I completed one of the many tasks I had planned for the week. I reviewed the insurance websites listed in the post titled Insurance survival package. These were:
- safetywing.com
- globelink.eu
- truetraveller.com
- imglobal.com
- allianztravelinsurance.com
- cignaglobal.com
Comparing insurance websites was a task of medium difficulty. I could have said it wasn’t easy, but that wouldn’t be the truth. It was more like a time-consuming task, and there was a point during the two hours of work when I got a little bored.
Of course, insurance companies themselves offer several different packages. So I had to start by understanding the packages on each website, then comparing them to decide which one I needed. To do this, I chose the method of saving the packages with screenshots and then putting them side by side in Excel so that I didn’t have to spend a thousand clicks back and forth.
When compiling the packages, I tried to select the same period. Wherever possible, I set the insurance period as if I were starting to travel on March 1st and traveling for 28 days. This was because on the first page you can take out 4-week insurance. On the others, I either managed to set the 28 days of March or not. There were some where you could only select a period, so on one page I was forced to select 31 days. On the other, the first option was “0-3” months.
When I selected the package with the given insurance company, I got to an insurance premium. This is specified in USD on one page and in EUR on the other. So I converted the given premium to HUF. Finally, taking into account the days of the selected period, I calculated a daily insurance premium for each insurance, so that I could clearly compare the prices.
Here, too, I was not completely clear. That’s when the concept of “self-financing” came into play. To understand this word, I had to dig through the entire explanatory part of one page, but in the end the picture became clear.
The insurance “excess” (in Hungarian, deductible) is the amount that you have to pay out of your own pocket in the event of an insured loss before the insurer pays the remaining amount.
How does it work?
- For example, if you have car insurance with a deductible of 100,000 HUF and you have a claim that costs 500,000 HUF:
- You pay the first 100,000 HUF.
- The insurer pays the remaining 400,000 HUF.
- If the claim amount is less than the deductible (e.g. 80,000 HUF), the insurer does not pay, since you cover the entire claim.
Why is there a deductible?
- Filtering out minor claims: Insurers avoid paying out for minor claims in this way.
- Responsibility: The deductible motivates the insured to act prudently.
- Cheaper premiums: If you have a higher deductible, you get a lower insurance premium, since the insurer takes on less risk.
And the situation here obviously gets more complicated when comparing. With one insurance, there is no mention of this. With the other, the amount is unique per insured event. With the third, I have to determine this from 0 to the starry sky. In other words, comparing insurance options is not easy at all levels.
Let’s get started!
Looking at the websites of the 6 listed insurance companies, it turned out that the last two are not available to me, a Hungarian citizen. This only came to light now because when writing the previous post about insurance, I only included the last ones as a task to review, i.e. I have only seen them for the first time.
For the sake of simplicity, I will only give the final result for the websites and that too only in HUF, since the numbers speak for themselves.
Current price: 1,284 HUF / day.
The insurance covers a lot of things and with very high insurance limits. The smaller package is enough for me, and taking out the insurance is a fairly simple process. The website is very impressive and provides a lot of help, there is a description for almost everything. Not in vain! It was made in America.
Current price: 2,228 HUF / day.
It pays out much larger insurance amounts than the previous one, but is also much more expensive. The range of insurance events is quite similar. Compared to the previous insurance, I had the feeling that this was more of a general insurance, and there were events that were more typical of travel than of the nomadic lifestyle. I think the price reflects this as well.
Current price: 1,493 HUF / day, or
Current price: 1,040 HUF / day.
Here the price of the insurance can be reduced by not taking out the policy for 28 days, but for a longer period. The price of 1,040 HUF is for a 60-day policy, for example.
I still have to calculate with this site when I take out the actual insurance before departure.
Current price: 1,823 HUF / day.
It’s by far the highest insurance price, I didn’t even think about it too much.
Who is the winner?
Safetywing.com and truetraveller.com are still in the ring. On an emotional level, I would say that safetywing.com will be the winner because of its simplicity, the beauty of the site and the slogan “Health and travel insurance for nomads”. Truetraveller.com is much cheaper, however.
If I take out insurance there not for 30 or 60 days but for 180 days, the daily price is 806 HUF.
So, despite the magic word nomad, we have a winner.