How to Choose the Best Travel Insurance for Your Next Trip

When I first started traveling, I dreaded the process of figuring out travel insurance. It seemed so complicated, and was it really necessary?

Spoiler alert – travel insurance is absolutely necessary. I’ve been pretty lucky in my travels so far, but every so often, the unexpected happens. You don’t want to be caught unprepared.

This post discusses travel insurance, why you need it, what to consider, and what options are out there. Hopefully, it can demystify the topic of travel insurance a little and help you figure out what kind of coverage is best for you!

Do you need travel insurance?

Yes, absolutely! If something goes wrong during your travels, it can be a huge unexpected expense. Even if nothing goes wrong, the peace of mind that comes from knowing that you would be covered will make your trip much more enjoyable.

Accidents are called accidents for a reason – you never know when they’re going to happen, and if they do happen, you definitely want to be prepared to avoid the worst-case scenario. This is where travel insurance comes in.

What things are important to consider when selecting travel insurance?

Cost

Obviously, the total cost of the insurance is a factor you need to consider. However, there’s a lot more to think about than just the ticket price. Keep reading for some other important factors to consider.

Trip insurance vs. travel health insurance

It is easy to confuse trip insurance vs. travel insurance that covers healthcare abroad. Trip insurance is often offered when you are buying airplane tickets and covers some or all of the cost of your trip if you cancel due to sickness, a change of plans, or other covered events. However, it does not cover you if you need medical attention abroad.

Activities covered

Some travel insurance plans do not cover what they call “extreme activities,” which can be anything from scuba diving to riding motorcycles. Make sure that you know which activities are excluded from your coverage, and if you know that you’ll be engaging in these activities in advance, consider getting insurance that covers them.

Deductible

For most insurance plans, you have to pay a certain amount out of pocket before the insurance kicks in. This is known as the deductible, and it is different for every plan. Make sure that you understand how much you have to pay out of pocket when you are buying insurance.

Lost/stolen luggage coverage

In addition to healthcare, many travel insurance plans include coverage for lost or stolen luggage. The maximum value covered varies among insurance plans, so if you are traveling with expensive gear, be sure to read the fine print here.

What options do you have for travel insurance?

There are quite a few travel insurance companies out there. Here, I’ve listed a few of the most popular and what kind of person these options might be best for.

SafetyWing

SafetyWing is a fairly new travel insurance company that has quickly become one of the leading options for digital nomads and budget travelers. It is one of the cheapest travel insurance plans out there but still provides solid basic coverage. Its subscription service model and home country coverage also make it one of the most flexible travel insurance plans available – you can buy and cancel it whenever, and you are covered for brief visits back to your home country as well.

A more comprehensive review of SafetyWing’s Nomad Insurance can be found in this post.

Best for…

SafetyWing is best for digital nomads and budget travelers looking for basic travel medical insurance that covers all the essentials and allows for maximum flexibility in their travel plans. Check out SafetyWing’s Nomad Insurance here.

World Nomads

WorldNomads is a popular and well-established travel insurance brand that provides comprehensive insurance for all sorts of travel mishaps and emergencies.

Best for…

Travelers looking for a few extra bells and whistles on their insurance policy. For example, World Nomads offers add-on coverage for a variety of adventure sports and activities.

InsureMyTrip

InsureMyTrip is actually an insurance comparison site that allows you to view plans from a variety of different providers to find insurance that covers exactly what you want it to cover.

Best for…

InsureMyTrip is a great option for those who want a little more guidance figuring out the process of selecting insurance and seniors over age 69 who can’t find coverage with other companies.

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