Buying Travel Insurance? Do These Five Things First

Before clicking the travel insurance purchase button, read these tips to see if you’re getting ample health and financial protection for your trip.

Embarking on a travel adventure or a tranquil escape brings a sense of excitement and anticipation. In the midst of planning itineraries and packing essentials, one crucial aspect to include is travel insurance. It’s not merely a formality; it’s a safeguard against unforeseen circumstances that could disrupt your travel plans.

As you consider purchasing travel insurance, there are five key things to prioritise before making that decision. Read on to understand the importance of travel insurance and learn how to find the best coverage for your needs.

Related Story: Everything You Need To Know About COVID-19 Coverage in Singapore Travel Insurance

#1 Decide between single-trip and annual travel insurance

The choice between single-trip and annual travel insurance hinges on your travel plans for the year. If you’re an occasional traveller with one or two trips planned, a single-trip insurance plan is your ideal match. These plans provide coverage for the duration of a specific journey, ensuring you’re protected against unexpected events during that time.

If your calendar includes multiple overseas trips over the year, an annual travel insurance policy is the more economical choice. The advantage of this travel insurance policy type lies in its cost-effectiveness for frequent travellers. Rather than purchasing separate plans per trip, you pay a fixed premium for the entire year, covering multiple journeys. This not only streamlines the process but leads to significant cost savings over buying individual policies for each time you travel.

#2 Look for wallet-friendly group travel insurance plans

Purchasing a group travel insurance policy can be a savvy financial move, particularly for those travelling with multiple companions or family. This travel insurance type covers multiple individuals under a single plan. The cost savings become apparent when you compare the cost of a group policy to buying separate travel insurance for each person.

Another key advantage of group travel insurance is the convenience it offers. A group plan simplifies the process as everyone refers to the same policy for coverage. This saves time and ensures that everyone in the group is on the same page regarding coverage and benefits. It can be a practical choice for businesses sending employees on group trips, fostering a sense of collective security while keeping costs in check.

Related Story: Best Travel Insurance for Families & Groups 2023

#3 Don’t just go for the travel insurance with the lowest price tag

When selecting travel insurance, the allure of the lowest price tag may be strong, but it’s crucial to look beyond that. Opting for the cheapest insurance without considering the coverage and benefits may lead to gaps in protection when you need it the most. Instead, focus on finding a policy that offers a balance between affordability and comprehensive coverage.

The best step forward? Assess your specific needs and the activities you plan to engage in during your travels. Some low-cost insurance plans may exclude certain activities or have limitations on coverage, potentially leaving you vulnerable in unexpected situations. Reading the fine print or policy wording is essential to ensure it aligns with your travel requirements.

Consider factors such as medical coverage, trip cancellation protection, and coverage for your personal belongings. A slightly higher upfront cost may provide you with the peace of mind, knowing you have robust coverage tailored to your needs.

#4 Read up on travel insurance exclusions, too

When you buy travel insurance, it’s vital to understand what’s included in your insurance coverage as well as what’s excluded from it.

Travel insurance exclusions vary between policies, and familiarising yourself with these exclusions is crucial for making an informed decision. Common exclusions may include pre-existing medical conditions, high-risk activities, and certain destinations with travel advisories. By being aware of these exclusions, you can take proactive steps to address any gaps in coverage, such as obtaining additional coverage for specific activities or conditions.

Reading up on travel insurance exclusions also allows you to assess the limitations of your policy and make adjustments accordingly. Some policies may have restrictions on coverage for certain events, like natural disasters or pandemics. Knowing these limitations empowers you to explore supplementary coverage options or make alternative arrangements to mitigate potential risks.

Related Story: Best Travel Insurance Promotions 2023

#5 Seek coverage for a pre-existing condition

While travel insurance can offer peace of mind, it’s also essential to assess whether your policy adequately addresses any pre-existing medical conditions you may have.

Before purchasing travel insurance, carefully review the policy’s terms regarding pre-existing conditions. Some insurance plans may have exclusions or limitations related to pre-existing health issues, and it’s vital to understand these details. If your condition is not covered or has restrictions, you might explore specialised insurance options that cater specifically to individuals with pre-existing conditions.

Also, it’s a must to disclose accurate and complete information about your health history when applying for travel insurance. Failing to provide accurate details could result in denied claims, rendering the insurance coverage ineffective when you need it the most. By being transparent about your pre-existing conditions, you can work towards finding a policy that offers suitable coverage tailored to your specific health needs.

Your travel insurance coverage checklist

A well-balanced travel insurance plan covers a wide range of medical issues and travel disruptions during overseas trips. Depending on your chosen policy, it can reimburse you for anything from minor inconveniences like baggage delay to critical situations requiring medical evacuation.

This 10-point checklist gives you a clear picture of what to look out for when you purchase your next travel insurance plan:

Medical coverage
Pre-existing conditions
Trip cancellations and interruptions
Travel delays and missed connections
Lost or delayed baggage
Emergency evacuation and repatriation
Personal liability coverage
Adventurous activities coverage
24/7 emergency assistance
Policy exclusions or limitations

How to find the best travel insurance plan in Singapore

Finding the best travel insurance plan in Singapore requires careful consideration of your needs and a thorough evaluation of the options available. AMTD PolicyPal simplifies the process of finding the perfect travel insurance plan with its user-friendly platform that caters to individual needs.

With an easy interface, collaboration with a diverse range of insurance providers, and an intuitive but meticulous comparison process, AMTD PolicyPal gives you value for both your time and your money. Get real-time quotes, promotional rates, and ample support in your journey to find your ideal travel insurance plan with us.

Best Value Travel Insurance Plans in Singapore

Most value-for-money

Tiq travel insurance stands out as one of the most economical choices, offering both competitive pricing and extensive coverage that can protect most travellers. The insurer also provides real-time tracking of flight delays, so you are eligible for flight delay reimbursements as soon as they occur.

Learn more about Tiq travel insurance in this review.

Widest coverage and benefits

MSIG TravelEasy is a winner in this category. It offers over 50 travel insurance benefits, as well as automatic COVID-19 coverage for single-trip and annual plans. Individual and family coverage are available under both travel insurance types, too.

Learn more about what MSIG TravelEasy offers in this review.

Best travel inconvenience coverage

Allianz Global Assistance travel insurance stands out as it strikes the perfect balance between value and utility. It includes specific features such as coverage for cruise ships and an expansive range of travel inconvenience benefits. Whether opting for a single-trip or an annual plan, Allianz travel insurance caters to diverse travel needs, making it a versatile option for travelers seeking well-rounded insurance coverage.

Learn more about what Allianz Global Assistance offers in this review.