Planning a trip to Europe? Top 5 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 relaxing.

But there's always the possibility your trip could go awry. Travel insurance can help 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 for a covered reason before you set off, experience travel inconveniences, require medical treatment for accidents and unexpected illnesses, or must return home early due to an emergency.

And this travel season, it could be even more helpful: The blockage of the Strait of Hormuz has sent fuel costs and airfares soaring, and experts from the International Energy Agency warned on April 16 that Europe could start seeing jet fuel shortages in as few as six weeks.

This kind of disruption wouldn't typically be covered by a standard travel insurance policy. However, it would be covered by a cancel for any reason (CFAR) coverage, which would allow you to recoup a portion — typically 50% to 75% — of your lost funds.

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 for any reason that you might encounter, Allianz's Cancel Anytime upgrade offers up to 80% of your non-refundable expenses back if your plans change — the highest reimbursement rate out of the companies we've reviewed.

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 is a travel insurance marketplace that makes this simple, letting you find the cheapest option and compare plans from multiple brands 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 more than a dozen activities that would cost extra with other brands. Most travel insurance policies either charge extra for these adventures or don't cover them, making protection more limited or expensive.

Standout benefits: If you're bringing a bike, skis, or other gear, World Nomads also includes coverage for sporting equipment, up to $1,000 for the standard plan and $3,000 for the epic plan.

Who's this for? Cruising around Europe? Berkshire Hathaway Travel Protection's WaveCare plan offers high medical coverage limits, which can help cover more expensive care 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.

A travel insurance policy typically costs between 4% and 10% of your total prepaid and non-refundable trip expenses. However, prices vary by company, and older travelers tend to see higher prices.

To find the cost of travel insurance for Europe, we gathered sample quotes for three different travelers planning a trip to France, including:

• Family of four: Two parents, aged 30, and two children under five, spending $5,000 on a one-week trip.
• A senior couple: Two 60-year-old adults spending $5,000 on a one-week trip.
• A solo traveler: A single 30-year-old traveler spending $2,500 on a one-week trip.

To buy travel insurance for a European trip, or any trip, you'll want to act quickly after you book your travel. Typically, purchasing sooner rather than later can allow you to qualify for things like a pre-existing condition waiver. It can also protect your trip from weather or events — once a storm is identified or an incident, like a travel carrier default, is on the horizon, your travel insurance will not cover cancellations related to those disruptions.

To get coverage, follow these steps:

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.

Why trust CNBC Select?

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed financial decisions. Every travel insurance review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of travel insurance products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

CNBC Select analyzed 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 these criteria, our picks for the best travel insurance are:

• Best for cancel for any reason: Allianz
• Best for quick and easy reimbursement: Faye
• Best for affordability: Squaremouth
• Best for adventure travel: World Nomads
• Best for cruises: Berkshire Hathaway Travel Protection

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