Travel insurance is any product intended to cover or reduce inconvenience or threat while travelling. In order to have a stress-free vacation, you could use the benefits of this insurance product. Many insurers in Singapore offer this insurance product to provide you with a safe and hassle-free holiday.
Why should I buy travel insurance?
An insurance coverage while travelling is required for the following reasons:
- While on a vacation, especially overseas, it becomes vital to have help at hand because of factors like unfamiliarity with the place. In case you are involved in an accident, you could easily contact your insurance provider. If you do not know the language of the place you visit, you may find it difficult to communicate. The insurers could help you locate the nearest medical provider or doctor’s clinic.
- Foreigners are usually a soft target for theft or pickpocketing. You could end up losing valuables such as your passport and money.
- Falling sick in a foreign land is not a great situation to be in. Your insurance will cover your medical treatment if that happens.
- Due to various reasons, you might have to wait longer for a flight or for baggage. This loss of time is mostly covered by all insurers.
Types of travel insurance
Based on the frequency of travel, there are two types of travel insurance – Single Trip and Annual Trip. Single trip insurance covers the cost incurred for one trip. Annual trip policy will cover all the trips you would take in a year. For those who travel frequently, annual trip plans will make more sense. One of the terms is that each trip should be less than 3 months in duration.
Based on the number of beneficiaries of a policy, types of travel insurance include individual, family and group insurance policies. Usually the premium is a little lower for family group insurance, when compared to others, in terms of cost per person.
Aspects covered in travel insurance
Though the extent of coverage and the terms vary from insurer to insurer, the common aspects that are covered in a policy are as follows:
- Personal accident cover – In case you are involved in an accident which leads to injury or death or Total Permanent Disability of the policyholder, you will be provided a compensation.
- Loss of valuables – If you have lost documents like your passport or money, some insurers will offer the amount needed to recover them.
- Medical emergencies – Your insurance policy will cover the medical bill charged in another country in case you fall sick. If, unfortunately, your health condition requires higher medication or treatment that is not covered when you are overseas, you will be evacuated.
- Cancellation of trip – If you have to cancel the trip due to circumstances beyond your control (for example, war, natural calamity or terrorism), you will be covered for that as well.
- Delays – If your flight is delayed or the baggage was received late, there is a coverage for that. Do note, the coverage terms might differ between insurers.
Exclusions of travel insurance
Exclusions in travel insurance are almost the same as the exclusions from a regular health insurance. These include coverage for pre-existing conditions, self-injury, mental health problems, or injury from taking part in criminal activities.
Travel insurance policies in Singapore
There are many insurers in Singapore that offer coverage for travel. Let us look at a few of them and the benefits they offer:
|Name of the insurer||Type||Coverage for medical bills overseas||Trip cancellation||Baggage loss/damage||Premium per adult (approximate)|
|Allianz Global Assistance Travel insurance Bronze||Single trip||S$400,000||S$10,000||S$7,000||S$14|
|American Express My VoyageGaurd Essential||Single trip||S$500,000||S$5,000||S$3,500||S$16|
|ETIQA Basic||Single trip||S$200,000||S$5,000||S$2,000||S$11|
|AXA Direct Smartraveller Essential||Annual trip||S$300,000||S$6,000||S$5,000||S$427|
|MSIG TravelEasy Standard||Annual trip||S$250,000||S$5,000||S$3,000||S$288|
|Direct Asia TR200||Annual trip||S$250,000||S$10,000||S$3,000||S$209|