Whether you are reuniting with family and friends in a faraway destination or embarking on a solo adventure to explore the unknown, purchasing travel insurance will almost certainly be part of your trip-to-do list. A good travel insurance plan in Singapore can help pay medical expenses while overseas, compensate you for loss or damage to personal belongings, reimburse you for deposits lost if you have to cancel your trip, and much more. All in all, you don’t want your travel insurance to break the bank.
Travel insurance is a relatively simple insurance product. While there are several factors that go into determining the price, the idea is always to get affordable travel insurance. This post will discuss how you can land a great deal when purchasing a travel insurance plan in Singapore.
What is travel insurance?
Travel insurance is a policy that protects you from risks while you are traveling overseas. At the bare minimum, policies cover medical costs, trip cancellation, and lost, damaged, or stolen personal belongings. However, depending on your specific needs, you can get affordable travel insurance in Singapore that provides additional features. For instance, if you are traveling or reuniting with your family overseas, you may want family travel insurance that covers rental car access and allows you to add your foreign domestic worker to your plan.
Importantly, travel coverage can vary wildly between carriers, so make sure you have the right insurance for the kind of traveling you plan to do.
How to choose travel insurance in Singapore
Planning for a trip outside Singapore can be a bit challenging, especially if you are traveling overseas for the first time. You want to get everything in order without leaving a huge dent in your pocket.
If you are in the market for travel insurance, finding the right travel insurance can be simple if you know what you are looking for. So, how do you find reasonably priced travel insurance in Singapore?
- Understand what can be insured: You can avoid overspending on life insurance by understanding what you want to insure. This is very important if you want to land an affordable travel policy. Precisely, you need to understand the available coverage plans, what they cover, and how they work. The best policy will depend on the purpose of traveling or the kind of trip you plan to do.
- Choose between a single trip and annual travel policies: When looking for affordable travel insurance in Singapore, you should figure out what kind of plan will be cheaper for your needs. If you travel infrequently, you will almost certainly be fine with single travel insurance plans. Annual travel insurance is an affordable option if you frequently travel, more than five times a year, frequently travel
- Determine your furthest destination: The length of a trip is a key price in travel insurance. As such, if you remain within the Asian and European regions, you will likely pay less.
- Determine who you’re traveling with: The person you are traveling with can significantly affect the amount of coverage you need from travel insurance. Generally, unless you are purchasing a family travel plan, the policy will get more expensive whenever you add a person to it. Family plans tend to be far more affordable than group plans. Some of the carriers like Direct Asi have nice offers for seniors.
After you have decided on everything you need and how you will be traveling, you may want to compare what different companies have to offer. Comparing can potentially save you hundreds of Singapore dollars.