Are you one of those who has a trip out of Singapore coming up in 2 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 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 per cent 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.
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. We have created a list of the best credit cards with complimentary travel insurance, which include AMEX Singapore Airlines KrisFlyer credit card, the Citi PremierMiles Visa Card, OCBC 365 Card, DBS Altitude Visa Signature Card as well as Maybank credit cards.
However, do note that each card issuer provides varying amounts of travel insurance coverage, and some actually provide complimentary coverage for spouses and dependent children as well. So do remember to check whether these are sufficient for you; if not, it’s always best to take up your own travel insurance.
2. Picking An Annual Plan May Be Cheaper
Do you travel at least 5 to 6 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 comes up to about S$53, and an annual plan costs around $280. This means that buying an annual plan would be worthwhile if you make about 6 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.
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 instead of a comprehensive one. Let us take a look at some common claims people make 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 light suitcase, a basic plan may suffice since a slight mishap will likely see you coming back home within 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 more comprehensive coverage can allow you to travel in peace.
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.
Making a comparison between 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 price. 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.
Below, we compared some of the best travel insurance in Singapore for your consideration.
Best Travel Insurance in Singapore 2022
Best Travel Insurance For Flight Delay: HL Assurance
| Premium and value | Basic | Enhanced | Superior | |
|---|---|---|---|---|
| Personal Accident and Death | S$200,000 | S$250,000 | S$300,000 | |
| Medical | S$150,000 | S$250,000 | S$500,000 | |
| Emergency Medical & Repatriation | Unlmtd | Unlmtd | Unlmtd | |
| Trip Cancellation | S$5,000 | S$7,000 | S$12,000 | |
| Trip Delays | S$1,000 | S$1,000 | S$1,000 | |
| Baggage Loss Damage | S$3,000 | S$5,000 | S$7,000 | |
| Baggage Delay | S$1,000 | S$1,000 | S$1,000 | |
| Premium and value | Basic | Enhanced | Superior | |
|---|---|---|---|---|
| Trip Cancellation due to Covid-19 | NA | S$1,000 | S$2,000 | |
| Trip Postponement due to Covid-19 | NA | S$750 | S$1,500 | |
| Trip Curtailment or Rearrangement due to Covid-19 | NA | S$1,000 | S$2,000 | |
| Overseas Hospital Cash Benefit due to Covid-19 | NA | S$1,000 | S$2,000 | |
| Overseas Quarantine Allowance due to Covid-19 | NA | S$500 | S$1,000 | |
| Emergency medical evacuation and sending you home due to Covid-19 | NA | Unlmtd | Unlmtd | |
| Repatriation of mortal remains due to Covid-19 | NA | Unlmtd | Unlmtd | |
HL Assurance’s travel insurance plans are great for global travellers worried about flight delays. HL Assurance travel plans offer one of the highest caps for flight delays, including the most basic plan. There is also coverage for lost items, trip curtailment, postponement, cancellation and delays, as well as rental car excess (the excess you owe if you get into a car accident abroad), medical expenses and hospital cash benefits both abroad and back in Singapore. If you are looking for a comprehensive travel plan that provides high coverage for flight delays, HL Assurance’s travel insurance plan might be right for you.
Best Travel Insurance For Pre-Existing Medical Conditions: Etiqa Tiq
| Premium and value | Entry | Savvy | Luxury | |
|---|---|---|---|---|
| Personal Accident and Death | S$200,000 | S$250,000 | S$300,000 | |
| Medical Expenses Incurred Overseas | S$200,000 | S$500,000 | S$1,000,000 | |
| Emergency Medical & Repatriation | Combined limit up to $1,000,000 | Combined limit up to $1,500,000 | Combined limit up to $1,800,000 | |
| Trip Cancellation and Loss of Deposit | S$5,000 | S$5,000 | S$10,000 | |
| Trip Delays | S$300 ($50 per 3hrs) | S$300 ($50 per 3hrs) | S$500 ($50 per 3hrs) | |
| Baggage Delay | S$200 ($100 per 6hrs) | S$200 ($100 per 6hrs) | S$200 ($100 per 6hrs) | |
| Premium and value | Entry | Savvy | Luxury | |
|---|---|---|---|---|
| Trip Cancellation and Loss of Deposit due to Covid-19 | S$3,000 | S$4,000 | S$5,000 | |
| Travel Postponement due to Covid-19 | S$500 | S$1,000 | S$1,500 | |
| Trip Curtailment and Disruption due to Covid-19 | S$3,000 | S$4,000 | S$5,000 | |
| Medical Expenses Incurred Overseas due to Covid-19 | S$100,000 | S$200,000 | S$300,000 | |
| Overseas Covid-19 Diagnosis Quarantine Allowance | S$500 | S$1,000 | S$1,500 | |
| Emergency Medical Evacuation and Repatriation of Mortal Remains due to Covid-19 | S$200,000 | S$300,000 | S$500,000 | |
| Hospitalisation Benefit in Singapore due to Covid-19 | S$100 | S$200 | S$300 | |
Etiqa Tiq Pre-Ex plans provide comprehensive coverage against medical expenses if you fall sick during your trip due to pre-existing medical conditions. Pre-existing medical conditions include diabetes, eczema, asthma, heart conditions, stroke, asthma, sleep apnea, cancer and epilepsy. However, do note that your illness must be stable and under control. If you are looking for an affordable yet comprehensive plan to protect against medical treatment due to pre-existing conditions, you can consider Etiqa Tiq’s Pre-Ex policies.
Best Travel Insurance For Inconvenience Coverage: Allianz Travel
| Premium and value | Basic | Enhanced | Superior | |
|---|---|---|---|---|
| Personal Accident and Death | S$200,000 | S$250,000 | S$300,000 | |
| Medical | S$150,000 | S$250,000 | S$500,000 | |
| Emergency Medical & Repatriation | Unlmtd | Unlmtd | Unlmtd | |
| Trip Cancellation | S$5,000 | S$7,000 | S$12,000 | |
| Trip Delays | S$1,000 | S$1,000 | S$1,000 | |
| Baggage Loss Damage | S$3,000 | S$5,000 | S$7,000 | |
| Baggage Delay | S$1,000 | S$1,000 | S$1,000 | |
| Premium and value | Comprehensive Bronze | Comprehensive Silver | Comprehensive Platinum | |
|---|---|---|---|---|
| Trip Cancellation Coverage | S$15,000 | S$15,000 | S$25,000 | |
| Trip Interruption Coverage | S$15,000 | S$15,000 | S$25,000 | |
| Travel Delay Coverage | S$1,500 | S$1,500 | S$1,500 | |
| Baggage Coverage | S$7,000 | S$12,000 | S$15,000 | |
| Baggage Delay Coverage | S$1,400 | S$1,400 | S$1,400 | |
| Emergency Medical/Dental Coverage | S$1,000,000 | S$1,000,000 | Unlmted | |
| Emergency Transportation Coverage | S$1,000,000 | S$1,000,000 | Unlmted | |
For those who are looking for a combination of affordability and value with a focus on trip and baggage coverage, Allianz Travel can be a great match. What makes these plans stand out is that they exhibit very high value with their generous trip inconvenience coverage. In fact, these plans consistently have the highest trip inconvenience coverage trip cancellation, baggage loss/delay and trip delay coverage) among their peers. If you tend to travel with valuable belongings or you are concerned with sudden changes to your trip itinerary, Allianz Travel plans can provide maximum peace of mind in that area. However, it does lag behind peers in terms of personal accident coverage.
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The article 4 Ways to Save on Travel Insurance originally appeared on ValueChampion.