4 Ways To Save On Travel Insurance

Are you one of those who has a trip out of Singapore coming up in two 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 by 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.

Related: Travel Essentials for Every Trip – Travel Insurance, Miles Credit Card, Etc

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. This means that not only would you get to save on the travel insurance front, you would also be able to offset future flight tickets with the miles you have accrued. An example of a credit card that has this attractive perk is the Citi PremierMiles Visa Card.

Citi PremierMiles Card

Best miles credit card for average consumers.

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Pros

• Frequent traveler perks
• Low fees
• Flexible miles redemption

Cons

• Lacks luxury perks
• Not suitable for occasional travel

More Details

Do note that each card issuer provides varying amounts of travel insurance coverage, with some higher tier credit cards even providing complimentary coverage for spouses and dependent children as well. Do double check if the free coverage is  sufficient for you; if not, it’s always best to take up your own travel insurance.

Related: Why You Need Travel Insurance To Travel Post-COVID

2. Picking An Annual Plan May Be Cheaper

Do you travel at least five to six 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 for a week is S$83.17, and an annual plan costs around S$524.78. This means that buying an annual plan would be worthwhile if you make about six 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.

Related: Three Types of People Who Should Get Annual Travel Insurance

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 than 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 just a carry-on suitcase, a basic plan may suffice since you are less likely to experience mishaps if you are only travelling for 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.

Related: How Travel Insurance Can Protect Your Refund Rights for Flight Cancellations and Delays

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.

Taking the few extra minutes to compare 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 priced plan. 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.

Check out our travel insurance comparison page below to learn more about the different travel insurance plans all in one place!

Read More:

• 5 Ways to Prevent Your Baggage from Getting Lost on Your Next Trip
• Does Your Travel Insurance Plan Cover Extreme Sports and Activities?
• Top 9 Things You Should Never Do While Travelling Abroad
• What’s Inflating Your Travel Expenses This Year?
• Afraid of Getting Your Travel Insurance Claim Rejected? Take These Precautions

Cover image source: Unsplash