Acquiring affordable travel insurance stands as a pivotal but often overlooked necessity in trip planning. By choosing a low-cost but reputable travel insurance provider, you can embark on your global journeys with the assurance that you’re protected in the event of any unforeseen incidents. Opting for a highly-rated and economical travel insurance policy is our consistent recommendation.
Despite initial perceptions of it being an unnecessary expense, travel insurance serves as a crucial safety net when abroad. It encompasses unforeseen expenses arising from accidents, illness, missed flights, canceled tours, lost baggage, theft, terrorism, travel-company bankruptcies, emergency evacuation, and repatriation in case of death.
Assessing the likelihood of needing it is challenging, and your willingness to take risks ultimately guides the decision. The choice to invest in travel insurance has always been a nuanced decision, further complicated by the uncertainties brought about by the coronavirus pandemic.
In these turbulent times, most travelers recognize the need for travel insurance. However, what stops most folks from taking out a plan are the uncertainties surrounding both the cost and the company.
No worries! Insubuy is an online travel insurance aggregator site that consolidates the best insurance policies available, allowing users to swiftly obtain instant quotes from multiple U.S.-based insurance companies, facilitating a convenient side-by-side comparison—check it out. 👇
Do you still have questions? We’ll share some more ideas to help overcome the uncertainty that comes with purchasing travel insurance.
Purchasing Affordable Travel Insurance
In essence, travel insurance functions as an all-encompassing emergency coverage plan, ranking as the single most vital aspect to include in your trip preparations. Nevertheless, if you’re not careful in your selection you could end up overpaying—we’re not referring to a slight overpayment but a substantial one.
We’ve Run the Numbers So You Don’t Have To
We’ve run the numbers and depending on the length of your trip you could easily overpay hundreds of dollars. No thanks! Moreover, if you see anyone claiming to have lower prices, they don’t.
If you’d rather spend that money on hotels, dinners out, or souvenirs then go with our top pick: Insubuy. It distinguishes itself as the premier travel health insurance due to its favorable price-to-coverage ratio and the ability to easily adjust the premium and deductible amounts to fit your needs and your budget—it even has plans for pre-existing conditions.
What Is Insubuy?
Insubuy is an online aggregator site that consolidates the best insurance policies available, allowing users to swiftly obtain instant quotes from multiple U.S.-based insurance companies, facilitating a convenient side-by-side comparison.
The online platform allows for seamless and paperless purchases within minutes. For us, one of the biggest perks is that there’s no need to submit contact information to get a quote. As a result, we don’t have to worry about getting bombarded with never-ending phone calls and emails from telemarketers.
We typically purchase the Patriot International Lite Insurance Policy, purely a plan for health/medical insurance (only). Patriot International Lite offers temporary travel medical insurance for individuals journeying outside the United States. It provides comprehensive coverage and is highly budget-savvy.
As travel bloggers, our schedule is typically wide-open and we don’t usually make reservations too far into the future. For these reasons, we don’t typically purchase trip protection/cancellation/interruption insurance. Of course, we’d be open to it if we thought it was necessary, such as splurging on a safari to Africa or a cruise to Antarctica.
What’s the Difference Between Travel Medical Insurance and Travel Insurance?
International health insurance for travel, commonly known as travel medical insurance, prioritizes coverage for medical expenses incurred during international trips. Typically, it is crafted to address various medical conditions or injuries that may arise after the policy’s effective date. It’s available for durations from one day to two years—extensions are typically available, allowing for easy renewal.
Travel insurance, also known as trip insurance, centers primarily on safeguarding the prepaid non-refundable trip expenses that you may forfeit if you are unable to embark on your journey due to covered reasons. This coverage also includes emergency medical benefits during travel. It usually features a single medical policy maximum with no deductible. Applicable for both domestic and international travel, it is most suitable for trips lasting up to 30 days.
Most importantly, you should know that you can purchase travel medical insurance alone or together with travel insurance.
Also, we’re not very worried about baggage loss since, to a certain extent, airlines will reimburse you. Furthermore, most of what we pack into checked bags is inexpensive. Nevertheless, Insubuy also compares policies for trip protection/cancellation insurance/baggage loss separately or combined with medical travel insurance.
The primary purpose of purchasing affordable travel insurance is to ensure that you avoid significant financial losses in case of emergency. Given the limited coverage of most domestic health insurance programs overseas and the restricted protection offered by travel credit cards, investing in travel insurance becomes imperative for safeguarding against the unpredictable.
What’s the Minimum Medical Coverage I Should Get?
Travel medical insurance may differ, but typically, policies offer coverage for medical expenses incurred while traveling. How much you should purchase will mainly depend on where you’re going, your age, your health history, pre-existing conditions, and what activities you’ll be participating in.
Generally, if you’re going to places where medical treatment is expensive then you should purchase a policy with a minimum coverage of $100,000. Universally, this consists of places like Canada, Western and Northern Europe, Japan, Korea Australia, and New Zealand. On the other hand, if you’re going to places that have affordable medical coverage like Eastern Europe, Africa, and Southwest Asia, then you could purchase a policy with less coverage and walk away feeling covered in case of emergency.
💰 Budget Tip: If you consider yourself a risk-averse traveler in average or good health consider increasing your deductible to decrease your premium (initial payment to purchase the policy).
What Deductible Amount Should I Choose?
Determining the appropriate deductible amount involves assessing your circumstances and preferences. Some factors to consider when choosing a deductible for affordable travel insurance include your financial situation, risk tolerance, emergency fund, and the premium.
However, to keep it budget-friendly we typically go with a deductible between $1,000 to $2,500 because we’re looking to protect ourselves from catastrophic events. Consider raising your deductible to reduce your upfront premium payment.
Ultimately, the right deductible amount is subjective and depends on your unique circumstances. It’s advisable to weigh these factors and, if uncertain, seek advice from your insurance provider or a financial advisor.
Travel inherently comes with uncertainties. Although purchasing affordable travel insurance can assist in covering many costs arising from unforeseen events, it cannot eliminate all risks and may not fully reimburse every expense. When deciding on the suitability of travel insurance for your needs, conduct thorough research, inquire about the details, and carefully consider the value of the peace of mind it provides to you.
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