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4 Ways To Save On Travel Insurance

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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 traveling 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 traveling 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 travelers 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
Hospitalization 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 ill 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.

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