Most popular travel insurance companies in 2023

Passport, charger, headphones… ah, yes, travel insurance. We never leave on a trip without one and you shouldn’t either. From lost luggage to world disturbing events like the pandemic, you never know when travel insurance is going to come in handy.

When I lost my brand new GoPro in a lake while participating in the Challenge in Koh Phangan, Thailand, I felt devastated. I regretted a hundred times that I took my one-day-old GoPro with me that day. To my big relief, my Allianz travel insurance fully covered the loss of my GoPro.

The effort of researching which travel insurance to get for my regular travel adventures certainly paid off. While it was just a matter of material damage this time, it's even more important to have coverage in case of medical emergencies.

When it comes to insurance, there really isn’t a one-size-fits-all solution and that’s why we included the pros and cons for each travel insurance. Ultimately, the decision depends on what you’re looking for.

Continue reading for our round-up with the most popular global travel insurance companies in 2023:

An in-depth comparison of the most popular travel insurance companies

Many travellers tend to stick with the travel insurance offered by their banks or health insurance providers, but it's worth doing your own research as well. When you buy your travel insurance directly with an insurance company, you can find a better policy that meets your specific needs and budget.

Below, we're sharing the pros and cons of the most popular global travel insurance options. Read until the end for a detailed comparison table that will help you decide.

1. SafetyWing — best for digital nomads 

SafetyWing is a Norwegian startup that markets itself as an ‘insurance for nomads by nomads’. In line with that mission, SafetyWing’s Nomad Insurance has already solved many pain points for people travelling long-term. 

And there’s more in the works. SafetyWing will be launching new insurance for full-time nomads as well as a retirement savings plan soon.

2. HeyMondo — best for well-rounded coverage 

Based in Barcelona, HeyMondo is another young insurance company that wants to re-invent travel insurance. It’s a well-rounded solution for different types of trips. 

They have three insurance packages: Single Trip, Annual Multitrip (all your trips for the next 12 months, maximum 60 days per trip) and Long Stay (minimum 90 days). 

HeyMondo is slightly more expensive than SafetyWing but comes with additional coverage for luggage theft and trip cancellation. It also offers more services in the medical insurance policy. 

3. World Nomads — best for adrenaline sports and adventuring

World Nomads is a travel insurance company based in Australia that was founded in 2002 by Simon Monk, a traveller himself. It’s trusted by brands like Lonely Planet, Eurail, and Intrepid Travel. 

This travel insurance is the best package on the list for sports and adventure activities. However, despite the name, it’s not necessarily the best travel insurance on the list for digital nomads – because of the high overall cost and the long wait to get the claim resolved (more on that later). 

World Nomads offers two options: Standard and Explorer (they differ in policy price and coverage, see the table below for a detailed breakdown). 

Both policies come at a much higher price point than SafetyWing and HeyMondo. 

Who can get World Nomads insurance?

World Nomads’ website says that the insurance covers people from over 140 countries around the world.

However, when we fact-checked this for the purpose of this article (January 2023), we found out that World Nomads insurance coverage has been temporarily suspended for a number of European Union countries. Countries that cannot use World Nomads right now include Austria, Bulgaria, Croatia, Czech Republic, France, Greece, Italy, Spain and Poland.

Is World Nomads insurance actually good?

World Nomads insurance has been recommended by big travel brands. But it also has a low TrustPilot rating of 3.6. So where’s the truth? Is the insurance any good? 

We’ve read the reviews and here’s the issue: unfortunately, many people had to wait really long to get their claims resolved. We’re talking 6 months and longer to get the insurance money! 

This is not a universal experience. Some people swear by World Nomads and have been loyal customers for years. But 30% of users had a 1-star experience. Which, if you ask us, is a lot! 

4. Revolut Travel — best for two-in-one solutions 

You probably know Revolut as the banking app, but its’ services go beyond just banking. Thanks to their partnerships with different insurance providers (depending on your country of residence), you’ll get free travel insurance with their premium plans.  

To use the insurance, you must subscribe to Revolut Premium ($9.99/month) or Revolut Metal ($16.99/month). The travel insurance is a part of your subscription, for free! 

Revolut partners with different insurance partners in different parts of the world, so terms and the amount of coverage also differ. Make sure to check the exact terms and conditions that apply to you on their website or in your Revolut app. The conditions discussed in this post are based on a Dutch policy and might differ per country of residence.

Overall, the coverage is much better than you’d expect from a free add-on. Revolut Travel includes coverage for trip cancellation, delay and interruption, luggage protection (including sports equipment!) and even free car insurance.

5. Allianz Globetrotter – best for high coverage and tailored packages

Allianz is one of the biggest global insurance providers. The company was founded in Germany in 1890 so they’ve got quite some experience under their belt. 

In terms of travel insurance, they have several policy options for different travel styles and needs. This is the most choice of any insurance provider on this list. 

What other packages does Allianz offer?

We focused on Allianz Globetrotter here because it’s the best price per month. But there are plenty of other options, too. The single trip insurance costs around €90/month while the Globetrotter starts from €40/month (depending on where you’re from).

• Single Trip insurance (up to 180 days)
• Backpacker insurance (up to 365 days; includes extra sports like snorkelling, scuba diving and bungee jumping; only available if you’re under 50 years old) 
• Globetrotter (up to 24 months; you can add on winter sports and extreme sports)
• Annual Multi-Trip insurance (unlimited number of trips you take in 12 months)
• Winter Sports and Ski insurance (special coverage for things like piste closure, avalanche and ski equipment damage) 
• Sports and Leisure insurance (includes sports that aren’t covered by Allianz’s basic insurance, like scuba diving and bungee jumping)

Travel insurance companies: side-by-side comparison

Terms and conditions of travel insurance can vary depending on which country you’re from. For SafetyWing, HeyMondo, and World Nomads, we used terms for a US citizen as an example. For Revolut Travel, we could not find the terms for a US citizen, so we used the terms for a European citizen instead.

Note: The information provided above is based on our own research and is intended for informational purposes only. We always recommend reviewing the terms and conditions of a travel insurance policy before buying it.

Travel insurance jargon explained

Insurance providers don’t make it easy with all the jargon! We put together a little dictionary to explain key travel insurance terms in ‘human speech’. 

Trip interruption, trip cancellation and trip delay

If you think these all sound similar, you’re not alone. But in insurance talk, there’s actually a big difference. 

• Trip interruption is when you have to cut your trip short and return home before completing the trip as planned. This can be due to an illness, a death of a relative, or other unforeseen circumstances.

• Trip cancellation is when a trip is cancelled before it begins. This can be due to a variety of reasons, such as you getting sick, the destination being unsafe to visit, or the trip being cancelled by the travel provider.

• Trip delay is when a trip is delayed for a period of time. This can be due to weather, mechanical issues with transportation, or other unforeseen circumstances.

Emergency medical evacuation

Emergency medical evacuation (also known as medical repatriation) is when someone is sick or injured, and needs to be transported to a hospital from a remote location. 

A few examples: 

• If you are hiking and get injured on the trail and need to be air-lifted
• If you are skiing and get injured on a mountain and need professional ski rescue
• If you are staying in a remote location with no road access for an ambulance

Basically, any scenario when you need help and you’re somewhere where a regular ambulance can’t reach you or it would take too long.

Emergency medical evacuation is very expensive. For example, an air ambulance can range from $12,000 to $50,000 or more! You definitely don’t want to be paying this out-of-pocket.

Repatriation of remains

Repatriation of remains is when someone passed away while travelling abroad and their body needs to return to their home country. The cost of transporting remains on a plane can range from $5,000 to $25,000 or more, depending on the distance.

While this scenario is awful to even think about, it’s important that you get coverage for it. If the travel insurance doesn’t cover the repatriation of remains, the family of the deceased will have to pay.

Personal liability

Personal liability is the legal responsibility that everyone has for their actions (or failure to act) that cause harm or damage to another person or their property. 

One of the most common examples of this, in the context of travel, are traffic accidents. If you get in a car or motorbike accident and the police rules it was your fault, you may have to pay for any damages and injuries resulting from it. 

Note that the personal liability insurance in your home country may already offer worldwide coverage. However, the coverage can vary from one policy to another, so make sure to check what your current insurance covers.

Luggage insurance

Luggage insurance (also known as baggage insurance) is pretty straightforward. It typically covers the cost of replacing your luggage and the contents inside it. But there are actually three things that can happen to your luggage: 

• Loss
• Theft
• Damage

Now, just because a policy has luggage insurance, it doesn’t mean it covers all three! Read the terms and conditions carefully to understand what’s covered. It may be that the policy covers damage but not theft, and so on.

Deductible

A deductible is the amount of money that you must pay out-of-pocket before your insurance coverage begins. 

How does it work? Let’s say you’re with SafetyWing which has a $250 deductible on medical insurance. If your medical costs total $500, you’ll be responsible for the first $250, while SafetyWing will reimburse you for the remaining $250.

Motorbike coverage

If you’re travelling to Southeast Asia, there’s a good chance you’ll be renting a motorbike or a scooter. So, how does that work with your travel insurance? 

For starters, check if motorbike accidents are covered by your insurance policy (it’s not always the case). And watch out: some policies cover medical costs, but not personal liability costs.

In order for the insurance to work when you had a motorbike accident, you need to meet two requirements: 

• You must have a valid driver’s licence for the country in which the accident occurred (this is on you to check before you travel and organise the right documents).  
• You must be wearing a helmet.

Top tip: In Southeast Asia, rental bikes often have a capacity of 100CC or more. This means you must have a motor license to drive them. A typical car license from your home country only allows you to drive a motorbike up to 50CC. If you get into an accident while driving a motorbike over 50CC without the proper license, you may not be covered by insurance because you were not driving legally.

Note: We’ve done our best to explain the above terms correctly. However, it’s still a good idea to double-check with your insurance provider.

How to choose your travel insurance?

In an ideal world, your travel insurance would cover every scenario. But in reality, we often have budgets to think about, too. We think the best travel insurance companies offer a combination of good price and quality. 

But how can you know what to look for in a travel insurance policy? 

To help you make the decision, we put together our (subjective) list of travel insurance must-haves. Whatever insurance you buy, it should at least cover the following:

Must-haves

• Emergency medical care
• Emergency dental — we’re speaking from experience here: dental emergencies can be extremely painful and not something you can wait out until you get home. Do yourself a favour and get that stuff covered. 
• Emergency medical evacuation — simply not worth the risk given how expensive this gets! 
• Repatriation of remains
• Personal liability

Top tip: In some countries, such as the Netherlands, your healthcare insurance may offer worldwide coverage for the items listed above for an additional fee. This fee is often only a fraction of the costs of separate medical travel insurance.

Here are some other things you might want to get covered depending on the type of trip and your personal circumstances.

Optional (depending on circumstances)

• Luggage insurance — check how much extra you have to pay for this and do the math. Is it worth it given the overall worth of your luggage? If all you have is hand luggage with clothes and toiletries, it may not be. But if you’re travelling to go shopping and buy expensive souvenirs, maybe it’s a good idea. 
• Electronics — depends on the gear you’re travelling with. If you have a laptop, an expensive camera or other gear, it would be smart to get insurance that covers electronics
• Trip delay/cancellation/interruption — this depends on the trip. If you’re booking an expensive once-in-a-lifetime tour, it may make sense to get insured in case you can’t come for whatever reason. If you’re worried about your flight getting cancelled, you can usually buy quite cheap flight insurance directly from the airline. 
• Motorbike/scooter coverage
• High risks sports

The verdict: best travel insurance companies in 2023

Safety Wing: Best for long-term travellers and price

This insurance covers all travel must-haves. If you want a sense of security for an affordable price, SafetyWing is a good choice. The subscription model is very handy too. It means that you don’t have to worry about manually extending your insurance.

HeyMondo: Best for peace of mind

HeyMondo really covers your bases. It has all the must-haves and pretty generous coverage for things like trip delays or luggage insurance. It’s not perfect (electronics and high-risk sports still come at an extra cost) but for the price, it’s a solid choice for a holiday or a backpacking trip. 

World Nomads: Best for adventure sports and most comprehensive

World Nomads makes the most sense if you’re serious about adventure sports and adrenaline activities. It does cover all the must-haves and nice-to-haves (yay for electronics!) but it’s on the expensive side.

Revolut Travel: Best for two-in-one solution

If you were already thinking about the Revolut Premium or Revolut Metal subscription, this is a no-brainer. You get travel insurance included in your plan and the coverage is actually pretty good! It’s not going to work for long-term travellers and digital nomads planning to travel for more than 90 consecutive days.

Allianz: Best for high coverage and tailored packages

With a long list of policy options, Allianz has something for every type of traveller and allows very specific customisations. It has high coverage so it’s a great option if you want top-notch protection. 

Rounding it up

In the best-case scenario, a medical incident can ruin your budget. In the worst, it can drive you into debt. We think the conclusion here is clear: always travel with insurance!

Every insurance company offers different terms so ‘the best’ travel insurance is really subjective. But we hope this article helped you learn what some of the most popular travel insurance companies offer and what’s important to look for.