Travel Insurance

4 Ways To Save On Travel Insurance

Planning a trip out of Singapore? Here are four nifty tips and tricks to save on the travel insurance for your upcoming trip!

Are you one of those who has a trip out of Singapore coming up in 2 days, and are now frantically searching online for appropriate travel insurance to buy? Travel insurance is one of those things many of us neglect, either by not getting one and regretting when the unfortunate happens or scrambling to buy the first one in sight because we've got no time to research.

If you've bought travel insurance previously, you might have noticed that prices can differ by 20 to 30 percent between policies offered by various insurers, and coverage can be vastly different as well. So if you are looking for tips on how to get the most comprehensive travel insurance that is the most competitively priced, here are some tips for you when comparing travel insurance.

1. Get Free Travel Insurance With Your Credit Cards

One of the best ways to enjoy free insurance is to make use of your credit cards. Some of the credit cards designed for travel rewards come with complimentary travel insurance. For most of them, you need to charge the payment of your air ticket to the credit card in order to be eligible for the free travel insurance coverage.

This also means that you get to accumulate your air miles while getting free insurance coverage. We have created a list of the best credit cards with complimentary travel insurance, which include AMEX Singapore Airlines KrisFlyer credit card, the Citi PremierMiles Visa Card, OCBC 365 Card, DBS Altitude Visa Signature Card as well as Maybank credit cards.

However, do note that each card issuer provides varying amounts of travel insurance coverage, and some actually provide complimentary coverage for spouses and dependent children as well. So do remember to check whether these are sufficient for you; if not, it's always best to take up your own travel insurance.

2. Picking An Annual Plan May Be Cheaper

Do you travel at least 5 to 6 times a year? If you do, it may make more sense to subscribe to an annual travel insurance plan instead of buying individual plans each time you travel. According to our research, the average price of a basic global travel insurance plan comes up to about S$53, and an annual plan costs around $280. This means that buying an annual plan would be worthwhile if you make about 6 or more trips a year.

Another factor to consider may be whether you want to take up a family plan. Family plans can offer more value for money if you are travelling together as compared to buying individual plans for each person on the trip.

3. A Basic Plan May Be Enough

Depending on your needs, the length of travel land the region of travel, you may want to take up a basic plan which is cheaper instead of a comprehensive one. Let us take a look at some common claims people may when it comes to travel insurance: Before the trip – trip cancellation, financial default of travel agency During the trip – trip interruption due to strike, loss and delay of luggage, medical expenses, personal accident

When deciding whether you should choose a basic or premium plan, the key difference usually lies in the amount of coverage the policy provides. If you are going for a relatively short trip with a light suitcase, a basic plan may suffice since a slight mishap will likely see you coming back home within a short period of time. On the other hand, if you are travelling to a high-risk country that is known for having natural disasters during certain times of the year, paying a little more for a more comprehensive coverage can allow you to travel in peace.

4. Research and Compare

To ensure you get the most competitively-priced travel insurance, always remember to leave time for research. While you may find that going to each individual insurer's website and taking notes of their coverage will cost you an insane amount of time, you can make use of great travel insurance comparison reviews like ours to help you make a decision.

Making a comparison between travel insurance plans is the easiest way to ensure you get the most bang for your buck, but remember that it is not just about choosing the lowest price. Some factors you should compare include the duration of your trip, your trip destination, the price range, the travel inconvenience benefits provided, as well as additional coverage such as emergency services, 24-hour help-desk and extreme sports coverage.

Below, we compared some of the best travel insurance in Singapore for your consideration.

Best Travel Insurance in Singapore 2022

Best Travel Insurance For Flight Delay: HL Assurance

Consider this if you’re worried about flight delays
  • Personal Accident Coverage
    • S$200,000-S$300,000
    • Trip Delay Coverage
      • S$1,000
      • Baggage Delay Coverage
        • S$800 to S$1,200
        HLAS: 50% off + NCD + Free Coverage
        Premium and valueBasicEnhancedSuperior
        Personal Accident and DeathS$200,000S$250,000S$300,000
        MedicalS$150,000S$250,000S$500,000
        Emergency Medical & RepatriationUnlmtdUnlmtdUnlmtd
        Trip CancellationS$5,000S$7,000S$12,000
        Trip DelaysS$1,000S$1,000S$1,000
        Baggage Loss DamageS$3,000S$5,000S$7,000
        Baggage DelayS$1,000S$1,000S$1,000
        Premium and valueBasicEnhancedSuperior
        Trip Cancellation due to Covid-19NAS$1,000S$2,000
        Trip Postponement due to Covid-19NAS$750S$1,500
        Trip Curtailment or Rearrangement due to Covid-19NAS$1,000S$2,000
        Overseas Hospital Cash Benefit due to Covid-19NAS$1,000S$2,000
        Overseas Quarantine Allowance due to Covid-19NAS$500S$1,000
        Emergency medical evacuation and sending you home due to Covid-19NAUnlmtdUnlmtd
        Repatriation of mortal remains due to Covid-19NAUnlmtdUnlmtd
        HL Assurance's travel insurance plans are great for global travellers worried about flight delays. HL Assurance travel plans offer one of the highest caps for flight delays, including the most basic plan. There is also coverage for lost items, trip curtailment, postponement, cancellation and delays, as well as rental car excess (the excess you owe if you get into a car accident abroad), medical expenses and hospital cash benefit both abroad and back in Singapore. If you are looking for a comprehensive travel plan that provides high coverage for flight delays, HL Assurance's travel insurance plan might be right for you.

        Best Travel Insurance For Pre-Existing Medical Conditions: Etiqa Tiq

        PROMO: Get $100 per referral
        Consider this if you have pre-existing medical conditions
        • Personal Accident Coverage
          • S$30,000-S$500,000
          • Trip Delay Coverage
            • S$300-S$500
            • Baggage Delay Coverage
              • S$200
              Use code TEIF for discount
              Premium and valueEntrySavvyLuxury
              Personal Accident and DeathS$200,000S$250,000S$300,000
              Medical Expenses Incurred OverseasS$200,000S$500,000S$1,000,000
              Emergency Medical & RepatriationCombined limit up to $1,000,000Combined limit up to $1,500,000Combined limit up to $1,800,000
              Trip Cancellation and Loss of DepositS$5,000S$5,000S$10,000
              Trip DelaysS$300 ($50 per 3hrs)S$300 ($50 per 3hrs)S$500 ($50 per 3hrs)
              Baggage DelayS$200 ($100 per 6hrs)S$200 ($100 per 6hrs)S$200 ($100 per 6hrs)
              Premium and valueEntrySavvyLuxury
              Trip Cancellation and Loss of Deposit due to Covid-19S$3,000S$4,000S$5,000
              Travel Postponement due to Covid-19S$500S$1,000S$1,500
              Trip Curtailment and Disruption due to Covid-19S$3,000S$4,000S$5,000
              Medical Expenses Incurred Overseas due to Covid-19S$100,000S$200,000S$300,000
              Overseas Covid-19 Diagnosis Quarantine AllowanceS$500S$1,000S$1,500
              Emergency Medical Evacuation and Repatriation of Mortal Remains due to Covid-19S$200,000S$300,000S$500,000
              Hospitalisation Benefit in Singapore due to Covid-19S$100S$200S$300
              Etiqa Tiq Pre-Ex plans provide comprehensive coverage against medical expenses if you fall sick during your trip due to pre-existing medical conditions. Pre-existing medical conditions include diabetes, eczema, asthma, heart conditions, stroke, asthma, sleep apnea, cancer and epilepsy. However, do note that your illness must be stable and under control. If you are looking for an affordable yet comprehensive plan to protect against medical treatment due to pre-existing conditions, you can consider Etiqa Tiq's Pre-Ex policies.

              Best Travel Insurance For Inconvenience Coverage: Allianz Travel

              PROMO: Get 23% off all travel policies with TRAVEL23
              Consider this if you want to maximise travel inconvenience coverage
              • Personal Accident Coverage
                • S$80,000
                • Trip Delay Coverage
                  • S$1,500
                  • Baggage Delay Coverage
                    • S$1,400
                    Premium and valueBasicEnhancedSuperior
                    Personal Accident and DeathS$200,000S$250,000S$300,000
                    MedicalS$150,000S$250,000S$500,000
                    Emergency Medical & RepatriationUnlmtdUnlmtdUnlmtd
                    Trip CancellationS$5,000S$7,000S$12,000
                    Trip DelaysS$1,000S$1,000S$1,000
                    Baggage Loss DamageS$3,000S$5,000S$7,000
                    Baggage DelayS$1,000S$1,000S$1,000
                    Premium and valueComprehensive BronzeComprehensive SilverComprehensive Platinum
                    Trip Cancellation CoverageS$15,000S$15,000S$25,000
                    Trip Interruption CoverageS$15,000S$15,000S$25,000
                    Travel Delay CoverageS$1,500S$1,500S$1,500
                    Baggage CoverageS$7,000S$12,000S$15,000
                    Baggage Delay CoverageS$1,400S$1,400S$1,400
                    Emergency Medical/Dental CoverageS$1,000,000S$1,000,000Unlmted
                    Emergency Transportation CoverageS$1,000,000S$1,000,000Unlmted
                    For those who are looking for a combination of affordability and value with a focus on trip and baggage coverage, Allianz Travel can be a great match. What makes these plans stand out is that they exhibit very high value with their generous trip inconvenience coverage. In fact, these plans consistently have the highest trip inconvenience coverage trip cancellation, baggage loss/delay and trip delay coverage) among their peers. If you tend to travel with valuable belongings or you are concerned with sudden changes to your trip itinerary, Allianz Travel plans can provide maximum peace of mind in that area. However, it does lag behind peers in terms of personal accident coverage.

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                    Tan Boon Hun

                    Boon Hun spent over five years in the content marketing space as the managing editor of Goody Feed creating interesting and relevant content for the social media generation. In 2022, he moved to the FinTech space while remaining true to his roots, intending to bring financial literacy to more people in Singapore. When not doing his work, he can be found watching people build homes on YouTube.

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