Overheard a guy in a coworking space in Chiang Mai say he's been nomadic for 8 years and never bought travel insurance

He told me he just sets aside $50 a month into a savings account instead and I'm wondering if that's actually a smart move or just tempting fate, anyone else skip the insurance?

2 comments

2 Comments

wade_young8611d ago

Wait, is $50 a month really that bad when you look at the numbers over 8 years? That's almost $5,000 saved up, which is way more than most travel insurance claims actually pay out. Insurance companies are in the business of making money, they're not charities, so the odds are always stacked against you when you buy a policy. I've talked to a few long term nomads who do the self insure thing and they say the key is having that cash ready and being smart about where you go. Plus most travel insurance has so many fine print exclusions anyway, like if you're drunk or doing adventure sports, you're basically paying for nothing half the time. If you're not doing dumb stuff like riding motorbikes without a helmet or eating street food that's clearly sketchy, your risk of a huge bill is actually pretty low.

the_sarah17d ago

Has anyone actually had to use their emergency fund for a major medical thing abroad? $50 a month feels really light for something like a motorbike crash or dengue.