Hey ConvenienceBigs,
Today I want to talk about a place in the travel-planning process where a lot of people get stuck: buying travel insurance.
Picking a good insurance company can be as confusing and time consuming as trying to find a cheap flight.
Since this is a really, really important subject, I want to take a few minutes to explain what travel insurance is and why you should get it.
Travel insurance is something you will need on the road.
You never know what could happen, and most health insurance plans don't cover you overseas. Not only does travel insurance cover any injuries or illnesses but it also covers the stuff you take on the road, any accidents that might happen, or cancellations that might occur.
It's very handy to have. It's not just about being able to see a doctor on the road; it's about making sure that if you fall into an ocean (like I did), your camera can get replaced at no cost.
I never go anywhere without getting travel insurance.
When I went scuba diving in Thailand and popped my eardrum, travel insurance was there to cover all my doctor visits and medicine. Travel insurance was there when my friend broke his leg in New Zealand. It was there when my friend's father died and she needed to fly home right away. And it was there for me recently when South African Airlines lost my luggage on my way home from Africa.
Travel insurance has more than proved its worth many times.
You never know what can happen, and not getting travel insurance is just dumb. It's the kind of thing you will be very thankful for when you need it, although you hope you never do. After all, you don't want to end up like my friend who didn't have travel insurance when her computer was stolen and had to pay out of pocket for a new one.
So with its importance now stressed, here is how to get affordable insurance with great coverage:
First, make sure the plan has a high coverage limit on your medical expenses. Most good travel insurance companies provide up to $100,000 in coverage care, though more expensive policies will cover you for higher amounts. The maximum coverage limit you can find is around $1,000,000 USD, which is likely far more you will need anyways.
High coverage limits are really important because if you're seriously sick or injured, need serious medical attention, or have to be treated for a while, you want to make sure your high hospital bills are covered. The worst thing you can do is go cheap and get a policy with a $20,000 coverage limit, break a leg, and use that limit up in a single surgery. Don't be cheap with your health.
Second, you want to make sure your policy also covers any emergency evacuation. For example, if you are hiking out in the woods and break your leg, your insurance should cover your emergency evacuation out. If a natural disaster happens and you need to be evacuated to another city or country, your insurance should cover you. This protection usually covers an expense of up to $300,000 USD.
Next, a good policy should have ALL the following elements:
- Covers most countries in the world (especially all the ones you visit)
- Covers your electronics
- Covers injury and sudden illnesses within the country you're visiting and abroad
- Has 24-hour emergency services and help
- Covers lost, damaged or stolen possessions like jewelry, baggage, documents, etc.
- Covers cancellations such as the trip, hotel bookings, flight, and other transportation bookings
- Covers emergencies, strife in the country, etc., which may cause you to head home early
- Includes personal accident coverage
- Includes financial protection if any tour company you are using goes bankrupt and you are stuck in another country
One thing to remember is that travel insurance is NOT a health insurance substitute. Travel insurance is meant to be there in case of emergency. It's not meant to replace your health insurance so you can go get your yearly physical in some foreign country. A lot of people assume that. It's not. It's there for accidents you hope never happen.
There are a lot of companies out there. Travel insurance is a billion-dollar industry, and everyone has their hand in the cookie jar.
My favorite company is World Nomads. I've been using them since I first started traveling in 2003. They are very reputable, and claims are quickly and fairly processed. I first used them because they are the official partner of National Geographic and Lonely Planet; now I stay with them because they are awesome. They have a very friendly and responsive staff who answer questions and help solve problems via social media, and they have great customer feedback. They tend to be the most responsive out there.
Note: If you're over 65, definitely use Insure My Trip to find a company that offers plans for you. Most travel insurance companies don't serve senior travelers.
Here's what a couple of readers also said about travel insurance on my Facebook page:
If you are going on a trip soon, go buy travel insurance. Do it while this email is in front of you, before you forget. If you travel without insurance, I'm going to find you and shake you asking "Why?! Why don't you have it?!! What if something goes wrong?!!!"
So to avoid that awkward moment, travel safe and insured!
Sincerely,
Nomadic Matt
P.S. - If you want to cut to the chase, my favorite insurance company is World Nomads. I've been using them since I first started traveling in 2003. They are very reputable, and claims are quickly and fairly processed. I enjoy using World Nomads because I can purchase and renew my insurance policy online in a matter of minutes, they have a very friendly and responsive staff who answer questions and help solve problems via social media.
If you're over 65, use Insure My Trip. Most travel insurance companies don't serve senior travelers but they specialize in plans for older travelers and are the best company for that!
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