We researched 69 policies from 23 companies to find the best travel insurance. When companies had more than one highly rated travel insurance policy we used the highest-scoring plan.
The pie chart below displays the nine core factors we used in our analysis: cost, medical expense, medical evacuation, trip interruption, travel delay and baggage delay coverage, the availability of “cancel for any reason” and “interruption for any reason” upgrades and the availability of pre-existing medical condition exclusion waivers. Within each factor, we examined various metrics and created individual weights.
We believe cost is an overriding factor when choosing a policy, so we gave the average cost of a policy the most weight. Sufficient medical expense and evacuation coverage is essential so those were also key factors taken into account. Delays, interruptions and coverage for pre-existing medical conditions are also primary concerns and were weighed accordingly.
Cost (35% of score): We analyzed the average cost for each travel insurance policy for trips to popular destinations:
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Couple, age 30 for a Mexico trip costing $3,000
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Couple, age 40, for an Italy trip costing $6,000
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Family of four for a Spain trip costing $15,000
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Couple, age 65, for an Italy trip costing $6,000
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Couple, age 70, for a Mexico trip costing $3,000
Medical expenses (15% of score): Travel insurance policies with travel medical expense benefits of $250,000 and up per person were given the highest points.
Medical evacuation (15% of score): Travel insurance policies with medical evacuation expense benefits of $500,000 and up per person were given the highest points.
“Cancel for any reason” upgrade (10%): Travel insurance policies received points if “cancel for any reason” upgrades are offered. More points were awarded for “cancel for any reason” upgrades with reimbursement levels of 75%.
Trip interruption travel insurance (5%): Points were given if trip interruption reimbursement is 150% or higher.
Travel delay required waiting time (5%): Policies with travel delay benefits kicking in after six hours or less were given points.
Baggage delay required waiting time (5%): Policies with baggage delay benefits kicking in at 12 hours or less were given points.
Preexisting medical condition exclusion waiver (5%): Points were given to policies that cover preexisting medical conditions (if purchased within a required time frame after the first trip deposit).
“Interruption for any reason” upgrade (5%): Policies were awarded points if they offered an “interruption for any reason” upgrade.
