As Singapore and the rest of the world are slowly, cautiously reopening its borders, savvy travellers are protecting themselves with travel insurance before booking any flights- for a peace of mind.
Considering to travel and insure yourself? Here are some tips to consider when choosing the right travel insurance:
1. What types of trips are you taking?
There are various policies covering different vacation purposes. Your itinerary plays a significant role in determining how much and what type of coverage you will need. For instance, if you are going for a relaxed trip to the Netherlands, just to look at the windmills, wooden shoes and tulips, you can consider MSIG’s TravelEasy policy, which has one of the most comprehensive, all-around coverage, with the best combination of high medical cover, amateur sports cover, as well as baggage and travel delay compensation.
On the other hand, if you are going skiing or conquering peaks, you should get a policy that covers you to a high altitude, because some travel insurance have exclusion clauses for activities with high risk. You can consider Tokio Marine’s TM Xplora which covers trekking to the highest altitude of 4,500m above sea level, and provides the highest baggage and travel delay compensation.
2. What are your most important requirements?
Know your non-negotiable requirements when it comes to your travel insurance, whether it is Covid-19 coverage, trip cancellation, lost baggage or emergency evacuation.
For instance, if you are traveling as a family with your parents and children, it is important that you increase your medical coverage in your travel insurance, so that you can provide the best care for them if any unfortunate accidents occur during your trip. This is especially important when you are doing a multi-destination trip or if you are going to the Europe region, where healthcare is expensive.
To make sure that your most important requirements are met, check out the table below for terms to take note of when looking for travel insurance:
|What You Need||Look For|
|Claims for hospital bills if you are injured or get sick||Travel medical and accident coverage|
|Land, sea or air transport to the nearest hospital or home if necessary||Emergency evacuation and repatriation|
|Payment for lost, stolen or damaged bags or luggage||Theft and lost baggage coverage|
|Reimbursement if you need to cancel or end your trip early||Trip cancellation and trip interruption|
|Reimbursement for delayed flights or missed connections||Travel delay compensation and missed connections coverage|
|Helpline to call if you need to speak to someone for an emergency||24-hour assistance|
3. What coverage do you need?
It is important to understand what exactly your travel insurance cover, because the last thing you want happening during your travels is your policy limit being exceeded before you are healthy enough to leave, or be informed that certain expenses are not included in your policy.
For example, if you break your leg during your trek, and you need to be flown to the nearest hospital, some insurance may only pay for your hospital bills and not your air-flown trip to the hospital, which can cost from USD 15,000 to USD 200,000, depending on which country you are at, and how far away is the nearest hospital. So, if you are going on an adventurous trip, you can consider getting AXA’s SmartTraveller policy, which comes with unlimited medical evacuation and Covid-19 claims.
It is also important to take note of the policy payout and limit, and choose the most suitable travel insurance accordingly. For example, if your luggage was damaged or lost during transit, is there a maximum reimbursement amount? How long will the payout take? Do you need actual receipts for the reimbursements?
With the right travel insurance, you should have a peace of mind throughout your trip, knowing that you will be taken care of, even in your worst case scenario.
4. Do you need to take note of any special circumstances?
If you or your family member whom you are traveling with has a medical history, double check whether your policy’s coverage includes pre-existing illnesses, or at least for life-threatening situations. Also, do ensure that you make a thorough declaration when signing up for your travel insurance, otherwise your policy might be voided. This is especially important when you are traveling with the elderly. The older the traveller, the more cautious you should be.
If you or your spouse are pregnant when you are traveling, it is essential that you get a travel insurance that covers for pregnant women, such as NTUC’s TravelBliss policy, which covers pregnant women even in their second trimesters.
5. Have you compared between different plans?
Getting medical treatment overseas can be very expensive. Good travel insurance can prevent you from needing to fork out a large amount of cash upfront for medical treatment overseas, or prevent losses due to missed connections, delayed flights or last minute emergency cancellation.
That is why it is always important to do your research and compare between different insurance policies, to find the right policy which fits your needs best, with the most optimal coverage.
The key in selecting the right travel insurance is to save money by buying only what is necessary for the trip, and not over-cover for options that you will not use.
Explore and compare between our wide range of travel insurance for you and your family. Whether you’re visiting your friends or hiking mountains, there’s a plan for you. Or Whatsapp us for more details (Mon to Fri: 9am – 5pm).
This is for general information only and does not constitute financial advice. This advertisement has not been reviewed by the Monetary Authority of Singapore.