AMTD PolicyPal Discover the differences and benefits of single-trip vs annual travel insurance to find the perfect match for your travel needs.
When wanderlust strikes, the world becomes your playground. But amidst the flurry of passport stamps and bucket list destinations, there’s an element that deserves your attention: travel insurance. The dilemma arises: should you opt for single-trip coverage, tailoring it to specific journeys, or take the plunge with an annual plan?
This guide breaks down each option and includes the best travel insurance plans available. Read on to find out which travel insurance type is more suitable for you.
Related Story: The Best Travel Insurance in Singapore For COVID-19 Coverage
Table of Contents
- What is single-trip travel insurance?
- What is annual travel insurance?
- Pros and cons of single trip vs annual travel insurance plans
- Premiums for single-trip vs annual travel insurance
- The verdict: what travel insurance should you get?
- Cost of single-trip vs annual travel insurance plans
What is single-trip travel insurance?
Single-trip travel insurance plans provide coverage from the point of leaving and returning to Singapore for up to 182 days abroad. The number of days covered by the travel insurance may vary by insurer. Most of the time, travellers purchase this insurance type for flexibility and customisation.
Essentials for applying for single-trip travel insurance
Here are a few things you need to have when you apply for single-trip travel insurance in Singapore:
- The country you’re travelling to
- The start date of the trip
- The end date of the trip
- The number of persons travelling (applicable for family travel insurance)
The insurer will give you a customised quote based on the information above.
What is annual travel insurance?
If you’re travelling more than a few times a year, an annual travel insurance plan would be the better choice. Also known as multi-trip insurance, this travel insurance type gives you coverage over a one-year window. This saves you the time (and money, in some instances) spent on purchasing separate policies repeatedly.
The essentials when applying for annual travel insurance
In order to purchase an annual travel insurance plan, you’ll need to pick or provide:
- The region you’re travelling to (ASEAN, Asia, or worldwide)
- Start date of the travel insurance plan
- Whether you have more adults or children who will be under the travel insurance plan
Note that there may be limits to the number of days covered per trip (over the one-year timeframe). For most plans, insurers do not cover more than 90 days per trip.
Pros and cons of single trip vs annual travel insurance plans
These are the advantages and considerations of single-trip and annual travel insurance plans.
|
Travel Insurance Type |
The Good |
The Bad |
|
Single-Trip |
|
|
|
Annual |
|
|
Related Story: The Best Travel Insurance in Singapore for Families
Premiums for single-trip vs annual travel insurance
The table below uses MSIG and the AMTD PolicyPal to get a quote for a four-day journey for a single adult to Japan (for a single trip) and an annual trip to Asia for the same destination and person.
For this comparison, the individual does not have a pre-existing condition. The table includes the coverage provided by the travel insurance plan type and tier. To discover travel insurance quotes and promotions with AMTD PolicyPal, click here.
|
Travel Insurance Type |
Single Trip (including discount) |
Annual Trip (including discount) |
|
Cost |
Basic: S$32.10 Essential: S$45.60 Elite: S$65.40 |
Basic: S$277.60 Essential: S$360.00 Elite: S$493.60 |
|
Coverage |
Standard Overseas Medical: S$250,000 Travel/Trip Delay: S$500 Loss/Damage of Baggage: S$3,000 Elite Overseas Medical: S$500,000 Travel/Trip Delay: S$1,000 Loss/Damage of Baggage: S$5,000 Premier Overseas Medical: S$1,000,000 Travel/Trip Delay: S$1,500 Loss/Damage of Baggage: S$7,500 |
|
Source: AMTD PolicyPal, prices are subject to change
As you can see, the coverage for both plans is similar for this insurer, MSIG. However, this may differ from insurer to insurer. The coverage sums do grow as you pick a higher tier, which is favourable for travellers who want more protection while they’re away from Singapore.
If you’re someone who takes less than eight short trips to Asia in a year, purchasing an annual travel insurance plan might not be ideal.
The verdict: what travel insurance should you get?
How do you decide between single-trip or annual travel insurance? The following may assist you in selecting the most suitable travel insurance for your needs.
Single-trip insurance: best for less-frequent travellers seeking lower costs
If you’re not one who’s constantly hit by wanderlust or sprinting off to overseas business meetings, a single-trip travel insurance plan is the one for you.
Annual travel insurance: best for frequent travellers
If you’re someone who travels over six to eight times in a year, it’s best to get an annual travel insurance plan. Do note that the frequency of your travel plan may differ by your insurer and plan type, which then affects the verdict on whether it’s more worthwhile. This is a decision you have to make on your own.
Cost of single-trip vs annual travel insurance plans
Let’s glance into the coverage and premiums of some of the best travel insurance plans in Singapore for both single-trip and annual plan types. For calculation, this table quotes a seven-day worldwide trip for a single adult for single-trip travel insurance, and a single adult for worldwide annual travel insurance plan, respectively.
|
Insurer |
Product Highlight |
Single-Trip (7 days, Worldwide) |
Annual Plan (Worldwide) After discount |
Promotions |
|
Overseas Medical Standard: S$250,000 Elite: S$500,000 Premier: S$1,000,000 Travel/Trip Delay Standard: S$500 Elite: S$1,000 Premier: S$1,500 Loss/Damage of Baggage Standard: S$3,000 Elite: S$5,000 Premier: S$7,500 |
Standard: S$72.90 Elite: S$93.00 Premier: S$125.10 |
Standard: S$418.40 Elite: S$526.40 Premier: S$705.60 |
|
|
|
Overseas Medical Premium: S$200,000 Business: S$500,000 First: S$1,000,000 Travel/Trip Delay Premium: S$300 Business: S$500 First: S$1,000 Loss/Damage of Baggage Premium: S$3,000 Business: S$5,000 First: S$7,500 |
Premium: S$33.55 Business: S$45.74 First: S$56.96 |
Premium: S$246.38 Business: S$396.72 First: S$431.17 |
|
|
|
Overseas Medical Entry: S$200,000 Savvy: S$500,000 Luxury: S$1,000,000 Travel/Trip Delay Entry: S$300 Savvy: S$300 Luxury: S$500 Loss/Damage of Baggage Entry: S$2,000 Savvy: S$2,000 Luxury: S$3,000 |
Entry: S$35.75 Savvy: S$46.75 Luxury: S$58.30 |
Entry: S$360.60 Savvy: S$548.40 Luxury: S$642.80 |
|
|
|
Overseas Medical Bronze: S$250,000 Silver: S$500,000 Platinum: S$1,000,000 Travel/Trip Delay Bronze: S$800 Silver: S$1,200 Platinum: S$1,600 Loss/Damage of Baggage Bronze: S$1,500 Silver: S$3,000 Platinum: S$5,000 |
Bronze: S$66.60 Silver: S$86.40 Platinum: S$124.20 |
Bronze: S$455.40 Silver: S$550.80 Platinum: S$758.40 |
|
|
|
Overseas Medical Bronze: S$200,000 Silver: S$500,000 Gold: S$1,000,000 Travel/Trip Delay Available (under TripSecured Plan only with additional premiums) Bronze: Loss/Damage of Baggage Bronze: Not available Silver: Not available Gold: Not available |
Bronze: S$28.80 Silver: S$37.20 Gold: S$48.00 |
Bronze: S$345.54 Silver: S$412.62 Gold: S$590.46 |
|
|
|
Overseas Medical Lite: S$250,000 Plus: S$2,000,000 Prestige: Unlimited Travel/Trip Delay Bronze: S$500 Silver: S$1,000 Platinum: S$2,000 Loss/Damage of Baggage Bronze: S$3,000 Silver: S$5,000 Platinum: S$8,000 |
Lite: S$60.19 Plus: S$87.71 Prestige: S$128.32 |
Lite: S$307.50 Plus: S$448.50 Prestige: S$652.50 |
|
Source: AMTD PolicyPal, prices are subject to change
Travel Insurance
Compare Travel Insurance, Buy NOW
Enquire more and contact us today!
Want to know more about AMTD PolicyPal Group insurance plans?
Cannot find what you are looking for? Please reach out to us at Contact AMTD PolicyPal\
Read More:
How Travel Insurance Helps In Flight Delays and Cancellations
Travelling with Kids? Here’s What You Need to Prepare
Planning Your Bali Getaway? Check Out These Top Travel Insurance Plans
MSIG TravelEasy Insurance Review: Over 50 Travel Insurance Benefits
Travel Destinations in Southeast Asia to Escape the Heat
Disclaimer: Protected up to specified limits by SDIC. This content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained on our Site constitutes a solicitation, recommendation or endorsement by AMTD PolicyPal Group in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction. You may wish to seek advice from a qualified adviser before buying the product.
This advertisement has not been reviewed by the Monetary Authority of Singapore.
Under AMTD Digital, AMTD PolicyPal Group consists of PolicyPal Pte. Ltd., Baoxianbaobao Pte. Ltd., PolicyPal Tech Pte. Ltd., and ValueChampion.
