Average Costs and Benefits of Travel Insurance 2024

We break down what type of benefits you can expect when you buy travel insurance as well as the average cost for different types of plans so that you can make the most informed decision about what travel insurance to purchase ahead of your next trip.

ValueChampion Editorial Team

by ValueChampion Editorial Team on Feb 16, 2024

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At ValueChampion, we are wholly focused on helping consumers maximise 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 the duration and destination of your trip.

Table of Contents

Average Cost of Travel Insurance in Singapore

Travel insurance in Singapore is priced based on the duration and destination of your trip as well as what type of benefits you receive. In general, most insurers break down the destination category into 3 regions: ASEAN, Asia and Global.

ASEAN covers countries in SouthEast Asia – Brunei Darussalam, Myanmar, Cambodia, Indonesia, Laos, Malaysia, Philippines, Singapore, Thailand, and Vietnam. Asia covers all Asian countries including Southeast Asia. Global is worldwide coverage (although some insurers do have certain exclusions). Some companies also only break it down to Asia and Global.

The price of travel insurance rises as the region of coverage widens. For instance, a 1-week long trip costs about S$46 on average for an ASEAN trip, but S$83 on average for global trips.

The price of 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.

average cost of travel insurance Singapore
Prices accurate as of Feb 2024

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 plan can increase by about 50% when going from 1-week to 2-weeks. We then repeated the same process for annual plans.

Related: Is Annual Travel Insurance right for you?

Average Benefits of Travel Insurance

Now that we know how much a travel insurance plan costs on average, the next step would be to find out you can receive in return for purchasing these products. Typically, travel insurance provides payment in the instance a specific event (insured) occurs. Events are generally divided into two categories: 1) accident and medical and 2) travel inconveniences.

Accident and medical coverage can help you pay for medical bills if you happen to be in need of medical care. Your travel insurance plan can also provide payments in the instance of death or disability.

Travel inconvenience coverage provides reimbursements if your flight is cancelled or delayed or if your baggage is lost, damaged or delayed. Other scenarios like missed flight connections or cancelled hotel room nights are also covered under this category. Below, we show the average levels for each of the main categories.

BenefitBasic PlanMid-Tier PlanTop-Tier Plan
Personal Accident & Death$125,000$216,667$416,667
Overseas Medical$225,000$750,000$2,500,000
Domestic Medical$9,333$23,750$40,833
Emergency Medical Evacuation & Repatriation$812,500$1,375,000$12,666,666
Trip Cancellation or Curtailment$5,417$9,167$14,167
Trip Delays$483$767$1,233
Baggage Loss/Damage$2,250$3,833$5,917
Baggage Delay$350$683$1,133

Accurate as of Feb 2024

Related: Travel Cancellations, Delays and Postponements: Will Your Insurer Pay Out?

Standard vs Premium Packages

Each travel insurance company will have at least two types 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 purchased expensive plane tickets, 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 may find more value in “basic” or “economy” plans that are cheap but still provide enough benefits to cover their costs. Typically, premium plans can cost up to 40% – 60% more than basic plans, but provide 200% – 300% more in coverage benefits.

Average Price by RegionTrip DurationBasic PlanPremium Plan% Difference

Accurate as of Feb 2024

Related: How to Pick the Best Travel Insurance

Other Factors to Consider

While most travel insurance plans cover expenses for sports injuries, you should make sure to double check exactly which leisure activities are covered by your insurance company. This is because your travel insurance plan might not cover all sports categories. For example, bungee jumping might be covered while skydiving is not. This is especially the case for more “economy” or “standard” travel insurance packages, so just make sure you have got your bases covered before committing to a specific plan.

We hope this guide was informative and helps you pinpoint exactly what to look for when shopping for the best travel insurance plans. If you are ready to purchase travel insurance and be protected for your next trip, make sure to check out our page to Compare Travel Insurance Plans in Singapore!


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Cover image source: Unsplash

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