Travel Insurance Wiki: Everything You Need To Know
Welcome to Insured Nomads, a travel insurance company founded for and by those who love to travel and explore this beautiful rock we all call home. We are glad you discovered us! Like you, we are world citizens, deeply connected to the global community of those who break barriers and go beyond borders. Our founders have lived on five continents. Our team is made of travelers and nomads, people who often live, work, and play outside of their home country.
Why Do I Need a Travel Insurance Wiki?
Insurance can be both a simple and complicated product at the same time. It is simple because most of us understand the basics of insurance. We pay a premium for protection against a specific category of major or catastrophic events that could cause severe financial hardship were we to face that financial or economic liability alone.
For example, we buy auto insurance to protect us from having to pay hundreds of thousands of dollars in hospital bills if we wrongfully cause a loss with injuries or death, and we buy homeowner’s insurance in the event a major storm blows a tree down through the middle of our home causing thousands of dollars in damage. The basics are pretty simple.
However, insurance is much more complicated than that. For instance, there are limitations to what may or may not be covered in a specific policy, known as covered and excluded perils. There is no such thing as “Full-Coverage” in any insurance product because there are always going to be excluded perils.
If you own a home in the coastal counties of any Southeastern state in the United States you know all about excluded perils. Most insurance companies exclude wind coverage on these policies due to the high frequency of annual hurricanes.
It may sound like we are setting a negative tone, but rest assured that is not our intention. We believe that it is important to be honest and candid about insurance, especially for our clients, and that is why we are different. We get you and we get your passion for travel, not only because it is all we do, but because we share your passion with you. One of our core competencies is making insurance simpler to understand, more straightforward, and uniquely designed to protect our world-exploring nomads!
As a world-explorer, you understand the importance of having a well-thought-out itinerary, emergency plan, prioritized schedule, and accessible navigation for your travels. Your travel insurance should be no different, so we have developed this Travel Insurance Wiki to help you navigate the different terms and types of travel insurance. By the end of this article, you will be well equipped to choose the type of insurance plan and coverages you need to ensure your traveling lifestyle and endeavors are well protected.
What Is Meant by Travel Insurance?
Travel insurance protects your love for traveling. No matter how hard we plan, prepare, and train, catastrophe is always just around the corner. Sometimes an unforeseen event can’t, well, be foreseen. You love traveling, and we want to protect that love with insurance that protects your passion.
What Is Travel Insurance and How Does It Work?
At Insured Nomads, we offer World Explorer plans that have you covered for a variety of emergencies that may occur abroad wherever you are, and for both travel medical expenses and non-medical situations like travel delays and baggage delays. Our policies are designed to accommodate a variety of explorers and their itineraries, including both individuals and families, short trips, long trips, and multiple annual trips.
When you know that you are going to be traveling abroad you can purchase a product that is tailored to fit your needs for the time that you will be gone, instead of having to pay for an entire year of coverage like traditional insurance plans and policies.
Planning a trip to Sydney for an adventure in the outback? Gnarly mate, we can provide you with a policy that covers you while you are traveling to and from, and while you are there. We just ask one thing…do not challenge a kangaroo to a boxing match! We’ve got your back, but every kangaroo might as well be named Mike Tyson.
What Does Travel Insurance Cover?
Our comprehensive travel insurance covers you for many different events subject to certain limitations, including 24-hour emergency medical care, medical coverage for pre-existing conditions, medical expenses related to the coronavirus pandemic, emergency dental procedures, medical evacuation, including by ambulance due to a medical condition, natural disaster accommodations, payments made on your credit card during travel without your authorization, emergency evacuations, lost luggage, trip cancellation coverage, cellular service, adventure/marine sports coverage, and much more.
Our plans cover you for both the small and big things while you are abroad. Travel insurance plans cover more than the big issues and emergencies that might arise such as with your health, but also for those lost luggage items and unavoidable transportation delays and trip cancellations.
Why Is Trip Insurance So Important?
Travel insurance coverage is important for frequent travelers for the same reasons that all insurance is important. With the exception of large governments and businesses with substantial financial assets, most of us cannot self-insure our own risks and liabilities.
Even though governments and businesses may have the assets to self-insure, they often still mitigate their risks and liabilities with insurance policies because the cost of premiums and deductibles are just a fraction of what potential liabilities and damages could cost without it.
Essentially, all insurance involves risk mitigation and redistribution. The insurance company and the insured both share some amount of risk; however, the insurance company carries the bulk of that risk. This is known as an aleatory contract, meaning the insurance company carries a risk substantially greater than the insured. The only risk maintained by the insured is the premium cost and the policy deductible. Once the premium and the deductible are paid, the rest is on the insurance company.
Specifically, travel insurance is important because when we travel abroad, our underlying insurance plans that we have at home often come with territorial and geographical exclusions and limitations. Think back to the beginning of this article when we discussed that purchasing travel insurance is not always simple because you will almost always find underwritten exclusions and limitations.
Your auto insurance plan or life insurance at home probably will not cover you while you are driving and operating a rented vehicle in the countryside of Florence during your wine adventure in Italy. If you want to be covered for injuries and liabilities in the event of a wreck, you are going to need travel insurance.
A major health crisis can strike no matter where you are in the world. A global pandemic can disrupt you in the middle of your trip the same as it can at home. A natural disaster can leave you without transportation, clean water, and food abroad just like it can at home. However, being impacted by these types of catastrophes at home often comes with the protection of our insurance, but abroad the story is much different, hence the importance of travel insurance.
What Is the Travel Insurance Wiki?
The term Wiki was first coined by Ward Cunningham, the creator of Wikipedia. The term can be used in various forms and both as a noun and a verb. The noun typically represents a collaborative website that can be edited and enhanced by multiple users. The verb, however, gives definition to the act of researching or summarizing a topic in order to create a summarized article that gives readers enhanced knowledge on any given subject without the need to do independent research, or the need to possess expert knowledge on that subject. Say that 10 times real fast! Whew.
We developed this Travel Insurance Wiki to give you important and vital information on the importance of travel insurance, what travel insurance is, what travel insurance covers, and why travel insurance from Insured Nomads is different from all the many options you have.
Thus far you have learned that travel insurance plans from Insured Nomads cover you in the event of major medical and health catastrophes, trip interruptions, transportation emergencies, personal liability protection, and many other risks.
What Are the Benefits of Travel Insurance?
Travel insurance plans protect our way of life, protect our dreams, our futures, and protect our families. Travel, health, and personal liability risks present a substantial aggravation to our financial security. If your financial security were to be compromised, every aspect of your life would change, often in just the blink of an eye.
In one second the life you have on the other side of a catastrophe without the proper insurance is worlds apart from just a couple of moments before. The greatest benefit of travel insurance is the personal security that your life will remain the same despite the catastrophe.
Sure, the benefits of travel insurance are more expansive than just covering major catastrophes and liabilities. Travel insurance plans from Insured Nomads cover the simple things too, like your photography equipment being damaged. We cover those perils that amount to nothing more than mere inconveniences as well as major catastrophes.
With all of the resources that you have put towards your trip costs, it is important to protect that with an inexpensive travel insurance policy or trip interruption plan from Insured Nomads that gives you peace of mind for those things that are beyond your control.
For “pennies on the Euro” you can ensure that you get reimbursement on prepaid expenses due to last-minute changes, trip delays, and emergencies. It is so important that we believe it outweighs all of the expenses you incur for your trip. You have a dream, and we are here to protect it! The worst time to realize you need insurance is when you need it.
What Is the Difference Between Travel Insurance & Medical Insurance?
We would need you to hang out with us on our website for about 40 hours or more to really hit all of the complexities of health insurance. Don’t get us wrong, we really like hanging out with you, but we don’t think you came here to become licensed insurance agents!
Health insurance comes in many different types and forms that range from indemnity contracts, which repay you for what you spend, to PPO plans that give you more favorable coinsurance percentages if you use providers within a preferred network. This type of insurance is often some of the most expensive insurance you will ever purchase due to the rising costs of healthcare in many areas of the world, especially in the United States.
The average cost for medical transport in a helicopter in the United States currently sits at about $31,000.00 for a 30-45 minute medevac flight. The minimum personal injury liability requirements on auto insurance policies in many states are around $30,000 per person, a number that can be obliterated with one helicopter ride. Did you know that once your policy limits are met any balance left is up to you to pay? Que the personal injury law firms ads.
Travel insurance consists of various coverages for several types of risks, not just health. Typically health insurance is only for medical claims, but travel insurance is a package policy that incorporates health coverage for medical claims that you incur while outside of the United States or Canada. Your health insurance policy is generally not going to be a package policy and may have very limited protections and coverages while you are traveling abroad.
Travel insurance plans from Insured Nomad offer health coverages when you are traveling for more than seven days outside of the US or Canada, and come with a price tag that is usually substantially lower than health insurance plans. What’s more, you get a package policy that covers far more than just health concerns with coverages like evacuation costs due to political unrest or natural disasters, and personal property protection for your luggage and items you bring with you.
Our Wiki Wants You To Be Picky
Forgive our corniness, but we do want you to be picky about your travel insurance. We know that you have many options when it comes to choosing who you insure your passion for traveling with, and we want to illustrate why we think we would be a great choice. Our organization is diverse, global, and distributed. We have set out on a mission to change how the insurance experience unfolds when you experience an unplanned incident while abroad.
Even though we’re a travel insurance provider, we’re insurance consumers ourselves. We get that trip interruption coverage, medical insurance or medicare, car insurance, and other types of coverage are not routinely at the forefront of your mind, but as insurance professionals, we also know that when it comes time to actually need and use it, having the right company with the right coverage behind you is priceless.
You buy travel insurance with the understanding that if you or a family member needs us we will be there for you all the way, without delay, without fine print, and without further trauma, and that’s why we believe we are the right partner for your journey.
We look forward to the journey. Whether it’s in New York, Beijing, or Sao Paulo, we will see you out there!
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.
Information on integration, collaboration and partnership contact Michal @ierzchowski: firstname.lastname@example.org