Where can I get worldwide travel insurance?

Worldwide travel insurance is known under several names. It is also called backpacker's insurance or long-stay insurance. The reason why is that worldwide travel insurance covers those people who want to go away for a long period, normally around the world, and in usual circumstances this insurance is sold to backpackers, going away in the gap year between school and university, in their university summer holiday, or maybe after university or as a 'sabbatical' from working.

Because of this - worldwide travel insurance is normally set up for 'younger' people as opposed to the 'young at heart'. You are still insurable if you are over 35 years old, but around this time you may find that there is an increase on your premiums, and should you be over 50, you are unlikely to get long stay travel insurance at all. The same company may not have the same restrictions on their short stay single trip insurance or annual multi-trip insurance policies, so you should not make assumptions.

Some people, when going on long trips, may wish to work abroad. This will be covered, but it does depend on what the work actually is. Should it be office or bar work, or picking vegetables or fruit, you'll be covered. But worldwide travel insurance is unlikely to cover you for using heavy machinery or for heavy manual labour.

Once you have started travelling, it's often likely that you will stay out longer than you expected. To do this you need to extend the policy before it lapses, as you'll get a lower extension rate for continuous cover. Should you have an ongoing claim for, say, a medical problem, then your insurer will probably reserve the right not to renew your insurance, or may renew only on the condition that you can't get further payments on that claim. This is why you are advised to plan carefully the length of your holiday. Should you cover yourself for a shorter period from the start, you may have to pay medical bills yourself should you want to continue later.

The obvious solution to this may seem to always insure yourself for a longer period that you know you could possibly be away, then ask for a refund for the remaining unused insurance period. But you cannot do that. You are better off, if in doubt, taking a shorter cover period then extending it later should that be required.

This might all sound tricky, but it's much better for you to be overinsured than underinsured. If you are travelling around the world for a long period of time you are likely to have a small period of illness or may an injury, and you really should be covered for the costs.

© AskFinancially.com 2008

Travel Insurance

Insurance & Loans

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Where can I get worldwide travel insurance?

© AskFinancially.com 2008

Travel Insurance

Insurance & Loans

Copyright