Travel Insurance

Average Cost and Benefits of Travel Insurance 2020

Get the Best Travel Insurance in Singapore

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At ValueChampion, we are wholly focused on helping consumers maximize their personal finances. Namely, we want to provide enough information so that people can get the most for every dollar they spend. This involves being aware of how things cost on average, what value they provide and what alternatives are available. In order to find the best travel insurance, a very popular financial product, it would be important to know what you should expect to pay and what you should expect to get in return. Here, we breakdown the average cost of travel insurance by durations and destinations of your trip.

Table of Contents

Average Cost of Travel Insurance in Singapore

Travel insurances in Singapore are priced based on the duration and destinations of your trip and the kind of benefits you receive. In general, most insurers breakdown the destination category into 3 regions: ASEAN, Asia and Global. ASEAN covers countries in South East Asia, while Asia covers all Asian countries including Southeast Asia. Some companies also only break it down to Asia and Global. The price of a travel insurance rises as the regional coverage widens. For instance, a 1-week long trip costs about S$48 on average for an ASEAN trip, but S$83 on average for global trips.

this chart compares the average cost of travel insurance for all insurers in Singapore. We compare different insurance policies by destination and the length of the trip.

The price of a travel insurance can also vary depending on the length of your trip. In general, insurance companies divide their products into single-trip and annual coverage. To arrive at an average cost for each category, we collected pricing data for each insurance company by region and date. For instance, we gathered pricing data for 1-week and 2-week long trips to different regions to arrive at the above prices, and found that the price of a travel insurance can increase by about 50% to go from 1-week to 2-weeks. We also repeated the same process for annual plans.

Average Benefits of Travel Insurance

Now that we know how much a travel insurance costs on average, the next step would be to find out what a consumer can receive in return for purchasing these products. Typically, a travel insurance provides payment in case an event happens. Events are generally divided into two categories: 1) accident & medical and 2) travel inconveniences.

The first category can help you pay for medical bills if you happen to be in need of medical care. They can also provide payments in cases of death or disability. There is also emergency evacuation coverage, which is an important feature to look at because it can be one of the most expensive things you pay for if you need to be transported to a hospital. The second category provides reimbursements if your flight is cancelled, delayed or if your baggage is lost, damaged or delayed. It also provides reimbursement if you need to change your travel dates or if you have to cut your trip short. There are other scenarios that are also covered, like missed flight connections or cancelled hotel room nights. Below, we show the average coverage limits for each of the main categories.

BenefitsIndustry Avg.
Personal Accident & DeathS$261,588
Overseas MedicalS$598,140
Domestic MedicalS$23,407
Emergency Medical Evacuation & RepatriationS$772,727
Trip Cancellation or CurtailmentS$10,224
Trip DelaysS$1,087
Baggage Loss/DamageS$5,082
Baggage DelayS$998
Total Trip InconvenienceS$28,374

Standard vs Premium Packages

Each travel insurance company will have at least two kinds of plans, if not three. These represent different tiers of travel insurance that provide different levels of benefits. For people who have extremely valuable goods in their baggage, or who have booked expensive trips, premium plans might be more appropriate so that they can be reimbursed commensurately to the value that they could potentially lose. On the other hand, others can find more value in "basic" or "economy" plans that are cheap and provide enough benefits to cover their costs. Typically, premium plans can cost 60% more than basic plans, but provide 200-300% more in coverage benefits.

Average Price by RegionTrip DurationBasic PlanPremium Plan% Difference
ASEAN1-WeekS$35S$6276%
2-WeeksS$55S$9574%
AnnualS$191S$29454%
Asia1-WeekS$45S$7361%
2-WeeksS$67S$10860%
AnnualS$213S$31347%
Global1-WeekS$63S$10159%
2-WeeksS$98S$15154%
AnnualS$297S$41841%

Other Factors to Consider

While most travel insurances cover expenses for sports injuries, you should make sure to check which leisure activities are covered by your insurance company. This is because not every sports category might be covered by your travel insurance package. For example, bungee jumping might be covered while sky diving is not. Similarly, some plans may cover your sports equipment, while others may not. This is especially the case for more "economy" or "standard" travel insurance packages, so just make sure your got your bases covered before committing to a specific plan. We hope this guide helps inform you well enough to know what to look for when shopping for the best travel insurance.

Duckju Kang

Duckju is the CEO of ValueChampion. He covers the financial services industry, consumer finance products, budgeting, and investing. He previously worked in the financial services industry, including at such hedge funds such as Tiger Asia and Cadian Capital.

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