Comprehensive Travel Insurance: Protect Your Trip & Peace of Mind

No matter how much forethought goes into planning for a trip, no one is immune from unexpected circumstances. Indeed, fear of flight delays and cancellations, medical and personal emergencies, and even geopolitical conflicts has helped fuel a 46% increase in spending on travel insurance by American travelers since 2019, according to the U.S. Travel Insurance Association (USTIA).1

"It's critical to understand the array of risks you may encounter—and choose coverage that aligns with your plans," says Robert Gallagher, head of North America at Zurich Cover-More and president of the USTIA.

Here, Robert helps outline some insurance considerations for your next holiday.

• Check your coverage before takeoff: Not all policies are created equal. So-called named perils policies cover only specified events and hazards, while exclusion policies cover anything not specifically excluded. For example, the trip cancellation benefits of some plans cover only airfare, so if you've booked tours or other extras, you may want a more comprehensive policy that covers prepaid costs should your trip get canceled.
• Protect yourself after departure: Ensure your policy has trip interruption benefits, which can help recoup nonrefundable expenses if a trip is cut short due to illness or injury. Some policies even include concierge-style services to help rebook flights, along with other assistance.
• Don't neglect your health: You'll also want to check whether your regular health insurance policy provides coverage if you travel outside of the U.S. For example, Original Medicare typically won't cover medical expenses incurred abroad—and many countries such as Argentina require that visitors show proof of medical coverage or risk being turned away.
• Maximize credit card and third-party coverage: While many credit cards include travel benefits for damaged or lost luggage, they may exclude medical coverage for injuries resulting from adventure sports and other high-risk activities such as horseback riding or scuba diving. In addition, some cards may have limits on rental car coverage in foreign countries, meaning you may need to purchase the collision damage waiver you might typically decline when traveling within the U.S.

Above all, study the policy language in detail, as misunderstandings can potentially cost you time and money. "It's imperative that you familiarize yourself with the terms and conditions of a policy before you buy so you understand what's covered—and what's not," Robert says.

12022–2024 Travel Protection Market Study, U.S. Travel Insurance Association, ustia.org, 06/16/2025.

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All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed.

The Cards under this program are issued by American Express National Bank and not Charles Schwab & Co., Inc. ("Schwab"). Schwab is the broker-dealer subsidiary of The Charles Schwab Corporation. Brokerage products, including the Schwab One® brokerage account, are offered by Schwab, Member SIPC (SIPC.org).

Robert Gallagher is not affiliated with The Charles Schwab Corporation, Charles Schwab & Co. Inc., or Charles Schwab Bank, SSB.

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