Top Travel Insurance Providers: A Comparison of Features and Benefits

Travel insurance protects travelers from common travel risks such as cancellations, emergency medical services, and lost baggage. But shopping for travel insurance can be a pain when you aren’t familiar with travel insurance companies.

In this guide, we will provide you with a detailed comparison of top travel insurance providers, including their features and benefits.

Criteria for Comparison

Coverage Options

Travel insurance coverage comes in many forms. Here are the most common types of coverage offered by travel insurance companies.

Travel medical insurance: Covers emergency health expenses incurred while traveling.

Trip cancellation: If your trip gets canceled for an approved reason, you can get reimbursed for your prepaid, nonrefundable trip expenses.

Baggage insurance: Covers the financial loss in case your baggage and personal belongings get damaged or lost.

Policy Limits and Exclusions

Insurance policies have varying limits and exclusions. It is a good idea to gauge these differences when choosing your travel insurance policy.

Let’s review the common policy limits, exclusions, and terms that you should know when comparing travel insurance.

Maximum coverage limit: The insurance coverage limit refers to the maximum insurance payout you can receive for the designated type of claim. Insurance policies can have per-occurrence limits and aggregate (total) limits. Travel insurance often has daily limits for trip delays and baggage limits.

Pre-existing conditions: Standard travel insurance policies exclude pre-existing conditions from coverage. If you want to get a pre-existing condition covered for your trip, you will need to obtain a pre-existing condition waiver according to the travel insurance company’s requirements.

Cost and Value

Travelers tend to choose travel insurance that costs from 4% to 16% of their total trip expenses. For example, a trip that costs over $20,000 could have a travel insurance cost of $1,000, whereas a $5,000 trip might have an insurance cost of $250.

Generally, the more you pay for travel insurance, the more comprehensive your policy will be. Exact coverage and quotes will vary depending on your travel details and individual needs.

Customer Service and Support

The travel insurance provider’s customer support quality can help you determine which insurer is best for you. When traveling, it is nice to have 24/7 customer support. Filing a claim and waiting for a response can be stressful, especially if you are still traveling abroad. Professional and responsive customer support can provide great peace of mind.

Multilingual support is also a useful aspect to consider. If there is another language you are more comfortable with, you can choose a travel insurance provider that offers multilingual documents and customer service.

You can use the insurance provider’s website and customer reviews to get a good idea of the quality of customer service, such as the:

• Response times
• Problem resolution rate
• Customer service reputation
• Policyholder satisfaction

Additional Benefits and Features

Travel insurance providers often offer various add-ons and services to improve your overall experience and coverage. Here are some additional travel insurance benefits.

Adventure sports coverage: Covers high-risk activities that are beloved by many travelers. Examples include bungee jumping, mountain climbing, and scuba diving. Without this specialized insurance coverage, any injuries or expenses related to adventure sports may be denied by your insurance.

Rental car insurance: If you plan on renting a car during your trip, you may want rental car protection. This covers damages to the rental car.

Travel assistance: Many top travel insurance companies offer travel assistance hotlines and resources. For example, policyholders can call a hotline to receive 24/7 travel and insurance-related counsel.

Concierge services: Look out for travel insurance concierge services. These include telephone assistance via concierge specialists for event planning, hotel reservations, and more.

Legal assistance: Getting into legal trouble abroad can be stressful and confusing. Some travel insurers offer legal assistance to policyholders, such as helping you find an attorney who speaks your language in the foreign country.

Top Travel Insurance Providers

Faye

Faye is a travel insurtech company that launched in 2022.

Faye lets you quickly file insurance claims using their mobile app within minutes. The 24/7 assistance is a great lifeline when you’re facing difficulties abroad. You can even get reimbursements straight to your phone wallet, allowing you to continue with your trip without much delay.

Key Features and Benefits:

Faye offers a wide range of policies and useful coverage, such as:

• COVID-19 and other emergency medical expenses

• Emergency medical evacuation

• Pre-existing medical conditions

• Trip cancellation, interruption, and delays

• Missed connections

• Lost, damaged, or delayed baggage

• Lost passport and credit cards

• Lost or damaged sporting & professional equipment

Add-ons you can obtain from Faye include:

• Cancel For Any Reason (CFAR) insurance
• Adventure and extreme sports
• Pet care
• Rental car
• Vacation rental damage protection

Pros and Cons:

Pros of Faye:

• Insurance starts as low as $4.64/day
• Quick and easy claims process
• Tech-focused approach is convenient for travel
• Wide variety of coverage options to suit your needs

Cons of Faye:

• Some benefits not available for purchase in all states
• Relatively higher costs for younger travelers compared to other top insurers

TravelInsurance.com

TravelInsurance.com is a great insurance aggregator website founded in 2012. They can help you quickly find the travel insurance you need that is within your budget.

Key Features and Benefits:

• Highly rated by insurance review companies
• Has a filter system for easy comparisons
• Works with numerous major U.S. travel insurance companies
• Single source website for multiple quotes

Pros and Cons:

Pros of TravelInsurance.com:

• Works with some of the biggest travel insurance companies
• No age limits for most policies
• Offers quick quotes to facilitate the insurance shopping process

Cons of TravelInsurance.com:

• Does not underwrite their own insurance products
• Medical travel plans usually only cover international emergency medical care

Generali Global Assistance

Generali Global Assistance is a top insurance provider that provides numerous additional travel services and benefits to policyholders. Generali Global Assistance is a part of the Assicurazioni Generali Group, which is one of the largest insurance companies in the world.

Key Features and Benefits:

• Offers ID theft resolution and other concierge services
• Has policies to cover COVID-19 related claims
• Makes traveling abroad easier and safer
• 24-hour emergency assistance line gives access to a global network of care providers

Pros and Cons:

Pros of Generali Global Assistance:

• Extensive emergency assistance services
• Reliable trip cancellation and interruption coverage
• Has a free look period where plans can be canceled for a full refund
• Numerous add-ons and benefits available

Cons of Generali Global Assistance:

• May be less worthwhile for domestic travel
• Tends to cost more compared to other insurance products
• Only the Premium plan covers pre-existing health conditions

Squaremouth

Squaremouth was founded in 2003, making it one of the oldest online travel insurance marketplaces. It is licensed to sell insurance in all 50 states.

Key Features and Benefits:

Squaremouth’s ‘Zero Complaint Guarantee’ means that if you are dissatisfied with a claim, an expert team of claims adjusters can mediate on your behalf. This offers a useful layer of assurance.

Pros and Cons:

Pros of Squaremouth:

• Arguably the largest US travel insurance marketplace
• Offers 90 unique travel insurance plans
• Has a simple three-step insurance quoting process

Cons of Squaremouth:

• Their Zero Complaint Guarantee does not guarantee an insurance payout
• Mixed reviews from BBB and other sites so your mileage may vary
• Large selection of numerous insurance plans can get overwhelming

Travelex Insurance Services

Travelex Insurance Services is separate from Travelex. You can get specialized travel insurance products from Travelex, as well as 24/7 global travel, legal, and concierge assistance.

Key Features and Benefits:

Travelex offers plans for both domestic and international travel insurance. The basic Travel America plan covers up to $750 for trip cancellation and $1,125 for trip interruption coverage. If you want more protection, Travelex allows you to obtain up to $75,000 trip interruption coverage.

Pros and Cons:

Pros of Travelex Insurance Services:

• Offers affordable packages for both families and luxury travelers
• You can tailor your policy with add-ons at a flat rate per policy
• Has 24/7 global support

Cons of Travelex Insurance Services:

• Fewer insurance options compared to other top travel insurers
• Limited adventure sports coverage
• Can be more expensive

Detailed Comparison

Let’s compare the insurance options of these top travel insurance providers.

Coverage Comparison

Faye: Offers customizable and reliable insurance policies.

TravelInsurance.com: Lets you compare insurance policies easily using its online travel insurance comparison tool. Does not underwrite its own policies.

Generali Global Assistance: Provides a wide range of insurance options that are great for international travel. Standard coverage comes with $50,000 per person medical and dental insurance. Premium goes up to $250,000.

Squaremouth: One of the largest US travel insurance marketplaces, allowing you to choose between plenty of different coverage options.

Travelex Insurance Services: Offers great coverage add-ons for travelers to customize their policy. However, has fewer overall options than other insurance providers.

Cost Comparison

Faye: Starts as low as $4.64/day.

TravelInsurance.com: Helps you quickly compare different travel insurance quotes. Cost depends on your destination and other factors.

Generali Global Assistance: Cost depends on your travel plans and whether you want Standard, Preferred, or Premium coverage.

Squaremouth: The average Squaremouth policy costs around $308. If you only want travel medical insurance, the cost can go down to $97 per policy.

Travelex Insurance Services: Helps you quickly compare travel insurance quotes based on your trip details.

Customer Service Comparison

Faye: Responsive and helpful 24/7 customer service from real humans. The mobile app makes claims filing and finding information about your policy easier.

TravelInsurance.com: Great customer service team that is always happy to assist you. However, your experience with insurance claims-related customer service will vary depending on which travel insurance you go for. TravelInsurance.com does not administer the insurance itself.

Generali Global Assistance: Has professional and helpful customer service. Also offers assistance with identity theft and other issues you might encounter during your travels. Their free look period allows you to cancel plans for a full refund.

Squaremouth: Has an award-winning customer service team that is available seven days a week, but only from 8AM to 10PM ET.

Travelex Insurance Services: Has great satisfaction ratings from customers.

Additional Benefits Comparison

Faye: The tech-centered, convenient platform of Faye is geared towards those who want to receive quick reimbursements straight to their phone wallet.

TravelInsurance.com: The filter search system lets you quickly find the type of insurance options that suit your travel needs.

Generali Global Assistance: Offers a wide range of international assistance services, including a 24/7 travel assistance line.

Squaremouth: Offers a claims process assistance service called ‘Zero Complaint Guarantee’. The team helps mediate if you are dissatisfied with the claims process. However, this doesn’t guarantee a payout.

Travelex Insurance Services: Has 24/7 global support services to help you with travel, legal, and concierge wherever, whenever.

Real-World Scenarios and Case Studies

Scenario 1: Medical Emergency Abroad

Emily is traveling to France for summer vacation. While she is there, she falls unexpectedly sick and needs to stay at the hospital. She files a travel insurance claim for the emergency medical expenses. After her claim is accepted, she receives the insurance payout, allowing her to afford the expensive hospital bills.

Scenario 2: Trip Cancellation

Tom plans to go to the Bahamas with his family. He buys a trip cancellation insurance policy through Squaremouth. This pre-departure benefit ends up helping him save a ton of money. He gets into an unfortunate car accident a week before the departure date and is forced to cancel the trip.

His Squaremouth travel insurance policy helps him receive a reimbursement for the prepaid and non-refundable travel expenses.

Scenario 3: Lost Baggage

Sarah is going on an exciting trip to Japan, where she has always wanted to go. She brings a suitcase filled with essential items and valuables, including a professional camera and laptop. Unfortunately, her baggage gets lost en route to Japan. The airline only covers a portion of the lost baggage costs.

Sarah quickly files a lost baggage claim with her travel insurance provider. Before going on her trip, she had long purchased a comprehensive travel insurance plan from TravelInsurance.com. The policy covered lost luggage. She soon received a reimbursement that covered her lost personal belongings, allowing her to continue with her Japan trip without worrying about the costs of replacing her essentials.

Conclusion

Faye, TravelInsurance.com, Generali Global Assistance, Squaremouth, and Travelex are all great travel insurance options to consider if you’re looking for top travel insurance. Here are the highlighted features of each insurance provider.

Faye: Convenient travel insurance shopping process, quick claims processing, and fast reimbursements via the Faye app.

TravelInsurance.com: An easy-to-use travel insurance quote comparison tool with over 95,000 verified customer reviews.

Generali Global Assistance: Offers ID theft resolution and concierge services, as well as a free look period where plans can be canceled for a full refund.

Squaremouth: Offers many insurance policies and a team to help mediate if you are dissatisfied with the claims process.

Travelex: Coverage and concierge services can help you travel abroad with great peace of mind and protection.

Make sure to consider all factors before making a travel insurance decision, such as your budget and travel risks. Compare policies and insurance providers so you can be adequately protected for your upcoming trip.

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