Digital Nomad Insurance

As an aspiring digital nomad it’s a good idea find yourself a reputable and comprehensive insurance package. Obviously, the type of package you ultimately go for is going to be relative to the type of traveling you wish to do, where you fancy going and unfortunately how old you are. For instance, long stays in one country will often work out cheaper than 3 months hopping around Europe and a worldwide jaunt excluding America will usually be cheaper than a trip including the USA.

A good place to start is to figure out how long you’re going to be gone for as many insurance companies have three main policies listed below:

• Single trip
• Annual multi trip
• Explorer/Backpacker

Single Trip Travel Insurance is exactly what it says! A one use policy usually lasting up to 90 days. The cost and cover of the policy will vary depending on destination, and you will normally be limited to just the one country. Single trip insurance can be ideal if you want to spend a month or two touring larger countries like America but will be of no use to you if you fancy traveling the Balkans.

Although not an option typically considered by digital nomads due to its limitations, it is still worth taking a look at if you travel slowly. If you stay in each location for three months, four separate single trip policies each year might work out cheaper and provide better cover than one long term policy! It can also usually be customised to fit your specific needs regarding any activities etc. A basic, single trip insurance package to America for 1 adult male digital nomad from 30th January 2014 – 30th March 2014 can be found for £35, but will normally cost around £80-£100.

Annual Multi Trip Travel Insurance is a good option if you plan to make 2 or more trips in a calendar year. Multi trip insurance is a good policy to consider if you intend to have a base in your home country and just wish to travel every other month or so. Multi trip cover will usually work out cheaper than individual policies, can be more convenient than arranging separate policies each trip and have the bonus of lasting the whole year. It is important when buying multi trip insurance to check if there is a maximum duration each trip can last for (many companies offer 31 days as max) and which countries are covered by the insurance. An annual multi trip package for 1 adult male digital nomad, with a max of 31 days per trip including worldwide travel will cost around £75-£100.

Backpacker Travel Insurance is a great policy for younger digital nomads as unfortunately, it sometimes comes with an age restriction of under 40 years old. Explorer insurance is tailor made for the traveler, and therefore will often come with the most requested areas of cover including cancellation, medical expenses, personal liability, valuables and legal expenses etc. This kind of insurance is an ideal policy if you’re not too sure where you’re going to be next week as it allows full flexibility (providing you have worldwide cover) and peace of mind regarding your possessions if you are staying in hostels etc (Although don’t assume all your expensive kit will be covered – maybe you should rethink bringing that brand new macbook along!). The price of an explorer insurance policy for 1 adult male digital nomad, for a year long period including worldwide travel is between £240-£500 depending on the level of cover you require.

All insurance policies obviously come with a LOT of small print, it is essential that before you commit to purchasing a policy that you check it ensure it covers your intended travel destinations, offers the right level of cover that you are comfortable with and takes into account any activities such as extreme sports you may be looking to do.

The internet is teeming with potential insurance suppliers after your business and a quick search will throw up 100’s of sites for your viewing pleasure. A lot of companies will only offer policies to residents of the country they are based in, however it is possible to find international policies such as www.worldnomads.com (For more info about World Nomads Insurance, check out this post). If you are based in the United Kingdom a great place to start is jsinsurance.co.uk.