The Minimalist Guide to Insurance for Digital Nomads
The digital nomad lifestyle is exciting, you can travel the world, experience new cultures, and work from anywhere in the world like exotic beaches, coffee shops or any location of your choice.
Lo and behold. Life is full of surprises; it is not always rosy. It can be tough sometimes and that holds true for digital nomads too. Part of becoming a digital nomad is learning to expect the unexpected.
The everchanging lifestyle brings with it a certain amount of risk and you should be prepared to expect the unexpected. That’s why insurance for digital nomads is a must, having the right insurance can provide peace of mind and financial security.
In this article we will discuss why you need Insurance as a digital nomad and explore the different types of insurance that are relevant for digital nomads, including health insurance, and travel insurance. We will also discuss the 3 best insurance for digital nomads.
Why do you need Insurance as a Digital Nomad?
With all the exciting things this lifestyle offers, why should anyone want to think about insurance?
An insurance for digital nomads may seem like an additional expense but is an absolute requirement that provides protection from potential losses that may incur while traveling.
An insurance not only gives protection against losses, along with your belongings it also ensures your safety.
If you are a digital nomad and if you are not sure about getting digital nomads’ insurance, here are the reasons why you should get it:
1) Protects You Against Theft: Insurance covers your gadgets like laptop, camera and important documents like your passport in the event of theft. Insurance will help you replace these items without any additional costs.
2) Provides Coverage against Lost Luggage: Losing luggage on flight, especially when you are changing flights in-between destinations is a common thing. Your insurance will cover all the costs of essentials while you wait for your luggage to arrive or replace everything if it is lost.
3) Covers Medical Expenses: You never know when something unexpected can occur and you may find yourself in a bit of a medical emergency. Insurance can cover your medical expenses in case of sickness or emergencies in the event of unforeseen circumstances when you are abroad.
4) Covers you in the event of Cancellations: Flights getting delayed or canceled is not uncommon. In such cases, insurance can cover the cost of your canceled flight or the connecting flight in case you missed because of delays. Also, if you cannot travel on the decided date if you get sick, insurance gives you the flexibility to cancel or postpone your travel plans and get reimbursed for flights and accommodation.
5) Helps to Travel Abroad with Worry: Knowing that your health and all your possessions are well-protected will allow you to travel and explore more freely without worrying about huge costs if things don’t go as expected. When you are in a new country with unknown people with a different culture, getting insurance gives you a sense of safety and backup that is reassuring.
In a nutshell, digital nomad insurance protects your health, finances and possessions at the same time gives peace of mind if anything unexpected happens.
Insurance Options Available for Digital Nomads
There are two types of insurance available for nomad travelers. The best insurance plan for you will depend on your individual needs and circumstances.
Here are the options that are available to you.
1) Travel Insurance for Digital Nomads
Travel Insurance basically covers travel-related risks like lost luggage, flight cancelation, and emergency healthcare. Travel insurance is for everyone who travels infrequently.
Although travel insurance is designed for infrequent travelers or short-term travels, there are several plans for frequent travelers and digital nomads.
There are quite a few companies that offer travel insurance for digital nomads to match their full-time or long-term travel requirements that typically covers the following things:
- Emergency Medical Evacuation Coverage
- Third-Party Liability Coverage
- Trip Cancellation & Lost baggage Coverage
- Coverage for Accidents while traveling
- Lost and Stolen Items Protection
Travel insurance has its own limitations. It offers a great deal for short trips and for those who travel occasionally, but it just doesn’t provide a long-term health cover for digital nomads who are constantly on the move. Also, many of the basic travel insurances don’t contain health coverage and even the comprehensive ones usually just cover emergency treatment and emergency evacuation if needed.
2) Health Insurance for Digital Nomads
Medical insurance for digital nomads typically covers both regular and emergency medical services. The basic requirement to get a medical insurance is that it should be able to take care of your medical expenses when you go to the hospital and it usually covers the following things:
- Prescribed Medication and Vaccinations
- Medical checkups & tests
- Psychiatric care
- Eye care & Dental treatment
- Cancer screenings & treatment
- Emergency medical treatment & ambulances
Health Insurance is usually more expensive than travel Insurance and some healthcare plans may provide international health insurance for digital nomads.
Digital nomad travel insurance and digital nomad health insurance are completely different. They serve different needs as they offer different types of coverage that applies to different situations.
Digital nomads who travel frequently often go for both travel and health insurance.
3 Best Insurance for Digital Nomads
The best insurance will be different for everyone based on your requirement and the country you are in. The three best insurance for digital nomads are:
- SafetyWing Nomad Travel Insurance – Best Digital Nomad Travel Insurance Overall
- Genki Nomad Insurance – The Best Travel Medical Insurance
- World Nomads Travel Insurance – Best for Digital Nomads who want comprehensive Travel Insurance
I) SafetyWing Nomad Travel Insurance
SafetyWing is a renowned digital nomad insurance company in the world. SafetyWing’s insurance plans are very flexible and offer an excellent value for money. It has a subscription model which allows you to pay on a monthly basis instead of paying upfront.
The downside is that trip cancellations and missed flights are not covered.
II) Genki Health Insurance for Nomads
Genki provides affordable health insurance specifically for the digital nomad community. It offers a monthly subscription plan starting at $40 per month which can be cancelled anytime.
The best thing about Genki is that it allows you to choose any authorized healthcare provider and it offers cover for most types of medical care, and as well as certain emergency dental procedures.
The two big down sides are – First, it does not provide quotes for people over age 49; second, Genki has only health insurance and it does not offer travel insurance.
III) World Nomads Travel Insurance
World Nomads is another popular insurance company that offers simple and flexible digital nomad travel insurance. Their insurance plan covers many high-risk sports activities. Hence it is the right choice for you if you are an adventure traveler. They also give good coverage for loss or theft of expensive gadgets.
World Nomads has excellent customer service and a proven track record in settling claims in a timely manner.
On the flip side, World Nomads is one of the more expensive travel insurance companies for digital nomads and their price varies significantly based on the country you are visiting.
Insurance for digital nomads is an important consideration for anyone living and working remotely. Insurance provides protection and peace of mind while working and traveling around the world. There are a variety of insurance options available for digital nomads, including health insurance and travel insurance.
Bottom Line
It’s important to do your research and find coverage that fits your specific needs and budget.
Some insurers offer packages that are customized to the unique needs of digital nomads, while others offer more generic coverage. Regardless of the type of insurance you choose, it’s important to make sure you have adequate protection in place to ensure you are covered in case of any unexpected events or accidents.
Overall, having insurance as a digital nomad is crucial to ensure that you are protected and can focus on your work and travels without worry.
