Are you looking forward to some downtime after a hectic time at work? Perhaps you just booked both your flight tickets and hotel reservations online. While making these online bookings, you may have been offered the opportunity by these sites to buy your Travel Insurance plan for the trip you are making. You decline the option since the plans seemed pricey.
Congratulations. You make the right decision. Buying Travel Insurance policies through non-dedicated platforms does not allow you to compare what is it that you require for the trip you are making. To get the best value-for-money, you can consider buying your travel insurance policy through dedicated travel insurance platform.
Do I need Travel Insurance?
The number one reason to buy Travel Insurance is the assistance provided in emergency situations. This gives travellers peace of mind when they are overseas. If they need medical attention, their travel insurance would cover the cost of treatment and hospitalisation. If their flight gets delayed and they require an additional night of hotel stay, they would be able to get compensation. If they are a victim of theft, they would be able to claim for their losses.
The search for good Travel Insurance almost always starts with the question: “What matters to you and should be insured?” There are different types of travel insurance policies out there but not everything is necessary.
What are the main differences between insurers and policies?
Various types of Travel Insurance in Singapore can be very different from one another. There are simple plans with very limited coverage and more extensive ones with higher limits covering more items and events.
Travel Insurance coverage can be split up into 4 groups of benefits:
- Personal Accident Benefits
- Medical Expense Benefits
- Emergency Benefits
- Travel Inconveniences & Other Benefits
Each insurer will have different inclusions, exclusions and levels of coverage in each group. The differences can be quite significant, so it will be worth your while to use our comparison engine, Insurancemarket.sg, and compare each policy in detail and ensure that you choose the one with the most appropriate coverage and benefits.
Another factor that makes a difference to the price of the insurance policy that you buy would be the country you are travelling to. Naturally, countries that are deemed riskier from the insurer point of view would cost more.
Do insurers accept me?
Equally important is that you meet the insurance acceptance criteria. Make sure that you read through each acceptance criteria carefully and be honest in all the declarations so as to avoid being excluded from coverage completely.
Don’t just click; check! This could save you a lot of tears and money later.
Single Trip or Annual?
Single trip Travel Insurance refers to temporary insurance with fixed start and end dates. The trip is insured from the date of your departure to the date of your return, with a maximum of 90 days in between. With annual Travel Insurance, you are guaranteed coverage for every overseas trip you make for the year. You are constantly insured, even during a weekend getaway or on an unexpected trip abroad.
The choice of a single trip or continuous (annual) Travel Insurance depends on the number of days you travel each year. For a family who goes on a three-week vacation only once a year, it could be better to choose single trip insurance. For a single person, the financial break-even is usually around 4 weeks of travel per year.