Best Travel Insurance Companies in January 2023

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Adding travel insurance to your trip plans can help safeguard your trip investment, whether you’re spending money on a long-awaited dream vacation or a spur-of-the-moment getaway. Travel insurance is a way to save money, time and frustration if things go wrong.

Flight cancellations and delays, lost luggage, unexpected trip cancellations and Covid exposure are the top concerns among travelers in the next six months, according to a December 2022 Forbes Advisor survey. Travel insurance can help when these types of problems derail your trip.

Factors we considered when picking travel insurance companies

We used the following factors to choose insurance providers to highlight:

  • Breadth of coverage: We looked at how many plans each company offered, plus the range of their standard plans.
  • Depth of coverage: We considered two data points to get a sense of how much each company pays out for common travel snafus: the maximum caps for trip cancellation and trip interruption claims.
  • Cost: By looking at the costs for basic coverage across multiple companies, we were able to determine an average cost for shoppers to benchmark plan prices against.
  • Usability: A company could offer the most comprehensive and most affordable coverage in the world, but if it’s hard to find or get a quote for, it’s moot. A user-friendly website is key to simplifying the travel insurance booking process.
  • Customizability: While standard plans can cover a lot of ground, sometimes you need something a little more personal.

Policy Types

Travel insurance is essential, but often underused partly because people aren’t getting what they want. Insider’s 2022 travel study showed 10.65% of travelers surveyed bought cancel for any reason insurance. Cost may be a factor, but in many cases, the coverage is more affordable than you might think. Regardless, it’s critical for companies to offer a diverse range of coverage options. We award 5 stars to companies offering all standard coverages and additional options like pet protection and sports equipment protection.

Our 2022 travel study indicated the majority of purchases were made through the travel provider (ex: flight protection insurance when you’re purchasing your airline tickets). While these may be sufficient for some customers, we look for companies offering a more comprehensive range of services.


A good travel insurance premium will typically cost between 4% to 8% of total travel expenses, according to the US Travel Insurance Association. Anything beyond that price point should include additional benefits beyond the standard inclusions, such as CFAR protection or upgraded medical coverage. Anything below that 4% threshold may leave you lacking important or sufficient coverage in the event of an emergency.

Convenience and Flexibility

Whether you’re an infrequent traveler or a suitcase warrior, a good travel insurance company should have you covered. In many cases, you might not even have to talk to a person in order to purchase your policy.

Many people think of travel insurance in context with specific trips, but most of these top contenders sell both single-trip and multi-trip policies, also known as annual travel insurance. Some companies also offer plans specifically designed for cruisers, students abroad, and business travelers. Finally, all of these providers offer multiple options for getting the specific areas and amounts of coverage that you want.

Claims Handling

Most travelers never have a large claim. Premiums are low, and it provides peace of mind for the just in case situations. So they leave reviews based on their reduced stress levels. But what happens if you lose your luggage or have to stay a few extra days due to an unexpected accident? Will your insurance carrier cover your claim without all the hassle? We check real customer reviews to sort this out for you.

Ease of Use and Support

When purchasing, during your trip, and throughout the claims process, you may need extra support. Does the company have a 24/7 help line? Does it have an online or mobile system allowing you to self-manage? Essentially, what are the options when you need help? We look at the big picture to evaluate the average customer experience with each company.

An overview of the best travelers insurance

On average, the price of each company’s most basic coverage plan was $56. These policies did not include any optional add-ons, such as Cancel for Any Reason coverage or pre-existing medical condition coverage.

CompanyCoverage CostUse for….
Allianz Global Assistance$60Economical travelers who want to add on cheap rental car protection.
Travel Guard by AIG$92Those traveling with pre-existing medical conditions and cruise goers.
USI Affinity Travel Insurance Services$71International students and cruise goers.
Travel Insured International$55Gadget heads, superfans. Plans cover traveling with expensive electronic equipment and high-cost ticketed events.
World Nomads$61Thrill seekers. Plans automatically cover 200+ adventurous activities. Plus, if you’re currently traveling and want to extend your trip, World Nomads lets you buy and extend coverage.
Best Travel Insurance Companies in January 2023

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