Our Pick Of The Best Travel Insurance
This page has been expert reviewed by Anna-Marie Duthie, insight consultant at Defaqto.
Heading off overseas? For peace of mind, both in the lead-up to your trip and while you’re away, you’ll need travel insurance. According to a Forbes Advisor study, 77% of Brits have bought a travel policy in the past, which suggests its merits are widely recognised.
Travel insurance is designed to cover the cost of unforeseen events which affect your trip – more on this below. This guide explores everything you need to know about this type of cover including how to find the right cover, and our pick of the best deals.
Our top travel insurance companies of 2024
We carried out some research with our panel of insurers (October 2024) to identify what we believe to be the top five travel policies for a family of four travelling to Spain for seven days. You can find more information on how we scored the policies in the Methodology section.
Summary of our top providers
How to choose the best travel insurance
1. Decide which type of cover you need (single trip or multi-trip)
2. Look at the right territory for your trip (ie, European or worldwide)
3. Ensure all planned sports and activities are included (if skiing or snowboarding, you’ll need specialist winter sports cover)
4. Disclose any pre-existing medical conditions
5. Check the excess (the amount that will be deducted from any successful claim)
6. Add any extras, for example cover for tech, gadgets, or equipment
7. Compare providers and premiums
8. Check that cover limits such as medical bills, cancellation and baggage, are adequate
9. Double-check the policy terms and note any exclusions or limits
10. Buy the policy and store the claims number in your phone.
What types of travel insurance policy are there?
What does travel insurance cover?
How much does travel insurance cost?
The cost of travel insurance premiums costs will vary according to the following factors:
- Your destination: Worldwide cover is more expensive than Europe-only – and more expensive still if you’re travelling to the US, Canada, the Caribbean and, in some cases, Mexico
- Your age: Generally, the older you are, the higher your premiums will be as your risk of claiming is greater
- Your health: If you have one or more pre-existing medical conditions, you will need to declare them which is likely to increase the cost of the premium
- Type of trip: Cover for skiing or activity holidays is more expensive due to the greater associated risks
- Level of cover: Many insurers offer a range of policies; Bronze, Silver, Gold and Platinum, for example. Top packages offer higher policy limits often a lower excess – but cost more to buy
Note that Insurance premium tax (IPT), charged at 20% on travel insurance, is included in all quoted premiums when you search for travel insurance.
The cost of being without travel insurance
- The average claim on a travel insurance policy in 2022* was £973
- The average claim for emergency medical treatment in 2022 was £1,750 – the highest figure recorded since the ABI began collecting data in 2004
- The cost of an air ambulance back to the UK from within the European Union in 2023^ averaged between £22,000 and £26,000. From elsewhere in the world the cost was between £65,000 and £74,000.
* The Association of British Insurers (ABI)
^ Travel association, ABTA
“Shopping around using our comparison service will unearth the most competitively-priced travel policies, but always ensure you’re getting the protection you need. Check the cover limits and exclusions, and answer every question accurately and in full. That way you know you’re getting maximum value – and you’re fully covered.”
– Kevin Pratt, editor Forbes Advisor
Cheapest travel insurance quotes
The price of a travel insurance policy is determined by a number of factors, a crucial one being the destination. Below we’ve listed the minimum a traveller is likely to pay for a travel insurance policy, and the average policy price, based on the country of travel.
DESTINATION | CHEAPEST QUOTE | AVERAGE PRICE |
---|---|---|
Spain
|
£7.80
|
£11.58
|
France
|
£6.00
|
£8.96
|
Italy
|
£6.72
|
£10.75
|
USA
|
£19.88
|
£32.68
|
Netherlands
|
£6.00
|
£8.96
|
What level of cover can I choose from?
Travel insurers can offer various levels or ‘packages’ of cover, for example Bronze, Silver, Gold and Platinum.
Bronze packages offer the most basic level of cover and, as a result, premiums tend to be cheapest. The excess (the amount deducted from any successful claim) also tends to be higher, while there may be more exclusions and fewer extras such as cover for gadgets, for example.
Gold and Platinum travel insurance plans tend to cost more but offer higher limits for eventualities such as medical treatment, cancellation, and lost and stolen luggage. Coverage is wider spread and excesses tend to be set lower.
Weigh up what level of travel insurance plan best suits your requirements. While you never want to be underinsured, you don’t want to pay for cover levels you don’t need either
What optional extras does travel insurance offer?
If you make several claims under different sections of a policy – for example, one for loss of luggage and another for medical expenses – you’ll be charged an excess for each section
What methodology did we use?
We used our travel insurance comparison service to search for single trip policies for a family of four (two adults in their 40s, and two teenagers) travelling to Spain for seven nights in October 2024. We’ve assumed no members of the family have any pre-existing medical conditions.
As per guidance from the Government’s Money Helper website, all policies include a minimum of:
- £1 million in medical and repatriation cover (for Europe)
- £2,000 in cancellation cover
- £1,500 in baggage and belongings cover
We then considered:
- Premium cost
- Coverage limits
- Excess payable per successful claim
- Extra cover such as gadget insurance.
We used this information to arrive at our Forbes Advisor star ratings. Five stars refers to the best (or joint best) policy factoring in the above criteria and overlaid with editorial judgment.
The excess listed applies to each person listed on the policy and to each accepted claim.
If you are struggling to find suitable or affordable cover, the government’s Moneyhelper directory may be able to help. It can also be contacted on 0370 950 1790.
Information provided on Forbes Advisor is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results.
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