How to Pick Travel Insurance and Why It's Important
If you're like most people, you probably think of travel insurance as an unnecessary expense. But the truth is if something goes wrong on your trip - whether it's a canceled flight, stolen luggage, or an unexpected illness - travel insurance can save you a lot of money. In this post, we will discuss the different types of travel insurance available and why it's important to purchase coverage before your next trip. We'll also recommend some of our favorite suppliers of travel insurance so you can get the best coverage for your needs.
When it comes to travel insurance, there are three main types of coverage: trip cancellation/interruption, medical insurance, and baggage insurance. Trip cancellation/interruption insurance covers you if your trip is canceled or interrupted for any reason. Medical insurance covers you if you get sick or injured while on vacation. And baggage insurance covers you if your luggage is lost or damaged while you're away.
It's important to understand that not all travel insurance policies offer the same coverage. For example, some policies only cover you if your trip is canceled due to a covered event such as illness or natural disaster. Others will pay for your flight home if you have to cut your trip short. And others will reimburse you for lost or damaged luggage. So be sure to read the fine print before purchasing a policy, and make sure the coverage meets your needs.
If you're looking for travel insurance, we recommend checking out Insure My Trip, SafetyWing, and World Nomad. These are all reputable suppliers with a wide range of coverage options. And best of all, they offer free quotes so you can compare prices and find the policy that's right for you.
We'll break down each of these suppliers so you can find the best one to suit your needs.
Our Favorite Travel Insurance Providers
Insure My Trip
This well-known provider of travel insurance offers coverage for trip cancellation/interruption, medical expenses, and baggage loss or damage. They also provide a wide range of coverage choices, so you can discover the policy that's ideal for you.
For over two decades, Insure My Trip has been assisting people in making sound decisions when it comes to purchasing travel insurance. So, if you're looking for a reliable and affordable supplier, Insure My Trip is a great option.
In our opinion, Insure my Trip is a great choice for those looking for comprehensive coverage. They offer a high level of protection at a reasonable price, and they have a large network of providers so you can get the care you need if something goes wrong.
Click here to get your free quote from Insure My Trip
SafetyWing
SafetyWing is a new company that offers travel medical insurance for just $42 per month. This is a great option for budget-minded travelers, and it covers you up to $50,000 in medical expenses.
Designed for nomads, SafetyWing is perfect for people who are constantly on the go or work remotely from different global locations.
We love SafetyWing for its affordability and its wide range of coverage. This is a great option for people who don't want to worry about their health while on vacation, and it's perfect for short-term trips or long
SafetyWing is ideal for those who want basic medical insurance coverage while traveling. And since it's a monthly subscription, you can cancel at any time if your plans change.
World Nomad
World Nomad is another great option for travel insurance. They specialize in insurance designed for backpackers and adventure travelers, so if you're on the go or like to take risks, they might be a good fit for you.
They also offer a unique feature called "World Traveler" which allows you to purchase insurance for a single trip or an entire year. This is a great option for those who travel frequently.
World Nomad also offers a great customer service experience, with 24/hour help available in case of an emergency.
What to Look For When Choosing Your Insurance Plan
So now that you know where to purchase your insurance, let's dive a bit deeper into what to look for when choosing your supplier. When it comes to choosing a plan, there are a few things you'll want to keep in mind.
Coverage:
Travel insurance covers a wide range of events, from trip cancellation/interruption to medical expenses and lost or damaged luggage. Make sure the policy you choose has the coverage you need. A good provider will give you up to $100,000 USD in coverage care, although more expensive plans might cover larger amounts. For the ballers, the maximum coverage amount you can get is roughly $2 million USD!
If you become sick, hurt yourself, or require significant care and have to seek professional treatment, you want to make sure your high hospital expenses are covered. The worst thing you can do is buy a policy with a $20,000 USD coverage limit and your medical bill surpasses that amount before they've finished treating you. Don't be cheap with your health. Ensure that your insurance covers at least $100,000 USD.
Emergency Plans:
You should review your insurance policy to ensure that it includes emergency evacuation and treatment that is distinct from your medical coverage. If you break your leg while trekking in the woods, your insurance should cover your transportation to the closest appropriate medical facility.
If you must be relocated to another location as a result of a natural disaster, your plan should also cover that. This coverage should pay out up to $300,000.
Additionally, see if your evacuation insurance covers you to go home or just to the nearest safe place.
For example, most insurance plans will cover medical expenses if you are injured while traveling. They won't, on the other hand, pay for your airfare home since your condition isn't considered to be a critical one that necessitates specialized treatment.
In a nutshell, double-check to see if the policy selected will cover the cost of your return flight home.
Third, a good travel insurance policy will always include the following:
Coverage for most countries in the world.
Coverage for injury and sudden illnesses.
Some electronic coverage, with the option for higher limits.
Offer 24/7 support
Coverage for lost, damaged, or stolen possessions
Coverage for cancellations for hotels, flights, and other transportation bookings if you have a sudden illness, death in the family, or some other emergency.
Coverage for natural disasters, political emergencies, or civil unrest that may cause you to head home early.
Financial protection if any company you are using goes bankrupt and you are stuck in another country.
What’s Not Covered By Your Travel Insurance Provider
It's also critical to understand what your plan does and does not cover. In general, most plans do not cover the following:
Accidents sustained while participating in extreme adventure activities such as hang gliding, paragliding, or bungee jumping (unless you pay for extra coverage).
Alcohol or drug-related incidents.
Carelessness in handling your possessions and baggage.
Recklessness (how “reckless” is defined up to each provider).
Pre-existing conditions or general check-ups. For example, if you have diabetes and need to buy more insulin, you won’t be covered. If you want to go see a doctor for a general check-up, you aren’t covered either.
Lost or stolen cash.
Your theft coverage won’t cover you if you left something in plain sight or unattended.
If civil unrest makes your destination unsafe but your government hasn’t called for an evacuation, you’re probably out of luck too.
When to Purchase Travel Insurance
The best time to purchase your travel insurance policy is when you first book your trip. That way, if something comes up and you have to cancel, you're covered.
If you wait until the last minute, you may not be able to get coverage for some things like canceled flights or accidents that happen while on your trip. Additionally, if something bad does happen prior to your trip, you may have to pay out of pocket for expenses that your insurance policy would have normally covered.
If a natural disaster prevents you from traveling, for example, your insurance will only cover you if you bought it before the event occurred.
Don’t wait to get insurance. We’ve seen it happen too often. If you know that you're going somewhere and have dates, get travel insurance immediately!
A Note on COVID-19 (and Other Pandemics)
Since the COVID-19 pandemic hit, a lot of travelers have been wondering if they should purchase travel insurance.
The answer to this question is complicated, as it depends on your personal situation and the specific policy you're looking at. Generally speaking, most travel insurance policies do not cover pandemics or acts of terrorism.
Fortunately, as insurance companies react to our new reality, certain firms now provide minimal coverage for COVID-19 (or other pandemics). The most common form of limited coverage is trip cancellation or delay (as with World Nomads, although they do include some medical care for COVID). Both SafetyWing and Insure My Trip also have policies that cover COVID-19 depending on the location of your travel.
Also, keep in mind that insurance companies are constantly updating their policies in response to new events, so be sure to check back regularly for updates.
Final Thoughts: Why Buying Travel Insurance is so Important.
Unfortunately, no one can predict the future - if we could I'd be a Billionaire! At the end of the day, accidents happen, and smart travelers plan ahead!
Whether you are a first-time traveler or a seasoned jet-setter, Travel insurance is an important purchase, and it's crucial to pick the policy that's right for you. By comparing the different providers, you can find the best coverage at the best price.
So be sure to do your research before hitting the road and safe travels!
*This post contains affiliate links, so we may earn a small commission when you make a purchase through links on our site at no additional cost to you.
