Is Travel Insurance Worth The Cost?
Are you planning your next adventure abroad? Before you pack your bags and hit the road, there's an important step you shouldn't skip: purchasing travel insurance. While it may seem like an unnecessary expense, travel insurance can be a lifesaver when you're far from home.
In this post, we’ll explore the importance of having travel insurance, what it covers, and what to consider when choosing a provider. We'll also review SafetyWing's travel medical insurance and share our experience dealing with an unexpected dental emergency during our first month of full-time travels (talk about inconvenient, right?!).
Do We Really Need Travel Insurance?
The short answer is that unexpected events can happen while you're traveling, and travel insurance can help protect you from financial losses and provide assistance in emergencies.
Here are a few examples of why you might need travel insurance:
Medical Emergencies - If you get sick or injured while traveling, medical expenses can be costly, especially if you're in a foreign country. Travel insurance can cover medical treatment, hospitalization, and emergency medical evacuation if necessary.
Trip Cancellations and Interruptions - Sometimes trips have to be canceled or cut short due to unforeseen circumstances, such as illness, death in the family, or natural disasters. Travel insurance can reimburse you for non-refundable expenses like airfare, hotel bookings, and tour fees.
Lost or Stolen Belongings - Losing your luggage or having your passport stolen can be a traveler's worst nightmare. Travel insurance can help replace lost or stolen items and cover the cost of getting a replacement passport.
Personal Liability - If you accidentally damage property or cause injury to someone else while traveling, you could be held liable. Travel insurance can cover legal expenses and damages if you're sued.
What Does Travel Insurance Cover?
The specific coverage and benefits of travel insurance can vary depending on the provider and policy. But here are common types of coverage that what we have found during our research and comparison of insurance providers:
Medical Coverage - This can include emergency medical treatment, hospitalization, and evacuation. Some policies may also cover pre-existing conditions or provide coverage for adventure sports or hazardous activities.
Trip Cancellation and Interruption - This can reimburse you for non-refundable expenses if your trip is canceled or cut short due to unforeseen circumstances.
Baggage and Personal Belongings - This can cover loss, theft, or damage to your luggage, personal belongings, or travel documents.
Personal Liability - This can cover legal expenses and damages if you're held liable for injuring someone or damaging property.
Travel Assistance Services - This can include 24/7 emergency assistance, travel advice, and help with travel arrangements if your plans are disrupted.
What to Consider When Picking a Travel Insurance Provider
With so many travel insurance providers out there, it can be overwhelming to choose one. Here are a few factors to consider when selecting a provider:
Coverage: Make sure the policy covers what you need, such as medical coverage, trip cancellation, or personal liability.
Cost: Compare prices from different providers to find a policy that fits your budget. For us this was a huge consideration, since the cost for a full year of travel can vary significantly between providers.
Customer Service: Look for a provider that has good customer reviews and offers 24/7 assistance.
Reputation: Choose a provider that has a good reputation and is financially stable. Having coverage from a provider that will go out of business or not have the financial ability to pay out claims is clearly counter intuitive.
Exclusions: Make sure to read the policy carefully to understand what is and isn't covered. Some policies may have exclusions for pre-existing conditions or certain activities.
Service Review: SafetyWing Travel Medical Insurance
SafetyWing is a travel insurance provider that specializes in travel medical insurance for digital nomads and long-term travelers.
Here are some pros and cons of their travel medical insurance policy:
Pros:
Affordable: SafetyWing offers some of the most affordable travel medical insurance on the market. The exact price varies based on your age. We pay $45.08 for 4 weeks of coverage in the 18-39 age group bracket and each paying adult coverage is also eligible for FREE coverage of one child under 12 years old, which is a fantastic deal for families.
Flexible: Our favorite feature of SafetyWing was that policies can be purchased and renewed online while you're traveling, and coverage can be extended up to 364 days. We renew coverage on a monthly basis and loved not having to make a year-long commitment when we chose to try SafetyWing.
Comprehensive Coverage: SafetyWing's policy includes coverage for medical treatment, hospitalization, emergency medical evacuation, trip interruption, and personal liability.
Worldwide Coverage: SafetyWing's policy covers travel to most countries worldwide, except for a few high-risk areas.
Coverage for moped/scooter accidents: If you are properly licensed for the area where you are driving and you are wearing proper safety gear such as a helmet, SafetyWing will cover your own eligible medical expenses in case of an accident.
Cons:
Limited Coverage for Pre-Existing Conditions: SafetyWing's policy has limited coverage for pre-existing conditions, which may not be sufficient for travelers with chronic health conditions. So if you have a pre-existing health condition, I highly recommend reaching out to several providers to find out if any of them have coverage.
Limited Coverage for Adventure Sports: The policy has limited coverage for adventure sports, which may not be sufficient for travelers who plan to participate in high-risk activities.
Limited Trip Cancellation Coverage: SafetyWing's policy does not include trip cancellation coverage, which may be a dealbreaker for some travelers, but for us it is worth the significantly lower price than we have found from other providers, such as WorldNomads.
For us, the pros far outweight the cons and based on our experience, we would recommend SafetyWing's travel medical insurance for digital nomads and long-term travelers who are looking for affordable, flexible, and comprehensive coverage.
Our Experience with SafetyWing
During our very first month of full-time travel, Joey had an unexpected dental emergency while we were in Valladolid, Mexico. After visiting a local dentist and going through the entire recommended treatment plan, we submitted a claim with SafetyWing for reimbursement of the dental expenses. The claim process was straightforward and done entirely online. We had to provide some supporting documents, including the invoice from the dentist and proof of payment.
We received confirmation that our claim had been received and were told that it would take a few weeks to process. We are currently waiting on processing to be completed and hope that the rest of the claim process goes smoothly and we get reimbursed for this unexpected and unpleasant medical emergency we had to deal with.
So Is Travel Insurance Worth The Cost?
Travel insurance may not be the most exciting part of planning a trip, but in our opinion it's an important step that can save you a lot of headaches and financial losses in the long run and allows you to travel with peace of mind. When choosing a travel insurance provider, consider your specific needs and budget, and read the policy carefully to understand what is and isn't covered. If you would like to receive a quick quote on how much it would cost for you to stay protected on your next trip, feel free to use this non-obligatory quick calculator.
Disclaimer: This page includes affiliate links. If you click and purchase, we may receive a small commission at no extra cost to you, which helps us offset some of the costs associated with running this site and creating great content. We only recommend tools and resources we have personally used, genuinely recommend, and love.