Best Travel Insurance Companies of 2026

Cost of Travel Insurance

The main factor affecting how much you pay for travel insurance is the non-refundable cost of your trip. Comprehensive plans typically run 4% to 10% of your trip cost, with an industry average of about 6%, based on quotes we collected for trips costing $1,000 to $50,000 and on Squaremouth's 2026 pricing data.

• Typical premium by trip cost (mid-tier comprehensive plans, 40-year-old, 10-day international trip):

• $1,000 trip: $50–$80 (5%–8%)
• $2,500 trip: $110–$160 (4%–6%)
• $5,000 trip: $200–$310 (4%–6%)
• $10,000 trip: $450–$650 (4%–7%)
• $20,000 trip: $1,000–$1,300 (5%–7%)
• $30,000 trip: $1,600–$2,000 (5%–7%)
• $50,000 trip: $2,500–$3,400 (5%–7%)

Add roughly 40% to 60% for a Cancel For Any Reason upgrade.

How Age Affects Travel Insurance Costs

Your age also plays a role. Rates remain fairly stable between ages 20 and 50, but prices rise noticeably for travelers over 60 because of the higher likelihood of medical and evacuation claims. Seniors can expect to pay roughly 7% to 17% of their trip cost.

• Premium for a $5,000 trip, by traveler age:

• Age 30: $190–$210 (4%)
• Age 40: $230–$260 (5%)
• Age 50: $250–$280 (5%)
• Age 60: $310–$360 (6%–7%)
• Age 70: $430–$490 (9%–10%)
• Age 80: $730–$840 (15%–17%)

Same trip, different age: a 60-year-old pays about $135 more than a 30-year-old, a 70-year-old about $260 more, and an 80-year-old about $585 more. Travel insurance has no health questionnaire, so age is the main pricing proxy for medical risk.

Types of Travel Insurance Coverage

A comprehensive travel insurance policy is really a bundle of separate coverages, each with its own limit, waiting period and fine print. Here is what each one does and the limit we recommend looking for.

• Travel medical insurance. If you become ill or get injured during your trip, it pays up to your policy limit for hospital and doctor bills, medicine and more. Most U.S. health plans have limited or no coverage in other countries, and Original Medicare generally pays nothing abroad, so this benefit is essential for international travel. Look for at least $50,000 in Europe and $100,000 or more for cruises, Asia, Africa and remote destinations.

• Medical evacuation insurance. Pays up to your policy limit for transportation to the nearest facility able to treat you if you become seriously ill or injured somewhere without adequate care, and for a medically supervised flight home afterward. An air ambulance from Southeast Asia to the U.S. can cost $150,000 to $250,000, so we recommend a limit of at least $500,000.

• Trip cancellation insurance. If you have to cancel for a reason listed in your policy, such as illness, a death in the family, jury duty, job loss or severe weather at your destination, it reimburses the prepaid, non-refundable costs of your trip. Only insure the non-refundable portion; adding refundable flights or hotels just raises your premium.

• Trip interruption insurance. Pays back the unused, non-refundable part of your trip if you have to cut it short for a covered reason, plus the cost of a last-minute flight home. Better plans reimburse 125% to 175% of your trip cost to account for the expensive one-way ticket.

• Baggage delay and baggage insurance. Baggage delay pays for essentials such as toiletries and clothing if your bags arrive late, usually after a waiting period of 6 to 24 hours depending on the plan. Baggage insurance reimburses the depreciated value of items that are lost, damaged or stolen during your trip, typically with a per-item cap of $150 to $500 and exclusions for cash, electronics left unattended and similar items.

• Travel delay insurance. Helps pay for meals, hotel stays and local transportation if a problem listed in your policy, such as a storm or a mechanical breakdown, delays your flight. Benefits usually start after a waiting period of 3 to 12 hours and are capped per day and per trip, so keep receipts and ask the airline for a written delay confirmation.

• Missed connection insurance. Pays the extra expenses required to catch up to your trip if you miss a departure for a covered reason, such as a delayed inbound flight. It matters most for cruises and multi-leg trips that leave without you, and usually kicks in after a 3-hour delay.

• Cancel For Any Reason (CFAR). Lets you cancel no matter what and be partially reimbursed regardless of the reason. CFAR typically pays back 50% to 75% of your insured trip cost (Allianz's Cancel Anytime pays 80%), adds roughly 40% to 60% to the premium, and comes with strict rules: buy within 14 to 21 days of your first deposit, insure 100% of your prepaid costs, and cancel at least 48 hours before departure.

• Rental car damage coverage. An optional add-on that covers collision damage and theft of a rental vehicle, usually up to $35,000 to $50,000, for around $7 to $12 per day. It is often cheaper than the waiver sold at the rental counter and keeps a claim off your personal auto policy. It does not cover liability to other people or property.

How to Choose the Best Travel Insurance

Every trip is different, so the right plan depends on where you're going, how much you've prepaid and who is traveling. Work through these steps and you'll narrow the field quickly.

• Add up your non-refundable costs. Flights, hotels, tours and cruise fares that you can't get back are your insured trip cost. Leave out anything refundable; insuring it only raises the premium.
• Check what your health plan and credit card already cover abroad. Most U.S. health plans and Medicare offer little or nothing overseas, and card benefits rarely include medical or evacuation. The gaps you find are what your travel policy needs to fill.
• Set your medical and evacuation minimums by destination. At least $50,000 medical and $250,000 evacuation for Europe, Canada and Mexico; $100,000 and $500,000 or more for cruises, Asia, Africa, South America and remote areas.
• Decide whether you need Cancel For Any Reason. Worth it for trips booked months ahead, trips over $5,000, or plans that could change. Skip it for a spontaneous trip booked last week and put the savings into higher medical limits.
• Match the plan to your travelers. Families should look at Allianz and Travelex for free child coverage. Travelers over 65 should prioritize medical limits and a pre-existing condition waiver. Adventure travelers need a plan that lists their activities.
• Buy within the time-sensitive window. Purchase within 14 to 21 days of your first deposit (24 hours for Generali) to lock in the pre-existing condition waiver and CFAR. Use the free-look period of 10 to 15 days to read the certificate and cancel for a refund if it doesn't fit.

Rule of thumb: a mid-tier plan at 5% to 7% of trip cost with $100,000 medical and $500,000 evacuation is the sweet spot for most international trips. Basic plans save $50 to $100 but quarter your medical limit; premium plans mostly add limits you'll never use unless you want CFAR.

When to Buy Travel Insurance

Timing matters more in travel insurance than in almost any other product. Several of the most valuable benefits are only available if you buy soon after your first trip payment:

• Pre-existing condition waiver: removes the exclusion for conditions treated in the 60 to 180 days before purchase. Windows are 14 days (Allianz, Faye, AXA), 15 days (Travel Guard), 20 days (Seven Corners), 21 days (Travelex) and 24 hours after final payment (Generali Premium).
• Cancel For Any Reason: same windows, plus most insurers require you to insure 100% of your prepaid costs and cancel at least 48 hours before departure.
• Financial default coverage: protects you if your airline, cruise line or tour operator goes bankrupt, usually only with early purchase.
• The longest cancellation window: you're covered from the day you buy, not the day you depart. A named hurricane or an announced strike becomes a "known event" and is excluded once it's public.

It is still worth buying late if you have no medical coverage abroad or a large non-refundable balance. World Nomads and AXA's Explorer OnTrip plan will even cover you after you've already left home.

Pre-Existing Conditions: What Counts and How to Get Covered

A pre-existing condition is any illness or injury that was diagnosed, treated, or had a change in medication during the insurer's look-back period, usually 60 to 180 days before you bought the policy. Stable, controlled conditions with no changes in that window generally don't count. The exclusion applies to you, your traveling companions, and often the non-traveling family members whose illness could force you to cancel.

To have the exclusion waived you typically must buy within the insurer's window, insure your full non-refundable trip cost, and be medically able to travel on the day you buy. It costs nothing extra; it only requires timing. If you or a close family member has any ongoing condition, the waiver alone justifies buying insurance the same week you book.

What Travel Insurance Does Not Cover

Comprehensive plans cover a lot, but understanding the exclusions prevents surprises at claim time:

• Known or foreseeable events: named storms, announced strikes or outbreaks that were public before you bought the policy.
• Changing your mind, fear of travel or a companion backing out: unless you added Cancel For Any Reason.
• Pre-existing conditions: unless you qualified for the waiver.
• High-risk activities: scuba beyond a set depth, off-piste skiing, mountaineering, motorbiking and similar, unless your plan lists them or you added a sports rider.
• Intoxication, illegal acts and self-inflicted injury.
• Routine and elective care abroad, normal pregnancy and childbirth (complications are usually covered), and travel against a Level 4 "Do Not Travel" advisory.
• Unattended baggage: items stolen from an unlocked car or left on a beach.

Every policy comes with a free-look period of 10 to 15 days. Use it to read the certificate against your actual itinerary and cancel for a full refund if something important is excluded.

How Travel Insurance Claims Work

Most denied claims come down to paperwork, not policy language. The process is the same at every insurer we reviewed:

• Notify the insurer quickly. Call the 24/7 assistance line or file in the app, ideally within 20 days of the incident. For medical emergencies, call before treatment when you can so the assistance team can direct you to an approved facility and arrange payment.
• Collect proof as you go. Receipts, itineraries, cancellation confirmations, a physician's statement, police reports, and the airline's written delay or lost-baggage report. Photograph everything on your phone.
• Submit within the deadline. Most insurers require the claim form and documents within 90 days. Faye and Allianz handle the whole process in their apps; others use an online portal.
• Review and payment. Simple delay and baggage claims are usually paid in 1 to 3 weeks; cancellation claims with a doctor's note in 2 to 4 weeks; medical bills and interruption claims in 4 to 8 weeks. Faye advertises a 48-hour target on straightforward claims.

If your plan's medical benefit is secondary (Seven Corners Basic, Faye First, most credit cards), you'll need to file with your primary health insurer first and submit their explanation of benefits. Primary plans skip that step.