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How to Find the Best Travel Insurance

Elina Geller

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Table of Contents

What travel insurance covers

How much does travel insurance cost, types of travel insurance, how to get travel insurance, what to look for in travel insurance, best travel insurance comparison sites, which insurance company is best for travel insurance, when to skip travel insurance, travel insurance, recapped.

Travel insurance can cover medical expenses, emergencies, trip interruptions, baggage, rental cars and more.

Cost is affected by trip length, pre-existing medical conditions, depth of coverage, your age and add-ons.

You can get it through credit cards or third-party companies, & can shop on travel insurance comparison sites.

Before buying, evaluate risks, know existing coverage, obtain quotes online and review policy details warily.

Skip it if you buy flexible airfare and hotels, already have coverage or only book refundable activities.

Booking travel always carries some degree of uncertainty. Travel insurance provides a safety net so you can step out with confidence. You may not need travel insurance for inexpensive trips, but it can provide a sense of security when you prepay for pricey reservations, a big international trip or travel during cold and flu season, which can be unpredictable.

According to insurance comparison site Squaremouth, travelers in 2023 spent an average of $403 for comprehensive coverage, compared to $96 for medical-only policies. Comprehensive plans typically cost between 5% and 10% of the insured trip cost.

Since that price tag is no small amount, it helps to know how to shop smart for travel insurance. Here's how to find the right travel insurance plan for you and your next adventure.

Depending on the type of coverage you’re looking for, the chart below will help you determine what to look for when selecting a policy:

Depending on the policy, travel insurance reimburses you or offers services when something goes awry. There’s even coverage for the worst-case scenario: if you die in an accident while traveling. Accidental death coverage pays your beneficiary a lump sum in that case.

Before you buy, take a little time to get familiar with different types of travel insurance products, how it’s priced, and what it covers and excludes. If you’re traveling during these uncertain times, you’ll want to make sure that the policy you select covers coronavirus-related emergencies. Usually, the more thorough the coverage, the more it will cost.

Travel insurance costs vary depending on:

Length and cost of the trip: The longer and more expensive the trip, the higher the policy cost.

Cost of local health care: High health-care costs in your destination can drive up the price of trip insurance.

Medical conditions you want covered: Conditions you already have will increase the cost of travel insurance coverage.

Amount and breadth of coverage: The more risks a policy covers, the more it will cost.

Your age: Generally the older you are, the higher the price.

Any optional supplement you add to your policy : Cancel For Any Reason , Interrupt For Any Reason and more.

Keep these factors in mind when considering different travel insurance options.

You’ll find a wide selection of travel protection plans when you shop for a policy.

Typically, travel insurance is sold as a package, known as a comprehensive plan, which includes a variety of coverage.

Here are seven of the most common types of travel insurance:

Travel medical insurance

These plans provide health insurance while you’re away from home. Although in some ways these policies work like traditional health plans, generally you cannot use travel health insurance for routine medical events. For example, a routine medical checkup is usually not covered. In addition, these policies often include limitations on coverage and exclusions for pre-existing conditions.

Although most travel insurance plans cover many recreational activities, such as skiing and horseback riding, they often exclude adventure sports, such as skydiving or parasailing, or competition in organized sporting events. You may need to buy a special travel policy designed for adventure or competitive sports.

International travel insurance

Most likely, your U.S.-based medical insurance will not work while you’re traveling internationally, and Medicare does not provide any coverage once you leave the United States outside of a few very specific exemptions. If you plan on traveling abroad, purchasing travel medical insurance could make a lot of sense.

» Learn more: Travel medical insurance: Emergency coverage while you travel internationally

Trip cancellation, interruption and delay

Trip cancellation coverage reimburses you for prepaid, nonrefundable expenses if the tour operator goes out of business or you have to cancel the trip for one of the covered reasons outlined in the policy, such as:

Your own illness.

The illness or death of a family member who’s not traveling with you.

Natural disasters.

Trip interruption insurance covers the nonrefundable cost of the unused portion of the trip if it is interrupted due to a reason outlined in the policy.

Trip delay coverage reimburses you for expenses such as lodging and meals if you’re delayed during a trip (e.g., your flight gets canceled due to weather ).

Many package policies cover all three. These policies are different from the cancellation waivers that cruise lines and tour operators offer, the Insurance Information Institute says. Waivers are cheap, ranging from $40 to $60, and often include restrictions. For example, according to the institute, waivers might not refund your money if you cancel immediately before departure. Waivers are technically not insurance policies.

Some companies offer additional layers of coverage at extra cost. “Cancel For Any Reason” coverage will reimburse a large part of the trip cost, no matter why you back out. And some companies let you pay extra to cover pre-existing conditions if you cancel for medical reasons.

Some insurers and comparison sites let you customize a policy by choosing types of coverage a la carte. For example, TravelInsurance.com is a comparison site that provides quotes from different providers.

Baggage and personal belongings

How does lost luggage insurance work? This coverage reimburses you for baggage and personal belongings that are lost, stolen or damaged during the trip. Some plans also reimburse you for extra expenses if you experience a baggage delay for more than a certain period, such as 12 hours.

Your renters or homeowners insurance may cover personal belongings while you are traveling. It’s best to review your homeowners insurance policy to determine the level of coverage it provides so you do not end up paying for a benefit you already have.

» Learn more: Baggage insurance explained

Emergency medical assistance, evacuation and repatriation

This coverage pays medical expenses if you get sick or injured on a trip . Medical evacuation coverage pays for transporting you to the nearest hospital, and medical repatriation pays for flying you to your home country.

» Learn more: Can I get travel insurance for pre-existing medical conditions?

24-hour assistance

This service is included with many package plans. The insurer provides a 24-hour hotline that you can call when you need help, such as booking a flight after a missed connection, finding lost luggage, or locating a doctor or lawyer.

Generally, travel insurance companies do not cover sports or any activity that can be deemed risky. If you’re thinking of incorporating adventurous activities into your vacation, choose a plan that includes adventure sports coverage.

Most travel insurers cover a wide array of services, but the specific options vary. Some plans include concierge services, providing help with restaurant referrals, tee time reservations and more. Many services also offer information before the trip, such as required vaccinations. The only way to know what’s included is to read the policy.

» Learn more: Should you insure your cruise?

Accidental death and dismemberment insurance

This coverage pays a lump sum to your beneficiary, such as a family member, if you die in an accident while on the trip. Accidental death and dismemberment insurance policies also pay a portion of the sum to you if you lose a hand, foot, limb, eyesight, speech or hearing. Some plans apply only to accidental death in a plane.

This coverage may be duplicative if you already have sufficient life insurance, which pays out whether you die in an accident or from an illness. You may also already have accidental death and dismemberment insurance through work, so it's best to check your policies to ensure you’re not overpaying.

» Learn more: NerdWallet's guide to life insurance

Rental car coverage

Rental car insurance pays for repairing your rental car if it’s damaged in a wreck, by vandals or in a natural disaster. The coverage doesn't include liability insurance, which pays for damage to other vehicles or for the medical treatment of others if you cause an accident and are held responsible.

Ask your car insurance company whether your policy will cover you when renting cars on the trip. U.S. car insurance policies generally don’t cover you when driving in other countries, except Canada.

Car insurance requirements are complex because they vary among countries. You can usually purchase liability insurance from the rental car company. Learn about car insurance requirements by searching for auto insurance by country on the U.S. Embassy website .

» Learn more: Best credit cards for rental car coverage

A note about single vs. long-term policies

Single trip insurance plans are a great option for those going on a single trip for a specific length of time (e.g., a two-week vacation) and then returning home. The price of the policy is usually determined by the cost of the trip.

Long-term travel policies cover you for multiple trips, but there are limitations to how long you can be away from home, if you can return home during your travels and how many trips you can take. In addition, trip cancellation and interruption coverage is either not offered or capped at a dollar amount that can be significantly below the total cost of all the trips taken during the covered period.

Long-term travel insurance plans — often called 'multi-trip' or 'annual travel insurance' — are a suitable option for those who travel often and are satisfied with the amount of trip cancellation coverage for all the trips they take over the duration of the policy.

» Learn more: How annual (multi-trip) travel insurance works

Below, we include how to obtain travel insurance, along with the pros and cons of each option.

Some credit cards offer trip cancellation and rental car insurance if you use the card to book the trip or car.

When you book a trip with your credit card, depending on the card you use, you may already receive trip cancellation and interruption coverage.

» Learn more: 10 credit cards that provide travel insurance

Here are a handful of credit cards with travel insurance benefits.

Chase Sapphire Preferred Credit Card

on Chase's website

Chase Sapphire Reserve Credit Card

on American Express' website

Chase Ink Business Preferred Credit Card

• Trip delay: Up to $500 per ticket for delays more than 12 hours.

• Trip cancellation: Up to $10,000 per person and $20,000 per trip. Maximum benefit of $40,000 per 12-month period.

• Trip interruption: Up to $10,000 per person and $20,000 per trip. Maximum benefit of $40,000 per 12-month period.

• Baggage delay: Up to $100 per day for five days.

• Lost luggage: Up to $3,000 per passenger.

• Travel accident: Up to $500,000.

• Rental car insurance: Up to $75,000.

• Trip delay: Up to $500 per ticket for delays more than 6 hours.

• Travel accident: Up to $1 million.

• Rental car insurance: Up to the actual cash value of the car.

• Trip delay: Up to $500 per trip for delays more than 6 hours.

• Trip cancellation: Up to $10,000 per trip. Maximum benefit of $20,000 per 12-month period.

• Trip interruption: Up to $10,000 per trip. Maximum benefit of $20,000 per 12-month period.

Terms apply.

Pros: Coverage is free.

Cons: You can’t customize the insurance to meet your needs. Most credit cards offer secondary car rental insurance, which pays for the costs not covered by your regular car insurance plan.

Travel agents and travel reservation sites

You can buy travel insurance when you book your flight, hotel and car rental.

Pros: Buying is as quick and easy as clicking “yes” when you book reservations. Coverage is inexpensive.

Cons: You can’t customize the coverage.

» Learn more: Airline travel insurance vs. independent travel insurance

Travel insurance comparison sites

You can compare different policies and review quotes at once based on the trip search criteria you’ve input into the search form. Examples include marketplaces like Squaremouth or TravelInsurance.com.

Pros: You can choose a policy that fits your needs and compare policies and pricing in one place.

Cons: Comparing multiple policies takes time.

Travel insurance companies

You can purchase travel insurance directly from an insurance provider.

Pros: You can choose a policy that fits your needs. Many travel insurer websites also offer information to help you understand the coverage.

Cons: You’ll need to go to multiple websites to compare coverage and pricing.

» Learn more: The best travel insurance companies right now

Keep these tips in mind when you’re considering a trip insurance policy.

Evaluate the financial risks you face when traveling. Can you bear those costs yourself, or do you want insurance?

Examine what coverage you already have: Does your credit card offer travel insurance? Do you have renters or homeowners insurance to cover belongings? What is the deductible? Will your health plan cover you in all the locations where you travel?

Get quotes for trip insurance online. Choose a package of the benefits you need and compare prices for similar coverage among carriers.

Narrow your choices and then read the policy fine print to understand what’s covered, what’s excluded and the limits on coverage. You may find that the lowest-priced policy is too restrictive and that paying a little more gets you the coverage you need. Or you might find that the cheapest, most basic policy fits the bill.

If you don’t know which provider to go with, it makes sense to browse a list of plans on a travel insurance comparison site. These online marketplaces will often include plans from the best travel insurance companies along with customer reviews.

Squaremouth

annual travel insurance promotion 2022

Compare plans from more than 30 providers.

Over 86,000 customer reviews of insurers.

Under its Zero Complaint Guarantee, Squaremouth (a NerdWallet partner) will remove a provider if any customer complaint isn't resolved to its satisfaction.

Has a filter option to see policies that provide COVID-coverage.

TravelInsurance.com

annual travel insurance promotion 2022

Compare plans from 13 providers.

See good and poor customer ratings and reviews for each insurer when you receive quotes.

“Learning Center” includes travel insurance articles and travel tips, including important how-to information.

Quotes provided from each provider include a link to COVID-19 FAQs, making it easy for customers to review what’s covered or not.

InsureMyTrip

annual travel insurance promotion 2022

Compare plans from more than two dozen providers.

More than 70,000 customer reviews.

“Anytime Advocates” help customers navigate the claim process and will work on behalf of the customer to help with appealing a denied claim.

Includes a link to plans that offer COVID coverage.

annual travel insurance promotion 2022

Compare plans from 11 providers.

Search coverage by sporting activity, including ground, air and water sports.

Many types of plans available for students, visiting family members, new immigrants, those seeking COVID quarantine coverage and more.

annual travel insurance promotion 2022

Compare different insurance plans from 35 providers.

Over 5,600 customer reviews on Trustpilot, with an average 4.9 stars out of five.

Formerly known as AardvarkCompare, AARDY includes a “Travel Insurance 101” learning center to help customers understand various policies and benefits.

Quote search results page includes COVID-coverage highlighted in a different color to make it easier for customers to review related limits.

Whether you’re looking for an international travel insurance plan, emergency medical care, COVID coverage or a policy that includes extreme sports, these providers have you covered.

Our full analysis and more details about each organization can be found here: The Best Travel Insurance Companies Today .

Allianz Global Assistance .

Travel Guard by AIG .

USI Affinity Travel Insurance Services .

Travel Insured International .

World Nomads .

Berkshire Hathaway Travel Protection .

Travelex Insurance Services .

Seven Corners .

AXA Assistance USA .

There are a few scenarios when spending extra on travel insurance doesn't really make sense, like:

You booked flexible airline tickets.

Your hotel room has a good cancellation policy.

It's already included in your credit card.

You haven't booked any nonrefundable activities.

» Learn more: When you don't need travel insurance

Yes, especially for nonrefundable trips and travel during the COVID-era. Whether you purchase a comprehensive travel insurance policy or have travel insurance from your credit card, you shouldn't travel without having some sort of travel protection in place to safeguard you and your trip. Travel insurance can protect you in case of an unexpected emergency such as a canceled flight due to weather, a medical event that requires hospitalization, lost luggage and more.

There are many good travel insurance policies out there and a policy that may be great for you may not be good for someone else. Selecting the best plan depends on what coverage you would like and your trip details.

For example, World Nomads offers a comprehensive travel insurance policy that has excellent coverage for adventure sports. Allianz provides coverage for trips of varying lengths of time through its single trip plans and multi-trip plans. Some providers offer add-on options like Cancel For Any Reason travel insurance. If you’re not sure which plan to go with, consider looking at trip insurance comparison sites like Squaremouth or Insuremytrip.

Yes, you can. However, it's better to purchase it sooner rather than later, ideally right after booking your trip because the benefits begin as soon as you purchase a policy.

Let’s say you’re going on a trip in a month and a week before departure, you fall and break your leg. If you’ve purchased a travel insurance policy, you can use your trip cancellation benefits to get your nonrefundable deposit back.

Most comprehensive travel insurance plans offer trip cancellation, trip interruption, emergency medical and dental, medical evacuation, trip delay and lost luggage coverage. Many plans offer COVID coverage, but you’ll always want to check to ensure that the policy you choose provides that benefit if you’re traveling during these times. Some plans may also allow you to add features like Cancel For Any Reason travel insurance.

It depends which credit card you have. Premium travel cards like the Chase Sapphire Reserve® and The Platinum Card® from American Express offer travel insurance benefits if you book a trip using your card or points.

However, the coverage provided by the credit cards is usually lower than if you purchased a standalone policy. Review the travel insurance benefits on your credit card and check that the limits are adequate before foregoing from purchasing a separate plan.

Let’s say you’re going on a trip in a month and a week before departure, you fall and break your leg. If you’ve purchased a travel insurance policy, you can use your

trip cancellation benefits

to get your nonrefundable deposit back.

It depends which credit card you have. Premium travel cards like the

Chase Sapphire Reserve®

The Platinum Card® from American Express

offer travel insurance benefits if you book a trip using your card or points.

Unpredictability is one of the mind-opening joys of travel, but travel insurance should contain no surprises. The time you spend to understand your options will be well worth the peace of mind as you embark on your next adventure.

Whether you’re seeking a single or a long-term policy, each travel insurance option offers different strengths and weaknesses. Choosing the right policy depends on your trip needs, your budget and how important various benefits are to you.

Keep reading

If you want to dig in deeper to world of travel insurance, these resources will point you in the right direction.

What is travel insurance? How much is travel insurance? Is travel insurance worth it? What does travel insurance cover? Does travel insurance cover COVID?

How to maximize your rewards

You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2024 , including those best for:

Flexibility, point transfers and a large bonus: Chase Sapphire Preferred® Card

No annual fee: Bank of America® Travel Rewards credit card

Flat-rate travel rewards: Capital One Venture Rewards Credit Card

Bonus travel rewards and high-end perks: Chase Sapphire Reserve®

Luxury perks: The Platinum Card® from American Express

Business travelers: Ink Business Preferred® Credit Card

1x-10x Earn 5x total points on flights and 10x total points on hotels and car rentals when you purchase travel through Chase Ultimate Rewards® immediately after the first $300 is spent on travel purchases annually. Earn 3x points on other travel and dining & 1 point per $1 spent on all other purchases

60,000 Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $900 toward travel when you redeem through Chase Ultimate Rewards®.

1x-5x 5x on travel purchased through Chase Ultimate Rewards®, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases.

60,000 Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Ultimate Rewards®.

Chase Southwest Rapid Rewards® Plus Credit Card

1x-2x Earn 2X points on Southwest® purchases. Earn 2X points on local transit and commuting, including rideshare. Earn 2X points on internet, cable, and phone services, and select streaming. Earn 1X points on all other purchases.

30,000 Limited-time offer: Earn Companion Pass® good through 2/28/25 plus 30,000 points after you spend $4,000 on purchases in the first 3 months from account opening.

Advertiser Disclosure

Many of the credit card offers that appear on this site are from credit card companies from which we receive financial compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). However, the credit card information that we publish has been written and evaluated by experts who know these products inside out. We only recommend products we either use ourselves or endorse. This site does not include all credit card companies or all available credit card offers that are on the market. See our advertising policy here where we list advertisers that we work with, and how we make money. You can also review our credit card rating methodology .

For the Frequent Traveler: The 11 Best Annual Travel Insurance Policies

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For the Frequent Traveler: The 11 Best Annual Travel Insurance Policies

GeoBlue Trekker Choice

Geoblue trekker essential, trawick international safe travels annual basic, trawick international safe travels annual deluxe, allianz travel alltrips basic plan, allianz travel alltrips prime plan, allianz travel alltrips executive plan, allianz travel alltrips premier plan, aig travel guard annual travel insurance plan, usi affinity voyager annual travel insurance, seven corners travel medical annual multi-trip, a plan that didn’t make our list, how annual travel insurance works, when to buy an annual travel insurance policy, what annual travel insurance policies do and don’t cover, understanding trip length rules, is annual travel insurance worth it, how much do annual travel insurance policies cost, does credit card travel insurance apply annually, choosing an annual travel insurance policy, final thoughts.

We may be compensated when you click on product links, such as credit cards, from one or more of our advertising partners. Terms apply to the offers below. See our Advertising Policy for more about our partners, how we make money, and our rating methodology. Opinions and recommendations are ours alone.

If you take multiple trips every year, insuring each one can be a hassle. There are forms to fill out, comparison shopping over and over again, and then remembering the policy documents for each specific trip. And then there’s the risk you might forget to take out travel insurance for one of your trips.

Plus, those costs add up. There must be a better way.

Enter annual travel insurance. Also known as multi-trip travel insurance, taking out an annual policy covers you for a whole year of travel. Not only is it simpler, it may be cheaper than taking out multiple single-trip policies. But is it right for you?

Annual travel insurance policies aren’t exactly the same as the trip insurance you’d buy for a weeklong holiday with your family. Here are the best annual travel insurance policies, what they do and don’t cover, and how to decide whether taking out a yearly policy might be right for you.

The 11 Best Annual Travel Insurance Policies

GeoBlue Travel Insurance annual plan comparison chart

GeoBlue offers 2 Trekker plans for annual coverage, which are unique in several ways. These plans cover preexisting conditions, COVID-19, and all travel outside the U.S.

However, they don’t cover any trips inside the U.S. or provide any coverage for canceled, delayed, or interrupted trips. Instead, these are travel medical insurance plans . With the GeoBlue Trekker Choice plan , you’ll get higher maximum payouts in all categories and pay a lower deductible ($100). However, note that this is still secondary coverage .

You’ll get unlimited access to telemedicine and coverage for trips up to 70 days in length . Additionally, coverage is available up to age 95, which isn’t offered on most other policies.

The GeoBlue Trekker Essential plan offers the same pros and cons as the Choice plan. The main differences are the lower maximum payout values and the higher deductible ($200 instead of $100). You also won’t get the Choice plan’s lost baggage and personal effects coverage, which can provide up to $500 per trip. Again, this secondary medical insurance policy is only valid on trips outside the U.S.

Trawick International Safe Travels Annual Basic page banner

Trawick International offers 2 annual plans, and the Safe Travels Annual Basic plan is more economical. You’ll have coverage for everything you expect in a trip insurance policy , such as 100% coverage for trip cancellation or interruption (up to a $2,500 annual maximum) and coverage for delays, lost luggage, delayed luggage, and even medical expenses. To make up for the lower cost of the plan, coverage limits are lower than what you’ll find elsewhere . However, if you want peace of mind while traveling, you can get it for a year and cover trips up to 30 days in length.

While Trawick International’s Safe Travels Annual Deluxe plan offers higher maximum coverage limits than the Basic plan, its maximum payouts for medical and evacuation benefits are lower than what you’ll find with competitors . Where this plan shines is in the coverage for change fees, lost deposits on tours, and coverage for lost items if an airline misplaces your luggage.

You’ll be covered for up to $300 per trip for prepaid excursions, up to 100% of your trip cost (with an annual maximum of $5,000) for trip cancellations or interruptions, and up to $150 per item and $750 per trip for personal effects. After signing up for a plan, you’ll also get a 10-day free look period.

If you want an annual plan with a low price tag , this could be what you’re looking for. The Allianz Travel AllTrips Basic plan covers you for unlimited trips up to 45 days each over the course of a year. Coverage includes emergency medical, emergency medical evacuation, baggage loss and delays, travel delays, rental car theft and damage, and travel accident coverage.

However, there’s a fair list of exclusions from this plan . That includes trip cancellation, trip interruption, missed connections, and change fees. As the name implies, you’ll get basic coverage at a basic price.

Allianz AllTrips annual plan options

The Allianz Travel AllTrips Prime option covers 365 days of trips, though the maximum trip length is just 45 days. While you’ll get coverage for all the standard travel insurance benefits, including trip cancellation, trip interruption, emergency medical, delays, and baggage mishaps, there are limits you should know about with this plan.

The travel accident coverage, which applies to death or the loss of a limb, maxes out at $25,000 per trip, baggage delay maxes out at $200, and baggage loss or damage maxes out at $1,000. The maximum coverage for emergency medical is $20,000, and costs can exceed that quickly in a true emergency.

However, this is a decent option if you want a fair amount of coverage across numerous categories without a high price tag.

For those worried about expensive business equipment or losing points and miles, this plan has you covered. On top of higher maximum payouts in categories such as trip cancellation, emergency medical transportation, or travel delays, you’ll also get rental car damage and theft coverage, change fee coverage, and reimbursement for renting business equipment if yours is lost, stolen, damaged, or delayed during a trip.

Moreover, you can be reimbursed up to $500 to cover fees for reinstating your points and miles if a covered trip is canceled or interrupted. The Allianz Travel AllTrips Executive plan also provides coverage for preexisting medical conditions if you meet certain criteria and buy at least 14 days before the first trip.

Allianz AllTrips Premier start quote page

Allianz also has a customizable AllTrips Premier plan , allowing you to choose between several payout tiers for trip cancellation and interruption. You’ll pay more when choosing higher maximums, but this allows you to choose exactly what you want in coverage and not pay for more than you need. Another positive is coverage for preexisting medical conditions if you meet certain criteria and buy your policy at least 14 days before your first trip.

You’ll also get rental car damage and theft coverage , $500,000 of emergency medical transportation coverage, $50,000 of emergency medical, and coverage for travel delay expenses after a delay of 6 hours or more. The baggage delay coverage is up to $2,000, but it requires a delay of 12 or more hours. The maximum trip length allowed is 90 days.

The AIG Travel Guard Annual Travel Insurance plan isn’t available to Washington state residents. Still, it provides coverage for trip interruption, trip delay, lost baggage, delayed baggage, and missed connections, as well as both medical and security evacuation, accidental death and dismemberment, and travel medical expenses. However, the coverage limit for dental is just $500, and the maximum coverage for travel medical expenses is just $50,000. Those are lower limits than other plans. Additionally, trip cancellation isn’t included.

However, Travel Guard has some strengths. Trip delay coverage applies for up to 10 days and requires a delay of just 5 hours, and the missed connection benefit applies after just 3 hours. You get a “free look” period of up to 15 days to cancel for a refund, so long as you haven’t started your trip or filed a claim. Maximum coverage for any particular trip is 90 days.

ASI Affinity Voyager annual plan

USI Affinity’s Voyager plan has a Silver and Gold option , and pricing is easy to determine from the chart. Simply find your age bracket and the associated cost. The key differences between the plans are in the higher maximum payouts for nearly every coverage type with the Gold plan, other than emergency dental and accidental death and dismemberment. However, the Gold plan also includes coverage types the Silver plan doesn’t: political and natural disaster evacuation, airline ticket change fees, and trip interruption. However, trip cancellation isn’t included with either plan .

The maximum trip length is 90 days, and coverage for Silver and Gold plans lasts for 364 days. An unlimited number of international and domestic trips are covered, and you’re covered for trips as little as 100 miles from home. That’s a lower requirement than most other plans (which tend to require 150 miles).

This plan is ideal for those who don’t live in the U.S., as other plans on this list are only available to U.S. residents and citizens. While the plan technically lasts for 364 days, Seven Corners’ Travel Medical Annual Multi-Trip plan is customizable. It lets you choose a maximum trip length of 30, 45, or 60 days and include or exclude coverage for the U.S. Note U.S. citizens and residents cannot add coverage for inside the U.S.

Seven Corners also provides coverage for travelers aged 14 to 75 years, though maximum payouts decrease in some categories for those aged 65 and older. If you receive medical care in the U.S., Seven Corners will pay 90% of the first $5,000 of covered expenses and 100% of the cost afterward. You’re covered 100% outside the U.S. Note that coverage doesn’t apply to your home country (which includes the U.S. if you’re a citizen, even if you live in another country) and isn’t available in Antarctica, Cuba, Iran, Israel, North Korea, Russia, Syria, or Ukraine.

We considered another plan. Here’s why this annual travel insurance policy didn’t make our “best of” list.

IMG Patriot Multi-Trip International : For trips inside the U.S., you may be on the hook for 20% of your medical expenses if you visit a provider outside IMG’s PPO network. Additionally, the maximum trip length is 30 days, and coverage limits are quite low in multiple categories. These include $50,000 for emergency medical evacuation and $10,000 for political evacuation, a maximum of $50 per item and $250 overall for lost luggage, a $100 maximum for dental treatment, and $25,000 for accidental death and dismemberment 24/7 coverage.

Annual travel policy plans vary considerably. Most provide secondary medical insurance, so you may need to submit to your other coverage (home healthcare plan, credit card insurance provider, etc.) first and then submit to your travel insurance provider for any remaining expenses or deductibles. If you won’t have other coverage, you may want to look for a plan that provides primary health coverage instead. Also, understand that most plans provide reimbursement, so you would pay out of pocket for overseas hospital visits and then submit to your insurance provider for reimbursement after the fact.

What Is Annual Travel Insurance?

Annual travel insurance covers you for many trips over the course of a year (or sometimes 364 days). Rather than needing to buy a travel insurance policy for each trip separately — which can add up — you can buy a single policy that covers all your trips for the next year. It’s important to understand the terms of these policies, though. Some may require buying coverage in advance, such as 14 days before your first trip, while that requirement normally doesn’t exist on single-trip travel insurance.

It’s also important to note which types of trips and destinations are covered by your policy — and which aren’t. Look for how far from home you must travel to be covered and whether domestic trips are included. Moreover, consider what benefits you’re looking for. These can vary from medical-only to all the bells and whistles, such as baggage delay and medical evacuation. Once you know the type of coverage you want, you can find a policy or policies that align with your needs, helping you narrow down your options to conduct a more effective comparison.

Annual travel insurance works as an umbrella policy, covering all your trips during the policy period. You don’t need to inform the policy provider about each trip’s start and stop dates or destinations. You simply buy a policy, and then you’re protected for every trip that meets the conditions while your policy is in effect. Some regions may be excluded from coverage, and you may be subject to a maximum trip length.

Trip length is an important element to pay attention to. Annual travel insurance doesn’t cover you for a year-long trip. It covers you for a year for many small trips within that time, typically up to 30 or 45 days per trip. If you’re looking for a plan to cover you during a year-long trip to another country, you should look for specialized plans for study abroad, mission work, or other situations that apply to you. Traveling full-time? You may need a policy geared toward digital nomads and backpackers.

You should buy your annual travel insurance policy as soon as you know you’ll have multiple trips in the next year and determine that the cost of insuring each alone would be higher than that of a single multi-trip plan. What’s the break-even point on that cost? It depends on the coverage you want.

Considering that single-trip plans can sometimes be found for $10, yet an annual trip is likely to cost $150 or more per adult, you’d need 15 trips to justify the annual policy. However, that’s not really an apples-to-apples comparison, as a $10 basic travel insurance policy won’t provide as much coverage as you’re likely to find on even the most basic of annual policies.

It’s also not just about the number of trips you take but the types of trips, the complexity of the trips, and money at risk in nonrefundable costs. The more of these you foresee in your next year of travels, the more likely an annual plan would be good for you.

Couple reviewing financial documents

We already highlighted that annual policies don’t cover traveling nonstop for a year due to their restrictions on the maximum trip length. Annual travel insurance policies also restrict how far you must travel for coverage to kick in. Driving to the next town over may be a trip in your kids’ eyes, but it’s probably not far enough for your travel insurance to kick in.

While coverage varies by policy, you’ll typically have coverage for sickness, accidental death and dismemberment, lost or delayed luggage, trip cancellation, and possibly injuries during skiing or snowboarding. However, it’s important to read the terms of each policy because coverage maximums and inclusions vary widely. Some policies only provide medical coverage, while others offer robust coverage across the board.

Each policy specifies a maximum trip length. How trips longer than that are treated can vary. Most policies won’t cover any expenses related to a trip longer than the maximum trip length. Suppose you take a trip of 41 days on a policy with a maximum of 40 days. In that case, claims for delayed luggage or medical expenses may be rejected when the claim evaluator asks for your trip confirmation details.

However, GeoBlue covers the first 70 days of any particular trip. If something goes wrong during that time, you’re covered. You’re on your own for anything that happens on days 71 or beyond. Still, you’re covered on those first 70 days, despite taking a longer trip.

If you foresee long trips in the future, make sure you understand these rules.

For some travelers, yes, annual travel insurance is worth it. For others, it’s not.

Annual travel insurance is worth it when it costs less than what you’d pay to insure each trip individually. It’s also worth it if you think you might forget to purchase some of those individual policies throughout the year and would prefer to be done with them for another 365 days.

However, annual travel insurance isn’t worth it if you only take a few trips a year, they’re mostly domestic, and you don’t have major nonrefundable expenses. If you’re traveling within the U.S. with your standard health insurance policy in effect and you have credit cards that provide trip insurance for delays or cancellations, that coverage may be sufficient.

Family playing at the beach with snorkel

Costs will vary by your home state, age, and number of people included in the policy. Here are the “starting at” costs for our best annual travel insurance policies, sorted from lowest to highest:

Yes and no. Using a credit card to pay for your trip can provide some built-in protections. However, you should be mindful of annual maximums on any policy. You may run into limitations such as a maximum of 2 claims per 12-month period or similar exclusions. If you take many trips, that could be an issue.

To better understand what is and isn’t covered, check out our complete guide to credit card insurance .

To choose the right policy, look beyond the cost alone. Rather than immediately choosing the cheapest policy, find the policy or policies that provide the coverage types you want with payout maximums that cover your travel plans for the next year — both confirmed bookings and likely plans.

Consider your coverage needs. Will you be carrying expensive items such as scuba equipment for a trip to the Galapagos or top-notch camera lenses for a bird-watching tour in Papua New Guinea? How many extreme sports will you participate in?

Conversely, how many “never heard of this airline before” flights will you take to get off the beaten path? These are flights where you may be worried about cancelations that lead to extra costs or a misplaced suitcase.

Consider the types of trips you’ll take and the up-front money at risk if something goes wrong or you get delayed, then look at which plans align with your travels. From there, choose the best plan that aligns best with your needs, which may or may not be the cheapest one.

As an annual travel policy holder myself, I promise you that having the right plan is important when you wind up in a remote hospital in Tanzania with malaria.

Woman Sick in Bed Sneezing

Annual travel insurance isn’t right for everyone. However, it makes sense for those who travel often and could save money by taking out a single policy instead of many separate policies. It also makes sense if you’d prefer to avoid filling out paperwork numerous times throughout the year for each trip.

Annual travel insurance policies aren’t great for those who tend to travel closer to home, don’t have major nonrefundable travel expenses, or need to customize coverage for each trip because their travels tend to vary. For example, you might need different coverage for a backcountry ski trip with friends versus a 2-hour drive with your family.

Look at what annual policies do and don’t cover and see if these align with your travel goals and needs. Then, consider the prices for the plans that align well with your situation. After taking an informed look, you should have a good idea of whether an annual policy is right for your situation.

Frequently Asked Questions

Is yearly travel insurance worth it.

For some, yes. For others, no. Annual travel insurance is worth it when the cost is less than what you’d pay to insure each trip separately or you would prefer to just sign up once then be done for a year. However, annual travel insurance isn’t worth it if you only take a few, mostly domestic, trips a year where your healthcare coverage works, and you don’t have major nonrefundable expenses.

How much does annual trip insurance cost?

Costs vary greatly depending on the type of coverage you want. Annual travel insurance plan costs range from $140 to $500 for a single person. If you take a lot of trips, the cost can be worth it over the course of a year, but each person’s situation is different.

When should I take out annual travel insurance?

You should buy your annual travel insurance policy as soon as you know you’ll have multiple trips in the next year and that the cost of insuring each alone would be higher than the cost of a single multi-trip plan. What’s the break-even point on that cost? It depends on the coverage you want. Look at the different types of coverage and your expected costs for insuring each trip separately, then see if it makes sense for you.

Does annual travel insurance automatically renew?

It varies by policy provider, but some companies have an auto-renew feature to ensure you don’t have gaps in coverage.

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About Ryan Smith

Ryan completed his goal of visiting every country in the world in December of 2023 and now plans to let his wife choose their destinations. Over the years, he’s written about award travel for publications including AwardWallet, The Points Guy, USA Today Blueprint, CNBC Select, Tripadvisor, and Forbes Advisor.

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  • Nationwide Travel Insurance
  • AXA Assistance USA
  • Travel Guard
  • Berkshire Hathaway Travel Protection
  • Tin Leg Travel Insurance
  • WorldTrips Travel Insurance
  • Trawick International Travel Insurance
  • Travelex Travel Insurance

Travel Insurance Tips

  • Why You Should Trust Us

Ultimate Guide to Choosing the Best Travel Insurance

Our experts answer readers' insurance questions and write unbiased product reviews ( here's how we assess insurance products ). In some cases, we receive a commission from our partners ; however, our opinions are our own.

Traveling is an adventure, a leap into the unknown, a story waiting to unfold. But every story needs a safety net, and that's where travel insurance comes in. In this travel insurance guide, we'll embark on a journey to help you better understand travel insurance and uncover the benefits that make it an indispensable companion for any traveler.

Best Travel Insurance Companies

  • Nationwide Travel Insurance : Best Overall
  • AXA Assistance USA : Runner-Up
  • Travel Guard : Best for Cruises
  • Berkshire Hathaway Travel Protection : Best Reputation
  • Tin Leg Travel Insurance : Best for Travelers with Preexisting Conditions
  • WorldTrips Travel Insurance : Best for Digital Nomads
  • Trawick International Travel Insurance : Best Low-Cost Option
  • Travelex Travel Insurance : Best for Road Trips

Compare the Top Travel Insurance Offers

Nationwide Nationwide Travel Insurance

  • Trip cancellation coverage of up to 100% of trip costs (for cruises) or up to $30,000 (for single-trip plans)
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Three cruise-specific plans to choose from
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Annual travel insurance plans available
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Strong trip cancellation coverage
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Cancel for any reason coverage available
  • con icon Two crossed lines that form an 'X'. CFAR insurance not available with every single plan
  • con icon Two crossed lines that form an 'X'. Medical coverage is lower than what some competitors offer

Nationwide Travel Insurance offers many of the standard benefits you might see with a travel insurance policy. This can include things like trip cancellation coverage, so you can recover pre-paid costs or trip interruption in the event your vacation is interrupted by an unexpected event. There's also baggage delay coverage and medical coverage.

  • Cancel for any reason coverage available

AXA AXA Assistance USA

  • Trip cancellation coverage of up to 100% of the trip cost
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Generous medical evacuation coverage
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Up to $1,500 per person coverage for missed connections on cruises and tours
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Covers loss of ski, sports and golf equipment
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Generous baggage delay, loss and trip delay coverage ceilings per person
  • con icon Two crossed lines that form an 'X'. Cancel for any reason (CFAR) coverage only available for most expensive Platinum plan
  • con icon Two crossed lines that form an 'X'. CFAR coverage ceiling only reaches $50,000 maximum despite going up to 75%

AXA Assistance USA keeps travel insurance simple with gold, silver, and platinum plans. Emergency medical and CFAR are a couple of the options you can expect. Read on to learn more about AXA.

  • Silver, Gold, and Platinum plans available
  • Trip interruption coverage of up to 150% of the trip cost
  • Emergency medical coverage of up to $250,000

AIG Travel Guard

Trip cancellation coverage for up to 100% of the trip cost and trip interruption coverage for up to 150% of the trip cost

  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Trip cancellation coverage of up to 100% of the cost, for all three plan levels
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. CFAR covers up to 75% of total trip costs (maximum of $112,500 on some plans) 
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Medical coverage of up to $500,000 and evacuation of up to $1,000,000 per person
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Includes COVID coverage 
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Above average baggage loss and delay benefits
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. High medical evacuation coverage
  • con icon Two crossed lines that form an 'X'. Premiums may run slightly higher than competitors

Travel Guard is a well-established and highly rated name in the travel insurance industry. It offers three main coverage options to choose from, and in general its policies have above-average coverage for baggage loss and baggage delays, plus high medical evaluation coverage limits.

  • Trip cancellation coverage for up to 100% of the trip cost
  • Trip interruption coverage for up to 150% of the trip cost
  • Preexisting medical conditions exclusions waiver must be purchased within 15 days of initial trip payment
  • Annual travel insurance plan and Pack N' Go plan (for last-minute trips) available

Berkshire Hathaway Berkshire Hathaway Travel Protection

Covers up to 100% of trip cancellation costs, a minimum of up to $750 in luggage losses, and 24/7 worldwide travel insurance

  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Offers up to 100% trip cancellation refund for eligible travel
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Plans are customizable with relevant add-ons
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Good customer service and easy sign up according to traveler reviews
  • con icon Two crossed lines that form an 'X'. More affordable plans offer low caps on medical and emergency coverage
  • con icon Two crossed lines that form an 'X'. Premiums are on the expensive side relative to comparable competitor plans
  • con icon Two crossed lines that form an 'X'. Claims may take longer during peak travel seasons

Berkshire Hathaway Travel Protection is one of the leading insurance brands on the market. It offers several plans with key add-ons for travelers.

  • This provider underwrites travel insurance policies for a number of other companies in addition to offering its own plans
  • Travelers can file claims directly from a smartphone by using the BHTP app

TinLeg Tin Leg Travel Insurance

  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Policy coverage includes most pre-existing health conditions
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Generous medical and evacuation amounts for peace of mind
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. COVID coverage included by default on all insurance plans
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Offers a wide range of plans for various budgets and travel needs
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Some plans offer CFAR, “cancel for work reasons,” financial default, and unemployment coverage
  • con icon Two crossed lines that form an 'X'. Limited add-on coverage options
  • con icon Two crossed lines that form an 'X'. Baggage loss and delay coverage is low compared to competitors

Tin Leg travel insurance offers eight travel insurance plans to meet the unique needs of travelers.

  • Tin Leg was founded in 2014 by the travel insurance industry experts at Squaremouth. Designed to meet the most common needs of travelers, these policies offer comprehensive Trip Cancellation and Trip Interruption benefits, and a range of Emergency Medical and Medical Evacuation limits.

WorldTrips WorldTrips Travel Insurance

  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Affordable base plans that can be customized with add-ons including rental car, pet care, hunting and fishing, and vacation rental coverage
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Insurance plans available for international student travelers
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Trip delay coverage benefit that kicks in after just five hours
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Pre-existing conditions waiver can be purchased within 21 days of initial trip payment
  • con icon Two crossed lines that form an 'X'. Lower medical, evacuation and accidental death limits
  • con icon Two crossed lines that form an 'X'. Limited, secondary baggage loss coverage although baggage protection can be upgraded at a low cost
  • con icon Two crossed lines that form an 'X'. No special coverages for pets, sports equipment, etc.

WorldTrips has been a reputable travel insurance provider for more than 20 years. Unsurprisingly, it boasts an A+ rating from the Better Business Bureau and positive reviews from thousands of customers.

  • Travel medical insurance (Premium, Group, Annual, and International Student options)
  • Trip cancellation insurance
  • Trip protection insurance

Trawick Trawick International Travel Insurance

  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Useful for adventurous travelers headed to higher-risk destinations
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Affordable plans with varying levels of coverage
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. 10-day free look option
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Generous baggage loss replacement policy
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Trip delay coverage kicks in after just six hours
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Some policies allow a CFAR add-on
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Up to $1 million medical evacuation coverage limit
  • con icon Two crossed lines that form an 'X'. Baggage and trip delay coverages don’t kick in until after the 12-hour mark
  • con icon Two crossed lines that form an 'X'. International student policies available for temporary stints abroad
  • con icon Two crossed lines that form an 'X'. Complaints about claims not being paid or involving an intermediary to resolve claims

Trawick International travel insurance offers plans customized to diverse travelers' needs. We look at coverage options, claims processing, pricing, and other important factors for savvy travelers.

  • Travel medical insurance
  • Trip protection and cancellation
  • International student insurance
  • Visitor medical insurance (for traveling to the US)

Travelex Travelex Travel Insurance

  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Options to cover sports equipment
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Option to increase medical coverage
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Can cancel up to 48 hours before travel when CFAR option is purchased
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Affordable coverage for budget-conscious travelers
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Includes generous baggage delay, loss and trip delay coverage
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Optional "adventure sports" bundle available for riskier activities
  • con icon Two crossed lines that form an 'X'. Only two insurance plans to choose from
  • con icon Two crossed lines that form an 'X'. Medical coverage maximum is low at up to $50,000 per person
  • con icon Two crossed lines that form an 'X'. Pricier than some competitors with lower coverage ceilings
  • con icon Two crossed lines that form an 'X'. Some competitors offer higher medical emergency coverage

Travelex travel insurance is one of the largest travel insurance providers in the US providing domestic and international coverage options. It offers a basic, select, and America option. Read on to learn more.

  • Optional CFAR insurance available with the Travel Select plan
  • Trip delay insurance starting at $500 with the Travel Basic plan
  • Emergency medical and dental coverage starting at $15,000

Best Travel Insurance Reviews

Best overall travel insurance: nationwide travel insurance.

Nationwide Travel Insurance is of the largest players in the travel insurance space, offering nearly endless options for any customer on the travel spectrum, including annual travel insurance plans which can offer frequent travelers the flexibility to "set it and forget it" on their travel insurance coverage.

Nationwide Essential also offers some of the most affordable policies in the market compared to similar plans from competitors, which makes it a great pick for just about anyone. Buyers can discuss bundling options as Nationwide also sells homeowners, auto, pet, and other insurance products. Its travel insurance quoting is just as easy as it has been with other Nationwide insurance products.

Nationwide Travel Insurance Review

Runner-Up: AXA Assistance USA Travel Insurance

AXA Assistance USA  offers consumers a great option for no-stress travel insurance: low-priced plans, generous coverage limits on key categories including primary insurance on lost luggage, and up to 150% reimbursement for qualifying trip cancellations.

While add-ons are limited and rental car coverage is not included by default on cheaper plans, AXA is a perfect fit for travelers who don't plan to drive (or who already hold a travel credit card with rental car coverage), and don't need any additional bells and whistles.

AXA Assistance USA Travel Insurance Review

AIG Travel Guard Travel Insurance: Best Travel Insurance for Cruises

Travel Guard is well-known insurance provider, and a great fit for travelers who want to ensure that they can get their money back in the event of canceled or interrupted travel plans.

While the company's policies can be pricey compared to its competitors, the high medical and evacuation limits make AIG a solid choice for older travelers who value peace of mind and simplicity over highly customizable plans that may be bolstered with medical upgrades.

AIG Travel Guard Review

Best Travel Insurance for Company Reputation: Berkshire Hathaway Travel Protection

Berkshire Hathaway Travel Protection  helps travelers make the best of bad situations by simplifying the process of filing a claim down to a simple photo snap and some basic paperwork submitted directly through a dedicated app.

Approved claims are also paid out very rapidly, making it easier to carry through with a trip when luggage has been lost or alternative travel plans need to be made on the fly.

Berkshire Hathaway Travel Insurance Review

Best for Travelers with Preexisting Conditions: Tin Leg Travel Insurance

Tin Leg Travel Insurance is a great fit for travelers with medical issues in particular. Thanks to coverage for preexisting medical conditions as well as for potential COVID-19 infection while traveling, this company offers some of the best financial investment options for travelers who are or will be exposed to higher health risks and issues.

Tin Leg Travel Insurance Review .

Best Travel Insurance for Digital Nomads: WorldTrips Travel Insurance

WorldTrips Travel Insurance has affordable premiums, highly customizable add-ons, and generous coverage for core categories of travel insurance. All this makes it a great option for digital nomads, students studying abroad and backpackers.

However, travelers should keep in mind that plans are not particularly flexible, and coverage amounts are limited unless you plan ahead to pay for the areas and amounts that you need.

WorldTrips Travel Insurance Review

Best Low-Cost Travel Insurance Option: Trawick International Travel Insurance

Trawick International Travel Insurance  is another medically robust insurance provider that can help higher-risk and anxious travelers find peace of mind while on the road. This company offers one of the most generous medical evacuation policies in the market, although travelers will need to remember to add on rental car coverage if they need it.

Trawick Travel Insurance Review

Best Travel Insurance for Road Trips: Travelex Travel Insurance

Travelex Travel Insurance  offers three plans:

  • Travel Basic
  • Travel Select
  • Travel America

The Travelex American plan is meant for trips limited to the US, but it has the highest coverage limits in many areas compared to its other programs. If you're flying somewhere, the lost baggage limits are higher. Its natural strengths shine for road trippers, though. Travelex America adds coverage for roadside service and rental car coverage for unexpected accidents. It also covers pets should you be involved in an accident while on the road.

While your standard auto insurance does extend to car rentals within the US for a limited time, any accident would affect future rates. Travelex would eliminate the risk of reporting to your auto insurance provider for minor incidents within its purview.

Travelex Travel Insurance Review

Introduction to Travel Insurance

Why travel insurance is a must-have.

The unpredictable nature of traveling – from flight cancellations to medical emergencies – can turn your dream vacation into a nightmare. Travel insurance acts as a personal safeguard, ensuring that unexpected events don't drain your wallet or ruin your trip.

Understanding Different Types of Travel Insurance

Not all travel insurance policies are created equal. From single-trip travel insurance policies to annual travel insurance plans , from minimal coverage to comprehensive protection, understanding the spectrum of options is your first step in finding the right fit for your journey.

Key Features to Look for in Travel Insurance Coverage

Travel insurance for medical emergencies.

Imagine falling ill in a foreign country; daunting, right? A robust travel insurance plan ensures you don't have to worry about the financial aspect of receiving medical care while traveling , even in the most remote corners of the globe.

Trip Cancellation and Interruption Benefits

Life is full of surprises, some less pleasant than others. Trip cancellation and interruption coverage ensures that you're not left out of pocket if unforeseen circumstances force you to cancel or cut your trip short.

Coverage for Personal Belongings and Baggage Loss

Losing your belongings is more than an inconvenience; it's losing a piece of your world. Insurance that covers personal belongings and baggage loss ensures that you're compensated for your loss, helping you to rebound and continue your adventure.

Support and Assistance Services

In times of trouble, having a lifeline can make all the difference. Look for insurance that offers 24/7 support and assistance services, giving you peace of mind that help is just a phone call away.

Choosing Travel Insurance

Reputation and reliability of the travel insurance provider.

A provider's reputation is not just about being well-known; it's about reliability, customer satisfaction, and the ability to deliver on promises. Researching and choosing a reputable provider is a cornerstone in ensuring your safety and satisfaction.

Understanding the Policy's Fine Print

The devil is in the details, and understanding the fine print of what your travel insurance policy covers is crucial. Be aware of coverage limits, exclusions, and the process for filing a claim to avoid any unpleasant surprises.

Customer Reviews and Feedback

In the age of information, customer reviews and feedback are goldmines of insight. Learn from the experiences of others to gauge the reliability and customer service of the insurance provider you're considering.

How to Get the Most Out of Your Travel Insurance

Knowing your policy inside out.

Familiarize yourself with every aspect of your policy – what it covers, what it doesn't, how to file a claim, and who to contact in an emergency. Being informed means being prepared. 

Steps to Take When a Problem Arises

If you face an issue during your travels, knowing the immediate steps to take can make all the difference. Keep important contacts and your policy details handy, and remember, your insurance provider is there to assist you.

How to Pick the Best Travel Insurance Company for You

There isn't a one-size-fits-all policy that works perfectly for every traveler. Young, healthy solo travelers can opt for much cheaper plans that offer bare-bones coverage, while families juggling complex itineraries will do best by investing in a robust policy that can help defray any costs associated with lost baggage, delayed transportation or other trip-impeding obstacles.

That being said, you can't go wrong with a travel insurance provider that boasts a reputable history and offers a wide range of customizable plans. In some cases, you may be comparing plans that are only a few dollars' apart from each other. In such situations, you should generally opt for the insurance company that offers the strongest customer service. It's also worth considering whether or not the travel insurance provider has been reviewed by other travelers with similar itineraries to your own. 

An insurance aggregator like InsureMyTrip or Squaremouth is one of the best tools for searching travel insurance policies. Once you input the specifics of your travel itinerary, you'll be able to see hundreds of search results to compare the ones that catch your eye. If the options are too overwhelming, use the filters to the left of your search page to eliminate as many irrelevant plans as possible.

Yes, travel insurance typically offers some coverage of canceled flights, but if this benefit is important to you, make sure you read the fine print of your policy to make sure it offers adequate reimbursement. If you think you may need to cancel your travel plans, you should consider purchasing cancel for any reason (CFAR) travel insurance .

Travel insurance will pay out if you experience a covered event, such as a travel delay or delayed or lost baggage. If you're looking to get travel insurance for a specific reason, such as needing to potentially cancel your trip, make sure your policy will cover you in that situation before purchasing it.

Most comprehensive travel insurance policies include medical coverage that can come in handy if an emergency occurs and you need medical evacuation. Some travel insurance plans offer more specialized coverage for travelers with preexisting conditions, so shop around if medical coverage is a top priority for you. 

$100,000 should be a sufficient medical coverage limit for travel insurance. If you're planning on doing extreme sports or anything particularly risky on your trip, you may want to increase your coverage level. A high medical coverage limit is especially useful when you're purchasing cruise travel insurance, since medical evacuations are more involved at sea.

Why You Should Trust Us: How We Chose The Best Travel Insurance Companies

To come up with our list of the best travel insurance companies, we evaluated each insurer based on the following factors:

Guide Methodology: What We Considered

Policy Types

Travel insurance is essential, but often underused partly because people aren't getting what they want. Business Insider's 2023 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, companies must offer a diverse range of coverage options. We award 5 stars to companies offering all standard coverages and additional options like pet 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.

According to the US Travel Insurance Association, the average cost of travel insurance will be between 4% and 8% of total travel expenses. 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 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. (Read our guide to the best cruise travel insurance companies for more details.) 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.

You can read our full insurance rating methodology for even more details.

Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards .

Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.

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annual travel insurance promotion 2022

  • Main content

All you need to know about annual travel insurance policies

Ashley Kosciolek

As demand for travel soars and everything from weather to staffing issues leads to higher prices and cancellations, it's more important than ever to protect your trip arrangements with travel insurance .

However, it's not always easy figuring out which type of plan to pick. There are standard policies that cover general delays, interruptions and cancellations; "cancel for any reason" plans that account for personal whims in addition to unforeseen circumstances; and lesser-known annual options.

In this article, I'll go over what you need to know about the third type: annual travel insurance coverage.

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What is annual travel insurance?

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Annual travel insurance plans (also known as multi-trip plans) last for one year and generally cover all trips taken within that period until either the policy expires or the maximum payout amounts are reached. The policy usually kicks in for trips that take you more than a certain distance from home.

For example, my Allianz AllTrips Prime annual plan remains in effect for one year following the purchase date of my policy. I'm covered on all trips during which I'm at least 100 miles from my residence.

This differs from standard travel insurance, which is purchased on a per-trip basis and covers only one specifically insured journey per policy. Standard policies begin when travel for the insured trip begins and end when the insured trip ends, rather than covering multiple travel experiences within a specific period of time.

What does annual travel insurance cover?

Coverage depends on the plan you purchase. There are usually several tiers from which to choose, with the lowest offering the least coverage and the highest offering the most.

Using my policy as an example, I'm covered for up to $3,000 per year in trip interruption expenses, including hotel room coverage at $250 per night, which I used when I was recently isolated for 10 days after testing positive for COVID-19.

My policy also offers a $3,000 annual trip cancellation benefit, $20,000 in emergency medical coverage, $100,000 in emergency transportation (including medevac services), $45,000 in rental car theft and damage protection, $25,000 in travel accident coverage and $1,000 for essentials in the event of baggage loss or damage, along with a handful of other small benefits.

Note that many annual policies do not include things like "cancel for any reason" coverage or trip interruption benefits. If those items are important to you, check with your provider before making a purchase.

How much is an annual travel insurance policy?

Sure, an annual travel insurance policy may sound great, but how much does one cost? I was surprised to find that insuring your trips for a whole year with an annual policy is often not much more expensive than insuring one or two trips individually, depending on the options you select.

A decent annual travel insurance plan will likely set you back a couple hundred dollars. The more coverage you add, the more expensive the plan will become. The cost also changes depending on variables like your age and where you live.

The best thing to do is contact your preferred provider for a quote or check out an aggregator like InsureMyTrip to compare premiums.

Which companies offer annual travel insurance plans?

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The Points Guy recommends the following travel insurance providers , all of which sell annual or semi-annual policies:

  • Allianz Travel Insurance .
  • Seven Corners .
  • Travel Guard .
  • World Nomads .

When should I purchase annual travel insurance?

There are several reasons why annual travel insurance might be better for you than separate policies for individual trips. If you travel a lot — more than two or three times annually — it could be more cost-effective than purchasing separate policies for each journey.

For me, it makes sense because I travel for a living, often taking a dozen or more trips each year. Also, much of my travel is comped, which makes insurance more difficult to acquire. (If I haven't paid for a cruise, flight or hotel, I can't attach a dollar amount to it and, therefore, often can't insure it. I also wouldn't be able to provide purchase receipts in the event something went wrong and had to file a claim.)

Other factors to consider include your health, how adventurous your travels might be, whether you have coverage as a credit card perk and how much your travel arrangements cost versus how much coverage you can get with an annual plan versus individual policies.

Another consideration right now is COVID-19. For me, the annual plan made sense because most of Allianz's individual plans don't cover issues linked to COVID-19. However, the annual coverage I purchased does.

Other things to know about annual travel insurance policies

Here are a few additional tidbits I learned after filing a trip interruption claim under my annual travel insurance policy. Keep them in mind when deciding if an annual policy is right for you.

  • Before committing to the purchase of any travel insurance plan, make sure to inquire about specific components that are important to you. For me, those were COVID-19 coverage, trip interruption benefits and medevac coverage.
  • Know that your coverage does not reset each time you travel when you opt for an annual policy. So, if you have a trip that goes awry, you file a claim and you max out the benefit allowed by your plan, you won't have that benefit available to you for the remainder of your policy year.
  • Depending on your policy, you might have to return home between travel sessions in order for each trip to be covered. Taking several back-to-back trips could prevent them from qualifying for coverage under your annual insurance plan, so be sure to read the fine print, and plan accordingly.
  • If you purchase annual or multi-trip travel insurance, keep your policy card and provider phone number with the other important documents you bring when you travel so they're easily accessible in a pinch.
  • If you find yourself in a covered situation for which you'd like to seek reimbursement, keep all receipts and take photos that will help to support your claims when they're submitted.
  • Don't assume all your expenses will be reimbursed, even if you think they'll be covered. It doesn't hurt to try, but in my case, my Allianz plan only partially covered the hotel expenses I submitted.

Annual Travel Insurance

Get coverage for multiple trips under one policy. Annual travel insurance policies are a convenient and cost-effective travel insurance option for frequent travelers.

Annual policies are a cost-effective way to get most travel insurance benefits on one policy for several trips.

Annual policies are well-suited for frequent leisure and business travelers taking multiple short trips.

Most annual travel insurance plans include generous medical coverage, among other important benefits.

Annual Travel Insurance Benefits

Is an Annual Travel Insurance Policy Worth It?

An annual policy is recommended for:

Leisure or business travelers taking multiple short trips over the course of one year

Frequent international travelers who need medical coverage while overseas

Travelers who don’t need high Trip Cancellation or Trip Interruption coverage

An annual policy is not recommended for:

Travelers who will only be traveling once or twice over the course of a year

Travelers taking extended trips, lasting longer than 90 days

Travelers with existing travel insurance coverage through a credit card

Annual policies are designed to provide long-term travel insurance benefits for travelers taking two or more trips throughout a 12-month time period. Rather than purchasing individual policies for each trip, travelers can purchase an annual plan and be covered for all trips taken within a year.

To get started, travelers should enter their intended coverage start date, their maximum trip length, their state of residence, and a few other key details. Keep in mind, most annual policies cover trips up to 30 days, while some more lenient policies will allow up to a 90-day trip length.

In general, these plans are ideal for frequent travelers looking for medical coverage while abroad. Some policies will also include coverage for trip delays and cancellations, as well as add additional policy upgrades such as pre-existing condition coverage.

Travelers who need to insure a high trip cost, have specific cancellation needs, or need medical benefits for an extended trip should not purchase an annual travel insurance policy. Travelers who do not meet the recommendations for an annual policy should consider a single trip policy. Single trip travel insurance policies can cover longer trips and provide travelers with comprehensive coverage that includes cancellation, medical, delay, and other important benefits.

Likewise, annual policies are not recommended for travelers taking a cruise , participating in adventure and hazardous sports , or traveling with a large group , as these situations are better covered by other travel insurance policy types.

How Does Annual Travel Insurance Work?

The Best Annual Travel Insurance (Updated April 2023)

The Best Annual Travel Insurance (Updated April 2023)

Annual travel insurance covers several trips you take throughout the year.

Travelers buy annual travel insurance when they plan on taking two or more trips in a year. The main reason people buy annual travel insurance is for medical coverage. It also covers medical evacuation, delays, and baggage. Some even cover cancellation and interruption, but this is not typical.

Criteria for picking the best annual travel insurance

Further down this page there is a complete guide that covers everything you need to know about annual travel insurance. First, we’ll answer the simple question, “what is the best annual travel insurance plan?”.

Here are the criteria used to select the best plan:

  • Must cover Covid-19 for emergency medical coverage
  • Medical evacuation coverage $1,000,000 minimum
  • Covers Pre-existing Conditions
  • Trip Interruption coverage
  • Travel Delay and Baggage coverage
  • Options for deductible, limits, and extras like hazardous activity coverage

Best Annual Travel Insurance

Every annual plan is different, but the following plan from Seven Corners checks all the boxes above. This plan is an affordable way to get a lot of coverage. You can select from a few different trip lengths (30, 45, 60) which lets you adjust the cost depending on your travel plans. Deductible and coverage limits can be selected as well which can adjust your cost.

Seven Corners has been a leader in travel medical insurance since 1993. They are a reputable company, insure thousands of travelers every year, and even handle medical administration for some US federal agencies.

Seven Corners logo

Wander Frequent Traveler Plus

  • Covid-19 covered for medical treatment
  • $1,000,000 Emergency Medical coverage up to 64
  • $50,000 Emergency Medical for 65+
  • $1,000,000 Medical Evacuation
  • Deductible options, including $0
  • Can select individual trip lengths of 30, 45, or 60 days

Example Quote: One year of coverage for a 40 year-old traveler is $400. This covers $1,000,000 each for both medical and evacuation, and has $0 deductible.

What is annual travel insurance?

Annual travel insurance (also called multi-trip insurance) covers several trips throughout the year. It covers medical emergencies, evacuation, travel delays, and baggage. Some plans cover costs for a trip cut short (trip interruption).

Annual plans cover each trip while you are traveling. It is not meant to be year-round insurance. It covers multiple trips, but there is a limit for how long any single trip can be. For example: You could be covered for every trip, but any single trip must be 30 days or less.

Annual plans don’t cover canceled trips. If you are taking a vacation and want to insure the cost of the trip, you need single-trip travel insurance. This type of plan covers cancellation, interruption, delays, baggage, and more. Read more about the best travel insurance plans here .

Traveler standing next to a suitcase on a street- annual travel insurance

What does annual travel insurance cover?

The following coverage is typically found in an annual trip insurance plan.

Emergency Medical Expenses Coverage for emergency medical and dental care , including hospital visits, surgery, prescription drugs, doctor and dentist office visits, and more.

Medical Evacuation Emergency medical transportation so you can receive medical care for your illness or injury.

Travel Delays Reimbursement for unexpected lodging, meals, and transportation costs if your travel is delayed a certain number of hours (usually 6-12).

Baggage Loss, Theft, or Damage Reimbursement for lost, stolen, or destroyed baggage and personal effects (up to the policy limit) whether they are lost or destroyed by the airline, a taxi driver, a hotel employee, or anyone else.

Delayed Baggage Reimbursement (up to the policy limit) for personal essentials if your baggage is delayed a certain number of hours (usually between 12 and 24 ).

Travel Assistance The convenience of 24/7 travel assistance services for help with medical emergencies, travel emergencies, business emergencies, pre-trip planning, and more.

What is the difference between single trip and annual travel insurance?

The main difference between annual travel insurance and a single-trip plan is coverage for cancelled trips. Annual plans do not cover trip cancellation; single-trip travel insurance does cover trip cancellation.

If you’re planning a vacation and want to cover the costs of that trip, you are looking for single-trip insurance.

Annual plans are for people that take several trips in a year, and don’t want coverage for trip cancellation.

What makes worldwide annual travel insurance unique?

Many travelers like the convenience and savings of a worldwide annual trip insurance plan.

Same worldwide coverage for 12 full months

The reason many travelers like an annual trip insurance plan is the convenience of having the same coverage for all their travel plans all year long. Most plans have a long per-trip length limit (usually 30-70 days). One policy to read and understand; only one number to call for travel assistance services.

Comprehensive and economical

Annual plans are relatively cost-effective because the coverage for cancellation is not included (some plans offer limited trip cancellation coverage). Age is taken into account, but most annual plans run a few hundred dollars per year, per traveler.

Key difference is no (or little) trip cancellation coverage

As we talked about above, a main difference with an annual plan is the lack of trip cancellation coverage.

Insurance companies can’t include this because their risk exposure would vary so much. One travelers might have an annual trip cost of $5,000, while another traveler could spend $100,000 a year on travel. Single-trip travel insurance is priced based largely on trip cost. The insurance company can’t charge the same for the $5,000 traveler as the $100,000 traveler.

Family of travelers walking up steep, cobblestone street

Who should buy annual travel insurance?

Travelers like these should purchase annual travel insurance:

Frequent travelers, such as business owners and academics When much of your time is consumed by traveling for your work or study, it’s difficult to research travel insurance for each trip and much more economical to have one plan with consistent coverage you understand all year long.

Active, healthy, traveling retirees You may have waited all your life for your retirement and want to put as many trips on the schedule as possible. Of course, you want the safety of travel insurance on each of those trips too.

Journalists and writers frequently sent on last-minute assignments When you have to travel often at the last minute, there’s no time to understand, purchase, and review a single-trip policy. Plus, it’s useful to have the same coverage all year round so you know what to expect without having to sign up for new coverage every time.

How much does annual trip insurance cost?

Most full-featured annual multi-trip insurance plans will cost a traveler $200-$400, depending on these factors:

  • The traveler’s age (primary factor)
  • The estimated number of days for the longest trip of the year
  • Medical limit ($50,000 is cheaper than $1,000,000)
  • Deductible ($1,000 deductible is cheaper that $0)
  • Options like Hazardous Activities coverage

Is it worth buying annual travel coverage?

It depends on the types of trips you’re planning. For lower-cost trips, like domestic trips or road trips where your primary concern is catastrophic needs like medical expenses and evacuations, an annual plan might be your best option.

Here’s how you know it’s worth getting annual travel coverage:

  • If you’re taking a lot of trips within a year.
  • If you’re not concerned about trip cancellation benefits.
  • If you take last-minute trips and want the convenience of the same travel insurance all year long.
  • If you’re a business traveler who frequently travels alone or on short notice.

Tip : Because an annual travel insurance plan covers all your trips in a year, it’s not necessary to know how many trips you’ll take ahead of time.

Where should you buy your annual travel insurance?

Use the link below to quote and purchase directly from Seven Corners.

Note: I am a licensed insurance agent. If you purchase using this link I will earn commission from the company. This does not cost you anything, it is paid by the company. Earning commission for insurance purchases is how this website if funded.

  • Frequent travelers often like the convenience of a single plan for all their trips in a year
  • Annual travel insurance is often quite economical as it limits trip cancellation coverage
  • Annual plans cover multiple trips in a 12-month period with some limits to the length of each trip

Annual Travel Insurance FAQs

Annual plans are purchased to cover all trips within a 365 day period. You would choose when the coverage starts, and the insurance policy is active for the following year. There may be a limit on the length of any given trip within that year. Most companies allow you to renew after the first year is up.

Single-trip insurance is meant to cover one trip, such as a vacation or cruise, in case you need to cancel your trip. It also covers medical, evacuation, baggage, and delays. Annual travel insurance covers several trips throughout the year, but does not cover cancellation for any of them.

Because it runs for 365 days from purchase, you should buy annual travel insurance right before the first trip you want to insure. This will maximize the amount of time of coverage.

Annual travel insurance covers you for 365 days, and are often renewable.

Annual travel insurance is typically purchased in a single payment.

Annual travel insurance is available from Seven Corners, Trawick, GeoBlue, and Travel Guard. I recommend Seven Corners’ Wander plan.

You would consider annual travel insurance if you take several trips throughout the year, and want the medical and loss benefits of travel insurance for each one. This is simpler than buying a plan for each trip separately.

Damian Tysdal

Damian Tysdal is the founder of CoverTrip, and is a licensed agent for travel insurance (MA 1883287). He believes travel insurance should be easier to understand, and started the first travel insurance blog in 2006.

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9 Cheapest Travel Insurance Companies Worth the Cost

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World Nomads Travel Insurance »

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AXA Assistance USA »

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Trawick International »

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Generali Global Assistance »

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Seven Corners »

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Allianz Travel Insurance »

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IMG Travel Insurance »

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WorldTrips »

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Nationwide Insurance »

Why Trust Us

U.S. News evaluates ratings, data and scores of more than 50 travel insurance companies from comparison websites like TravelInsurance.com, Squaremouth and InsureMyTrip, plus renowned credit rating agency AM Best, in addition to reviews and recommendations from top travel industry sources and consumers to determine the Cheapest Travel Insurance Companies.

Table of Contents

  • Rating Details

World Nomads Travel Insurance

Axa assistance usa.

There are plenty of smart ways to save money on your travel plans, but refusing to buy travel insurance isn't necessarily one of them. Sure, you may not feel you need a travel insurance policy if you are going on a road trip or planning a cheap vacation close to home. However, we all know there are plenty of scenarios – from travel delays and flight cancellations to pandemic outbreaks and political unrest – that can knock any travel plans off track.

Coverage limits and availability may vary by state, and coverage for trip cancellation or interruption due to COVID-19 varies by provider, so you'll want to consult each travel insurance website for further details. Read on to find out more about what each company offers and decide which travel insurance policy is right for you.

Trawick International

Generali global assistance, seven corners, allianz travel insurance, img travel insurance, nationwide insurance.

To determine the Cheapest Travel Insurance Companies, U.S. News created sample traveler profiles for three separate eight-day trips to different destinations (the Bahamas, Spain and Hawaii) at a range of price points ($6,000, $8,000 and $12,000, respectively). We used that information to get quotes for the cheapest option for 100% trip cancellation coverage for each trip. We then calculated the average cost of the trips. The travel insurance companies that appear on the list are those that have a high credit rating and offer the lowest average cost, outlined below. (Note: The sample average costs are not price quotes from U.S. News. To find a travel insurance price quote, use the "View plans" link to enter your trip details and find more information.)

Cheapest Travel Insurance Companies in Detail

  • Up to $2,500 worth of trip protection for cancellation or interruption
  • Up to $1,000 in coverage of lost, stolen or damaged baggage; up to $750 for baggage delays on your outward journey
  • Up to $100,000 in emergency medical insurance
  • 100% coverage for trip cancellation and interruption
  • $750 in coverage for baggage and personal effects; $200 in coverage for baggage delays
  • $25,000 in accident and sickness coverage
  • Trip cancellation (up to $30,000) and interruption coverage for 100% of the insured vacation
  • $750 in coverage for lost and damaged luggage; $200 for baggage delays
  • Up to $50,000 in emergency medical coverage
  • Coverage up to 100% of the insured vacation for trip cancellation and up to 125% of the insured vacation cost for trip interruption
  • $1,000 per person for lost, damaged or stolen bags; $200 per person in baggage delay coverage
  • Trip cancellation coverage up to $20,000 to $30,000 (depending where you live) and trip interruption coverage up to 100% of the cost of the trip
  • Lost, stolen or damaged baggage coverage up to $500
  • Emergency accident and sickness medical coverage up to $10,000 to $100,000 (based on state of residence)
  • Trip cancellation and trip interruption coverage up to $10,000
  • Luggage loss and damage protection up to $500 per traveler; delay protection up to $200
  • Emergency medical and dental coverage up to $10,000 ($500 for dental expenses)
  • Up to 100% in coverage for trip cancellation (up to $25,000) and a trip interruption benefit worth up to 125% of the trip cost
  • Up to $750 for lost, damaged or stolen bags; $150 in luggage delay coverage
  • $100,000 in emergency medical coverage
  • 100% of trip cost (up to $10,000); 100% in trip interruption
  • Up to $250 per item in lost, damaged or stolen baggage (max $1,000)
  • Up to $25,000 in emergency medical and illness coverage
  • Trip cancellation (up to $10,000) and trip interruption (up to 125% of the total trip cost), including travel interruptions or delays due to terrorism
  • $600 for lost, damaged or stolen luggage; $100 in baggage delay coverage
  • Up to $75,000 in accident and illness medical coverage

Frequently Asked Questions

Vacations can unexpectedly be interrupted or canceled altogether due to an unexpected illness, a family emergency, or a cancellation by an airline or resort. "If you've spent a material amount for trip expenses, you want to make sure you're protected in case something happens," says Angela Borden, product strategist at Seven Corners . "If you get sick and can't go, if something happens and you need to come home early ... I think it's really important because travel is so expensive right now."

Not only that, but travel insurance can also cover other components of your trip you maybe haven't considered. This could include lost or stolen baggage or a missed connection that requires a sudden hotel stay and a few dinners while you're rerouted on another flight.

Try not to think of travel insurance as just another expense you should avoid while planning your dream trip. Think of travel insurance as protection for the financial investment you made in your vacation. With that in mind, it is thrifty to shop around for the most affordable travel insurance policies.

Buying travel insurance only makes sense if you purchase enough coverage to protect the investment you made in your trip. For that reason, the cheapest travel insurance plan is not always the best. You should compare pricing, but you should also make sure you're buying coverage from a quality provider (like the ones included above). Additionally, check that your coverage comes with inclusions and limits that make sense for your trip.

To find the right travel insurance plan for your needs, start by tallying up the cost you paid for your trip, including prepaid charges for airfare, lodging and transportation. From there, you can select coverage limits for trip cancellation and interruption coverage, and you can also compare plans based on the most important components that could result in major losses, such as medical coverage and emergency evacuation. Also, make sure your policy provides adequate protection for baggage and personal items, as well as the implications of a significant travel delay. Finally, make sure you have the option to include any additional coverage you need, such as cancel for any reason coverage or waivers for preexisting conditions.

Ideally, you will wind up with a travel insurance plan that offers just the right amount of coverage for a price you can afford.

Keep in mind, some of the more basic travel insurance plans do not include certain coverage that everyday travelers may need.

"A lot of people are focused on cost; one consideration is generally the economy level plans aren't going to have a preexisting condition waiver," says Stan Sandberg, co-founder of TravelInsurance.com . "... and that may not affect everybody but if somebody has a chronic health consideration like asthma, they would want a policy with a preexisting condition waiver."

Travel insurance may cost anywhere from $50 to $1,500 or more. The cost of travel insurance varies depending on the age of the travelers in your group, the total cost of your trip and other factors. Older people will typically have to pay more for a travel insurance policy since these travelers are more susceptible to health issues as they age. The total cost of your trip will also help determine the cost of your travel insurance plan since more expensive trips require higher coverage limits.

Interestingly enough, the length of your trip and the destination you are visiting will not typically affect the cost of travel insurance coverage. Further, your health may not be part of the equation either, and travel insurance companies even refrain from asking health questions when you apply for a travel insurance quote. This doesn't mean that preexisting conditions will be covered, however, so you'll want to check the details.

The price of the plan you select will depend on how much coverage you want.

Why Trust U.S. News Travel

Holly Johnson is an award-winning content creator who has been writing about travel insurance and travel for more than a decade. She has researched travel insurance options for her own vacations and family trips to more than 50 countries around the world, and has experience navigating the claims and reimbursement process. In fact, she has successfully filed several travel insurance claims for trip delays and trip cancellations over the years. Johnson also works alongside her husband, Greg, who has been licensed to sell travel insurance in 50 states, in their family media business.

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Best Annual Travel Insurance 2024 [Multi-Trip Insurance]

Home | Travel | Best Annual Travel Insurance 2024 [Multi-Trip Insurance]

When traveling abroad, get a policy from one of the  best travel insurance companies . Y ou can get a  5% discount   on Heymondo , the only insurance that pays medical bills upfront for you, HERE!  

Annual travel insurance is the most convenient option for frequent travelers who want to travel stress-free and save some money at the same time. However, it is not the same as long-term travel insurance , which provides coverage for every day of a long-term trip that can last a year or longer.

Yearly travel insurance covers the multiple, shorter-term trips you take within 365 days so that you don’t have to waste time and money buying travel insurance for each individual trip. It’s not necessarily useful for every traveler, since you won’t need it if you only take a trip or two per year.

Grand Canyon, annual travel insurance policy

In my case, however, there is no doubt that I need annual holiday insurance since I have to travel to South America for work at least once a month, so I can save a ton by buying annual multi-trip travel insurance .

As you can see, I’m a frequent traveler, so eight months ago, I decided to buy multi-trip annual travel insurance and stop spending money on insurance for each individual trip.

If like me, you know that annual travel insurance is the right choice for you, then you shouldn’t settle for any less than the best annual travel insurance 2024 , Heymondo . Not only is Heymondo the best COVID-19 travel insurance , but it is also the only travel insurance annual company that pays travelers’ medical expenses upfront for them instead of making them file a claim.

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5% OFF your travel insurance

Keep reading to find out more about what annual travel insurance is, how much travel annual insurance costs, and what different annual holiday insurance plans cover.

  • What is annual travel insurance?
  • Annual travel insurance price & comparison

Best annual travel insurance plans

  • Annual travel insurance coverage

What is annual multi-trip travel insurance and how does it work?

Annual travel insurance is a type of travel insurance that covers each and every one of the trips you take within one year. During that year, you can take as many trips as you like, but there is a maximum number of days you will be covered per trip (30, 45, 60, or 90 days, depending on the annual travel insurance you choose).

The 365 days that your annual travel insurance policy covers will start from the start date of your first trip, so you can easily buy yearly travel insurance as soon as you start planning a trip.

When you leave your home country for your next destination, the day counter is reset, and your covered days start to run out. That doesn’t mean you can’t take a trip that is longer than what is stated in your policy, just that you will only be covered for the number of days specified in your policy.

Cuba sunset, annual travel insurance

For example, my Heymondo annual multi-trip insurance covers trips of up to 60 days, but if I travel for 68 days, the last eight won’t be covered by the policy. I would have to come back home and leave again for the maximum days counter to reset to zero.

To make sure you’re covered for all of your trips, every time you use your annual travel insurance coverage, you need to show a supporting document, such as a plane ticket, that proves the start date of your last trip.

However, keep in mind that you don’t have to notify your insurance provider every time you take a trip. You only have to show the proof of departure date when you need assistance from your annual travel insurance company.

Annual travel insurance vs. single trip

So what’s the difference between annual travel insurance vs. single trip insurance ? Annual multi-trip insurance is for people who travel frequently and know they will be traveling multiple times throughout the year. For instance, if you travel nationally or internationally once every two months or more, you should definitely consider multi-trip annual travel insurance .

On the other hand, single trip insurance is travel insurance for one trip at a time. If you know you won’t be traveling much or you only take one trip in a year, you need single trip insurance.

You may also be wondering, why is annual travel insurance cheaper than single trip ? Annual holiday insurance is more affordable for frequent travelers because it is cheaper to buy a 12-month travel insurance policy than it is to buy individual policies for each trip.

Who is multi-trip annual travel insurance for?

The following types of travelers often discover great benefits from purchasing annual travel insurance :

  • Travel addicts who travel every chance they get.
  • Couples in long-distance relationships who travel often to see each other.
  • Sales team members that visit clients from time to time or attend fairs and shows in different countries.
  • Athletes participating in international events.
  • Members of associations that attend events periodically throughout the year.
  • Photographers, international journalists, travel bloggers, and the like.
  • International students, ex-pats, or international workers who return home at least every two months.

If you’re an ex-pat or international worker or student, annual travel insurance can save you a lot of money. However, you should keep in mind that you will have to return home from time to time to extend your coverage. It may be more beneficial for you to buy long-term travel insurance instead.

In other words, don’t plan to use yearly travel insurance to take a gap year and travel the world or work abroad and not go home for a long time.

Cost of annual travel insurance

Your yearly travel insurance cost will depend on several factors, including your age, your nationality, the state you live in (if you live in the US), and the number of people who are covered by your annual travel insurance plan .

If you’re looking for cheap multi-trip insurance , just know that the younger you are and the fewer the people covered by your travel insurance annual plan , the more affordable your 1-year travel insurance worldwide will be .

Annual travel insurance comparison

To generate an annual multi-trip travel insurance comparison , I have used the example of a 30-year-old American citizen from Pennsylvania who is buying an annual travel insurance policy .

Now that you’ve seen an annual travel insurance comparison , I’m sure you’ll understand why I decided to buy Heymondo ’s annual multi-trip insurance : it has some of the highest coverage and maximum number of days per trip, and its price is lower than all the other annual multi-trip insurance plans .

Of course, all of these travel insurance annual plans are some of the best, so below I’ll get into the highlights of each of the best annual travel insurance plans .

1. Heymondo , the best annual travel insurance 2024

In search of the best annual travel insurance 2024 ? Look no further than Heymondo . Their Annual Multi-trip plan is the most affordable travel insurance annual plan but still offers some of the highest coverage and highest annual travel insurance maximum trip length .

The Annual Multitrip plan is available for travelers up to age 69, and travelers can take trips of up to 60 days. Heymondo provides the highest amount of coverage for trip cancellation and baggage loss, and their coverage in all other categories, including COVID-19, is excellent and comprehensive. You can even add Adventure Sports or Electronics coverage if you need it.

Heymondo, yearly travel insurance

Best of all, you will never have to go through the tedious process of filing a claim to get reimbursed for medical expenses. Heymondo pays your medical expenses directly and upfront for you so that you don’t have to wait to get reimbursed.

Speaking of medical expenses, Heymondo’s only drawback is that there is a $100 deductible per claim for medical expenses and baggage loss. That means you will have to pay $100 per medical or baggage claim before Heymondo will start to pay for you.

I think that all of Heymondo’s amazing pros outweigh the cons, that is why this is the policy we have purchased for ourselves. Also, you can save 5% on Heymondo annual travel insurance with the annual travel insurance promo code link below.

2. Allianz , the best multi-trip annual travel insurance for seniors

Allianz is easily one of the best annual travel insurance for seniors since it covers travelers up to the age of 99. Travelers can travel for up to 45 days and still receive yearly travel insurance coverage .

Allianz, multi-trip annual travel insurance

Allianz’s AllTrips Prime plan provides great trip cancellation, trip interruption, and baggage loss coverage. Even better, there is no deductible for medical expenses, so if you get sick or injured, Allianz will cover everything for you.

With that being said, the AllTrips Prime plan offers the lowest amount of emergency medical expense and evacuation and repatriation coverage. It is also the most expensive annual travel insurance plan of the plans I compared. If you want to save money and get similar or better coverage for a lower price, Heymondo is a better option for you.

3. IMG , a cheap annual travel insurance

IMG offers one of the most affordably priced annual travel insurance plans , combined with excellent medical-related coverage. Its Patriot Multi-Trip International plan offers the highest amount of coverage for emergency medical expenses, trip interruption, and evacuation and repatriation.

The Patriot Multi-Trip International plan is intended for travelers under the age of 76 and is highly customizable since you can add Adventure Sports Rider or Evacuation Plus Rider coverage to your plan.

IMG, annual holiday insurance

You can also choose between setting 30 days or 45 days as the maximum length for your trips, although choosing 45 days will add about $50 to your annual travel insurance price .

However, since IMG’s travel insurance annual plan offers low baggage coverage and no trip cancellation coverage, it is best for travelers who just want annual multi-trip travel medical insurance . It also has a very high deductible of $250 per covered illness, so that means every time you fall ill, you will have to pay $250 before IMG starts to cover your medical expenses.

If you want a lower deductible, similar coverage for a lower price, and direct medical expense payments, choose Heymondo ’s annual travel insurance plan instead.

4. AIG , the best annual holiday insurance for long trips

If you’re looking to go on longer trips, AIG ’s Travel Guard Annual Travel Plan is perfect for you, since your annual holiday insurance cover will extend to trips of up to 90 days. AIG’s annual travel insurance is also perfect for seniors because there is no age limit for travelers to be able to purchase a plan.

AIG Travel Guard, best annual travel insurance 2021

The Travel Guard Annual Travel plan offers solid baggage loss and evacuation and repatriation coverage. There is also no deductible for emergency medical expenses, so you won’t have to pay anything out of pocket to get covered.

Still, a big limitation of AIG’s annual travel insurance plan is the travel-related coverage. The Travel Guard plan offers no trip cancellation coverage and the lowest trip interruption coverage out of all the travel insurance annual plans I compared. Considering how expensive AIG’s yearly travel insurance plan is, particularly compared to its coverage, there’s no question that you’ll get more bang for your buck with a plan like Heymondo ’s.

What does annual travel insurance cover?

Whichever travel insurance annual plan you end up choosing, you need to make sure that you’re getting enough coverage for medical- and travel-related situations. Annual travel insurance coverage should include:

  • Emergency medical expenses – medical coverage is an absolute requirement for the best annual holiday insurance. Make sure yours covers important medical expenses such as sudden illness, accidental injury, emergency dental treatment, hospitalization, and prescription drugs.
  • Evacuation and repatriation – this type of coverage is crucial if you fall ill in a remote area and need to be transported to a faraway hospital or are so sick that you need to be transported back to your home country for treatment.
  • Trip delays, interruptions, and cancellations – any sudden, unexpected event – serious illness, inclement weather, jury duty, unexpected job loss – can interrupt or change your travel plans, but trip delay, interruption, and cancellation coverage ensure that you will still get reimbursed for covered travel costs.
  • Lost/damaged/stolen luggage – if anything happens to your belongings while you’re traveling, luggage coverage will allow you to get reimbursed so you can easily buy new toiletries and clothes.

You can also purchase travel annual insurance with sports coverage, cruise coverage, or even electronics coverage if you have more specific coverage needs.

One coverage aspect to note is that it can be more difficult for older travelers to find a multi-trip travel insurance policy since age limits tend to be lower for annual trip insurance than for single trip insurance. If you are an older traveler interested in buying an annual travel insurance plan , make sure to compare the price and coverage of annual travel insurance plans with the price and coverage of single trip insurance plans to see which works best for you.

Is annual travel insurance worth it?

Ultimately, yes, having annual travel insurance is worth it if you travel frequently and want to save time and money on purchasing travel insurance for every trip. If you only take a couple of trips a year, stick to single trip insurance.

For example, imagine that you are a US citizen who is going to take several trips over the next 365 days and buy individual travel insurance plans from Heymondo:

  • Indonesia (2 weeks) – $ 70.75
  • Iceland (4 days) – $ 26.04
  • Spain (1 week) – $ 38.17
  • Morocco (3 days) – $ 17.74
  • United Kingdom (5 days) – $ 26.04
  • Norway (4 days) – $ 26.04
  • Brazil (1 week) – $ 38.17
  • Mexico (1 week) – $ 38.17
  • Argentina (1 week) – $ 38.17

If you paid for these policies individually, it would cost you $319.29.

If you bought an annual travel insurance plan from Heymondo to cover those same trips, you would pay $197.96. In other words, you would have all those trips covered by one policy, and you could take even more trips without paying any other travel insurance fees.

Of course, buying annual travel insurance only works out to be more affordable if you travel frequently enough within a year. Don’t bother buying annual multi-trip holiday insurance if you only plan on traveling once or twice a year.

If you’re still unsure about whether you need annual multi-trip travel insurance , get quotes for single trip insurance for all the trips you will take over the next 365 days and compare that total to your annual holiday insurance quote . If your single trip insurance total is greater than the annual travel insurance price , yearly travel insurance is the best option for you.

Don't miss a 5% discount on your HeyMondo travel insurance  

and the only one that pays all your medical bills upfront for you!

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Hey there, we are interested to purchase annual multitrip medical emergency travel insurance with specific COVID-19 cover rider. We are seniors, my DOB is April 20, 1946 and my wife’s is October 23, 1950. We reside in Canada and woud like to travel to Costa Rica in October 2020 and to Europe in 2021, if COVID-19 pandemic situation will permit. Your advice would be much appreciated.

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These are the 4 best family travel insurance plans

Find coverage that fits your family's travel plans with these four companies..

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Family vacations are a special time, and ensuring they go smoothly is essential to making memories that will last forever. Travel insurance is one way to ensure that any bumps in the road can be smoothed over, from a lost bag to an injury abroad.

CNBC Select reviews the best travel insurance plans for families based on coverage, cost and plan variety. (See our methodology for more information on how we choose the best family travel insurance companies.)

Best family travel insurance  

  • Best for families with young children : Allianz   
  • Best for affordability : Faye   
  • Best for CFAR coverage : Travel Insured International  
  • Best for cruises : Berkshire Hathaway Travel Protection  

Best for families with young children 

Allianz travel insurance.

The best way to estimate your costs is to request a quote

Policy highlights

10 travel insurance plans make it possible to customize your coverage. For families, Allianz's OneTrip Prime package covers children age 17 and younger when traveling with a parent or grandparent.

24/7 assistance available

  • Trip cancellation benefits can reimburse your prepaid, nonrefundable trip payments if you have to cancel your trip for one of the covered reasons stated in your plan documents. 
  • Limited coverage for risky sports

Who's this for? Allianz is great for families with young children as its OneTrip Prime travel insurance policy offers free coverage for children ages 17 or under when traveling with a parent or grandparent. Though this benefit isn't available to Pennsylvania residents, it could help families with younger children lower the cost of their travel insurance coverage.  

Standout benefits:  Allianz's cancel for any reason (CFAR) coverage has an enhanced version available that can cover up to 80% of trip expenses if you have to cancel for a reason that's not covered.  

[ Jump to more details ]  

Best for affordability 

Faye travel insurance.

Faye offers travel insurance with a convenient online buying experience and an app with real-time travel alerts. It's one simple plan includes coverage for common issues, like trip cancellation, emergency medical expenses and trip delay coverage. It also offers coverage for pre-existing medical conditions when plans are purchased within 14 days of an initial trip deposit.

  • Covers Covid like any other medical condition
  • CFAR is available for up to 75% of trip costs for an additional cost.
  • Additional coverage options like vacation rental damage coverage and pet care coverage.
  • Not all benefits are available in all states.

Who's this for?  Faye travel insurance stands out for families on a budget. Its policies start at just $4.64 per day (for 14 days) for domestic trips and $5.16 per day (for 14 days) for international trips. It's also great for those who want a completely digital experience and would rather manage a policy through an app than an agent or by phone.

Standout benefits:  Faye's intuitive interface makes it easy to get travel insurance coverage on your own time, and quotes are available entirely online. On top of the standard trip delay, cancellation and interruption coverage, you can purchase CFAR coverage, coverage for adventure and sports activities and a pet care add-on, which can cover illness or injury for your pet when traveling with you, or extra kenneling costs if your trip is delayed if you leave your pet at home.  

Best for CFAR coverage 

Travel insured international travel insurance.

Travel Insured International has two simple travel insurance plans — the Worldwide Trip Protector and Worldwide Trip Protector Gold. Its plans are affordable and offer the option of cancel for any reason (CFAR) coverage.

  • Optional CFAR coverage and interruption for any reason coverage
  • Medical coverage can be lower than other options

Who's this for?  Travel Insured International could be a great fit for families looking for the flexibility of a CFAR addition to ensure they'll be covered for any reason they need to cancel. The company's wide variety of reasons for cancellation includes coverage for school year extensions with all plans.  

Standout benefits:  Travel Insured International's Worldwide Trip Protector can cover all children 17 and under for free when traveling with related adults.  

Best for cruises  

Berkshire hathaway travel protection.

Berkshire Hathaway Travel Protection has multiple plans to cover vacations from luxury travel to adventure travel. The brand's LuxuryCare offers the highest limits of travel insurance coverage offered by the company. Quotes and policies are available online.

  • Wide variety of policies available
  • Strong financial strength rating by AM Best
  • Cancel for any reason only provides reimbursement for up to 50% of non-refundable trip payments

Who's this for?  Berkshire Hathaway Travel Protection offers cruise-specific packages for families setting sail on a cruise.  

Standout benefits:  Cruise plans include coverage for missed connections and unique challenges you could face on a cruise vacation, like cruise disablement and diversion. 

More on our top family travel insurance companies 

Allianz offers 10 different travel insurance policies for travelers and trips of all types, including single-trip and multi-trip coverage. It also offers quotes and claims online, making the experience simple.  

CFAR coverage available?  

Yes, up to 80% of prepaid, non-refundable trip costs 

24/7 assistance?  

[ Return to summary ]  

While relatively new to the space, Faye's travel insurance plans combine affordability and easy access. Policies are backed by the United States Fire Insurance Company.  

Yes, up to 75% of prepaid, non-refundable trip costs 

Travel Insured International 

Travel Insured International has been offering travel insurance for over 25 years. It has two tiers of coverage (available in most states) that can help you meet all your travel protection needs.  

Berkshire Hathaway Travel Protection 

Berkshire Hathaway Travel Protection offers several tiers of travel protection and insurance, including packages specifically designed for road trips and cruises. Its strong A++ financial strength rating also helps it stand out against the competition.  

Up to 50%, only available on LuxuryCare packages 

Does travel insurance cover family members?  

Generally, you can insure your whole family on one travel insurance plan, so you won't have to buy separate plans for every traveler. Your travel insurance plan will cover every person listed on the policy.  

Does travel insurance cover cancellation due to a death in the family? 

In many cases, travel insurance can help you recoup the cost of your vacation if you have to cancel due to a death in your family. However, you'll want to carefully read your policy's definition of a family member, as not everyone in your life could be included.  

Bottom line

A family vacation can be a big investment, so it's important to protect yourself in case anything goes awry. Having a travel insurance plan that's easy to access, provides 24/7 support and fits your specific travel concerns and budget can help ensure your trip will go smoothly.

Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox.  Sign up here .

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. To research the best travel insurance companies, we compiled over 100 data points on more than a dozen travel insurance companies. 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. See our methodology for more information on how we choose the best travel insurance companies. 

Our methodology  

To determine the best travel insurance companies, CNBC Select analyzed dozens of travel insurance companies and compared them based on various factors. 

While narrowing down the best travel insurance companies, we focused on the number of plans available, the availability of 24/7 assistance to access while traveling, coverage for Covid-19, the availability of cancel for any reason coverage, and financial strength (which measures a company's ability to pay on contracts) using A.M. Best ratings. We also considered family-friendly features, such as the inclusion of children on policies for free with parent's coverage, and reasons for cancellation, including school year extension as a reason for cancellation.  

Note that the premiums and policy structures advertised for travel insurance companies are subject to fluctuate in accordance with the company's policies.  

Catch up on CNBC Select's in-depth coverage of credit cards , banking and money , and follow us on TikTok , Facebook , Instagram and Twitter to stay up to date.  

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11 Best Annual Travel Insurance from $270 You Can Buy Online (2022)

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“ Annual travel insurance ? Isn’t that for frequent flyers, like those investment bankers and C-level executives?” you ask. Actually, I’d argue that it’s something that’s very worthwhile for many regular Singaporeans to buy.

We’re always whining about how we have no time to travel, we’re so burnt out from this rat race, life in Singapore is so boring, blah blah. But the fact is that Singaporeans are an extremely privileged bunch. According to stats, the national travel average is  5.2 times a year.

That makes us one of the most well-travelled nations in the world, side by side with those tall, handsome Scandinavians who are absolutely swimming in money and annual leave days. Well, then Miss Rona happened and turned our lives upside down.

After two years of living in a pandemic, the borders are finally opening up and if you’re packing those luggages for multiple trips in the coming year to finally quench your thirst for wanderlust, buying annual travel insurance will save you money  and it’ll also save you the mad scramble of buying insurance online just moments before your plane takes off.

  • Best Travel Insurance Plans
  • I’m travelling to multiple countries – Buy Annual or Single?
  • Is Annual Travel Insurance cheaper than Single Trip?
  • Annual Travel Insurance is more convenient
  • Does Annual Travel Insurance have higher coverage?
  • How to choose Annual Travel Insurance?

1. Best Annual Travel Insurance Plans

“But I’m so busy travelling! Where got time to compare all the different annual travel insurance plans?” you wail.

Luckily for you, I’m paid to do just that. Here are the most affordable annual travel insurance plans that you can. After reviewing some 20 insurance providers in Singapore, I’ve shortlisted the best annual travel insurance plans for the average Singaporean traveller. A point to note: not all of the annual travel insurance plans include Covid-19 benefits.

2. Travelling to Multiple Countries – Buy Annual or Single Trip?

Regardless of how many countries you visit, it will still be considered a “single trip” as long as you’re leaving Singapore and returning to Singapore only once. When buying travel insurance, you’ll usually be asked to indicate a single country.

Which country should you indicate?

  • Select the country where you’ll be staying the longest
  • Indicate the furthest country you’ll be visiting
  • Find out your insurance company’s country list
  • Find out which countries travel insurance doesn’t cover
  • Are you going to be travelling regularly?

This makes sense because you’ll want to be covered at least in the country where you’re spending the most time.

If you’re going to be spending a week or more in Japan, for example, but also dropping by Bangkok or Hong Kong for a day to visit friends, you’ll still want to indicate that you’re buying travel insurance for Japan .

But what if you’re going to be spending most of your travel in KL, but making a short trip to Shanghai for a day meeting?

If you’re only going to be spending a day in China, and a month in Malaysia in the same trip, it might make sense at first to buy insurance for the whole month of travel, and indicate Malaysia as your destination country. This reduces your premiums significantly, since indicating China would mean you’d be paying more for coverage you don’t need.

However, if you can afford to spend a bit more, then it would be good to indicate the furthest country you’re visiting. After all, the last thing you want is for you to lose your baggage on that one day you’re in China, and then find out you’re not covered because you decided to save a few dollars.

3. Is Annual Trip Cheaper than Single Trip?

If you’re travelling so often that the pages of your passport looks like the scribblings of a child’s colouring book, it’s a given that buying  annual travel insurance  is cheaper in the long run.

For a simple comparison, one of the cheapest annual travel insurance plan with worldwide coverage from FWD costs you about  $345 a year .

This may seem like a hefty amount at first, but consider this: a single-trip travel insurance plan will cost about $76 a week  in the United States too.

That means buying single-trip insurance for 3 or 4 overseas trips in a year can cost you the same as an unlimited number of trips on an annual insurance plan.

Do note that the cost of yearly travel insurance depends mainly on the furthest country you’re planning to visit that year.

Naturally, restricting your coverage to countries in Asia, for example, would be cheaper that having coverage worldwide. This means that if you do have to travel outside Asia, you will need to think about buying a single-trip policy, which will not only add on to your costs, but also means adding on to your concerns before you travel.

4. Annual Travel Insurance is more convenient

Most annual travel insurance plans on the market today are for unlimited trips within a year-long timeframe, as long as each trip does not exceed 90 days .

This means, with an annual travel insurance plan, you can travel at any time without the hassle of finding the cheapest travel insurance each time you plan to leave the country.

5. Does Annual Travel Insurance have higher coverage?

Considering that an annual travel insurance policy covers you globally, you are covered wherever you travel to within this time frame.

However, once you drill down into the specific benefits for each travel inconvenience or emergency, an  annual travel insurance  technically does NOT provide more coverage than single-trip.

Let’s use NTUC Income’s travel insurance plan as an example. Here are the claim limits for the single and annual plans respectively:

It’s also important to note that you check for Covid-19 coverage before you purchase your annual travel insurance. While most insurance plans now include Covid-19 coverage, there are others that require you to purchase it as an add-on.

6. How To Choose Annual Travel Insurance?

There are a few factors you should consider before you take the plunge.  Annual travel insurance  is, after all, a year-long commitment and you can’t switch providers midway just because you buay song .

Here are some basics to know before you click “buy”.

Worldwide coverage: Always choose worldwide coverage so you’re not limited to specific regions when you travel. Even if you don’t have anything planned yet, you just never know where 2023 will take you.

Individual vs group plans: Generally annual travel insurance is a personal decision, but do note that some insurance providers give you better rates if you buy as a couple. (You don’t necessarily have to travel together.)

Basic vs upper-tier plan: With travel insurance, you don’t want to be too giam and just stick to the cheapest plan offered by the provider. Instead, consider both basic and mid-tier plans for the best mix of affordability and coverage.

Medical & emergency coverage: You might end up travelling to expensive countries, so make sure to buffer against high healthcare costs. Go for overseas medical expense limits of at least $300,000 if possible, and at least $1 million for emergency evacuation.

Covid-19 coverage:  While most single-trip insurance policies have expanded to offer Covid-19 benefits, the same cannot be said for the annual policies. Given that you’re paying for an entire year worth of coverage, do your due diligence in checking if the annual policy offers Covid-19 coverage.

Travel inconvenience coverage: You can get away with lower coverage for travel delays and such with single trip insurance, like if you’re going to Bali where the tourist infrastructure is strong and accommodation is plentiful. But you wouldn’t want to have to sleep at the airport in the US just because you can’t get enough compensation for a travel delay. So, pick only annual travel insurance with good coverage for travel inconvenience.

Adventure activities: Unlike single-trip plans where you can choose a plan that specifically covers such activities, your annual plan needs to cover anything you might end up doing in the course of the year. Even if you’re not very outdoorsy, your colleagues might talk you into learning to dive with them. You never know. So it’s best to be as unrestrictive as possible.

Comfort level: Finally, don’t commit to an annual travel insurance plan unless you’re REALLY comfortable with the policy wording, the claims process and the reputation of the brand (both for rendering emergency assistance and for settling claims).

Still shopping for a travel insurance?  Compare all best Covid travel insurance here.

Related Articles

Best Travel Insurance Plans in Singapore [content outdated due to Covid]

Annual Travel Insurance Plan Singapore – Why Buy It & When Is It Cheaper?

Travel Insurance Singapore Guide (2023): Must-Knows for Choosing the Best Travel Insurance

Allianz Assistance

  • Single Trip Travel Insurance
  • Annual Multi-Trip Travel Insurance
  • Family Travel Insurance
  • Schengen Travel Insurance
  • International Health For Individuals
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  • Travel Insurance Promotion
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Travel Insurance Singapore | Allianz Travel

Travel Insurance Promotion Singapore

Get 55% off travel insurance promo code: holiday55.

Save 55% on the normal cost of single trip, annual multi trip, or family travel insurance from Allianz Travel.  Get 55% Off Today!

Allianz Travel

Travel Insurance with Selected Covid-19 Coverage*

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  • Our Travel Insurance will cover you against medical costs, cancellations and curtailments due to COVID-19*
  • Discover scenarios where Covid-19 has impacted the travel plans of people covered by Allianz Travel insurance policies  here

Get 55% Off^ Travel Insurance - Starts From $15.75 after discount

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Travel Insurance Catered to Different Needs

  • For Frequent Travellers:  Get covered for an unlimited number of trips (up to 90 days’ duration each trip). Discover our   Annual Plan Travel Insurance here  
  • For One-off Trips:  Single trip plan is suitable for an occasional traveller or those who are looking for a short getaway. Discover our   Single Trip Travel Insurance here  
  • For Family:  Family plan provides cover for you and the members of your family who travel with you on your journey (maximum of 2 adults) .  Discover our  Family Travel Insurance here  

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24/7 Assistance And Support - For Your Safety, Health And Security

  • Our team will help organise emergency medical assistance around the clock.
  • Identify closest hospitals & arrange and pay for transport*
  • Advance payment for in-patient services, where accepted*
  • Provision of medical escort if needed, subject to availability*
  • Arrange payment to return home*

Allianz Partners Group prides itself on providing individuals and their families with assistance and travel insurance solutions specific to their needs. This travel insurance is underwritten by Tokio Marine Insurance Singapore Ltd, with services provided by Allianz Travel, trading as AWP Services Singapore Pte Ltd.

*Subject to the terms, conditions, exclusions and benefits limits of the policy wording. For more information please click on the Policy Wording to read the Allianz Travel Policy Wording.

^Terms & Conditions.

55% Off All Plans (Single Trip, Family and Annual Plans)

The promotional code 'holiday55'

1. is valid until 8 Mar 2024

2. ‘holiday55’ code is applicable to Allianz Travel insurance

3. is applicable only on the website of Allianz Assistance Singapore - https://www.allianz-assistance.com.sg/

4. All benefits, limits, terms and conditions of the travel insurance plan purchased under this promotion are subject to the terms and conditions of the Policy Wording. By purchasing our travel insurance with the discount codes above, you are deemed to have read the  Policy Wording  and agreed to all terms and conditions and policy exclusions

5. Allianz Travel reserves the right to end such promotion at any time as it deems fit

Allianz Assistance Singapore

"i got my luggage delayed during my trip in thailand in 2018, allianz travel insurance have been helpful when i inquiry before buying the insurance, during the luggage delayed happen, and afterwards to claim. response have been very fast and accurate. claim is also very fast. i would give 5 stars plus plus plus if possible".

Single Trip Travel Insurance

For one-off trips

Single trip plan is suitable for an occasional traveller or those who are looking for a short getaway

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For family trips

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In a business where you have thousands of people making individual decisions to put risk on your books and resolve claims, having a strong culture and an affinity for the organization really matters. We see Travelers’ culture as the foundation of our excellence in execution.

Alan D. Schnitzer

Chairman and Chief Executive Officer

To My Fellow Shareholders

In 2022, we delivered very strong top- and bottom-line results in the face of a challenging operating environment, proving once again that we are built to manage whatever comes our way. We generated $3.0 billion* of core income and 11.3% core return on equity despite high levels of inflation and elevated catastrophe losses of $1.5 billion after-tax.

We again benefited meaningfully from having a diversified set of businesses. Our Business Insurance and our Bond & Specialty Insurance segments posted exceptional results this past year, while our Personal Insurance segment was heavily impacted by the inflationary environment. Our underwriting and investment results, together with our strong balance sheet, enabled us to return nearly $3.0 billion of excess capital to shareholders, including more than $2.0 billion of share repurchases. At the same time as we returned capital to our shareholders, we grew adjusted book value per share and made important investments in our business. From a top-line perspective, our best-in-class marketplace strategies enabled us to achieve record net written premiums of more than $35 billion for the year, positioning us well for 2023.

Our results in 2022 cap off a decade of strong and consistent performance. We have posted a double-digit return on equity in each of the last 10 years, except for 2017, a difficult catastrophe year for the industry (with three hurricanes and wildfires in California), in which we posted a 9% return on equity. In every one of those years, our return on equity comfortably covered our cost of equity. Over the past six years as compared to the prior years in the past decade, we have doubled our rate of growth, sustained strong underlying underwriting margins and meaningfully lowered our expense ratio.

This has resulted in higher underlying underwriting income, stronger cash flows and higher levels of invested assets. These results, through different and often challenging economic and market conditions, are the product of a sound strategy and the successful achievement of our strategic objectives.

Now, let me turn to a more detailed discussion of our 2022 performance and how we are positioning Travelers for continued success.

Our 2022 Results – Excellence in Execution

Travelers generated strong core income of $3.0 billion, or $12.42 of core income per diluted share, producing an industry-leading core return on equity of 11.3%, a meaningful spread above both the 10-year Treasury and our cost of equity.

We again delivered very strong underlying underwriting income of $2.1 billion after-tax, driven by record net earned premiums and an underlying combined ratio of 92.0%. Despite the challenging environment, 2022 was the third year in a row that underlying underwriting income has exceeded $2.0 billion. Through higher business volumes and continued strong profitability, we have driven underlying underwriting income to a new, higher level and sustained it there. This result reflects the success we have had executing on our innovation strategy, and demonstrates both the quality of our underwriting and the discipline with which we run our business.

We also improved our expense ratio to a record-low 28.5% during the year, a 90-basis-point improvement compared to the prior year and a 10% improvement over the past six years. We achieved this by leveraging our investments in cutting-edge technology and workflow enhancements, and not by depriving our business of important investments. Improving operating leverage continues to be a priority for us. It gives us the flexibility to invest the gains in our strategic priorities or let the benefit fall to the bottom line.

Our cash flow from operations remained very strong at   $6.5 billion in 2022. This primarily reflects the benefit of continued increases in premium volume and strong profitability. Our cash flow from operations has increased significantly over the last six years, with the average annual cash flow from operations for that period approximately 50% higher than the average for the prior years in the past decade. Strong cash flow enables us to make significant investments in our business, return excess capital to shareholders and grow our investment portfolio. Over that same six years, our investment portfolio, excluding unrealized investment gains (losses), grew by $17 billion, or 24%, to $86.7 billion at year-end.

With rates possibly “higher for longer,” net investment income from our fixed income portfolio should continue to grow and meaningfully contribute to our results going forward. Turning to the top line, today’s production generates tomorrow’s earned premiums. In 2022, we delivered record net written premiums of $35.4 billion, up 11% compared to the prior year. This represents the 13th consecutive year of net written premium growth. All three of our business segments contributed meaningfully to this strong top-line performance, with Business Insurance up 10%, Bond & Specialty Insurance up 11% and Personal Insurance up 12%. This premium growth has been driven by high levels of retention, higher pricing and the addition of high-quality new business.

Our Investment Expertise

We strive to be thoughtful underwriters on both sides of our balance sheet, and we have always managed our investment portfolio to support our insurance operations, not the reverse. Accordingly, our investment portfolio is positioned to meet our obligations to policyholders under almost every foreseeable circumstance – anything from a global pandemic to a significant natural disaster to a financial crisis.

With this in mind, we are focused on risk-adjusted returns and credit quality rather than reaching for yield that is not commensurate with the underlying risk. Our well-defined and consistent investment portfolio has been a meaningful and reliable contributor to our results year in and year out.

The performance of our investment portfolio in 2022 underscores the wisdom of our thoughtful and diversified approach. Net investment income was very strong at $2.2 billion after-tax, reflecting higher interest rates and the growth in our fixed income portfolio. While down year over year, as expected, our alternative portfolio continued to perform well, particularly in light of the significant downturn in the broader equity markets that occurred this year.

Looking forward, we expect to benefit in 2023 from higher invested assets in our fixed income portfolio and higher interest rates. As inflation has persisted and the Fed has aggressively shifted its policy in response, the yield on new investments is now meaningfully higher than the yield on our maturing investments. With rates possibly “higher for longer,” net investment income from our fixed income portfolio should continue to grow and meaningfully contribute to our results going forward.

Our Data-Driven Underwriting Expertise Sets Us Apart

Underwriting excellence is of course key to our success, and there is nothing more critical to underwriting excellence than a culture that values strong performance over time and understands how to balance the art and science of decision making based on data and analytics.

Culture alone is a significant competitive advantage, and one that we believe is very hard to replicate. A critical component of our culture is our granular approach to underwriting. In our commercial businesses, that means execution on an account-by-account or class-by-class basis. In personal lines, it means a very high degree of segmentation by risk profile, product and geography. With that and our advanced data and analytics, we thoughtfully select the risks we write and price our products deliberately with our target return in mind.

Like every aspect of our business, our focus on performance over time is core to how we manage our catastrophe exposure. Although we are unable to predict what the next event will be or where it will occur, we are taking steps every day to ensure that our portfolio of risk properly contemplates the potential for loss and that we maintain the right balance of risk and reward. While the impact of the risk-based decisions we are making today is not always evident immediately, they will continue to drive our performance over time.

* See “Additional information” for a discussion and calculation of non-GAAP financial measures.

1 Ratings based on market values and using external rating agencies or by Travelers when a public rating does not exist. Ratings shown are the higher of the rating of the underlying issuer or the insurer in the case of securities enhanced by third-party insurance for the payment of principal and interest in the event of issuer default. Below investment grade assets refer to securities rated “Ba” or below.

Well-Defined and Consistent Investment Philosophy

Over the past six years, our share of property catastrophe losses relative to total property catastrophe losses for the domestic P&C industry has declined significantly compared to the earlier years in the past decade. Our property catastrophe losses over the past six years have also been meaningfully lower than our corresponding market share.

As just one example, we continue to actively manage our coastal underwriting, including through thoughtful risk selection, higher-than-average coastal deductibles and flood sub-limits. These efforts have enabled us to manage our exposure to hurricanes more effectively, significantly benefiting our results over time and again this year. Our performance with respect to Hurricane Ian illustrates the benefits of our thoughtful approach. We estimate that, had we not taken the actions we did to manage our exposure in Florida, our losses from Hurricane Ian would have been nearly three times the amount we actually incurred. This is another good example of why we manage with a long-term focus – wise decisions often take time to show results.

Perform and Transform – A Call to Action Put to Work

For a number of years now, our employees have rallied around our Perform and Transform call to action. Perform is about delivering on our objective of industry-leading returns, and Transform is about ensuring that our competitive advantages remain relevant and differentiating into the future.

Our competitive advantages, which are meaningful and hard to replicate, fall into five general categories.

We start with risk selection, underwriting and pricing segmentation. Understanding risk, and the products and services our customers need to manage risk, has been critical to our success for decades. It is the bedrock of our business.

We also stand out in terms of product breadth and specialization. We engage in nine major lines of business through our three business segments. Our portfolio is broad, balanced and diversified.

When it comes to distribution, we have the premier position. We go to market through more than 13,000 agents and brokers. We are a top-three writer with the majority of those 13,000 agent and broker partners serviced by 86 field offices, which gives us a local presence in the markets in which we operate. We are a large, international firm, but we can operate on a local basis in the markets where we choose.

In terms of risk control, we are industry leading. We have more than 600 risk control professionals and conduct more than 120,000 risk consultations every year. Having done that for many years, we have a proprietary risk database with more than 200 million data points in it. We not only utilize this data in our risk control and risk management activities, we funnel it back into our underwriting, risk selection and pricing, which gives us a significant advantage.

Understanding risk, and the products and services our customers need to manage risk, has been critical to our success for decades. It is the bedrock of our business.

And, finally, our Claim organization remains a crown jewel of our organization. It is both at the heart of the promise we make to our customers and a significant competitive advantage. Our Claim organization comprises nearly 13,000 professionals, including approximately 750 lawyers who represent our insureds and more than 500 nurses who support injured workers in our workers compensation business, helping them get back on their feet.

Underlying these competitive advantages are four key enablers that set us apart – our talent and expertise, industry-leading data and analytics, technology and financial strength. Our competitive advantages and these enablers are foundational to the success of our long-term financial strategy.

Nonetheless, we understand clearly that the world is changing, and changing quickly. Given the pace of change, a number of years ago, we were deliberate in identifying four primary forces of change that are relevant to our business: changing consumer expectations, emerging technology trends, increasingly sophisticated data and analytics, and evolving distribution models.

Based on our evaluation of how these forces of change were impacting our business, it was clear to us that an ambitious innovation agenda was going to be critical to our future success. With that in mind, we established a clear vision to guide that agenda: to be the undeniable choice for the customer and an indispensable partner for our agents and brokers.

That is the clear and simple vision that guides our innovation strategy, and we established three priorities to drive it forward.

Unique Product Breadth and Specialization

We engage broadly across nine major lines of insurance through our three business segments. Our portfolio is balanced across these lines of business and further diversified by geography and customer size and type. Each of our businesses is high performing and contributed meaningfully to our 2022 performance.

2022 Net Written Premiums

Business Insurance generated segment income of $2.5 billion and produced its best-ever underlying combined ratio of 90.9%. Business Insurance also grew its top line by 10% to a record $17.6 billion. Renewal premium change of 9.7% was a near record, while retention remained historically high. New business was also strong at $2.1 billion.

Business Insurance also continued to make significant progress on its transform agenda to position its business for profitable growth over time. For example, we continued the rollout of our successful new BOP 2.0 product, launched a new commercial Auto product and made significant progress with respect to our sales enablement capabilities.

Bond & Specialty Insurance generated record segment income of more than $900 million, up 36%, and produced an outstanding combined ratio of 75.3%. Bond & Specialty Insurance grew its top line by 11% to a record $3.7 billion, including solid growth in its market-leading domestic surety business. By leveraging its domestic leadership position, Bond & Specialty Insurance also grew net written premiums in its international businesses by 7%.

Bond & Specialty Insurance also continued to make terrific prog2ress on its transform agenda. For example, Bond & Specialty Insurance completed the development of flow/low-touch management liability underwriting capabilities to facilitate cross-sell opportunities with Business Insurance. This initiative positions Bond & Specialty Insurance’s efforts to expand its addressable management liability market and also supports Business Insurance’s strategy of One Customer Served By One Team.

Personal Insurance generated a loss of $140 million and a combined ratio of 104.9%, primarily due to the impact of industrywide inflationary pressures. Personal Insurance met a challenging environment head-on and took action to address rising loss costs. We are confident that the actions we have taken, and will continue to take, will drive improved profitability as we move through 2023 and beyond.

Personal Insurance grew its top line by 12% to a record $14.1 billion, while domestic policies in force grew 3% to a record 9 million. In Personal Insurance, top-line growth was driven by higher pricing. Renewal premium change alone contributed more than $1 billion of written premium to our portfolio over the past year.  We expect renewal premium change for both Domestic Automobile and Homeowners and Other to be in the double digits throughout 2023.

Personal Insurance also continued to invest in capabilities to drive its top-tier financial performance over time. For example, Personal Insurance introduced new artificial intelligence-enabled aerial imagery insights to enhance its property underwriting and risk selection while also simplifying the quoting process for our agent and broker partners.

First, we seek to extend our advantage in risk expertise. We have been a leading property casualty insurer over many years by being excellent at understanding risk and the products and services our customers need to manage their risk. For us, it is an imperative that we continue to maintain and strengthen this advantage.

Next, we are laser-focused on providing great experiences for our customers, distribution partners and employees. We are investing in technologies, capabilities and talent to become faster, nimbler, more digital, more mobile and more personalized.

Finally, we are highly focused on optimizing productivity and efficiency. This is not about just tightening the belt; it is about bringing a real strategic lens to the way we think about how we do what we do in an effort to do more with less.

In executing on our innovation agenda, over the past five years we have meaningfully increased our overall technology spend. At the same time, through our strategic focus on productivity and efficiency, we have significantly reduced our expense ratio. Importantly, we have also improved the mix of our technology spend, increasing our spending on strategic initiatives by nearly 70% since 2017 while holding routine but necessary expenditures about flat. Given the opportunity to invest and transform the way business is done, we think scale is going to be increasingly important in this business.

Technology Investments

The Compounding Benefits of Our Innovation Strategy

When we first articulated our innovation strategy several years ago, we made clear that it was designed in large part to position us to grow over time at leading returns. The charts on the facing page illustrate this strategy at work and its compounding, multiyear benefit. We have doubled our rate of growth, sustained strong underlying underwriting margins and lowered our expense ratio.

That has resulted in higher underlying underwriting income, stronger cash flows and higher levels of invested assets.

We have not grown by underpricing the product or by changing our risk profile. We have grown by investing in franchise value and through great execution by our colleagues in the field. Importantly, the business that we are putting on the books is coming from products, geographies, classes of business and distribution partners that we know well, which gives us great confidence in the quality of the business we are writing.

Consistent and Successful Long-Term Financial Strategy Delivers Shareholder Value

It is important to consider our strategic initiatives and financial results in the context of what we are ultimately trying to achieve. At Travelers, our simple and unwavering mission for creating shareholder value is to:

  •   Deliver superior returns on equity by leveraging our competitive advantages;
  •   Generate earnings and capital substantially in excess of our growth needs; and
  •   Thoughtfully rightsize capital and grow book value per share over time.

The results we deliver are due to our deliberate and consistent approach to creating shareholder value. We have been clear for many years that one of our crucial responsibilities is to produce an appropriate return on equity for our shareholders. This has meant developing and executing financial and operational plans consistent with our goal of achieving superior returns, which we defined many years ago as a mid-teens core return on equity over time. We emphasize that this objective is measured over time because we recognize that the macroeconomic environment, loss cost trends, weather, and geopolitical and other factors impact our results from year to year, and that there will be years – or longer periods – and environments in which a mid-teens return is not attainable. In that regard, we established the mid-teens goal at a time when the 10-year Treasury was yielding around 5%, and mid-teens was simply the quantification of what qualified as an industry-leading return in that environment. While the 10-year Treasury rate increased during 2022, this increase will take time to earn into our fixed income portfolio, with less than 10% of the fixed income portfolio maturing each year. Our ability to achieve a mid-teens return over time going forward will depend, in part, on the interest rate environment. In any event, we always seek to deliver industry-leading returns over time.

2022 Financial Results in the Context of Our Innovation Strategy

Our 2022 return on equity of 12.2% and core return on equity of 11.3% again meaningfully exceeded the average return on equity for the domestic P&C industry of 1.6%, according to estimates from Conning, Inc., a global investment management firm and insurance research provider. As shown in the chart below, our return on equity has significantly outperformed the average return on equity for the industry in each of the past 10 years.

Importantly, these industry-leading returns on an absolute basis are even more impressive on a risk-adjusted basis when you take into account our industry-low volatility. The level and consistency of our return on equity over time reflect the value of our competitive advantages and the discipline with which we run our business.

A Balanced Approach to Rightsizing Capital

Our strong and consistent returns over time, together with our fortress balance sheet, have enabled us to grow book value per share and adjusted book value per share at a compound annual growth rate of 3% and 6%, respectively, over the last 10 years.

During this period, we have also returned a significant amount of excess capital to our shareholders through dividends and share repurchases. Over the last 10 years, we increased our dividend each year and grew dividends per share at an average annual rate of approximately 7%.

Return on Equity

1 2022 Forecast: © 2023 Conning, Inc., as published in Conning’s Property-Casualty Forecast & Analysis by Line of Insurance, 2022 Q4 edition. Used with permission.

   Historical data: © 2023 S&P Global Market Intelligence LLC. Used with permission.

Notably, since we began our share repurchase program in 2006, we have returned approximately $53 billion of excess capital to our shareholders, including through $40 billion of share repurchases – well in excess of the market capitalization of the company at that time. Just by virtue of our share repurchase program, your percentage ownership of Travelers increased 4% during 2022 alone. If you owned Travelers stock when we began our share repurchase program in 2006, your percentage ownership has increased by approximately 300%. These percentage increases were even higher if you participated in our dividend reinvestment program.

Our capital management strategy has been an important driver of shareholder value creation over time. Our first objective for the capital we generate is to reinvest it in our business – organically and inorganically – to create shareholder value. For example, as we continue to grow our top line, as we have for the past few years, we will retain more capital to support that growth. Also, we continue to invest in everything from talent to technology to further our ambitious innovation agenda, advance our strategic objectives and drive tomorrow’s performance.

Having said that, we are disciplined stewards of our shareholders’ capital. To the extent that we generate capital that we cannot reinvest consistent with our objective of generating industry-leading returns over time, we will manage it the same way we have for more than a decade – by returning it to our shareholders through dividends and share repurchases. By returning excess capital to our investors, we give them the ability to allocate their investment dollars as they see fit, including by investing in companies with different growth profiles or capital needs, thereby efficiently allocating capital across the economy. Over time, that efficient allocation of capital in the marketplace contributes to a stronger economy.

Total Shareholder Return

Ultimately, it is the success of our strategy – with all its component parts – that drives our total return to shareholders over time. It is important to remember that we have a well-established track record of managing the company to create value over the long term, through periods of weather volatility; through anticipated and unanticipated developments impacting loss trends; through both foreseeable and unforeseeable economic cycles; and through any number of more extreme economic, geopolitical and other conditions. With that in mind, the graph below compares our returns since the 2008 financial crisis to the returns for the Dow 30, the S&P 500 and the S&P 500 Financials.

Total Return to Shareholders 1

1 Represents the change in stock price plus the cumulative amount of dividends, assuming dividend reinvestment. For each year on the chart, total return is calculated with January 1, 2008, as the starting point and December 31 of the relevant year as the ending point. © Bloomberg Finance L.P. Used with permission of Bloomberg.

Our stock performance reflects the execution of our long-term strategy. We provide our shareholders with industry-leading returns, low volatility and high credit quality. The success of this long-term strategy is evident in the strong performance of our stock over time, which has been remarkably consistent relative to many others in the P&C industry. Viewing our performance through this long-term lens, we are as confident as ever that executing on our long-term financial strategy, managing Travelers with an over-time discipline and continuing to invest in our competitive advantages through our ambitious and focused innovation agenda is the right approach for building on Travelers’ outstanding record.

The Foundation of Our Competitive Advantages: Our People and Our Culture

Our performance this year and over time is a testament to the quality and dedication of our people, our collective commitment to excellence and our unique culture that supports our success.

At Travelers, our people are our greatest asset. They drive our performance and fuel our ambitious innovation agenda. Their talent and expertise are critical to maintaining all our competitive advantages in a rapidly evolving business landscape.

Our appreciation of these dynamics is at the heart of our human capital strategy, motivating everything from our efforts to develop and retain top talent to our commitment to diversity and inclusion.

To that end, in light of a few significant demographic trends at the moment, we are more focused than ever on our talent management and recruitment strategies. During the so-called Great Resignation, we have had an elevated level of attrition just like everyone else has, but since the Great Resignation started, we have hired more people than we have lost. In other words, on a net basis, people are choosing Travelers. Importantly, while our recent level of attrition is above our pre-pandemic average, our recent and more elevated attrition is still lower than our peer group’s pre-pandemic average.

With an influx of new talent, higher levels of retirement eligibility as the Baby Boom generation ages, and new ways of working, maintaining and strengthening our world-class culture is a top priority for us. In a business where you have thousands of people making decisions to put risk on your books and resolve claims, having a strong culture and an affinity for the organization really matters. We see Travelers’ culture as the foundation of our excellence in execution.

By maintaining and strengthening our foundational cultural values with the same long-term perspective that we bring to everything we do, we will continue to leverage the expertise developed over years of experience while, at the same time, capitalizing on the fresh ideas of new talent. In short, we recognize that preserving our culture is mission-critical to maintaining our competitive advantages and delivering shareholder value over time.

The Travelers Promise in Action

Travelers’ sustainability – our ability to maintain our industry-leading position and maximize shareholder value over the long term – depends on the successful execution of our financial strategy as I described above. That is the flywheel that sets everything we do in motion. But it is only one component of our comprehensive approach to value creation over time.

The other is our commitment to taking care of the people we are privileged to serve: our customers, our communities and our employees. Or, as we refer to it, the Travelers Promise. We keep this promise in many ways, including by being there to help our customers recover after a disaster strikes; by giving them the security they need to invest in their families and businesses; and by caring for the communities in which we live and work where we focus on promoting academic and career success, thriving neighborhoods and cultural enrichment. All of these efforts depend on ensuring that Travelers remains both a great place to work for our diverse workforce and an indispensable partner for our agents and brokers.

The Travelers Promise is rooted in the same long-term thinking that motivates everything we do, and it drives a virtuous cycle in our mission to create long-term shareholder value. Only by faithfully keeping the Travelers Promise will we earn the support of key stakeholders essential to creating shareholder value. And only by successfully creating shareholder value will we earn the resources we need to keep the Travelers Promise. I invite you to read about the ways in which we are fulfilling the Travelers Promise on our comprehensive sustainability site: sustainability.travelers.com .

Citizen Travelers

Travelers’ success for more than 160 years is owed, in large part, to keeping that promise. But we do not take for granted that our ability to fulfill our promise rests upon the environment in which we operate: a representative democracy, built on resilient public institutions and an economic system governed by the rule of law. That is why, at Travelers, we take seriously our role in preserving these institutions and our responsibility to help pass them on to future generations.

One of the ways we are embracing this commitment is through Citizen Travelers, our nonpartisan initiative to empower our employees to take part in the civic life of their communities. Through Citizen Travelers, we are supporting and encouraging our employees’ participation in local civic institutions and working with organizations that support an informed electorate. The effort includes everything from personalized reminders to our employees to register to vote for upcoming national and local elections, to supporting our colleagues in running for, and serving in, elected positions.

At its core, Citizen Travelers is a recognition that the future success of our business and the outlook for inclusive prosperity in our communities depend on our coming together to preserve and strengthen the democratic system we share.

As the leader of a company 30,000 strong, operating across all 50 states, I see every day the power of common purpose to unite people across distance and differences. Our sense of shared responsibility drives us, and I believe it can unify our communities, too.

Our industry serves as an even larger example of the promise of partnership. We manage risk by bringing together people from different walks of life to pool capital. When customers send us a premium payment, they do not ask who their fellow policyholders voted for, where they worship or where their family came from. Instead, with every renewal, they send the message: “Whoever you are, I have your back. And thanks for having mine.” That shared approach to managing risk is what gives the manufacturer the confidence to add one more shift to the line. The baker to open a second shop on the other side of town. And the young couple to buy a new car with a third row of seats for a growing family. Bringing people together so that we can all aim higher and dream bigger – that is the essence of our industry.

I am enormously grateful to my colleagues for their unwavering commitment to all that we stand for; to our agents and brokers for their tremendous partnership and friendship; to our customers and shareholders for their trust and confidence; and to our Board of Directors for their wisdom and support. It is a privilege to lead this great company.

The Travelers Companies, Inc.

2022 Annual Report

Investment Expertise

Letter to Shareholders

Financial Highlights

Vision for Innovation

Dreams Realized

Dreams Restored

Dreams Championed

Travelers Institute

Taking Care of Our Employees

Board of Directors

Shareholders' Information

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© 2023 The Travelers Indemnity Company. All rights reserved.

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2022 Financial Results – Excellence in Execution

Our Data-Driven Underwriting Expertise

Long-Term Financial Strategy Delivers Shareholder Value

2022 Financial Results: Our Innovation Strategy

A Balanced Approach

Our Competitive Advantages

The Travelers Promise

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  6. I Just Renewed My Annual Travel Insurance. You Should, Too

    annual travel insurance promotion 2022

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  1. 4 Best Annual Travel Insurance Options in 2024

    Here are our picks for the best travel credit cards of 2024, including those best for: Flexibility, point transfers and a large bonus: Chase Sapphire Preferred® Card. No annual fee: Bank of ...

  2. The Best Annual Travel Insurance Of 2024

    The cost of a multi-trip policy will primarily depend on the coverage levels included and your age. Travelers. Average annual travel insurance cost. Two travelers age 30. $554. One traveler age 40 ...

  3. 11 Best Travel Insurance Companies in March 2024

    Best travel insurance category. Company winner. Best overall. Berkshire Hathaway Travel Protection. Best for emergency medical coverage. Allianz Global Assistance. Best for travelers with pre ...

  4. The 5 Best Annual Travel Insurance Plans

    This annual travel insurance plan covers all trips that last up to 90 days within a coverage year, and it comes with coverage for COVID-19. Benefits travelers receive each year with the plan include:

  5. 12 Best Travel Insurance Companies of March 2024

    Travelex Insurance Services: Best Overall. Allianz Travel Insurance: Best for Cancel for Any Reason Add-on. Seven Corners: Best for 24/7 Support When Traveling. World Nomads Travel Insurance: Best ...

  6. How to Find the Best Travel Insurance

    Here are our picks for the best travel credit cards of 2024, including those best for: Flexibility, point transfers and a large bonus: Chase Sapphire Preferred® Card. No annual fee: Bank of ...

  7. The best travel insurance policies and providers

    For a single trip, multiple trips or long term. Covered by most policies. $15/25. IMG. Single trip or multiple trips (travel insurance and travel medical insurance options are available). Waived under set conditions for travel insurance; covered but capped for single-trip travel medical insurance. $17/$94.

  8. The 11 Best Annual Travel Insurance Policies in 2023

    Costs will vary by your home state, age, and number of people included in the policy. Here are the "starting at" costs for our best annual travel insurance policies, sorted from lowest to highest: Policy Name. Starting Price. Allianz Travel AllTrips Basic Plan. $138.

  9. 11 Best Travel Insurance Companies Of March 2024

    The Best Travel Insurance Companies. Travel Insured International - Best for Non-Medical Evacuation. WorldTrips (Atlas Journey Premier and Atlas Journey Preferred) - Great for Add-On Coverage ...

  10. Best Travel Insurance of March 2024

    Annual travel insurance plan and Pack N' Go plan (for last-minute trips) available; Show Pros, Cons, and More ... Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior ...

  11. All you need to know about annual travel insurance policies

    My policy also offers a $3,000 annual trip cancellation benefit, $20,000 in emergency medical coverage, $100,000 in emergency transportation (including medevac services), $45,000 in rental car theft and damage protection, $25,000 in travel accident coverage and $1,000 for essentials in the event of baggage loss or damage, along with a handful ...

  12. Annual Travel Insurance

    One Policy for One Year of Coverage. Annual travel insurance plans, also referred to as multi-trip plans, are ideal for travelers who are planning to take multiple trips throughout a 12-month period, and need basic travel insurance benefits. Most commonly, these policies include Emergency Medical and Medical Evacuation benefits.

  13. 9 Best Travel Insurance Companies of February 2024

    Progressive reports that, in 2022, the average annual premium for insurance on travel trailers was $573, while motorhome insurance costs $958 a year. How We Chose the Best Travel Insurance Companies As part of our methodology, we gathered travel insurance quotes from online comparison site Travelinsurance.com using the following profile:

  14. The Best Annual Travel Insurance in April 2023

    Most full-featured annual multi-trip insurance plans will cost a traveler $200-$400, depending on these factors: The traveler's age (primary factor) The estimated number of days for the longest trip of the year. Medical limit ($50,000 is cheaper than $1,000,000) Deductible ($1,000 deductible is cheaper that $0)

  15. Annual Travel Insurance Plans for Multiple Trips

    An annual travel insurance plan covers your trip if you are traveling multiple times in a year. Read about yearly travel insurance coverage on InsureMyTrip! ... 07/01/2022. Answer: We do provide annual medical policies for trips that take place outside of your home country. Typically, the trips cannot be longer than 70 days per trip with most ...

  16. 9 Cheapest Travel Insurance Companies Worth the Cost

    More Details. Average cost of travel insurance across sample trips: $324. WorldTrips offers Atlas Trip Protection at three main levels of coverage: Atlas Journey Economy, Preferred and Premier ...

  17. Best Annual Travel Insurance 2024 [Multi-Trip Insurance]

    Annual travel insurance is the most convenient option for frequent travelers who want to travel stress-free and save some money at the same time.However, it is not the same as long-term travel insurance, which provides coverage for every day of a long-term trip that can last a year or longer.. Yearly travel insurance covers the multiple, shorter-term trips you take within 365 days so that you ...

  18. 4 Best Family Travel Insurance Plans of 2024

    Who's this for? Faye travel insurance stands out for families on a budget. Its policies start at just $4.64 per day (for 14 days) for domestic trips and $5.16 per day (for 14 days) for ...

  19. Exclusive Promotions

    TravelEasy ® provides better travel protection with over 50 benefits and more COVID-19 coverage! Included in your TravelEasy ® plans, the enhanced COVID-19 coverage provides up to $750,000 medical cover and up to $12,500 travel inconvenience benefit for your trip protection 1.. Enjoy 40% off Single Trip and 20% off Annual Plan! Buy online now!. Subject to policy terms and conditions.

  20. 11 Best Annual Travel Insurance from $270 You Can Buy Online (2022)

    A point to note: not all of the annual travel insurance plans include Covid-19 benefits. Annual Travel Insurance. Worldwide Price /year. FWD Travel Insurance. $345.10 - $620.60. NTUC Travel Insurance. $811 - $1,209. AIG Travel Insurance. $765 - $978.

  21. Travel Insurance

    Single or annual travel insurance plans are available for individual or family cover ... I bought an Annual TravelEasy policy before 1 May 2022. Does my policy get enhanced to the new benefits as policies that are purchased from 1 May 2022? ... Enjoy 40% off Single Trip Plan and 20% off Annual Plan! T&Cs apply. Promotion ends on 19 March 2024 .

  22. Travel Insurance Promotion

    Get 50% off Travel Insurance (Per-trip plans) when you buy via My Income app with promo code 'HUATAH'. Offer is app-exclusive and ends midnight. Sit back and relax knowing you are protected on your holiday. Up to $15,000 coverage for overseas transport and accommodation expenses^. Up to $1,000,000 overseas medical expenses coverage.

  23. Travel Insurance Promotion Singapore

    For Frequent Travellers: Get covered for an unlimited number of trips (up to 90 days' duration each trip).Discover our Annual Plan Travel Insurance here ; For One-off Trips: Single trip plan is suitable for an occasional traveller or those who are looking for a short getaway. Discover our Single Trip Travel Insurance here ; For Family: Family plan provides cover for you and the members of ...

  24. Travelers 2022 Annual Report

    Our 2022 Results - Excellence in Execution. Travelers generated strong core income of $3.0 billion, or $12.42 of core income per diluted share, producing an industry-leading core return on equity of 11.3%, a meaningful spread above both the 10-year Treasury and our cost of equity. We again delivered very strong underlying underwriting income ...

  25. Travel Insurance Promotion & Discounts

    Promotions. Stay protected on your next trip with TravellerShield Plus travel insurance. Get premium discounts when you purchase a Single Trip or Annual Multi-Trip plan! Only from 15 February 2024 to 29 February 2024.