Comparing travel insurance providers: the smart money is on the specialists

When it comes to insurance, providers with policies for a variety of purposes, such as car, home and travel, are often the first names that spring to mind due to their prevalence within the market. However, thanks to our 20,000 travel insurance reviews, from customers like you, we can reveal that it’s actually the insurers that operate solely in the travel insurance niche that get the best scores.

The importance of travel insurance

Whether you're travelling overseas or within the UK, travel insurance is really important, but choosing a policy can be daunting. With a multitude of policies available from a wide range of providers, it can be hard to tell if you’re getting the best deal for the protection you need.

Although we hope every trip is smooth-sailing, there are many unavoidable problems that can arise. With increasing numbers of flight cancellations, airline staff shortages or lost luggage, it’s never been more important to make sure you have the right cover for your trip.

The best (and worst) types of travel insurers

From the reviews left on the Smart Money People website, we’ve been able to analyse 91 travel insurance providers, finding that the providers that typically receive the best scores are those that solely offer travel policies, with an average score of 4.85 out of 5.

Specialist travel insurers know their sector and their customers inside out, and because it’s the only thing they do, it gets their undivided attention.

Providers offering multiple types of insurance were next in line, collectively receiving an average rating of 4.63.

General providers that also offer other non-insurance products, such as banking and financial services, scored lower, with an average rating of 3.81.

The lowest scorers were banks and other companies with a banking licence, receiving an average travel insurance rating of 2.30 over the same 5-year period (although it’s worth noting that the sample size is much smaller for services of this nature).

With some credit cards or bank accounts, you could be offered a complimentary travel insurance policy. Although this may seem like a money-saving win, it’s vital to check the terms and coverage of the insurance, as it may not be the most comprehensive policy if you do need to claim.

What to look for with travel insurance

When choosing travel insurance, it’s important to consider the level of cover provided rather than just opting for the cheapest policy. The right insurance should protect you against unexpected costs, such as medical emergencies, trip cancellations and lost or stolen belongings.

Start by checking the medical cover - look for policies that provide decent coverage for emergency treatment, hospital stays and medical repatriation if required. If you have pre-existing medical conditions, you’ll need to declare them so the insurer can decide if they can provide cover.

Cancellation cover is also important. If you had to cancel or cut your trip short, you’ll want a policy that reimburses you partially or in full.

If you’re travelling with valuable items, check the baggage and personal belongings limits. Research the single item limit to make sure your valuable belongings are covered. 

When is it too late to get travel insurance?

Ideally, you should buy travel insurance as soon as you book your trip, but if you have left it until the last minute, you can usually buy cover right up until your departure. But waiting too long can leave you vulnerable.

If you only buy travel insurance the day before you travel, you may not be protected if something unexpected prevents you from going. This includes sudden illness or family emergencies, depending on what your policy includes and the exclusions it specifies.

Most insurers specify that you have to buy a travel insurance policy before you travel. If you’re at the airport and realise you’ve forgotten to arrange insurance, you may still be able to buy a last-minute policy online. But check the start date and coverage terms carefully to see if there are any exclusion periods.

Check reviews before purchasing

It's a good idea to check travel insurance reviews for the insurers you're considering before purchasing a policy. Whilst specialist travel insurance providers as a whole receive good reviews, these are averages which means that some will still be better than others.

Taking a trip? Read the reviews for our top-rated travel insurance companies. Or have a browse through all of our travel insurance reviews.