveled overseas and bought travel insurance did not have to worry as much about encountering quarantines, national lockdowns, massive panic since these travelers knew they would get home safely.
Travel insurance is always worth it. There is a huge variety of the best travel insurance companies that offer good plans, so you will definitely find something for yourself.
How Does Travel Insurance Work
Usually, the company reimburses the losses you had during the trip. You will have to file a claim and submit proof of your loss. Some companies will not require you to submit any documents, but in most cases, you will have to do that in any way. These days, you can file a claim online or do it with the help of an app on your phone.
So how do you know that you can use your insurance? For example, you had planned a trip with your family. But a few days before the trip, some of your family members fell ill. Because of that, you will have to cancel your trip. You would have lost your money from that, but with the help of the best travel insurance companies, you will be able to get the most of your money back.
If something happens during your vacation, you will know that you will not have to spend your personal funds to solve the problem. Unexpected illnesses will not affect your trip as much as they could have. You will not have to spend a lot of money on medicine and doctors: your insurance company will take care of that instead of you. What is important is to make sure that you keep in touch with the company and contact them right away if something happens. Only if you do it quickly, you will be able to solve the problem in short terms without hurting your budget.
Why Travel Insurance Is Important
All the best travel insurance companies state that it is impossible to have a good trip unless you have the best travel insurance plan. But is it really as important as so many people say? Here are a few things that the best travel insurance companies are ready to cover for you if there is an issue that occurred during your trip:
- Medical emergency. Even if you are healthy, it does not mean that it will always be that way. There is a chance of some accidents happening while you will be on your trip, and in this case, you will have to spend a lot of money to get treatment. The travel insurance companies will take care of these expenses, no matter what kind of issue you have to face.
- Luggage. We all know that many airlines are not very careful with the luggage their customers trust them with. Your insurance would cover the luggage loss if the airline company did not care much about your belongings.
- Trip cancellation or delay. There are many reasons why your trip might eventually be canceled or delayed. Even though it might not happen at all, it is best to be 100% that if something goes wrong, you will get the money back that you have lost because of the trip cancellations and delays.
- It is required by law. In most countries, you have to purchase travel insurance, or otherwise, you might be fined or not allowed to travel abroad. There are many affordable options on the market, so you can easily find an affordable plan that will satisfy the requirements and will protect you from possible unexpected expenses.
Travel Insurance vs. International Health Insurance: What’s the Difference?
Often there is a lot of confusion when it comes to the difference between travel insurance and health insurance. The truth is that even both have some similarities; these are two different types of insurances.
Travel insurance is bought if you are going on a trip that will have some limits in terms of the duration. It is good for those who are going on a vacation or short-term business trip. These are some of the coverages the best travel insurance companies have to offer:
- Cancellations and delays;
- Loss of luggage and personal items;
- Medical and dental treatment;
- Other emergencies.
When you go abroad, you have to get used to different rates for medical care. It can be especially difficult if you are coming from a country where health issues are treated differently. International health insurance is meant for those who are staying overseas for a long period of time. It can be up to a few years, depending on a contract. If you are originally from another country, but living abroad, you are required to get international health insurance. It might cover such expenses:
- Hospital stays;
- Doctor’s visits;
- Chronic conditions;
- Out-patient treatment;
- Maternity and child care.
Many other medical expenses are also covered. What is great about such type of insurance is that you can adjust the plans and ensure that you get the protection you need. Most companies offer flexible plans and allow their customers to change and adapt them, so there won’t be any problem with that if you go abroad.
Both travel insurance and international health insurances are important. Whenever you travel, you should first understand what kind of trip it is going to be, and then decide which of the best travel insurance companies are ready to provide you with the plan that will be adjusted to your needs.
Types of Travel Insurance Plans
There are three travel insurance plans that are most commonly purchased by travelers these days. They include all kinds of features, benefits, and coverages that depend on the type of trip as well as its duration. Here are some of the most popular types of the best travel insurance plans:
- Vacation. This is the most popular type of insurance plans: around 90% of travelers purchase this kind of insurance. It is usually a package that includes coverages for cancellations, delays, lost luggage and personal belongings, medical and dental emergencies, and evacuations. Sometimes they include other coverages as well.
- Medical travel insurance plan. This one covers mostly only medical and emergency evacuation expenses. Sometimes, such plans also include coverage for pre-existing conditions as well. It is one of the best travel insurance plans for those who would like to make sure that their health is not put in danger, and if there is an issue or accident, its expenses will be covered.
- Speciality plans. This focus on only one type of coverage that the traveler will get in case of an emergency or accident. For example, some plans cover emergency evacuations only, while other plans will refund you in case of a car accident. This might be cheaper than regular travel plans, but they will not protect you from all emergencies.
How Much Does a Travel Insurance Cost?
Travel insurance cost depends on many factors. The best travel insurance companies offer different rates, so it can be hard to say what is an average price. Here are some of the things you should remember about when thinking about how much your insurance might cost:
- Age. The older you are, the higher the price will be. Why is it this way? Well, the older the person gets, the bigger chances are that he or she might experience some health issues during their trips.
- Plan type. Basic plans are always the cheapest, but they also include less coverage for potential risks and expenses. If you want to get an affordable travel health insurance plan, it does not mean that you have to stick to the cheapest one. You will be surprised to learn that actually, even more, expensive plans that include some additional options are not really costly. You can purchase a plan that will include most of the coverages for a surprisingly good price.
- Cost of the trip. This one is obvious: the more expensive the trip you choose, the higher the price will be paid for the insurance plan. It might seem unfair, but remember that if the trip is canceled, you will expect to get a reimbursement for that. And if the trips were pretty expensive, you will receive more money back than if you would have paid less for it.
- Additional coverage. Most travel insurance companies offer some optional coverage for some accidents or issues that you might have to encounter. For example, you can get a car rental collision coverage, which is usually pretty expensive compared to other options.
- Destination. There are some countries and places where there is a higher risk of some accidents happening. For example, if you travel to a rural country, chances of getting into an accident, there are higher than if you would have gone to an urban country.
- Length of a trip. Duration is another obvious factor when it comes to the cost of travel insurance. The longer the trip will be, the more you will have to pay for the best travel insurance plan.
Key Considerations When You Buy a Travel Insurance: The Best Tips on How to Choose the Right Plan
So how to choose the best travel insurance plan? This task is not as easy as we wish it could be. But with the help of the tips down below, you will handle it very fast:
- Choose multiple covers. Let’s agree that if you choose an insurance plan that covers more accidents and unexpected situations, you will be in a better position since there will be fewer things to worry about.
- Be aware of the exceptions. Not every single case that should be covered by an insurance company will actually be taken care of. There are many situations in which people forgot to read the contract and later were surprised that they were not reimbursed for something. Just be careful when sticking to a plan since often there are many exclusions.
- Check the optional coverage. Before purchasing a plan, check what else the company has to offer. There might be some good options that will not cost a lot but will actually help you make your trip even safer and more enjoyable.
- Use travel insurance comparison tools. There are many great websites that let you sort out the best travel insurance companies by different criteria. This will shorten the amount of time you will have to spend on choosing the company and insurance plan.
- Choose a few companies that seem like the best choice for you. Now it is time to compare the different options that you have found already. Take a look at the services that all the chosen companies offer and how they can satisfy your needs. Before you make the final decision, it is always best to first compare all the companies.
- Consider annual plans if you travel often. An annual policy is going to be better than buying travel insurance for every single trip you take. It will be much cheaper for you to buy an annual plan. Keep in mind that even if the policies you have chosen are annual, they might not cover trips longer than one month.
- Check the coverage that is already provided by your home insurance. You might actually get some coverage for your trips that is provided by your home insurance company. Contact the company to find out if that’s true and if yes, what kind of coverage they offer.
PROS & CONS of Travel Insurance Services
All types of insurance have good and bad aspects. Here we have got for you the pros and cons of getting travel insurance.
Pros of Travel Insurances
Travel insurances have multiple benefits for all travelers, no matter what group age they belong to or where they travel. Here are some of the advantages of purchasing travel insurance:
- Improved security. If you get travel insurance, you feel much safer. You still understand that there are high chances of any accidents or issues, but you can be sure that if something happens, the problem will be solved.
- No need to worry about extra costs that might turn out to be a big debt. Medical services overseas can be very expensive. If you get in a situation in which you need urgent treatment and there is no time for you to go home and get it there, travel insurance will cover that. If you are injured or sick, you can just visit the doctor and take care of yourself without worrying about the high cost of the medicine.
- You save more than you spend. You might think that good travel insurance plans are too expensive, but when you notice how much money you might lose because of trip cancellations, you will change your mind. When you buy a travel insurance plan, you actually save much more than you paid.
- Your trip can be canceled for any reason. Whenever you get a travel insurance plan, you can be sure that you will be refunded if the trip is canceled. And there is no need to explain to anyone why it happened that way: you will just get your money back.
- No need to pay all the money for the broken or damaged rented vehicle. If you travel abroad and rent a car there, you should not worry about paying all the money for it since your insurance company is going to cover all the expenses.
Cons of Travel Insurance
Travel insurance services will not always be satisfying. There are a few drawbacks of travel insurance that you should remember of in order to avoid disappointment or mistakes when choosing a plan:
- Pre-medical conditions are not always covered. There are many companies that don’t cover pre-existing conditions and chronic diseases. You will have to mention your condition while searching for a plan, and you might have to pay a lot of money for the insurance plan that will cover it.
- Your claim might just not be accepted. Even if the problem you experience should be covered by your insurance, the service might just refuse from covering it. There is always a high chance of your claim being denied, and you cannot do anything about it: just read the policies of the company carefully.
- Your travel insurance might not be used, after all. Sometimes getting travel insurance is just a precaution that will just guarantee you safety in case something happens. But you might never end up using it, and you will just waste your money. Still, it is best to purchase your travel insurance instead and not using it for not buying it and getting into an accident.
Pick the Right Plan for Yourself and Your Family
To choose the best travel insurance plan, you should do some research before you make a final choice. Compare different options on the market, and stick to the plan that suits your needs and expectations. There are many great companies that are ready to provide you with a service that will satisfy you.