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What Types of Travel Insurance Are There? The 7 Types in 2024

Byron Mühlberg, writer at Monito.com

Byron Mühlberg

Guide

Mar 23, 2023
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Are you planning a trip abroad and wondering about what types of travel insurance exist? Perhaps you're curious about which type you should be choosing? As we'll see in this short guide, there are two major types of travel insurance based on the type of coverage: trip and medical insurance (as well as a combination of the two).

Moreover, you'll also notice other classes of travel insurance based on the package, including single- and multi-trip and family insurance.

While this may sound like a lot to consider, the good news is that it's not too bad! Read on to learn what each type of travel insurance means and under what circumstances it might make sense for you.

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Types of Travel Insurance by Coverage

Travel insurance is a rather broad category of insurance that protects you financially from unexpected events that may occur while you're travelling in a foreign country (you can find out more about how it works in our definitive travel insurance guide).

If you consider the types of unexpected events that can happen while you're travelling, you'll notice there are two kinds: medical incidents (things that require you to visit the doctor or hospital) or trip incidents (practical things that don't go according to plan and cost you money). These form the two major classes of travel insurance, which we explore in more detail below:

Trip Insurance

The first and most popular type of insurance is called 'trip insurance'. This type of insurance is travel-focused. It covers non-medical incidents that can go wrong while travelling overseas. Depending on the terms of your trip insurance policy, you stand to be reimbursed for costs incurred from things such as:

  • Non-refundable costs of cancelling your trip for unforeseen reasons,
  • Food and accommodation for transport delays and cancellations,
  • Lost or stolen luggage or valuables,
  • Repatriation in case of civil unrest or disasters.

Travel Medical Insurance

On the other hand, the other major class of travel insurance is called 'travel health insurance' or just 'health insurance'. If you hold a travel health insurance policy, your insurer will pay you back for medical-related incidents, which commonly include:

  • Doctor's visits (within covered limits),
  • Hospitalisations (within covered limits).

On the other hand, some other activities and incidents are seldom covered by standard travel insurance policies, although they can sometimes be purchased at a premium. A few examples of standard exclusions include:

  • Dental care,
  • Ambulance rides,
  • Mental health-related expenses,
  • Pregnancy, childbirth, and maternity-related expenses,
  • Chronic or pre-existing conditions,
  • Injuries incurred from risky activities (e.g. skiing, extreme sports, etc.).
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A good travel insurance policy includes a combination of both health and trip insurance. Insured Nomads is a trusted insurer whose flexible and affordable policies offer a range of travel and medical coverage!

Depending on your needs and preferences, you may want to look for one type of travel insurance over the other (or a combination of the two).

For example, if your regular health insurance in your home country already covers hospital visits overseas, it may be a bright idea only to find a trip insurance policy. On the other hand, if your health insurer doesn't cover hospitalizations abroad, but your credit card offers basic trip insurance coverage, you probably want to look for travel medical insurance only.

Types of Travel Insurance by Policy

If you're shopping around for travel insurance, understanding the above distinction between trip and medical insurance is essential. But even so, you might still be baffled to find travel insurance policies structured differently. Below, we go over the main types of travel insurance policies by their use case and policy structure:

Single-Trip Insurance

Singe-trip insurance, unsurprisingly, insures you for one single trip abroad, regardless of its exact duration. This is generally the most popular travel insurance package.

Most travel insurers allow you to purchase travel insurance very flexibly: you get to select the number of days, weeks, or months for which you wish to be covered. But if your insurance is only for one trip, it'll always be single-trip insurance.

Multi-Trip Travel Insurance

Multi-trip insurance insures you for multiple nonconsecutive coverage periods within a more extended period (usually a year). In other words, you get to choose when you are insured, when that insurance will 'pause', and when it will come into effect again.

Multi-trip insurance is handy if you plan to spend a lot of time abroad while still making regular trips to your home country.

Backpacker and Expat Insurance

Backpacker or expat insurance (also called 'digital nomad insurance') is a loosely-defined category of travel insurance. It insures you for extended periods while living abroad (generally for longer than one year) and normally focuses on medical coverage.

While handy if you're a digital nomad or somebody who lives abroad for long periods, many countries require residents to hold a local health insurance policy. Be sure to check on these requirements before moving to a new country.

Family Travel Insurance

Family travel insurance insures you and your family members together in one policy. It typically includes both trip and medical coverage. Naturally, it's helpful if you'd like to insure multiple people at once and have them covered by one single policy.

Some insurers (like VisitorsCoverage) don't offer family travel insurance per se but allow you to take out multiple policies for your family members all at once simply by entering their ages and other personal details.

Business Travel Insurance

Travel insurance isn't just geared toward individuals: businesses can also take our travel insurance for their employees when going abroad on business trips. These policies typically cover emergency medical and dental expenses, trip cancellation or interruption, and rental car collision coverage.

Some business travel insurance policies even offer coverage for business-specific risks like the loss of business documents or equipment, liability protection, and emergency expenses related to business activities.

Best Travel Insurance Deals

Fortunately, many travel insurance providers offer great combinations of the different types of travel insurance we explored above. Below, you'll find a few of the top names:

VisitorsCoverage

VisitorsCoverage offers a wide catalogue of online trip and medical insurance policies — most of which are very comprehensive, affordable, and can be booked with immediate effect.

  • Pricing range: $25 to $200 /traveller /month
  • Underwriter: Lloyd's, Petersen, and others
  • Trip insurance: Yes
  • Travel health insurance Yes
  • Single-trip insurance: Yes
  • Multi-trip insurance: Yes
  • Backpacker/expat insurance: Yes
  • Family insurance: No
  • Business insurance: Yes

Genki

Genki's trusted online travel insurance portal allows you to purchase basic insurance policies even after having already started your travel!

  • Pricing range: $38 to $55 /traveller /month
  • Underwriter: Allianz Partners
  • Trip insurance: No
  • Travel health insurance: Yes
  • Single-trip insurance: Yes
  • Multi-trip insurance: Yes
  • Backpacker/expat insurance: Yes
  • Family insurance: No
  • Business insurance: No

Allianz Travel

Allianz Travel Insurance is a major name among travellers. While pricier, they offer excellent coverage options and have a long record of service and an excellent reputation.

  • Pricing range: $100 to $500 /traveller /month
  • Underwriter: Jefferson Insurance Company
  • Trip insurance: Yes
  • Travel health insurance: Yes
  • Single-trip insurance: Yes
  • Multi-trip insurance: Yes
  • Backpacker/expat insurance: No
  • Family insurance: Yes
  • Business insurance: Yes

FAQ About the Types of Travel Insurance

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