Business Insider’s Travel Insurance Review Methodology

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How Business Insider Rates Travel Insurance

When you travel, any number of issues can arise between the moment you book your getaway and when you collapse in your bed after returning home. While you may find some protections with your credit card, travel insurance can offer comprehensive coverage to protect yourself and your trip.

The right travel insurance meets your needs at a price you can afford. However, it’s not as simple as that. Business Insider’s personal finance team is here to help you find the best travel insurance for your travels. Let’s go a little deeper into our analysis.

Coverage Amounts and Terms (30%)

In this category, we consider the terms of the policy, which includes coverage limits, percent reimbursements, and what’s covered. This includes terms like how long it takes for a company’s travel inconvenience or trip delay coverage to kick in.

Ideally, a travel insurance company will provide a wide array of benefit options, from very comprehensive coverage to light coverage.

However, we will primarily judge a company’s policies based on what it’s trying to achieve and who it’s targeted to. For example, we won’t hold it against a medical-only travel insurance plan for not offering trip cancellation insurance. We’ll judge it based on how effectively it covers a traveler’s medical needs.

Exclusions/Inclusions (10%)

Certain travel insurance benefits are less common than others. This section is devoted to those benefits and whether a company offers them. One example is preexisting medical condition waivers, which are only available to customers who buy travel insurance within a certain time after booking their trip.

Additionally, as many travel insurance providers offer tiered policies, which offer more coverage for higher premiums, we’ll look at how quickly travelers can access certain benefits, like cancel for any reason (CFAR) insurance.

Cost (30%)

Travel insurance is generally between 4% and 8% of your trip cost, but prices vary based on your age and trip length. That price will increase if you add CFAR insurance. We obtain quotes for several different trips and travelers, including solo travelers, couples, and families.

We also consider whether a provider includes children in their pricing.

Customer Service (25%)

Travel insurance companies often have the bad habit of being extremely communicative when you’re buying travel insurance, but all but disappearing when you try to get a claims payout from them. As a result, many travel insurance companies have inflated ratings from people who had a great buying experience but never had to use their policy.

We also look at the terms of the policies offered to see if the company lays out a deadline for paying claims. Some companies will even pay your claims with interest if they don’t pay them by a certain time.

Beyond claims, we also award extra points for additional customer service features, such as mobile apps or live 24/7 chat services for policyholders in case of an emergency.

Unique Features (5%)

While much of the travel insurance industry offers very similar benefits, some companies distinguish themselves with a unique feature here and there. For example, a company may offer the option to purchase travel insurance after a trip has already started, which is rare in the industry.

How Editor Ratings are Assigned to Travel Insurance

Once we assess a provider, we score the company in all categories from 1 to 5. We weigh these scores according to our percentages, which yields the final score.

We have reviewed a lot of excellent insurance companies striking a balance to serve customers better. These include both general providers and those offering specialty coverage.

Travel Insurance Providers We’ve Reviewed