Travel insurance, which one to choose?
Given the costs, the temptation not to take travel insurance is high. After all, nothing will happen anyway, right? Or people try to save as much money as possible by opting for the cheapest option without considering what the insurance covers. Unfortunately, the unexpected is always around the corner. For those who say, “Yes, but I am a cautious person,” I reply, “So am I, but unfortunately, we cannot control the people around us.”
Travel insurance is the most important thing to have before going on a trip, with the hope of never having to use it. It covers medical expenses in case of illness or injury, theft, canceled flights, lost luggage, and, in extreme cases, it will pay for the repatriation of the body. If a family member dies, it will reimburse you for the cost of returning home.
I realize that talking about these things doesn’t please anyone and 99.99 percent of the time, they remain mere conjectures. But if you unfortunately find yourself in that one percent, you certainly won’t regret choosing a good travel insurance. Insurance is undoubtedly one of the most complex and intricate aspects of a trip. Let’s try to gain clarity by choosing the most suitable and beneficial insurance.
Go straight to recommended travel insurance.
Let’s explore the coverage provided by comprehensive travel insurance policies:
Two indispensable aspects:
- Reimbursement of medical expenses: Typically, all expenses associated with hospitalization, medical examinations, transportation to and from the medical facility, and medical evacuation are covered.
- Liability: Covers damage caused unintentionally to third parties.
As we are going to see, there are other merits to having travel insurance, such as reimbursement in case your flight is delayed or your luggage is stolen. What can be scary are the sky-high costs in case of hospitalization in countries like the United States, or reimbursement in case you run over someone causing serious injuries. That’s why on medical expenses and liability, I don’t compromise.
Trekking in Nepal.
Other aspects to consider:
Work: Many constraints exist, ranging from non-manual to unpaid (volunteer) work. Ensure you’re covered if you plan to work or volunteer.
Search and Rescue Expenses: While search and rescue operations can be costly, they are negligible if you stick to well-traveled paths and avoid isolated areas. In some cases, these expenses are included in medical coverage, but they can also be separate items or even excluded. Consider this when planning adventure trips to remote areas or hiking off the beaten path.
Baggage and Personal Items Coverage: This coverage provides reimbursement for stolen or lost luggage and items. Note that electronics may not be covered.
What is not normally included?
Being aware of what your policy does not include is equally important.
- Extreme sports such as paragliding and bungee jumping
- Winter sports such as skiing
- Damage to rented vehicles
- Accidents while intoxicated or under the influence of drugs
- Treatment for pre-existing conditions/diseases
Frequently asked questions about travel insurance
Travel insurance for trips within the European Union?
If you are a European citizen and the trip is within the European Union, I would advise against buying travel insurance that includes health care. As you can see here, as an EU citizen, you have the same rights as people insured in the country you are in. If you want some extra coverage make sure you choose an insurance that gives you the option “Europe” as a geographical area. By doing so the cost will not be high at all. In this case, I recommend HeyMondo.
How much does travel insurance cost?
The cost varies profoundly depending on the destination chosen, the type of coverage, and the duration of the trip. Insuring a trip to Europe is much cheaper than one to the U.S. Similarly, the average daily cost goes way down if you take out insurance for an entire year instead of two weeks. For example, the True Value policy offered by True Traveller, one of the cheapest on the market, costs about €3.5 per day for a two-week trip but comes out to just over €1 per day for a one-year trip.
When is the best time to buy travel insurance?
If you intend to purchase a policy that provides reimbursement in the event of trip cancellation, it’s best to do so as early as possible. This can help you save on expenses that you might otherwise incur due to unforeseen circumstances. However, if you’re interested in more basic coverage, you could also buy your policy on the day of departure. Ideally, it’s best to do this at least a few days in advance. To discourage individuals from purchasing insurance coverage immediately after incurring reimbursable expenses, certain companies might implement a waiting period of 24 to 48 hours for “partial coverage.” This is almost always the case for policies purchased while you’re already traveling.
Are medical expenses paid upfront or reimbursed later?
Different companies have different policies, but it’s true that for emergencies and prolonged or expensive hospitalizations, the insurance company typically covers the expenses directly, provided that it’s something covered under the policy. In any case, if you’re involved in an accident, I strongly recommend contacting your insurance company as soon as possible. This can help speed up the paperwork for payments or refunds and avoid potential problems.
What are annual or multi-trip policies?
Numerous insurance companies offer these policies, which provide year-long coverage for all trips taken within a 365-day period. However, each trip has a maximum duration, which is usually around 30 days. These policies are especially beneficial for those who frequently take short trips throughout the year
Is it possible to take out a policy when you are already abroad?
As far as I know, the only companies that allow this are World Nomads, SafetyWing, HeyMondo, True Traveller, Genki, and Globelink (the latter only in the “Already Travelling” version which you can find at the link). World Nomads, Genki, and SafetyWing make no distinction; any insurance taken out with them applies even if you are already traveling. With HeyMondo and True Traveler, you have to check the box “Already traveling” at the quote stage. Broadly speaking, for extensions up to three weeks, World Nomads (which offers broader coverage) is also cheaper. However, above three weeks, Globelink, Heymondo, True Traveller, and SafetyWing offer significantly more competitive prices.
Is it possible to extend a policy while traveling?
As noted above the only companies that allow this are World Nomads, SafetyWing, Globelink, True Traveller, Genki, and HeyMondo.
Is it possible to take out a travel policy to cover travel with one-way or open tickets?
This is unfortunately a problem that many long-term travelers do not consider. Most insurers only cover trips that have a specific start and end date. You have to be able to prove that you already had a return ticket at the time you left. It is also good to remember that the trip must begin and end at the place where you reside. Otherwise, the insurance is to be considered invalid. To my knowledge, the only companies that offer coverage anyway are True Traveler (as written on this page) and HeyMondo (in the “Long Stay” version), while SafetyWing and Genki are designed specifically for those who are traveling indefinitely or perhaps live as digital nomads so they always cover this type of travel.
How to claim a refund?
First of all, when you take out a policy, you’ll usually receive a copy of the terms and conditions or at least a summary document with the policy number. I recommend downloading both and creating a folder on your preferred cloud storage to save them. Remember, no matter how good an insurance company is, they’ll always try to reimburse as little as possible, so I suggest the following practices.
Contact support as soon as possible to inform them of the situation. After that, it’s essential to keep all receipts for any expenses incurred, and any police reports in case of theft. In short, keep all documentation that supports your case and digitize it. Take photos and save everything in the same cloud folder created earlier. Exclusive reliance on physical copies might result in the loss of potential reimbursements. Also, keep copies of your outbound and return airfare, any domestic flights, and various reservations. Store confirmation emails in a special section of your email inbox and delete them only after your trip is over.
The travel insurance company may require proof of your departure from your home country or reconstruct your movements to verify the accuracy of your claims in the event of reimbursement. This is done to ensure that everything is in order and that there are no discrepancies. I learned this the hard way, as I used to cancel everything as I went along. When I had to claim reimbursement for expenses incurred, I wasted a lot of time getting airline companies to send me documentation to prove I was on certain flights.
I also suggest creating a simple travel diary on days when you might encounter a situation requiring travel insurance. Make notes of times, dates, places, people, phone calls, and emails. Don’t rely too heavily on your memory. Supporting your claim with as much evidence and detail as possible is the best way to avoid disputes and expedite the process.
Remember that most travel insurances have a deductible, which is a minimum amount of any damage or expense that the insured person is responsible for paying. For example, if your deductible for medical expenses is €50, and you have a doctor’s visit that costs €40, you will be responsible for paying the entire cost of the visit. If the doctor’s visit costs €80, you will be reimbursed €30 (the cost of the visit minus the deductible).
Travel insurance comparison
I compared travel insurance provided by six different companies: World Nomads, Globelink, SafetyWing, Genki, True Traveller, and HeyMondo.
Here you can find an Excel sheet where I compare them in detail. Keep in mind that some companies offer different terms depending on country of residence. Also, Globelink and True Traveller only offer coverage to EU citizens. In any case, below you will find a brief description of all the insurances considered and listed above.
Given the data and research, here is what i think:
Best travel insurance in 2024
Globelink -This British insurance company offers exceptional value for money and allows all EU residents to purchase their policies. The “Backpacker” version provides comprehensive coverage at unbeatable prices, excluding luggage insurance. The “Comprehensive” version covers luggage for trips exceeding a month and offers the same unbeatable coverage. Remarkably, it’s one of the few insurances that extend coverage beyond a year, up to 15 months. I’ve personally used it multiple times, and my experience seeking a major refund was positive.
SafetyWing – SafetyWing is a subscription-based travel insurance service that provides coverage for every four weeks at a cost of $45 (or $83 if the trip includes the U.S.). It is not the cheapest or the most comprehensive option but unique in offering continuous coverage without expiration concerns. It is ideal for people traveling indefinitely who want the peace of mind of being insured no matter what. SafetyWing recently added the option to include the “Adventure Sports” package for $10 more per month, covering activities like treks up to 6,000 meters, which is particularly relevant for trekking enthusiasts in destinations like Nepal.
Genki – A notable alternative to SafetyWing, this insurance offers a convenient subscription system and competitive pricing, particularly if you’re 29 years old or younger. Based on my assessment, these two insurance options stand out as the best choices for digital nomads.
HeyMondo – Single Trip policies offer good coverage and as a matter of practice have no deductible. The idea of being able to manage care via the app is interesting. 10% discount.
True Traveler – For long-term travel, it is by far the cheapest option on the market, particularly in the “True Value” version. True Traveler offers not only competitive prices but also highly customizable insurance that can include coverage for “extreme” activities. For example, the “Extreme Pack” offers coverage for treks above 4600m, while most other insurances stop at 3500 meters, and some even less. Especially useful if you want to go to Everest Base Camp, for example. Then there are options to remove the deductible from any reimbursement, add activities such as ultramarathons up to 250 km, insure valuables, remove any deductible from rental vehicle insurance, and much more. In essence, lots of customization at extremely competitive prices.
It’s important to note that a lower insurance premium doesn’t necessarily indicate poor service. On the contrary, if you look at True Traveller’s reviews on Trustpilot, I think many other better-known and more expensive insurance companies have a lot to envy. What’s more, it was pointed out to me by a blog reader that pre-existing medical conditions can also be included if desired. To obtain coverage, simply select your specific disease or condition, answer targeted questions, and pay a small surcharge. This covers relapses or worsening conditions, but excludes terminal illnesses and cases where a doctor advises against travel. Overall, the coverage appears comprehensive.
World Nomads – An excellent insurance offering comprehensive coverage and the flexibility to be extended at will, but certainly not the cheapest. The only negative note is the fact that search and rescue expenses are excluded; however, normal transportation expenses, which also include the use of helicopters, are included and have a ceiling of €350,000. However, as long as you stick to well-trodden paths and avoid extremely remote areas, the risk of getting lost is minimal. Notably, it’s one of the few companies offering coverage for trekking up to 6,000 meters (as an add-on), which is especially beneficial for trips to destinations like Nepal, Bolivia, and Peru.
Do you have any questions? Updated information? Feel free to leave a comment or message me on Instagram!
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