Wondering if you should pay monthly travel insurance or make a large purchase upfront before your trip? This article will give you some insight into flexible travel insurance, especially the perks that come with it.
By now, most travelers surely realize how crucial coverage is when going on adventures. Not only do you get peace of mind, but protection against unforeseen circumstances or unexpected issues.
Don’t have time for a deep dive and want to get started right away? Check out my personal favorite – SafetyWing – great for short trips (you can set specific dates) and ideal for longer-term travelers like backpackers or nomads. Get a quote here.
Pay Monthly Travel Insurance Perks
✔️Ideal for those who prefer to manage their finances by spreading out costs.
✔️Ensures you remain protected throughout your travels without the need to remember renewals.
✔️Provides the flexibility to cancel your policy without penalties, making it perfect for unpredictable travel plans.
✔️Offers extensive coverage that includes medical emergencies, lost luggage, leisure sports injuries, motor accidents, emergency flights home, travel delays, and more.
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1. Budget-Friendly Payments
If you want to be covered as soon as possible but aren’t keen on a huge upfront investment, paying monthly travel insurance is a great option. For traveling, sometimes it is unavoidable that you have to pay large sums, for an expensive flight or a hefty tourist attraction.
Doing budget-friendly monthly travel insurance is a great option to keep costs low while still prioritizing safety. Paying monthly also ensures that travel insurance is more accessible to different types of travelers – which is a win in my book!
2. Continuous Coverage
We live in a fast-paced world and even when we try to slow down, things tend to fall through the cracks. When you’re traveling this can be even worse because being immersed in a new culture can take a lot of your mental space.
The last thing you want to worry about is whether your insurance is still covering you now that you’ve arrived in this new destination. Paying monthly travel insurance means that there are no gaps in protection.
When you have an automatic reveal of monthly travel insurance – it’s just one less thing to remember. This is most ideal for those going beyond a typical vacation stay of one or two weeks where you stay in the same place.
Usually, it suits backpackers and nomads, who stay abroad for longer periods, anywhere from 2 weeks to months or years!
3. Cancel Anytime Policy
Flexibility is freedom and freedom is flexibility… at least to me. With the rise of a nomadic life, many other feels the same.
Having a cancel-anytime policy with your monthly travel insurance is one of the most important features you should look for in a company.
Being able to cancel at any time without penalties is vital. Don’t get the risk of being locked into a policy that may no longer be needed or suitable.
4. Comprehensive Protection
When I say comprehensive – it means more than just including certain things with specific $ amounts in coverage.
Do you know that some travel insurance won’t provide coverage if you don’t have a return/round trip ticket?! Another common issue is that travel insurance companies may not cover you if you have already left on your trip.
Maybe 30 years ago that would make sense, but in this day and age, so many travelers need to purchase after leaving their country or take one-way flights. For many reasons – whether it’s a cheaper price or they need flexibility.
Having comprehensive monthly travel insurance is crucial in these situations for long-term travelers – especially because they are often more likely to book one-way and last-minute flights.
To help you as you looking for the best monthly travel insurance – keep these standard coverage features in mind. If you’re paying monthly travel insurance it should include these:
(PS, these are from my favorite insurance company – SafetyWing)
✔️ Medical Coverage While Abroad
- General Medical Treatment: Coverage includes hospital stays, nursing care, ambulance transportation, diagnostics (e.g., MRIs), extended post-hospital care, prescriptions, and emergency dental (up to $1,000).
- Coverage Limit: Up to $250,000.
- Evacuation: Coverage for evacuation to a better-equipped hospital, up to $100,000 lifetime max.
✔️ Lost Checked Luggage
- Per Item: Up to $500.
- Per Policy: Maximum of $3,000.
✔️ Injuries from Leisure Sports & Activities
- Coverage Limit: Up to $250,000.
✔️ Motor Accidents
- Conditions: Coverage if properly licensed, wearing safety equipment, and not intoxicated.
- Coverage Limit: Up to $250,000.
✔️ Flights Home for Emergencies
- Coverage: Up to $5,000 for flights home due to events like a death in the family.
✔️ Travel Delay
- Meals & Accommodations: $100 per day for up to 2 days if the delay exceeds 12 hours.
✔️ Visits Back Home
- Coverage Duration: 30 days (15 days for US residents) for every 90 days of travel abroad.
- Coverage Limit: Up to $250,000.
✔️ Death Benefits
- Transporting Body Home: Up to $20,000.
- Local Burial: Up to $10,000.
✔️ Policy Maximum Limit
- General: Up to $250,000.
- US Residents Over 65: Up to $100,000.
Exclusions
- Not Covered: High-risk or professional sports, pre-existing conditions, cancer treatment, lost or stolen personal belongings, and trips cancelled before departure.
5. Customizable Coverage
Thankfully, when paying monthly travel insurance, you can somewhat customize your coverage! This will help you to fit your individual travel needs properly. Some that SafetyWing offers a few – one being an adventure sports add-on.
This includes things like kite-surfing, parachuting, paragliding, skydiving, scuba diving, etc. The adventure sports add-on does not include expeditions, or professional, organized or rewarded sports.
They also have an electronic add-on, for devices like laptops, tablets, and cameras, which can be applied with policies of at least 28 days.
You can get up to $1000 per stolen item and there is a yearly limit of $3000 per policy – you must also have proof of purchase, like a receipt for the device.
6. Easy Claims Process
Heaven forbid that something unfortunate happens, but in case it does, you need to know how complicated or easy it will be to file a claim with whatever insurance company that you go with.
The claims process should be easy and only take a few minutes. For SafetyWing, you will need:
- Your medical report
- Any medical invoices outlining what you paid
- Any relevant receipts
- Your bank account information
Maybe you have a unique situation and need to ask some questions. Contact SafetyWing’s 24/7 human customer support to get help. You can contact them at [email protected].
Final Thoughts On Pay Monthly Travel Insurance
Choosing the right travel insurance is a critical part of planning any trip. Deciding between paying monthly or making a large upfront payment can significantly impact your budget and peace of mind.
Pay monthly travel insurance options offer numerous perks, especially for those who travel frequently or for extended periods. The main question to ask yourself is, would paying monthly be more convenient for your particular lifestyle?
Why SafetyWing?
For those who need a reliable option, SafetyWing is a great choice for both short trips and long-term travel. They offer customizable coverage, easy claims processes, and 24/7 customer support.
SafetyWing’s comprehensive protection includes various add-ons, such as coverage for adventure sports and electronics, ensuring that you can tailor your policy to meet your specific travel needs.
Don’t forget to check out these tips for finding working abroad travel insurance and these awesome slow travel destinations in Europe.
