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The Sense and Nonsense of Travel Insurance

Written by: Alexis Van Dam

Reading Time: 3 minutes

Now that the holiday season is approaching, many consumers are busy figuring out their vacation plans. When booking your hotel, airline tickets and activities, one questions usually arises: do I really need travel insurance? Here is some of the sense and nonsense of Travel Insurance. 

Do you think Travel Insurance is a waste of money?

When planning your overseas trips, do you often find yourself thinking of Travel Insurance as an added cost you can forgo? Think again. While you can afford to carry the responsibility for the loss or damage of your personal properties such as luggage or phones and other electronic equipment, there are other considerations you need to take into account.

Travel Insurance can help you out most when there is an emergency and you need urgent support or have to be repatriated if something goes wrong. An accident, illness or death overseas not only costs a lot of money and time but can be very emotional. Support in these circumstances is typically not covered in any other types of insurance plans.

Maybe you are already insured?

Review your current health insurance to see to what extent medical insurance is covered when travelling. Singapore Travel Insurance plans tend to include some medical coverage, so this can overlap with an international health policy and you end up paying for both. Do check, however, whether you have global coverage when you need it. Whenever you travel to United States of America, have a close look if your policy covers the USA. Usually, travel and medical coverage in the USA are an extra addition to your global plan.

Not all Travel Insurances are alike…

and your policy may provide less coverage than you think:

When you compare Travel Insurance or just review your current plan, have a close look at the payout limits. Particularly those little add-on policies to your airline ticket or hotel booking. Usually, there is an ‘up-to amount’ and not the full amount of your loss will be covered.

annual travel policies june 2017

Where are you going?

Does your coverage apply to the place you are travelling to? This seems to be an simple question, but you should note that insurance companies have different interpretations of terms like Asia, the APAC region, ASEAN and even global. If you know which countries you will be travelling too, input those on our website and we will show you the companies that provide insurance for those countries specifically at a fair price.

How often do you travel?

For anyone who travels frequently, an annual Travel Insurance policy can be more advantageous, because they only have to pay policy and administrative expenses once a year. If you make regular short trips, you can consider taking annual insurance as well. That way you are always insured during a spontaneous weekend getaway to Batam or a regular trip to Johor for dinner and to stock up on baby milk powder.

What are you going to do during your vacation?

Are you an adventurous or sporty person? Then have a good look at what is or is not insured in your plan. When you are comparing policies, you can set the preferences so that the policies you are looking at must include sports equipment coverage. Then you can look at what sports are covered under each company’s insurance plan.

You might be wondering:

The need for Travel Insurance depends on multiple factors highlighted above. By conveniently comparing payouts, benefits, and other differences between policies all online. You can easily decide on the insurance policy that suits you best.

Here is the thing:

The short answer to whether or not you need Travel Insurance depends on how much risk you are willing to take. It also depends on how much you are already covered under other policies you may have. So when you are deciding to get insurance take into account where you are going, what you are going to do, and what you bring with you.

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Alexis Van Dam

Customer Experience & Marketing Operations Director & at Insurance Market Pte Limited
Alexis is Marketing Operations Director at Insurance Market. In addition to that, he looks after the Customer Experience. He guides the visitors of Insurance Market to the right place to compare and buy their personal insurance coverage. He likes to create a bond with his customers and make sure that Insurance market delivers on its promise.

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