3 Reasons You Should Consider Annual Travel Insurance
Insurance | 09 Jul 2019
The Choice Between Single Trip and Annual Coverage
If you’re part of the Singaporeans who take an average of 5.2 trips in the last 12 months, you might be a perfect candidate for a neglected travel product: annual travel insurance. Commonly perceived for frequent flyers such as the investment bankers and C-level executives, the product is actually very much an economical and convenient option for regular folks too. From family holidays to a friend’s wedding to business meetings, a single annual policy can cover any travel you do in a given year. If multiple overseas trips are becoming a norm for you, annual travel insurance can also save you the hassle of repeated purchases time and again. More importantly, it can save you quite a lump sum too! Here are 3 reasons why you should consider annual travel insurance:
1. You Can Potentially Save More
If you travel overseas frequently and often enough, it makes financial sense to purchase an annual policy. Rather than single trip insurance plans each time you travel, you can pay a one-time fee policy for your travels within the year. Imagine this. Round trips tickets from Singapore to other destinations in South East Asia costing S$100 to S$200. Seems fair? The hidden costs are the multiple purchases of single trip insurance policies adding up really quickly under your nose. If you’re a business traveller swooping in and out of emerging market countries yearly, you could save a meaningful amount of money with annual travel insurance.
As long as one of your flights experience some sort of slight complications (e.g. cancellation, delays, etc.), you could’ve received more than enough to offset the entire cost of your insurance. You might think to yourself, “What are the chances of my flight being delayed?” The answer? As of May 2019, 14% of the flight departures from Singapore Changi Airport are delayed.
2. You Are Consistently Covered
When you buy annual travel insurance, you have the same coverage for all trips throughout the year. Many people tend to have the misconception that your benefits would be wiped out upon the first usage. However, that is not true. When you buy an annual travel insurance policy, most of your benefit levels reset with every trip abroad. However, when you make multiple Single Trip purchases, your coverage is different for every trip. This also means that the process of buying numerous travel insurance and filing for claims is less confusing. Also, you get to experience the cheap thrill of only needing to read the fine print once.
3. You Are A Fervent Scuba-Diver / Skier / Snowboarder
It is pretty common to travel a few times a year to enjoy your favourite sport, making an annual plan well worth the money. Sports and adventure enthusiasts who travel frequently to places like Bali for scuba diving, or to Japan for skiing/snowboarding should consider annual travel insurance. It is a great way for a sports fan to get medical and personal accident coverage while they are overseas enjoying the highest of their adrenaline rushes. These heart-pumping activities are typically dangerous, hence it is beneficial to have medical insurance coverage in the country. This way, you will receive treatment right away in case of an emergency if you ever need to. It is always a good idea to have your downside covered in case of an extreme scenario.
How Should You Choose Your Annual Travel Insurance?
It is advisable to pick worldwide coverage so you’re not limited to specific regions when you travel. Even if you’ve got a few places planned, you never quite know where 2019 will take you. From a day shopping in Johor Bahru to the beaches of Bintan or the impromptu trip of a lifetime hitting the powdery slopes in Niseko, your annual plan will cover anything you might end up doing in the course of the year. Your friends and colleagues might even talk you into learning to dive with them. Ultimately, it is best to be as unrestrictive as possible.
If you’re looking to buy annual travel insurance, look no further! Our PolicyPal app automatically compares prices and coverages so that you don’t need to. Not all travel insurance policies are created equally. Hence, you shouldn’t be comparing products simply based on cost. Ensure that the coverage provided is what you need for the trip too. Furthermore, if you ever need to claim due to the rental of winter equipment or lost luggage, you can do so on the go. Did we also mention that you’ll definitely get 5% cashback when you buy from PolicyPal?
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