Does travel insurance really pay? I found out

A recent test of “cancel for any reason” travel insurance companies explored options for a mock trip from Florida to Costa Rica, costing $5,000, to find the best insurance coverage.

The best overall coverage was found to be Allianz OneTrip Premier, offering comprehensive benefits. The Premier Plan costs $380, and adding “cancel anytime” protection costs an additional $122, bringing the total to $502. This plan allows cancellation for any reason, providing up to 80% of the money back. It also includes trip cancellation and interruption coverage, emergency medical and emergency transport, and coverage for pre-existing conditions if purchased early enough.

For those seeking coverage at a lower cost, the Allianz Prime Plan is an option. The base cost is $293, with the cancel anytime add-on costing $128, totaling $421.

A favorite budget pick is Trawick International’s Pathway Premium Plan, costing around $190. Adding the cancel-anytime upgrade brings the total to approximately $287, which is 43% cheaper than Allianz. The tradeoff is that Trawick’s cancel-anytime option refunds up to 75% of the money back, but it still offers great value for the price.

Travelex was also reviewed and is highly rated, but for the mock trip, only their “Ultimate” plan was offered at a cost of $210. The cancel-anytime upgrade was not available, only a “cancel for business reasons” option for an extra $27, which was not preferred.

The bottom line for the best balance of cost and flexibility is Trawick International, making it the top pick.

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