Booking plane tickets and planning the holiday itinerary stirs the excitement of a trip preparation. Although important, buying travel insurance is something many overlook or brush aside thinking that they wouldn’t be so “lucky” with unforeseen circumstances happening during a holiday.
When choosing the best travel insurance policy in Singapore, it’s necessary to consider the specific needs and situations of yourself and your companions e.g. family members. There are smart hacks to help you save during your holiday – but saving on getting insurance might not be the wisest of decisions.
The differences between various travel insurance policy coverage and companies, claim details and long list of fine prints can be intimidating. Fret not! There are several benefits and features you should look out for when buying a travel insurance plan so read on to learn more.
10 key things to look out for when buying travel insurance in Singapore:
#1: Travel Cancellation, Trip Delay and Interruption Coverage
What happens when your plans get disrupted? Well, this is one of the main reasons why people buy travel insurance – to protect against the unexpected. What are some aspects of coverage? It reimburses you for non-refundable trip costs if you must cancel or shorten your trip due to covered reasons such as illness, injury, or unforeseen events like natural disasters. This may also provide compensation for additional expenses incurred to cover travel delays e.g. connecting flights, buses or trains or even due to bad weather, accommodation and meals. It can also cover additional costs if you need to return home unexpectedly. With a portion of the monetary losses taken care of, you can focus on the pressing matters on-hand.
Jenelle’s holiday planning tips: The best time to buy travel insurance? Get it once you have confirmed your flight tickets to maximise the policy coverage.
#2: Emergency Medical Coverage (Including COVID-19)
This provides coverage for medical emergencies or treatments you might need while abroad. It should include hospital stays, doctor visits, prescription medications, and emergency procedures.
I’d strongly suggest getting one that includes COVID-19 coverage. Afterall, the virus is still lurking around; it is better to be safe than sorry.
#3: Evacuation and Repatriation
This benefit covers the cost of emergency medical evacuation to the nearest suitable medical facility while you are overseas and if necessary, your repatriation to your home country. This can be crucial in remote areas or if you’re in a location with limited medical facilities. If you’re planning for retreats or a trip to the outskirts, this is something you should protect yourself for.
#4: Baggage and Personal Belongings Coverage
This covers the loss, theft, or damage of your baggage and personal items during your trip. It may also include coverage for essential items if your luggage is delayed. For business travellers or folks who need to bring along laptops or devices to work remotely in another country even on a holiday, do check on the coverage amount when comparing travel insurance plans. Pick the one that sufficiently covers the value of your belongings.
Jenelle’s travel insurance buying tips: These insurance plans usually only covers up to a certain limit for loss. To minimise the risk of losing expensive belongings, do hand carry them where possible.
#5: Coverage for Pre-existing Medical Conditions
Whether you are travelling solo, with children or elderly parents, should anyone have pre-existing medical conditions, I’d strongly suggest that the travel policy covers them. Some policies may offer coverage if you meet certain requirements or purchase the insurance within a specified time frame after booking your trip. Thus, it is important to zoom in on such details instead of simply buying the cheapest travel insurance off the internet.
Jenelle’s tips for buying travel insurance that covers pre-existing medical conditions: Look out for policies like Income travel insurance, MSIG travel insurance and ETIQA travel insurance. If you’re unsure, check with your financial advisor as he/she would have a better understanding of your health conditions (if you’ve shared) and be able to recommend the most ideal travel insurance policy needed.
#6: Emergency Assistance Services
No one can tell when an emergency will take place. To protect against such surprises, choose policies that offer 24/7 access to a travel assistance hotline. This can be helpful for finding local medical facilities, getting translation assistance, or dealing with other travel-related emergencies. Being in a foreign country with an unexpected situation can be nerve-wrecking, so having an emergency support would be helpful.
#7: Personal Liability Coverage
With this personal liability coverage under a travel insurance policy works like a safety net that protects you if you accidentally harm someone or damage their property during your vacation. This would help cover the costs you might be legally responsible for in these situations, providing you a peace of mind and protecting your wallet from unexpected liabilities while overseas.
#8: Coverage for High-risk Sports and Winter Activities
Are you planning a trip that involves adventurous sports or activities? If so, do make sure your policy covers them. Many standard policies exclude such high-risk activities, so you may need to purchase additional coverage if the travel insurance plan you’re looking at does not include this.
#9: Policy Exclusions and Limitations (that long list of fine print!)
After considering the above inclusions and policy coverage, it’s time to pay attention to the fine prints that most people find troublesome. Before purchasing any travel insurance plans, do review the policy’s exclusions and limitations to understand what is and isn’t covered. Additionally, pay attention to any deductibles, coverage maximums, and waiting periods as these differs across the policies offered by the insurance companies in Singapore.
#10: Price and Value
Most people may want to just get the cheapest travel insurance and hope that they wouldn’t need to make any claim. Indeed, comparing the price of the policy to the coverage it offers requires time and effort. While the cost is important, it shouldn’t be the sole determining factor. It is important to ensure you’re getting the coverage you need for your specific trip.
Smart tips to enjoy a holiday with extra peace of mind:
- Prices of travel insurance plans are generally similar when you buy them directly from insurers or, through an experienced insurance agent. Since there are no significant savings, why not choose the latter? Having someone who understands the claiming process and can assist you with the paperwork is essential, especially when your trip encounters disruptions and you need to sort things out quickly while physically overseas.
- To make sure my clients’ claims are processed smoothly, I will remind them to text or call me whenever a claim issue arises while they are still at the scene or situation. On my end, I will advise what documents are required from the airport, hotel, hospital, doctor or police station to support any claim. With a level-head person who is experienced with handling such scenarios, it gives them added assurance in the face of unwanted surprises.
- It’s advisable to read the policy documents carefully. Should you have any doubts, consult with the insurance provider or your insurance advisor whom you purchased through, to clarify any questions you may have. Ultimately, the best travel insurance policy for you will depend on your individual needs and preferences.
The reality is, many will skip purchasing travel insurance when going abroad, especially for a short trip or nearby getaway. They would often risk it, thinking that nothing would happen, and cut expenses. However, more often than not, you’ll hear stories about suffering losses that far exceed the cost of purchasing travel insurance.
My advice to travellers: Don’t be penny wise but pound foolish.
Planning a vacation? Get in touch with me and I’ll be able to support you on getting an ideal travel insurance plan before heading overseas or guiding you through a smoother claim process should the situation arises.
