The Best Travel Insurance Policies for 2020, According to Forbes Advisor
Their ranking was determined by an analysis of 15 different coverage benefits.
As travelers begin to head back out on the road or make plans for future travel in the wake of coronavirus, they may be more likely to tack on travel insurance. To help travelers decide which insurance company to go with in a time of constant policy changes for flights and hotels, Forbes Advisor released a list of the best travel insurance companies for those considering a trip this year.
Forbes' ranking was determined by an analysis of 15 different coverage benefits, including flexibility to cancel, medical expenses, trip delays or cancellations, and baggage delays or mishaps. Each company was scored with a star-rating and a points system.
After analyzing the data, AIG Travel Guard came out on top, with a five star-rating and a score of 975 out of 1,000.
AIG’s “Deluxe” travel insurance is the best in the game, according to the Forbes Advisor ranking. The plan gained points as a great choice for “the traveler who wants to cover all their bases,” thanks to its extensive coverage options, including coverage if a pre-existing condition flares up while traveling. The only caveat is if travelers want “cancel for any reason” coverage, it must be purchased within 15 days of the initial trip deposit. Other companies give 21 days.
“So many unexpected problems can happen on a trip,” Forbes Advisor’s Chief Insurance Analyst Amy Danise said in a statement. “You may not be able to prevent the problems but you’ll want to have a solid safety net. Having the best travel insurance policy can save you money and headaches. In some cases it could save your health if you encounter a medical problem while traveling.”
If you’re considering purchasing travel insurance for an upcoming trip, specifically look at policies that will allow you to cancel for any reason. According to AIG’s latest statement, “fear of pandemic” is not a valid reason for cancellation under most policies, particularly now that the pandemic is considered a foreseen event.
Those who choose to travel are strongly encouraged to check local government restrictions, rules, and safety measures related to COVID-19 before departure — and take personal comfort levels and health conditions into consideration.