While we were planning we have spent a lot of time researching travel insurance policies, therefore we compiled a list of things to consider when choosing your insurance, as well as our shortlist of 3 candidates. Scroll down to find out who was the winner.
There are two important things to know about travel insurance:
The longer you are away, the fewer insurance options you have. But that is a good thing because you should select a travel insurance company that fits your travel needs.
Travel insurance and Health insurance are not the same. Travel insurance covers health expenses but usually only in an emergency. Therefore, if you have a cold, that may not be considered an emergency and you may not be covered.
Most important things to consider when choosing travel insurance
Make sure you read and select the suitable options for your insurance, as you may not be covered everywhere.
Medical expenses, accidental disability, and repatriation cover
Usually, insurance policies cover you in case of medical emergencies. However, this is hugely important as you don't want to find yourself in countries like the United States with a bill that will cost you three times the price of a year-long trip.
Trip cancellation and delay
Another important thing to consider when choosing your insurance policy is to cover any delays or cancellations. You have two things to consider here, namely to cover in case your flight or activities are delayed or canceled but also if you must cancel your trip due to unexpected events in your home country. For the latter situation, if you must pause your travels for, let's say, your grandfather passing, some insurance policies cover your flight back home and back to where you were last during your travels
This simply means that you are covered for accidents that may happen at your fault during your travels and you must pay for the damages.
This means that you are covered in case something happens to you, and you or your representative want to claim for compensation against negligence by a third-party.
Baggage, money, and documents
In most cases, you will be covered for some of the above, within a limit. This comes in very handy if your airline misplaces your luggage, or if your money and passport are stolen during your trip.
Other things to consider
It is important to have in mind that most travel insurers will require an excess (or deductible) for the claims that are successful.
Do you plan to take any extreme activities? Whether it is snowboarding or skydiving, you may want to consider cover for these types of activities too.
Are you taking any precious gear with you? Being it a brand-new DSLR camera or a laptop, you want to be insured for those in case of theft or damage.
Cover for coronavirus. This is a hot topic nowadays, but very important to consider when choosing your travel insurance. For more information on COVID-19 cover during your travels, check our article on insurance policies that cover for a pandemic.
Do you plan to visit dangerous countries like Irak? Then you should consider insurance policies specifically tailored for this.
Are you already traveling? Some insurers may allow you to purchase insurance even after you started your travels.
The cost of travel insurance
Each travel insurance has different plans you can choose, depending on your nationality, age, destinations, and trip length. Some of them may also cover extreme sports, equipment, and other extras at an extra cost.
The best travel insurance companies on the market
This is probably the most popular option among long-term travelers. World Nomads is the market leader in terms of long-term insurance.
For a 27-year-old US resident who wants to travel to Asia, Europe, and South America for 4 weeks the price is only $42, or $1.5 per day. However, if you also want to cover for travel within the US, the price goes up to $77, or $2.75 per day.
For a 27-year-old US resident who wants to travel to Asia, Europe, and South America for 4 weeks, Heymondo offers three plans.
Basic, which starts at $82.8 per month ($78.66 if you use this link), or $2.95 per day.
Top, which starts at $118.06 ($112.16 if you use this link) per month, or $4.2 per day
Premium, which starts at $122.22 ($116.11 if you use this link), or $3.56 per day
We have initially chosen True Traveller due to the wide range of personalization options, most importantly because we have been able to cover our equipment that was older than 1 year, something most gear insurers don't accept. After one year with True Traveller, we decided to try Heymondo for our travels in Africa, and we are happy with it.
So, if you don't need as many personalization options, we would definitely recommend Heymondo travel insurance, as it is both affordable and offers great cover.