How to Find the Best Travel Insurance

Digital nomads and travelers around the world have many options when buying insurance. With so many travel insurance services, it can be a daunting task to select the right travel protection for your adventure activities across the seven corners of the world. Similar to other services, several factors make a travel insurance company great.

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Your journey starts with identifying what’s important to you, followed by finding a travel insurance provider that understands and shares your passion for travel and your insurance concerns. The best travel insurance companies, like Insured Nomads, always do.

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How To Choose the Right Travel Insurance Policy

Travel insurance can mean many things to different people, so it’s essential to define your travel insurance needs before choosing the right policy. For instance, are you going on a short 10-day vacation to the Bahamas, or are you a U.S. resident moving to your company’s Munich office for more than a year?

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These scenarios constitute travel, but the travel insurance concerns and priorities couldn’t be more different. A short vacation doesn’t necessitate annual global medical coverage, for instance, and an indefinite work assignment abroad presents unique perils not present on short holidays.

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Therefore, choosing the right travel insurance policy requires understanding your loss exposure, how long you are exposed, and which insurance policies you already have at home will follow you on your journey.

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How Much Does Travel Insurance Cost?

As a world nomad, you already know that traveling can be costly. Rising gas prices continue to increase the average cost of domestic and international flights, and inflation worldwide continues to make the cost-of-living soar to record levels. Frequent travelers are in the know: the right travel insurance can provide vital travel assistance services, but the wrong travel insurance will break the bank.

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Because of these rising costs, having a strict budget is essential, so finding the best travel insurance plan at the best price is paramount. This is why we, at  Insured Nomads, have made it our mission to offer the best travel insurance plans at the most outstanding value without maxing out your credit cards.

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Travel Insurance Cost Examples

Our World Explorer insurance plan is best suited for world nomads traveling abroad for seven or more days but less than a year and offers coverages above and beyond the typical offerings from other companies.

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For a World Explorer plan for a 32-year-old with a $250 deductible with a$1,000,000 medical maximum, you can get a quote for as little as $96 a month.

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If you are one of the lucky ones who travel globally several times a year, our World Explorer Multi plan is excellent for you, an annual plan as low as $350 a year.

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Do You Need Travel Insurance?

Internationally traveling means losing many of the coverages your insurance policies at home provide. For instance, most auto and health insurance plans don’t offer any coverage for perils once you leave your passport.

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Insurance is part of our daily lives, and it can be easy to forget the peace of mind it provides. Besides our deductibles and out-of-pocket expenses, insurance will rebuild our homes if they burn down, repair our cars if damaged, and pay for medical costs incurred from an illness or accidental injury.

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When you travel abroad, you lose this peace of mind, so purchasing a comprehensive travel insurance plan to cover you is important.

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What Does Travel Insurance Cover?

Travel insurance coverage can vary from company to company, illustrating the importance of choosing a company that provides the broadest coverage at the best value. Some of the coverages in our World Explore Plans include:

• Trip Cancellation Insurance
• Travel Medical Insurance
• Emergency Medical Evacuation Coverage
• “Cancel for Any Reason” Coverage
• Travel Delay Insurance
• Trip Interruption Insurance
• Baggage and Personal Effects Coverage
• Baggage Delay Coverage

Trip Cancellation Insurance

None of us want to believe that we may have to cancel our trip plans, but life sometimes throws a wrench in our plans. Trip cancellation coverage provides reimbursement for pre-paid trip costs that are non-refundable.

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It’s not fair that you lose your travel investment due to an unavoidable peril. Your rental cars, adventure sports bookings, and other prepaid expenses cost a lot; however, you can buy travel insurance that protects your trip payment so that you can travel confidently. With trip cancellation services, canceling your trip is a covered reason for reimbursing these costs.

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Travel Medical Insurance

International borders do not restrict ailments to our health. Medical emergencies, sudden illnesses, and even accidental death or dismemberment can occur worldwide. But they are far more dangerous abroad.

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As we mentioned earlier, your health insurance will not follow you when you travel to another country, and the cost of healthcare worldwide is a threat to your financial security without it. Many plans don’t provide coverage for pre-existing conditions and coronavirus pandemic issues; however, some comprehensive plans include these insurance options.

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It’s essential to ensure the travel medical plan covers your needs, and regardless of your medical conditions, there is a plan that will work. The type of travel will also impact the type of coverage you need; for example, international trips and adventure travel will warrant trip insurance with more significant medical care coverage. On the other hand, you may not need the highest coverage limits for a last-minute trip to a domestic destination.

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When considering medical expenses, the add-ons are often worth it.

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Emergency Medical Evacuation Coverage

Few travel insurance companies offer or include emergency medical and natural disaster evacuation coverages. We do. In the event of a qualifying emergency or natural disaster, we will cover the costs for your emergency evacuation, subject to your policy limits.

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“Cancel for Any Reason” Coverage

While most travel insurance companies offer trip interruption coverage, few offer “Cancel for any reason” coverage. With travel insurance from Insured Nomads, you can book your trip with the confidence that you can get some of your investment back should unforeseen circumstances require you to cancel or reschedule.

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Travel Delay Insurance

Travel delays area traveler’s nemesis and one we see far too often. Global events can influence your travel plans, and travel delays are inevitable, from political unrest to weather.

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Sometimes a delay can cause you to miss a connecting flight or train, your transfer transportation, or even your hotel reservation. Travel delay insurance provides you with a travel guard, securing the safety of your wallet even as your travels are affected by forces outside of your control.

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Trip Interruption Insurance

Trip interruption insurance is the cousin of travel delay insurance. Should you experience a peril that interrupts your trip, trip interruption insurance covers the costs associated with getting back on track or returning to your home country earlier than planned. Trip delays, especially international travel, can add significant expense to your single trip or multi-trip vacation. With trip interruption upgrades, you get the peace of mind that these delays are not exclusions from your coverage.

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Baggage and Personal Effects Coverage

Baggage and personal effects coverage is the property insurance side of travel insurance. At home, you have homeowner, auto, and inland marine insurance that provides personal property protection. However, while abroad, these policies are left at the border. If you lose your baggage or damage your camera while traveling, our travel insurance plans cover you.

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Baggage Delay Coverage

When you step out the door of your house on the way to your adventure, you carry your baggage packed with all the essentials you’ll need while abroad. Any delays in receiving your luggage once you arrive at your destination can result in a stoppage of the fun.

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Without baggage delay coverage, that trip to the pool will have to wait, or you’ll have to go and buy some new swimming trunks. With baggage delay coverage, we will help offset the cost of getting the travel necessities you need so that the exploring doesn’t have to wait.

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Conclusion

You literally have thousands of options for choosing a travel insurance company. Choose one that shares your passion for travel and adventure and understands your unique needs. Choose one that is changing the way insurance is delivered to meet the needs of the modern global citizen.  

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Our policies are written so they can be easily read and understood, our coverages are straightforward, and we don’t ask for an arm and leg in premiums. Our founders hail from sunrise horizons all across the globe, and we love what you love. Connect with us today to learn more.

About Insured Nomads   

Insured Nomads is the first to take an integrated traveltech, fintech and insurtech solution to the world for remote workers, globally distributed teams, expats, and travelers. Their purpose is to make travel as safe and smart as staying at home. They do this by providing health insurance with exceptional medical benefits in tandem with wellbeing, safety, security, and advanced tech-enabled solutions for ease of payment for healthcare, emergency response and evacuation. Insured Nomads is available through affinity relationships, direct, embedded and through select brokers and partners for groups and individuals. 

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Information on integration, collaboration and partnership contact Brett Estep: brett@insurednomads.com

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When researching destinations and travel, Try Peanut - a free google chrome extension. It automatically displays travel requirements, visa rules and more on booking.com, expedia & google flights.

Sources:

America’s Best Insurance Companies 2022 | Forbes

How soaring gas prices are affecting the cost of flights | The Washington Post

“Incredibly frustrating” airline delays cause summer travel nightmares | CBS News