Travel Insurance

5 Things You Must Consider When Buying Travel Insurance

Travel insurance coverage offers tremendous health and financial protection. Here are some tips for buying the best travel insurance in Singapore.
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Now that travel restrictions are a thing of the past, there is no stopping the revenge travel phenomena that follows a long period of lockdowns. If you too are planning a global-trotting venture, buying a comprehensive travel insurance policy before leaving Singapore may be a wise move. Why? Read on to find out why you should consider buying travel insurance and how you can go about selecting the right one for you.

What Travel Insurance Covers

The best travel insurance in Singapore covers an extensive range of medical remedies and travel inconveniences that may arise during an overseas trip. Depending on the type of policy you sign up for, it can compensate you for something as minor as baggage delay to more life-threatening situations that require medical evacuation.

The list of benefits that a typical travel insurance policy covers include:

  • Baggage delay or loss
  • Travel delays or cancellation
  • Medical expenses, emergency evacuation and repatriation in case of serious illness or death
  • Fraud, theft and kidnapping
  • Travel agent insolvency
  • Accidental death or permanent disablement

Why Travel Insurance Is Essential

Essential travel insurance
Source: Unsplash

Buying travel insurance in Singapore is a way to protect your finances, health, safety and security. It is one of the most important investments that a traveller can make to help navigate unexpected risks in a foreign environment. Some may argue that unexpected events can happen anywhere but what they fail to see is that it is harder to find the right remedies when they are in an unfamiliar location. Often this can cause even more inconveniences and larger costs.

While travel insurance is not a talisman that promises no harm will befall you, at the very least it covers medical emergencies that can sometimes cost hundreds of thousands of dollars. For example, evacuating from China to Singapore can cost over S$100,000. Fixing a broken ankle in Hong Kong can also amount to S$8,000. If you don’t have travel insurance, the expenses will have to be paid out of your pocket.

The benefit of travel insurance goes beyond medical coverage to include everything from pre-trip disruptions and flight cancellations to personal accidents and loss of belongings. If you are a seasoned traveller, surely you would acknowledge that these are common disturbances that require time, effort and money to mitigate. Thankfully, travel insurance is designed to cover these travel risks and minimise your financial loss.

Related: Best Travel Insurance in Singapore 2023

5 Tips for Buying the Right Travel Insurance for You

It is hard to pinpoint which insurer offers the best travel insurance in Singapore because every traveller’s needs are different. However, there are a few tips that may help you find the right travel insurance policy for you.

1. Single Trip vs Annual Policies

Single annual trip travel insurance
Source: Unsplash

If you have plans to take multiple trips or vacations in a year, opting for annual travel insurance with a flat premium may be more cost-effective than buying multiple single-trip plans. Taking the extra step to plan ahead may help you save money and time required to look for a new policy every time you want to take a trip.

2. Don’t Just Pick the Cheapest Plan

cheap travel insurance
Source: Pexels

Because buying travel insurance seems to rank low on the to-do list, many travellers tend to assume that buying the cheapest plan will suffice. However, paying a low premium equates to low coverage. Instead of focusing on price, assessing the benefits and what you want to be covered for the trip may help you arrive at a better decision.

3. Group Policies Are More Economical

Group travel
Source: Unsplash

Group or family plans are cheaper than individual ones. Some policies provide group travel insurance policies that can cover as many as 10 people travelling together. Another thing to note is that the Medical Expenses and Personal Accident cover will be reduced significantly for those above 70 years old. If you are travelling with a group comprising seniors, you may want to consider a separate policy that is tailored for them.

4. Coverage for Pre-Existing Conditions

travel insurance pre-existing condition
Source: Pexels

Not all travel insurance plans cover pre-existing conditions. If you have existing health problems, make sure to look out for travel plans like MSIG TravelEasy Pre-Ex or Income Insurance Enhanced PreX. These plans may come with higher premiums than regular travel insurance in Singapore, but they provide comprehensive medical coverage despite your current health status.

5. Take Note of Exclusions

travel insurance exlusions
Source: Pexels

Most insurance policies come with a list of key exclusion clauses that prevent you from making claims. The clauses are quite similar across most travel insurance plans. They include Behavioural, Activity, Travel and Circumstantial exclusions that limit a claim if you willingly take a hazardous route or partake in risky activities despite knowing the danger.

Best Travel Insurance in Singapore

There are many travel insurance plans in the market to suitable different travellers with different needs. We’ve researched the market and shortlisted some of the best travel insurance in Singapore so you don’t have to.

Best Value Travel Insurance in Singapore

Our Picks:
Direct Asia Insurance - Travel
Direct Asia Insurance - Travel
Medical CoverS$500,000S$200,000
Accident/Death CoverS$100,000S$300,000
Trip Cancellation CoverS$10,000S$10,000
Trip Delay CoverS$1,500S$1,000
^1-week premium for trip to ASEAN destinations
Values listed are accurate as of 20/02/2023

With up to S$11,500 coverage or trip cancellation and delays, Allianz's plan is a great option for those who prioritise travel convenience.

Direct Asia’s 200 is a value-for-money deal that charges a very low premium with decent market-average coverage for trip inconvenience and medical benefits. This plan also offers additional riders for extreme sports.

Best Coverage and Benefits Travel Insurance in Singapore

Our Picks:
Medical CoverS$1,000,000Unlimited
Accident/Death CoverS$200,000S$500,000
Trip Cancellation CoverS$15,000S$20,000
Trip Delay CoverS$2,000S$2,000
^1-week premium for trip to ASEAN destinations
Values listed are accurate as of 20/02/2023

Both Allianz Platinum and SingLife Prestige offer high travel inconvenience cover that is essential for most travellers. If you are going on a cruise, Allianz’s plan also provides cruise coverage like cabin confinement benefit, a missed port of call benefit or a cruise coverage boarding denial benefit.

The upside of Singlife’s Prestige lies in fewer exclusion clauses than the average travel insurance plan because it has a variety of optional riders ranging from extreme sports to wedding events.

Travel insurance will make that your holiday as stress free as possible by ensuring you covered should there be any unforeseen circumstances. Want to see even more options before you purchase your travel insurance plan? Check out our best travel insurance and best travel insurance promotions round-ups to help you make the best decision for your next trip.

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Cover Image Source: Unsplash

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