Everything You Need to Know About Travel Insurance
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Travel Insurance
If you’re a frequent traveler, you are constantly packing your suitcase. It probably goes as follows: you plan your trip, pack what you are going to wear, realize you’re taking way too much because your suitcase won’t close, and then you proceed to take things out. Every pair of socks you own, along with that third jacket option may not need to go. However, the one thing you absolutely need to pack is travel insurance.
There may be a little more than meets the eye on this one, but you get what we mean. Travel insurance is an absolute must when you are a frequent traveler. Medical emergencies overseas can not only ruin your trip, but also be very expensive. It’s understandable that you may not want to tack on yet another expense after paying for those flights and hotel rooms, but sometimes things happen, and travel insurance is the smartest investment.
Get quotes and compare 103 policies from 23 providers with 139,184 reviews based on your exact trip details.
What is Travel Insurance?
Travel insurance is the insurance that compensates you for trip costs and money spent due to unforeseen events before, and during your trip. Some events can include, but are not limited to: trip cancellations, medical emergencies, flight delays or missed connections, and baggage mishaps. All of which, are unfortunate, yet very common.
Travel insurance is beneficial for all travelers, but especially digital nomads, expats, and adventure enthusiasts. If anything goes wrong during your trip, your bank account can take a serious hit. And the more you travel, the more likely something is bound to happen. Below is an in-depth breakdown of the events covered by travel insurance.
Events covered by travel insurance
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Trip cancellation insurance reimburses you for prepaid, nonrefundable costs if you must cancel your trip for the following reasons:
Sickness or death of a family member
Natural disaster
Inclement weather
Jury duty
Military duty
Stolen passport/visa
Loss of employment
Airline strike
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Unfortunately, transportation is not fully in our control. When your flight is delayed or cancelled, travel insurance comes in handy. It is also helpful when you miss a connection for a flight. Trip insurance providers like AirHelp and Compensair do a fantastic job of helping passengers understand their rights when airlines fall through, and you can even receive up to $600 in compensation for delayed and cancelled flights.
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Baggage insurance covers the cost of essentials such as clothes, toiletries or other items you may need to purchase if your baggage is lost. Typically, your baggage must be delayed from six to 24 hours before you can receive coverage.
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You can be covered for unexpected illness or injury, as well as hospital and doctors’ visits while traveling. It also covers medical evacuation if you have a medical emergency that cannot be treated at the facility closest to you.
Travel Medical Insurance vs Health Insurance
Travel medical insurance is not the same as international health insurance. Where health insurance covers everything from regular checkups to medical emergencies, travel medical insurance only compensates for medical emergencies that happen during vacation. If you are only traveling for a holiday, a business trip, or any kind of short visit to another country, you only need to invest in travel medical insurance. Insubuy, for example, is a travel insurance that offers great medical emergency benefits for world travelers. However, if you are moving away for a longer period, then you would need to invest in an international health insurance.
Travel Insurance for Expats and Digital Nomads
The best travel insurance for expats and digital nomads is one that can cover you everywhere you go and includes all the benefits, such as transportation mishaps and medical emergencies.
Providers like PassportCard Nomads, Genki, Insured Nomads, Safety Wing, and World Trips Insurance all specialize in insurance for expats and remote workers and offer very affordable plans. Relying on your travel insurance provider for health and financial security can make your time abroad that much better.
Many of us consider traveling to a new country to be quite the adventure, and it is! But to others, that’s only considered to be half the fun. We’re talking to the skydivers, mountain climbers, skiers, and hikers. Adventure travel has some serious risks, not matter if it’s a simple ski trip to Breckenridge or hiking the Inca trail in Peru. World Nomads is a great example of adventurous traveler’s insurance and they offer a range of basic travel insurance as well as advanced safety services. As an adventure traveler, take precaution with adventure travel insurance, because you’re likely the ones who need it the most.
Adventure Travel Insurance
Return to the U.S. Insurance
If you are a U.S citizen living and working abroad and planning on returning to the U.S. for a quick visit, this kind of insurance is for you. A lot of American domestic insurance companies won’t cover you if you have not lived in the U.S. for a least 6 months, so travelers’ insurance is important. Invest in something like VisitorsCoverage, an insurance provider that specializes in inbound travel to the United States and is the largest provider of visitors’ insurance. Unforeseen events can happen anywhere, even in your own country, so it’s better to be safe than sorry.
Private Health Insurance in Portugal
Portugal offers public and private health insurance coverage when you are a resident. The long waiting periods and qualifying attributes of receiving public healthcare in Portugal can make it frustrating to use, driving residents to apply for private health insurance with companies like Multicare Fidelidade (what we have), Medis, MGEN, Allianz, and Cigna Global.
With private health insurance, you receive the same benefits and services of public health insurance, but with shorter waiting times, more choices in facilities, and fewer language barriers. You can also add other extras depending on your needs. We bundled medical insurance, renters’ insurance, and car insurance.
Smart Travelers Invest in Travel Insurance
Health insurance, in general, is essential for all, regardless of country you live in. Depending on your priorities and health needs, you may either invest in international health insurance or private health insurance in the country you reside.
Portugal offers public and private health insurance coverage when you are a resident. The long waiting period, and the qualifying attributes of receiving public health insurance in Portugal can make it hard to obtain, driving residents to apply for private health insurance. With private health insurance, you receive the same benefits and services of public health insurance, but with shorter waiting times, more choices in facilities, and fewer language barriers. You can also add other extras depending on your medical needs, such as ambulatory services like appointments with specialists and therapy, childbirth, and dentistry.
Renovating Life contains affiliate links. If you make a purchase through these links, we will earn a commission at no extra cost to you. As an Amazon Associate, we earn from qualifying purchases. Links like this allow us to continue providing top-quality content at no cost to you.
Sources:
John Egan (2022) Should You Buy Travel Insurance and Is It Worth It?
Anya Kartashova (2022) What Does Travel Insurance Cover?
VisaGuide World (2023) Travel Insurance for Expats
VisitorsCoverage (2023) Travel Insurance for Expats Visiting the US
Expatica (2023) Health Insurance in Portugal
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