Travel Insurance Benefits: What to Know
Travel insurance provides important benefits, like travel medical coverage and financial protection, if something goes awry with your trip.
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Written byEvelyn Pimplaskar
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10+ years in insurance and personal finance content
30+ years in media, PR, and content creation
Evelyn leads Insurify’s content team. She’s passionate about creating empowering content to help people transform their financial lives and make sound insurance-buying decisions.
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Edited byAshley Cox
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7+ years in content creation and management
5+ years in insurance and personal finance content
Ashley is a seasoned personal finance editor who’s produced a variety of digital content, including insurance, credit cards, mortgages, and consumer lending products.
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Table of contents
Travel insurance is like having a personal safety net during your travels. It helps protect you against trip costs resulting from covered unexpected events, such as an illness or a canceled or interrupted trip.
Typical travel insurance benefits include coverage for emergency medical care, trip cancellation, lost luggage, and more. To make the most of your travel insurance benefits, it’s important to compare plans, understand the coverages you’re buying, and buy a plan well ahead of your travel dates.
Here’s what to know about travel insurance benefits.
Types of travel insurance benefits
Many companies offer travel insurance, and while policies can vary greatly, some travel insurance benefits are standard. Most travel insurance plans include coverage for certain events. For example, if you have to cancel your trip for a reason covered by your policy, your trip cancellation benefit would reimburse you for some — or all — of your costs.
Here are the different types of travel insurance benefits to look for.
Trip cancellation benefit
If you cancel your trip due to a covered reason, like an injury or illness that prevents you from traveling, this coverage will reimburse your pre-paid, non-refundable trip costs. These costs may include airfare, lodging costs, and more.[1]
The most popular type of travel insurance, trip cancellation coverage protects your investment in case of unforeseen events.
Cancel for any reason benefit
Also known as CFAR coverage, cancel for any reason coverage allows you to get reimbursed up to a certain percentage of your non-refundable travel costs, regardless of the reason for canceling. Although cancel for any reason coverage is usually more expensive, this benefit offers flexibility and peace of mind when plans change unexpectedly.[2]
You’ll typically need to meet specific requirements to be eligible to add CFAR coverage to your policy. And most companies apply a time limit for cancellation. For example, your policy might stipulate that you have to cancel your trip no later than 48 hours before your scheduled departure date.
Trip interruption benefit
While trip cancellation insurance kicks in if you never get to go on your trip, trip interruption coverage applies if you’re on your trip and have to return home early. This benefit provides coverage to reimburse your unused, non-refundable trip costs if you need to return home early due to a covered reason, like a death in the family.
It may also pay for your additional transportation costs to return home.
Trip delay benefit
Travel delays can be aggravating — and costly. For example, if your flight gets canceled and you’re rebooked on a flight for the next day, you may incur hotel costs for the night, airline change fees, and losses for tours you miss due to the delay.
Trip delay coverage can pay for delay-driven expenses, like meals, accommodations, and local transportation during the delay. It can help get you through unexpected pauses in your travel plans.
Good to Know
In 2024, nearly 85% of U.S. flights were on time, according to the Bureau of Transportation Statistics. Air carrier delay was the most common reason for flight delays.
Baggage and personal effects benefits
If your baggage or belongings are lost, stolen, or damaged while you’re traveling, this benefit can reimburse you for some of your costs, up to the maximum amount your policy allows. Baggage reimbursement can come in handy when you need to replace essential items while traveling.
Baggage delay benefits
A baggage delay can cause significant inconvenience, even if your luggage eventually arrives. Baggage delay coverage reimburses expenses (up to a specified amount per day) for essential items like clothing and toiletries.
Most policies stipulate a minimum amount of time for the delay before this coverage kicks in.
Emergency evacuation and repatriation of remains
If you experience an urgent injury or illness that your insurance covers, this benefit pays the cost of transporting you to the nearest medical facility or home.[3] Working with the travel medical coverage part of your policy, emergency evacuation helps ensure you get the medical attention you need.
Travel medical expense benefits
Most U.S. health insurance, including Medicare, doesn’t cover medical care outside the country.[4] Travel medical insurance covers the cost of medical emergencies that occur during your trip. It provides access to necessary medical care without you having to worry about the unexpected costs.
Travel medical insurance policies can vary greatly, so it’s important to know what yours will and won’t cover. For example, a policy might exclude coverage for a pre-existing condition, have a limit to the payout amount, or have a deductible.
Pet medical and pet return benefits
Many people enjoy traveling with their pets, and plenty of hotels and resorts now cater to people and their pets. Pet medical insurance provides coverage for your pet’s unexpected medical costs if it falls sick or gets injured while traveling with you.[5] Pet return coverage can help pay to get your pet back home if a covered event causes you to discontinue your travels.
Not every travel insurance policy includes these coverages, although they might be available as an add-on. And, like other aspects of a travel insurance policy, pet coverage has certain eligibility requirements and limitations.
Vacation rental damage
Accidents can happen when you rent a property for your vacation. This coverage can help pay for accidental losses and damages to your vacation rental property that occur during your stay.
Rental vehicle damage
If you rent a vehicle for a domestic trip and have full-coverage car insurance on your personal vehicle, your policy will probably cover your rental car, too. But if you rent a vehicle outside the country, your personal auto insurance may not apply.
In that case, rental vehicle damage insurance can cover costs if your rental car gets damaged or stolen during your trip. This coverage provides important financial protection when you rent a vehicle outside the country.
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Learn More: Travel Insurance for Studying Abroad
Types of travel insurance plans
Travel insurance plans generally fall into three categories: coverage for a single trip, insurance for multiple trips, and policies that cover all your travel during a 12-month period. Here’s some essential information to know about each type.
Single-trip travel insurance
As the name suggests, single-trip travel insurance provides coverage for just one trip. Many travel insurance companies provide customizable single-trip policies. If you have just one trip planned in a year, a single-trip policy can help protect your financial investment.
Multi-trip travel insurance
A multi-trip travel insurance policy secures multiple trips within a year and provides comprehensive travel coverage. If you’re a frequent traveler with more than one trip planned in a year, a multi-trip policy can be a cost-effective way to get medical coverage, trip delay protection, and more.
Annual travel insurance
True globetrotters and spur-of-the-moment travelers can benefit from an annual travel insurance policy. An annual policy provides extensive travel insurance coverage for every trip you take in an entire year. It provides continuous coverage for unexpected medical costs, cancellations, and more.
How much does travel insurance cost?
Travel insurance premiums are typically a percentage of the total trip cost — usually 4%–10%. For example, a policy that includes basic coverage for a $10,000 trip might cost $400, while a more comprehensive policy might cost as much as $1,000.
Your costs for travel insurance will vary based on a number of factors, including where you’re traveling to, the total trip cost, your age, your overall health, the types of coverages you choose, coverage limits, and more.
How to buy travel insurance
You have many options for buying travel insurance — you can choose from nationally recognized insurers that sell auto or home insurance, companies that specialize in travel insurance, and even some credit card companies. Generally, you’ll need to buy a policy around the time you make the first payment on your trip.
To find the travel insurance policy that’s right for you, follow these steps:
1. Understand the travel insurance benefits you need
Identify the type of coverage you require, such as medical, trip cancellation, baggage loss, etc. Keep in mind your destination, how long you’ll be there, your travel companies, and any activities you have planned. Some countries have specific requirements for travel insurance coverage, so be sure to check what you’ll need for your destination.
2. Compare travel insurance plans online
Many travel insurance companies make it easy to get a fast quote. You may also explore online comparison sites. Be sure to compare coverage limits, exclusions, included travel benefits, and customer reviews, as well as price.
3. Get a quote and customize your coverage
To get a starting quote, you’ll typically need to provide details about your trip and your travel companions. Most companies provide some options to customize your travel insurance plan, such as adding on CFAR coverage.
4. Buy your policy
In most cases, you can finalize your purchase online. Once you’ve bought a policy, be sure to double-check that the coverage details, dates, and personal information are all correct. Contact the insurer immediately if anything needs correcting. Be sure you understand how to file a claim if you need to.
5. Save a copy of the policy and emergency contact information
It’s a good idea to save a digital copy of your policy on a mobile device that you plan to carry with you. You should also keep the insurance company’s emergency assistance number in your phone in case you need help while traveling.
Travel insurance benefits FAQs
Travel insurance can be a helpful way to protect your financial investment when you’re on a trip. It’s important to understand what benefits your policy provides. Here are some answers to commonly asked questions about travel insurance benefits.
What does travel insurance cover?
Depending on the type of policy you buy and the coverages it includes, your travel insurance can cover eligible medical emergencies, trip cancellations, lost baggage, travel delays, and more.
How much does travel insurance cost?
Your travel insurance cost will vary based on factors like your trip duration, age, destination, coverage level, and more. Generally, you’ll pay 4%–10% of the total trip cost.
How do you file a travel insurance claim?
Most travel insurance companies provide online or in-app access to file a claim. Some may also provide a phone number for claims service. When filing a claim, be sure to have receipts, other supporting documents, and details of the covered event on hand. Providing thorough documentation can help ensure smooth and prompt claims processing.
Does travel insurance include adventure sports coverage?
Many travel insurance policies exclude coverage for adventure sports, like bungee jumping and mountain climbing. But some insurers may offer adventure sports coverage as an add-on. If you plan to engage in adventurous activities on your trip, consider policies from insurers that specialize in adventure sports coverage, like Battleface, Travelex, and World Nomads.
Can you get coverage for pre-existing conditions?
Many travel health insurance policies exclude coverage for pre-existing conditions. But you can also find insurers that offer this coverage as an add-on, provided you meet certain requirements. Before you buy a policy, be sure you understand whether it covers pre-existing conditions, what it classifies as a pre-existing condition, and what its qualification requirements are.
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Sources
- The Canadian Association of Financial Institutions in Insurance. "What are trip cancellation and trip interruption insurance?."
- District of Columbia Department of Insurance, Securities & Banking. "Taking a Trip? Information About Travel Insurance You Should Know Before You Hit the Road."
- Yale University. "What does travel insurance cover?."
- U.S. Department of State, Bureau of Consular Affairs. "Insurance Coverage Overseas."
- Battleface. "What is pet travel insurance?."
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Evelyn PimplaskarEditor-in-Chief, Director of Content
Evelyn Pimplaskar is Insurify’s director of content. With 30-plus years in content creation – including 10 years specializing in personal finance – Evelyn’s done everything from covering volatile local elections as a beat reporter to building fintech content libraries from the ground up.
Before joining Insurify, she was editor-in-chief at Credible, where she launched and developed the lending marketplace’s media partnership’s content initiative and managed the restructuring of the editorial team to enhance content production efficiency. Formerly, as tax editor for Credit Karma, Evelyn built a library of more than 300 educational articles on federal and state taxes, achieving triple-digit year-over-year growth in e-files from organic search.
Her early career included work as a content marketer, vice president and managing officer of a boutique public relations agency, chief copy editor for 14 weekly Forbes publications, reporting for large and mid-sized daily newspapers, and freelancing for the Associated Press.
Evelyn is passionate about creating personal finance content that distills complex topics into relatable, easy-to-understand stories. She believes great content helps empower readers with the information they need to make important personal finance decisions.
7+ years in content creation and management
5+ years in insurance and personal finance content
Ashley is a seasoned personal finance editor who’s produced a variety of digital content, including insurance, credit cards, mortgages, and consumer lending products.
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