How to Choose the Best Travel Insurance for Travelers & Digital Nomads in 2024 (Top Tips & Insurer Companies)

One of the most common mistakes that travelers make is when they skip buying travel insurance because they think it’s an unnecessary expense that will chip away from their travel budget — but that is NOT true! (Best Travel Insurance)

Your vacation will definitely not be cheap anymore if you happen to incur additional costs due to flight interruptions, delays, lost baggage, sudden injuries, or accidents among many others. After all, traveling abroad is unpredictable and there are far too many things that could potentially happen which you have to protect yourself from.

If you ask me, the way you should look at travel insurance is that it’s a small cost you have to pay that’s relative to the total costs of your trip that you can protect!

At this point, I’m sure there are a lot of questions forming inside your mind such as: “where can I buy one?” or “which is the best insurer that has the best coverage?”

Well, don’t fret because I will be answering those queries and more in this post, so that YOU can avail the best plan possible!

Do you want to jump to the section that discusses the best travel insurance companies? If so, click here.

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What is a Travel Insurance

Travel insurance is a type of plan that protects you from unforeseen risks and losses that can occur while you are traveling internationally or domestically. The aforementioned risks and losses can range from minor (e.g. damaged luggage) to major situations (e.g. medical evacuation).

Take note of the word ‘unforeseen’ which refers to things that you could not have predicted to happen — or just basically, things that are not within your control.
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So in some way, you can think of travel insurance as the ultimate emergency coverage for your trip that will save you lots of money if, let’s say, “sh*t happens”.

That being said, a lot of travel insurance providers have different plans with different coverage, so it’s always important to read the fine print in order to see if their policy fits your travel needs and itinerary.

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Do You Need Travel Insurance?

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There was a period in my life in which I traveled without travel insurance.

Looking back, I consider myself immensely lucky that I didn’t encounter any drastic accident or injury during those trips… otherwise, I would have spent hundreds — if not thousands — of dollars on medical bills alone! (Just the thought of it sends chills down my spine!)

There was actually a time that my laptop got stolen… and had I bought a travel insurance, I would have recovered the cost of that gadget!

Surely, I do NOT want to push my luck anymore; so ever since then, I made it a point to purchase travel insurance for my travels around the world.

Besides, we buy insurance for our car and our home, so why not buy insurance as a part of our travel planning too? We’re not invincible, nor are we perpetually lucky, that’s why…

YES, everyone should buy travel insurance. It enables anyone to travel with confidence and peace of mind!

In fact, a smart traveler ALWAYS has travel insurance!

You can be the healthiest or the most cautious person on the planet, but nothing can prepare you for unfortunate events that can put a big dent in your bank account or even endanger your life! You could be involved in a car crash, break your leg from an activity, contract malaria or some other deadly virus, have all your stuff stolen, and so many others… the list can go on and on, and you need to be prepared for any of these.

Apart from family and friends, I’ve met a lot of travelers who have shared with me how having the best travel insurance helped them a lot!

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Example Stories

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• PERSONAL STORY
  I once had a painful ear infection while I was on the last leg of my road trip in New Zealand. After I had it checked at a hospital, they advised me to postpone my flight back home until the infection clears up (this was to prevent any additional pressure on my eardrum while it’s healing). My travel insurance company covered not only my hotel stay but also my rescheduled flight ticket!
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• OTHER PEOPLE’S STORIES
  • Stolen items: A friend of mine got robbed while traveling in Puerto Rico and her travel insurance provider reimbursed the cost of the stolen items.
  • Death: I once met someone on a tour who told me that when her father died, she had to cancel her honeymoon trip. She was afraid at first because all of their hotels and airfare flights were prepaid and non-refundable; however, her travel insurance company reimbursed all of that back to her!
  • Missed flights: My aunt’s daughter got sick during their trip in Germany so she had to stay back. They both missed their flights back home, but travel insurance paid both the medical bills and the airfare that could have cost them $7,000!
  • Adverse weather: A family relative was once stranded in Bali due to a horrible storm and his travel insurance covered his accommodations and meals for the whole time that he was stuck there.
  • Accidents: I know of a woman who had a bus accident in Tanzania that left most of the people dead, save for her and some others. She had a broken shoulder and her travel insurance company paid for her hospital stay, treatment, lost items, and flight back home (for as soon as she was okay to travel).
  • Evacuations: A friend once broke their back during a trip to the Amazon, and if he didn’t have travel insurance, he would have paid about $100,000 or more for the hospital and medical evacuation fees (he had to be airlifted out of the forest after all)!

Did you know? Some countries like Japan would refuse to admit you to a hospital if you do not have travel insurance!

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Best Travel Insurance Companies

Cheapest Travel Insurance: SafetyWing (Also Best for Long-Term Travel)

SafetyWing was established when three Norwegian friends wanted to design insurance products that are catered for frequent travelers.

To date, they are one of the top best travel insurance companies and all of their policies are offered through their partner, Tokio Marine HCC-MIS Group (one of the largest insurance companies in the world), and then underwritten at Llyod’s.

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Best Travel Insurance: HeyMondo (Most Comprehensive Coverage)

As an alternative to the above two travel insurance companies, HeyMondo is your best bet if you are looking for highly comprehensive coverage that is applicable for medical, COVID-related, and travel matters — and which is also accepted by most consular embassies (especially when applying for a Schengen Area visa).

In fact, lately, whenever I travel to countries in which I need more peace of mind (far beyond SafetyWing‘s basic policies AND World Nomad‘s coverage), I see myself buying HeyMondo’s policies more! Especially with the threat of the pandemic, I feel far safer knowing that HeyMondo has my back on a lot of things.

TIP: As my reader, you’ll get 5% off on HeyMondo’s policies if you click on this link!

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Alternative: World Nomads (Best for Short-Term Travel & Adventure Junkies)

You’ve probably heard of World Nomads; after all, it is an established company in 2002 that has since been recommended by a lot of travel companies and personalities. In fact, I have mostly purchased my travel insurance from them in the past years — until a few years back when their policy for Philippine citizens or Filipinos has changed (they passed things over to their partner: AXA).

After I also discovered SafetyWing, I realized that World Nomads was a lot more expensive especially if I want insurance for longer travel sprees. BUT of course, I do admit that World Nomads’ coverage is FAR more comprehensive than SafetyWing especially when it comes to activities and lost electronics (but if my trip doesn’t involve such things, I always just go for SafetyWing).

RELATED READ: World Nomads Review

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SafetyWing vs HeyMondo vs World Nomads (Coverage Comparison Table)

*Nomad Insurance & Remote Health (read the fine print to differentiate their coverage)
**Medical, Top & Premium (read the fine print to differentiate their coverage)
***Standard & Explorer (read the fine print to differentiate their coverage)

^[1]Except for the USA and Canadian residents
^[2]Covers up to 50% (or 100% as an added cost to the policy) of the baggage coverage in case of theft, as well as for total or partial loss due to the carrier, or damage as a result of fire or assault.
^[3]Covers a LIMITED number of sports activities only (not covering adventurous ones; check the fine print regarding which are included in the basic plan or if there’s an option to put an add-on)
^[4]1 young child per adult or up to 2 per family, with ages between 14 days and 10 years old
^[5]Everywhere but North Korea, Cuba, and Iran
^[6]In every 90-day period or 15 days in every 90 days if your home country is the USA
^[7]Excess deducted per event claimed (except for emergency evacuation and repatriation expenses)

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Other Insurers

• Your Current Insurance: If you hold a health insurance or even a home insurance, it is possible that they provide coverage for international travel — but take note that it might be drastically limited, that’s why you should call them up to verify any rules or exclusions. (It’s highly unlikely, however, that their travel insurance plan will fulfill requirements for things like the required insurance value to enter the Schengen Area).
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• Your Credit Card: A lot of credit cards include very basic travel insurance for their customers (they usually only apply insurance to bookings made with the card), which is unlike the more comprehensive coverage of standalone policies like those from SafetyWing and World Nomads. However, it doesn’t hurt to verify the extent of their coverage because it can function as a supplemental extra policy during your travels!

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Coverage for COVID-19

Years ago, travelers paid little to no attention to the possibility of a pandemic whenever they look through the fine print of their insurance policies — but because of the events that happened in 2020, it has since become a huge concern and a lot of travel insurance providers have adapted to include it in their plans.

If you’re concerned with the coronavirus disease (COVID-19), thankfully, SafetyWing has you covered!

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SafetyWing COVID-19 Coverage

As of August 2020, SafetyWing’s Nomad Insurance and Remote Health plans cover COVID-19.

• As long as you did NOT contract COVID before your coverage start date and that it does not fall under any other policy exclusion/limitation, ALL of SafetyWing’s plans will cover quarantine outside of your home country of $50/day for up to 10 days as long as:
  • You are covered for a minimum of 28 days
  • Your quarantine is mandated by a physician or governmental authority because you have either tested positive for COVID-19 OR you are symptomatic and waiting for your test results
  • This benefit can only be used once per 364-day period and is not subject to deductibles.
• COVID-19 tests are only covered if deemed medically necessary by a physician. (The antibody test is NOT covered since it is deemed not medically necessary).
• Faster turnaround times for treatment pre-authorization and claims processing. (The claim submission period is extended from 6 to 9 months for members diagnosed with COVID-19.)

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Heymondo Coronavirus Policy

All of the Heymondo plans cover COVID-19 medical assistance and expenses up to the limit indicated in your policy (from $100K up to $10M).

• Medical expenses are covered in the event of infection by Coronavirus.
  • PCR expenses are covered when prescribed by a doctor.
• In case a contagion affects your return trip, you are assisted for home repatriation.
• In case you tested positive (symptomatic or asymptomatic) and you need to be hospitalized or quarantined…
  • Extra lodging expenses are covered for the medical quarantine.
  • Your missed return flight home will be covered and you’ll be issued new transportation to take you home.
  • Cancellation insurance applies (it also applies if a close relative gets seriously ill or dies due to COVID-19).
  • Cancellation insurance also applies before departure wherein you’ll get reimbursement for your prepaid, non-refundable trip expenses.

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World Nomads COVID-19 Coverage

As previously written above, World Nomads does NOT typically cover pandemics, but COVID cover has been recently included in their Explorer plan only (limited) for most nationalities — this is aside from World Nomads’ Travel Protection plan for USA and Canadian residents that cover COVID-19 sickness.

To double-check, read their Coronavirus FAQ.
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What to Look For in a Travel Insurance Plan

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A lot of travel insurance companies aim to provide the best coverage possible for their customers; but as a business, they also have limitations and their policies will have certain requirements or restrictions. This is why I highly recommend that you ALWAYS read the fine print to know what you’re actually covered for.

Some plans could be a better fit for your travel style, while others don’t — therefore, try to choose wisely! As a start, here are the standard characteristics of the best travel insurance plan that you can have!

• Extensive coverage. Apart from the obvious fact that your plan should cover the whole of the destination(s) you are going to, you should also ensure that it has medical coverage that will encompass emergency care for sudden illness/injury (including accidental death and dismemberment for treatment both in public and private hospitals), emergency evacuation/repatriation (for at least $100,000), and emergency transportation.
  • A good sign that you are signing up for a great insurance company is when they cover most countries in the world.
  • They should also have…
    • Coverage for any damaged, lost, or stolen possessions (e.g. baggage, documents, jewelry).
    • Coverage for cancellations on flights, hotels, and other transport bookings due to sudden emergencies, illness, or death in the family.
    • Coverage for natural disasters or political emergencies in your destination country to help you come back home earlier than your departure date.
    • Coverage if in case any of the travel companies you booked with goes bankrupt.
  • Take note and confirm if emergency evacuation includes taking you back home, or if it will just send you to the nearest medical facility in your destination.
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• Extra coverage. If you want the best of the best, you should go for a provider that offers additional or optional perks.
  • Most travel insurance companies don’t cover damaged, lost, or stolen tech gadgets, but there are those like World Nomads and HeyMondo who do.
  • Pandemics or epidemics are also not often covered, but if you want one who does, SafetyWing is a great option.
  • Do you do a lot of high-risk adventure or extreme sports/activities? World Nomads and HeyMondo can help you with that; but if you go for other insurance companies, they might charge extra for these types of activities.
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• High limit. Good travel insurance should always offer a high coverage limit, especially on medical expenses. As a standard, an insurer should provide up to $100,000 cover for medical care. World Nomads and HeyMondo are great, for instance, because they offer NO limits on most of their policies.
  • Traveling to the Schengen Area? No worries! All of the insurance companies listed above meet the required medical coverage of Schengen Countries which is at least 30,000 EUR (or equivalent to about $36,500~).
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• Low deductible. A deductible is basically the amount that you are going to pay, and the rest of the balance will be the responsibility of the insurer.
  • Let’s say you got a medical treatment that costs $1,000 and the insurance company has a deductible of $200 — you’ll have to pay the latter but the insurer will pay the remaining $800.
  • Take note if the deductible is per policy (so you don’t have to pay for every event) or if it’s per event.
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• Flexible renewal. It’s always best if your insurance can be extended or renewed while you’re traveling. Thankfully, the companies I mentioned above allow you to do this, unlike other insurers who often need you to be back in your home country to be able to do a renewal (some might even need additional documents, etc.).
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• Fast claim process and 24/7 assistance. You do NOT want to be with an insurance company that asks you to “wait” when you’re already in a dire situation. It also helps a lot if they have 24/7 customer service that can be swiftly reached online. Don’t hold back on checking reviews online to see if doing claims with a specific insurance company can be done swiftly and with no hassles at all.

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What’s Not Covered?

Though most travel insurance companies have comprehensive coverage and policies, it does NOT mean that they will cover every incident especially if it was due to your carelessness.

Some of the typical examples of events that most travel insurance companies don’t cover are…

• Cancer treatments
• Contracted STDs
• Pandemics or epidemics (but if you want one who does, SafetyWing is a great option)
• Any expenses related to a pre-existing medical condition (though some insurers can include it at an additional cost)
• Non-emergency treatments or surgeries (e.g. routine physical examinations, eyeglasses, hearing aids, etc.)
• Dental treatment unless it’s a result of an injury or accident
• Pregnancy and childbirth except for complications of pregnancy or if hospitalized
• Mental or emotional disorders (unless hospitalized)
• Accidents due to carelessness (e.g. not wearing a helmet, not having a license)
• Accidents due to alcohol, drugs, intoxicants, self-inflicted injury, or crime participation
• Accidents due to high-risk activities or sports (unless you pay for extra coverage or if you buy from World Nomads or HeyMondo)
• Lost or stolen cash, bank currency notes, cheques, or negotiable instruments
• Items that were left misplaced, forgotten, or unsupervised; unless you can provide evidence of forced entry
• War, invasion, or acts of foreign enemies (though some policies can still cover travel-related costs if there are terrorist acts)

PLEASE read your insurance policy carefully to know the exact list of exclusions!

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FAQ