Studying abroad? Here are the best international student travel insurance companies (2024)

Studying abroad is a valuable educational and cultural experience and could give you an advantage in the job market after graduation. Buying travel insurance is a way to protect yourself financially while studying abroad.

• Best overall: AXA Assistance USA Travel Insurance
• Best for medical expenses: USI Affinity Travel Insurance
• Best for trip interruptions: Travel Guard Travel Insurance
• Best for customizable coverage: Allianz Travel Insurance
• Best for students on a budget: Berkshire Hathaway Travel Protection

AXA Assistance USA's most basic plan, the Silver Plan, includes all of the essentials a student will likely need while studying abroad: coverage for emergency medical expenses (up to $25,000 for accident or sickness and up to $100,000 for evacuation), baggage loss (up to $750) trip interruption and trip cancellation.

It's budget-friendly as well and is one of the most affordable yet comprehensive travel insurance plans on the market. If you're interested in higher coverage limits, AXA offers two more premium plans, one of which includes a cancel for any reason (CFAR) option.

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USI Affinity is a good choice for students primarily concerned about potential medical expenses abroad. The company offers only one trip cancellation plan but offers a wide variety of travel medical plans tailored to specific situations.

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Students who are concerned about trip interruptions should consider Travel Guard, which offers last-minute coverage. There are three base packages available online, with more options available through a representative. Its most basic plan includes typical coverage for travel medical expenses (up to $15,000 in medical expenses and $150,000 for evacuation), but robust coverage for trip cancellation, trip interruption, baggage theft as well as per-day compensation for trip delays.

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Allianz offers a whopping 10 different travel insurance policies. While many premium insurers offer cancel for any reason coverage that can cover up to 75% of prepaid, non-refundable trip costs, Allianz's Cancel Anytime upgrade can reimburse up to 80% of your prepaid, nonrefundable trip payments if you have to cancel your trip for one of the covered reasons stated in your plan documents. If you're planning to be adventurous during your study abroad experience, Allianz has a variety of add-ons to cover rental cars, hazardous sports and more.

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Berkshire Hathaway Travel Protection is a strong choice for students on a tight budget looking for strong coverage. Its most basic plan (the ExactCare Value plan) earned one of the cheapest quotes reviewed by CNBC Select and includes moderate-limit coverage for everything a student might need while studying internationally.

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AXA's travel insurance offers medical coverage for emergencies and accidents while traveling for up to $250,000. It offers three different plans for travelers starting as low as $16 according to its website.

CFAR coverage available

Yes

24/7 assistance?

Yes

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USI Affinity offers a number of travel plans, including travel medical plans for those traveling outside of the U.S. Its InterMedical Insurance plan has three levels of medical coverage available ranging from $50,000 to $150,000, and starts at $1.35 per day, according to the company's website.

CFAR coverage available

Yes

24/7 assistance?

Yes

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Travel Guard's travel insurance could be a fit for students studying abroad with three levels of coverage. Its travel medical expense coverage can go up to $100,000 with the brand's deluxe plan.

CFAR coverage available

Yes

24/7 assistance?

Yes

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Allianz offers several types of travel insurance for students, including its OneTrip Emergency Medical Plan with up to $50,000 in emergency medical benefits and $250,000 in evacuation benefits. Its OneTrip Prime and Premier plans offer cancellation and trip interruption benefits on top of emergency medical benefits up to $50,000.

CFAR coverage available

Yes

24/7 assistance?

Yes

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Berkshire Hathaway Travel Protection offers several travel insurance plans that could be a fit for student travelers, including its ExactCare Value and ExactCare plans, offering both trip cancellation and interruption coverage in addition to medical coverage.

CFAR coverage available

Yes

24/7 assistance?

Yes

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Medical expenses and emergency evacuation

Stan Sandberg, a co-founder of the online marketplace TravelInsurance.com, said medical coverage is the most important area of coverage for students studying abroad.

Most travel insurance plans, regardless of whether they are designed for students, cover medical expenses incurred abroad.Medical expense coverage can help to cover injuries or illnesses you may incur while abroad. Emergency evacuation coverage generally includes transportation to the nearest adequate facility or transportation home.

Travel medical coverage can exclude some situations that are relevant for students studying abroad — namely, intoxication."If the individual is either beyond a certain intoxication level or under the influence of illegal substances, those things are very often excluded from coverage," Sandberg said. "So, a student traveling to a country that doesn't have a drinking age, for instance, that would be something to keep in mind."

Because of cultural alienation and homesickness, studying abroad can be an emotionally difficult time for many students. If you are shopping for student travel insurance, you should consider searching for a plan that covers mental health services. Read your travel policy carefully to understand the coverage offered and any requirements for coverage.

If medical expenses are the only cost you wish to insure, then you might instead consider an international health plan, which Sandberg recommends for students on a budget.

Trip cancellation and interruption

If your circ*mstances change at the last minute, you'll be grateful to have a travel insurance plan with trip cancellation coverage, which will reimburse you for your non-refundable trip costs, like flights and hotels, for covered events.

This coverage will not, however, cover any non-refundable costs of your study abroad program, such as tuition, room and board, which are likely to be much more expensive than the flights to and from.So to Sandberg, this coverage is slightly less important for students.

Travel assistance

It's possible that studying abroad will be a student's first time out of the country. Traveling internationally, especially in areas with a language barrier, can be confusing. Many travel insurance plans, and all five policies we chose as our top picks, offer a 24/7 helpline to assist you along your journey.

Lost or stolen baggage

Along with travel assistance, baggage loss and baggage delay coverage are examples of post-departure benefits. Study abroad programs typically last an entire semester or a summer, so you'll likely pack a lot of luggage.

If you're traveling with valuables, you should consider searching for a plan that includes baggage insurance. Sandberg recommends reading the fine print, though, as many plans exclude electronic items in luggage and items above a certain value.

And of course, make sure any policy is worth your money and aligns with your coverage goals before purchasing it.Many travel insurance policies offer free look periods that include time to read over the policy and cancel coverage with a refund.

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To determine the best travel insurance companies for students studying abroad, CNBC Select analyzed dozens of U.S. travel insurance companies that come with a wide variety of policies and offer coverage for a number of situations.

When narrowing down the best travel insurance companies, we focused on the coverage available, including the number of plans available, 24/7 assistance availability and cancel for any reason (CFAR) coverage availability. We also considered financial strength ratings from AM Best and Better Business Bureau ratings for customer satisfaction.

To consider costs, we gathered quotes from the top travel insurance companies for four sample trips, which included:

1. A semester-long (January 15 to June 15) study-abroad trip to the United Kingdom:

• $3,000 per person (flights to and from JFK and non-program hotels)
• New York residents
• Traveler aged 20

2. A summer (June 15-August 15) study-abroad trip to Italy:

• $2,000 per person (flights to and from JFK and non-program hotels)
• New York residents
• Traveler aged 20

Sample quotes assumed that payments were made on the date of quoting.

Note that the premiums and policy structures advertised for travel insurance companies are subject to fluctuate in accordance with the company's policies.

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