Planning a trip to Europe? 5 top travel insurance policies to consider

From exploring Paris’ museums to lounging on the beaches of the Greek islands, European travel can be equal parts enriching and exciting. But there’s always the possibility your trip could go awry.

Travel insurance can protect the money you’ve spent on flights, hotels and other non-refundable expenses. And a standard policy can help if you need to cancel before you set off, experience travel inconveniences, require medical treatment for accidents and unexpected illnesses, or must return home early due to an emergency.

CNBC Select looked at dozens of travel insurance companies and picked five that stand out for cost, ease of use and add-on features. (See our methodology for more on how we picked the top travel insurance companies.)

Who’s this for? If you want the flexibility to change your mind in the future, Allianz‘s Cancel Anytime upgrade offers the highest reimbursement rate for non-refundable expenses out of the companies we’ve reviewed. This add-on gives up to 80% of your expenses back if your plans change.

Standout benefits: Allianz is also a top pick for family travel, since its OneTrip Prime plan includes coverage for one child under 17 with each traveling parent or grandparent.

Who’s this for? Filing a claim with Faye is easy and can be done from your phone. You can even be paid directly to your phone’s mobile wallet.

Standout benefits: Coverage for a 14-day trip starts at $5.16 per day, making it much more affordable than the industry average of $29 per day.

Who’s this for? To get the most affordable travel insurance plan possible, you need to shop around. Squaremouth makes this simple, letting you find the cheapest option and compare coverage limits side-by-side.

Standout benefits: Squaremouth’s own brand, TinLeg, tends to be an affordable way to get coverage with generous coverage limits.

Who’s this for? Hikers, backpackers, adrenaline-seekers and those planning to be involved in sports activities in Europe can get coverage for all of these pursuits with World Nomads. Even the brand’s standard travel insurance plans cover dozens of activities. Most travel insurance policies either charge extra for these adventures or don’t cover them, making it difficult for some to find protection.

Standout benefits: World Nomads also includes coverage for sporting gear, up to $1,000 for the standard plan and $3,000 for the epic plan.

Who’s this for? If you’re cruising around Europe, Berkshire Hathaway Travel Protection‘s WaveCare plan offers high medical coverage limits, which can help cover the expensive price of treatment onboard if you’re sick or injured. And the plan can cover cruise-specific disruptions or the financial default of cruise lines.

Standout benefits: WaveCare covers up to $1,500 of lost, damaged or stolen baggage — higher than some other plans’ coverage.

For American passport holders traveling to Europe, travel insurance isn’t a requirement for entry for stays shorter than 90 days. However, it could help you with common issues, from flight delays to medical emergencies. Here’s what a standard travel insurance plan covers:

• Trip cancellation: If you need to cancel for an emergency that’s covered under the policy, you can get up to 100% of your prepaid, non-refundable trip costs.
• Trip delay: If your trip has been delayed significantly (typically by six hours or more) for a covered reason, you could be eligible for a reimbursement to help with food, lodging and other expenses.
• Trip interruption: If you need to cut your trip short due to an illness, injury or emergency at home, you could do so and use these funds to help you get home.
• Baggage delay or loss: If you face this scenario, a payout from your travel insurance policy could help you re-purchase lost items.
• Medical expenses and emergency evacuation: U.S. health insurance likely isn’t valid in Europe.Travel insurance can cover doctors’ fees and hospital bills if you’re unexpectedly sick or injured on your trip.Travel insurance can also help coordinate care, as well as help you get to a place with a more robust medical system if you’re in a very remote location.

1. Consider any existing coverage: If you have a credit card with travel insurance, you could be eligible for some coverage if you booked the trip with that card.

2. Know your needs: Do you have a pre-existing condition that you want covered? Will you be bungee jumping and want coverage for that? Understand what your needs are before you start shopping.

3. Compare a few policies: Get quotes from two or three insurers to compare. Look at the coverage limits in addition to the price, and consider reading a sample policy from the companies you’re considering to see if the situations you want covered would apply.

4. Buy the best fit: To buy a policy, you typically just have to pay for it once you have a quote. After you buy, you’ll have some time to read the policy over and be sure it covers exactly what you need.

CNBC Selectanalyzed more than a dozen U.S. travel insurance companies, focusing on cost, plan types, coverage amounts and add-on options.

We prioritized companies that offered cancel for any reason coverage and considered the reimbursement rate. We also considered waivers for pre-existing conditions and the length of time after booking to qualify.

We also considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools.

Based on this criteria, our picks for the best travel insurance are:

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