8 Best Travel Insurance Companies Of January 2025

Whether you’re taking a family vacation or a romantic cruise, travel insurance can be a lifesaver if the unexpected happens, whether its lost luggage or a medical emergency.
CNBC Select reviewed the top U.S. travel insurance companies to pick the best, based on coverage options, customization, cost and more. (Read our methodology to learn more about how we made out choices.)
Compare travel insurance offers
Best for trip delays: Faye
Faye Travel Insurance
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Policy highlights
One single-trip plan with optional add-ons for pet care, adventure sports and damage to vacation rentals
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Cancel For Any Reason coverage
Up to 75% reimbursement of nonrefundable trip costs if purchased within 14 days of initial trip deposit.
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Pre-existing condition waiver
Available if policy is purchased within 14 days of initial trip deposit.
Pros
- $4,500 per person trip delay coverage after six hours.
- 100% digital claims process
- Can add coverage for pet care and vacation rental damage
Cons
- Only one plan is available
- Rates are higher than some competitors
Who’s this for? Faye offers trip delay coverage of up to $300 a day and $4,500 per trip standard, the most generous limits of the companies we’ve reviewed.
Standout benefits: You can get up to $2,500 reimbursement for unexpected veterinary expenses and $250 for boarding your pet If your return trip is delayed or canceled.
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Best for lost baggage: AXA Assistance USA
AXA Assistance USA Travel Insurance
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Policy highlights
Silver, Gold and Platinum plans, with add-ons including rental car collision protection and coverage for sports equipment rentals, lost ski days and golf rounds
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Cancel For Any Reason coverage
Add-on to Platinum plan that reimburses 75% of nonrefundable trip costs if you purchase within 14 days of booking
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Pre-existing condition waiver
Available with Gold and Platinum plans if purchased within 14 days of trip deposit.
Pros
- Pre-existing condition waiver available with Gold and Silver plans
- Platinum plan includes $3,000 lost baggage benefit
- Can add coverage for lost ski days and golf rounds
Cons
- Basic Silver plan doesn’t offer any add-ons
- Trip and baggage delay coverage require 12-hour delay
- Rated B- by the Better Business Bureau
Who’s this for? AXA Assistance USA offers three tiers of travel insurance. The basic Silver plan covers trip interruption, delay and cancellation, as well as coverage for baggage and personal effects.
Standout benefits: AXA’s Platinum plan reimburses $500 per item for lost luggage and has a maximum of $3,000, which are higher payouts than those of several competitors.
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Best for families: AIG Travel Guard
AIG Travel Guard® Travel Insurance
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Policy highlights
AIG Travel Guard offers Essential, Preferred and Deluxe plans, as well as an annual plan and Pack N’ Go plan for same-day travel. Add-ons include coverage for rental vehicles, pets, adventure sports and wedding cancellations
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Cancel For Any Reason coverage
Add-on to Preferred and Deluxe plans reimbursing 50% of trip costs if purchased within 15 days of booking
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Pre-existing condition waiver
Available with any plan purchased within 15 days of initial trip deposit
Pros
- Adult policies include coverage for one child under 17
- Travel delay benefit of $1,000 available after five-hour delay.
- Medical care and evacuation limits can be doubled
Cons
- Cancel For Any Reason policies only reimburse up to 50%
- Standard medical coverage limit lower than some competitors
- Not all products are available for purchase online
Who’s this for? AIG Travel Guard is a strong option because of its variety of coverage types. With three base packages available online and even more options if you work with a representative, there are many ways to customize your policy.
Standout benefits: Travel Guard’s Deluxe, Preferred and Essential plans all include free coverage for one child age 17 or younger when a related adult purchases a policy.
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Best for customization: American Express Travel Insurance
American Express Travel Insurance
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Policy highlights
Four standard plans and a build-your-own plan with travel interruption, trip cancellation, baggage and car rental protection. American Express card not required to purchase a policy.
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Cancel For Any Reason coverage
AmEx does not offer CFAR coverage but Trip Cancel Guard reimburses up to 75% of nonrefundable flight costs up to 48 hours before departure
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Pre-existing condition waiver
Available if policy is purchased within 14 days of initial trip deposit.
Pros
- Don’t need to be an AmEx cardholder to get coverage
- Emergency medical and travel accident protection offered
- 24-hour assistance available with all plans
Cons
- Basic rates higher than the competition
- Cancel For Any Reason benefit not available
- Trip Cancel Guard only reimburses flight costs
Who’s this for? American Express Travel Insurance has several optional add-ons if you need to customize — including global medical protection and baggage protection — each with adjustable payout limits and requirements.
Standout benefits: These standalone policies are available to anyone, not just American Express cardholders, and include emergency medical coverage and travel accident protection.
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Best for trip cancellation: Allianz Travel
Allianz Travel Insurance
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Policy highlights
Single-trip and multi-trip/annual policies and a rental car plan. OneTrip Prime and Premier plans include coverage for one child 17 or younger when accompanying a covered adult.
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Cancel For Any Reason coverage
Reimburses 80% of nonrefundable trip costs if purchased within 14 of initial trip deposit.
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Pre-existing condition waiver
Included if policy is purchased within 14 days of initial deposit
Pros
- OneTrip Prime and Premier plans cover one child under 17 for free
- CFAR coverage reimburses 80% of nonrefundable trip costs.
- Pre-existing condition waiver included with all plans
Cons
- Rates are higher than the national average
- Limited options for adventure travel
- CFAR plan must be purchased through a travel agent
- No discounts
Who’s this for? Allianz has 10 different travel insurance policies, so you can find coverage for a single excursion or a year’s worth of trips.
Standout benefits: Instead of Cancel For Any Reason (CFAR) coverage, Allianz offers a cancel anytime add-on that reimburses up to 80% of non-refundable trip costs. Many other providers cap CFAR coverage at 50% to 75%.
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Best for medical emergencies: USI Affinity
USI Affinity Travel Insurance
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Policy highlights
Single- and multi-trip/annual policies, as well as cruise insurance, travel medical insurance and plans for students, groups and international travelers visiting the U.S.
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Cancel For Any Reason coverage
Add-on for Plus and Elite plans reimbursing 70% of trip costs if purchased within 14 days of booking (21 days with Plus plan). Not available in New York.
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Pre-existing condition waiver
Available with any plan purchased within 14 days of initital deposit (21 days with Plus plan).
Pros
- Medical-only insurance available
- CFAR is available for plans bought up to 21 days after booking
- No age limit
Cons
- CFAR only covers up to 70% of trip costs
- Trip delay coverage requires delay of 12 hours
Who’s this for? If you’re traveling outside the country, USI Affinity has several options with flexible medical coverage.
Standout benefits: InterMedical Insurance® combines medical and evacuation coverage and will cover any number of trips in a year, up to 90 days each.
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Best for cruise insurance: Nationwide
Nationwide Travel Insurance
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Policy highlights
Single- and multi-trip plans and cruise insurance, plus add-ons like CFAR and rental car coverage.
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Cancel For Any Reason coverage
Add-on to Prime plan that reimburses 75% of nonrefundable trip costs if purchased within 21 days of booking (Not available in New York or Washington state)
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Pre-existing condition waiver
Available with single-trip plan purchased within 20 days of initial trip deposit (14 days for cruise insurance)
Pros
- Cruise insurance available
- Frequent travelers can save with annual plan
- 10-day review period (not available in New York or Washington)
Cons
- Limited number of add-ons available
- Baggage delay reimbursement requires a 12-hour delay
- Severe weather coverage requires a 24-hour delay
Who’s this for? Nationwide offers cruise-specific policies that can cover accidents, illness, itinerary changes, trip interruptions and more.
Standout benefits: Nationwide offers three tiers of cruise insurance — universal, choice and luxury — and a 10-day review period on its cruise policies to give you time to make sure it’s a good fit (not available in New York or Washington).
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Best for luxury travel: Berkshire Hathaway
Berkshire Hathaway Travel Protection
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Policy highlights
Basic, mid-level and top-tier plans, plus policies just for flights, cruises and adventure travel. There are no add-ons but the LuxuryCare plan includes an option to upgrade to CFAR coverage.
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Cancel For Any Reason coverage
Add-on to LuxuryCare plan that reimburses 50% of nonrefundable trip costs if purchased within 15 days of booking
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Pre-existing condition waiver
Available with any plan purchased within 14 days of trip deposit.
Pros
- Speedy claims resolution including same-day compensation
- All plans include rental car collision coverage
- Pre-existing coverage waiver available with all plan
Cons
- CFAR policy only reimburses 50% of prepaid trip costs
- No add-ons available
Who’s this for? Berkshire Hathaway’s LuxuryCare travel insurance has high limits for trip interruption coverage, medical expenses, and coverage for things like sporting equipment.
Standout features: Luxury travel can take many forms, so it’s helpful that Berkshire Hathaway also covers cruises and adventure travel.
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More on our top travel insurance companies
Faye
Cancel For Any Reason: Up to 75% reimbursement of nonrefundable trip costs if purchased within 14 days of initial trip deposit.
Pre-existing condition waiver: Available if policy is purchased within 14 days of initial trip deposit.
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AXA Assistance USA
Part of the French multinational AXA group, AXA Assistance USA has three plans, with add-ons covering rental car collisions, sports equipment rentals, lost ski days and golf rounds
Cancel For Any Reason: Add-on with Platinum plan that reimburses 75% of nonrefundable trip costs if you purchase within 14 days of booking
Pre-existing condition waiver: Available with Gold and Platinum plans if purchased within 14 days of trip deposit.
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Travel Guard
In addition to single-trip and annual policies, AIG Travel Guard has a Pack N’ Go plan for same-day travel. Add-ons include coverage for rental vehicles, pets, adventure sports and wedding cancellations.
Cancel For Any Reason: Add-on to Preferred and Deluxe plans that covers 50% of trip costs if purchased within 15 days of initial deposit.
Pre-existing condition waiver: Available with any plan purchased within 15 days of initial trip deposit.
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American Express Travel Insurance
You do not need to be an American Express card member to buy American Express Travel Insurance, available in Basic, Silver, Gold and Platinum plans. While there’s no Cancel For Any Reason benefit, Trip Cancel Guard can reimburse up to 75% of a nonrefundable flight.
Cancel For Any Reason: Not offered
Pre-existing condition waiver: Available if policy is purchased within 14 days of initial trip deposit.
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Allianz
Cancel For Any Reason: Cancel Anytime add-on to OneTrip Premier allows you to cancel for nearly any reason up to the day of departure and get 80% of nonrefundable trip costs (to $16,000) back. You must purchase coverage within 14 days of your first deposit and your trip must be at least 30 days in the future.
Pre-existing condition waiver: Included with policies purchased within 14 days of initial deposit.
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USI Affinity
Cancel For Any Reason: Optional add-on that refunds 70% of trip costs if purchased within 14 days of booking (21 days for the Plus plan).
Pre-existing condition waiver: Available with any plan purchased within 14 days of initial trip deposit (21 days for the Plus plan).
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Nationwide
Cancel For Any Reason: Add-on to Prime plan that refunds 75% of nonrefundable costs if purchased within 21 days of booking. Not available in New York or Washington.
Pre-existing condition waiver: Available if you purchase your plan within 21 days of your initial trip deposit. (10 days with basic Essential plan and 14 days for cruise insurance.)
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Berkshire Hathaway Travel Protection
In addition to three tiers of full-service travel insurance, Berkshire Hathaway offers standalone policies just flights, cruise and adventure travel.
Cancel For Any Reason: Add-on to LuxuryCare plan that reimburses 50% of nonrefundable trip costs if purchased within 15 days of booking
Pre-existing condition waiver: Available with any plan if purchased within 14 days of initial trip deposit.
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What does travel insurance cover?
Travel insurance reimburses a variety of prepaid costs, including:
Trip cancellation: Reimburses airline tickets, hotel rooms, tours and other prepaid, nonrefundable expenses if your trip is canceled for a covered reason, usually including illness or injury, the death of a family member, job loss, deployment and severe weather
Trip delay: Pays for food, lodging and local transportation if your trip is delayed for a minimum amount of time, usually 6 or 12 hours. Covered reasons include severe weather, airline maintenance and civil unrest. There are caps on coverage, usually from $100 to $300 per day and between $500 and $1,500 per trip.
Trip interruption: If you have to go home early for a covered reason, your nonrefundable expenses are covered. Some plans will reimburse as much as 150% or 200% to pay for your flight home and other additional travel arrangements.
Baggage delay: This benefit covers toiletries, clothes and other essentials you need to buy if your luggage is delayed for a certain amount of time, usually 6 or 12 hours.
Baggage loss: Airlines have to compensate passengers for lost luggage, but travel insurance can have a higher benefit limit. It can also provide coverage if your belongings are lost, damaged or stolen once you’ve gotten to your destination.
Emergency medical coverage and evacuation: U.S. health insurance isn’t valid abroad but your travel insurance policy should cover prescriptions, doctors’ fees and hospital bills. It can also pay for evacuation or repatriation if your condition requires you to return home.
What does travel insurance not cover?
Every company has different exclusions, but standard travel insurance doesn’t cover losses due to negligence, illegal activities, known storms, announced epidemics, war or civil unrest. Many risky activities like mountain climbing, bungee jumping and skydiving are also not covered unless you purchase special coverage.
Pre-existing medical conditions are not covered by travel insurance unless your provider offers a waiver for pre-existing conditions. To qualify for a waiver, you must buy your policy within 14-21 days of booking, insure 100% of your nonrefundable trip costs and be medically able to travel. Some conditions, including pregnancy, mental illness, dementia and substance abuse issues, are not covered by a waiver.
While all providers have limits on eligible reasons for cancellation or delays, many have optional Cancel For Any Reason policies that allow you to call off your plans for any cause. Typically, you must cancel at least 48 hours before departure and you’ll only get 50% to 75% of your nonrefundable costs back.
How much does travel insurance cost?
A travel insurance policy can cost between 4 and 10% of the overall price of your trip, although the exact amount depends on your age, the coverage limits you select and any optional add-ons you’ve chosen.
In addition, a plan with a Cancel For Any Reason Benefit can add 40% to the cost.
How to save money on travel insurance
Travel insurance costs are generally stable, but there are some ways to save:
- Choose lower coverage limits: You can save by selecting lower coverage limits and higher deductibles. Just make sure you can afford the additional out-of-pocket costs if need be.
- Consider an annual plan: If you travel frequently, an annual plan is more cost-effective than single-trip policies. There might be some limitations on coverage, however, so be sure to read the fine print.
- Check for existing coverage: Your credit card or homeowner’s insurance policies may provide some basic protections while you travel. An insurance policy can still help fill any gaps, however.
- Get a family policy: If you’re traveling with family, it can be cheaper than individual policies for everyone. In addition, some providers cover children under 17 for free if they’re traveling with a covered adult.
- Skip Cancel for Any Reason: While a CFAR upgrade can allow you to be reimbursed for reasons not covered by your policy, it can also add another 40% to your premium.
- Avoid popular travel times: The cost of your premiums is directly related to how much you’re spending on your trip. If you schedule a vacation during the high season, your airfare, hotel and other costs will be higher — and so will your policy.
- Compare plans: Getting price quotes from several providers is also a good way to save money. Make sure you request the same amount of coverage from each and look for any limitations or exclusions.
Travel insurance FAQs
Is travel insurance worth it?
Travel insurance can be worth it if your trip involves a lot of prepaid nonrefundable costs. you have a lot of connections or plan on engaging on risky activities like skiing or hang-gliding. While credit cards offer some travel benefits, they typically do not include medical coverage or evacuation.
How much does travel insurance cost?
The average travel insurance plan costs between 4% and 10% of your trip’s prepaid, non-refundable costs. The price of a specific policy varies based on the cost of the trip, the coverage limits, the age of the traveler, add-ons and other factors.
What does travel insurance not cover?
Travel insurance typically doesn’t cover foreseeable events, like epidemics or hurricanes announced before you bought your plan. In addition, pre-existing health conditions are almost always excluded unless you purchase a premium plan with a waiver. If you do cancel, it must be for a reason listed in your policy — like an injury or death in the family.
What is Cancel For Any Reason travel insurance?
Standard travel insurance policies have a narrow list of reasons you can cancel your trip for still and get reimbursed. Cancel For Any Reason (CFAR) insurance is an optional add-on that allow you to call off your plans for any reason. CFAR policies usually only refund 50% to 80% of your trip’s nonrefundable costs, though, and must be bought within a few weeks of making your initial trip deposit.
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Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every travel insurance review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of travel insurance products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
Our methodology
Our recommendations have been organized by the best for trip delays, lost baggage, families, customization, trip cancellation, medical emergencies, cruises and luxury travel.
We also considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools.
Premiums and policy structures cited for individual travel insurance companies fluctuate according to company policy.
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Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
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