Travel Insurance Singapore: What is it, Who Offers it, and How to Choose the Right One for You
Travel insurance offers extra protection and coverage against trip cancellation, emergency evacuations, and other health-related eventualities that may occur to a traveler. The most common, however, is loss of baggage and crucial personal effects. Even the well-planned trips do not go exactly as expected. Without a travel insurance policy, you stand to lose a lot of money in case of emergencies as you will have to foot the costs out of your pocket. Even though many people consider travel insurance in Singapore as non-essential, it may prove valuable in multiple circumstances.
Travel insurance Singapore
Travel insurance can be taken as an independent package or as an upgrade of another existing policy. For example, some policies can include coverage against theft of your personal items as an extension of your homeowner’s property insurance. The downside to this is that the premiums will be unnecessarily high and that the coverage will only cover the loss first. The coverage also covers only the amounts that the primary insurance would typically not pay as deductibles. Travel insurance policies will be more effective when the primary coverage is insufficient to cover your losses. This is why it is advisable to take a separate travel insurance policy for a certain period because you stand to save on premiums for the same coverage.
One advantage travel insurance has over other types of insurance is that most people have a specific destination they are traveling to and a specific duration of travel. Therefore, they can examine the items covered in the policy and know whether the exclusions are fair. It becomes easier to tell whether you are getting a good deal if you can see the covered events or are excluded from a policy. This is why most people mostly take up policies that cover trip cancellation or interruption because those two are generally not included in other policies, such as international medical covers.
Trip cancellation vs. trip interruption insurance
Trip cancellation insurance and trip interruption insurance are closely related but very different in terms of their protection. By opting for a trip cancellation policy, a customer is assured of getting some reimbursement in case they cancel the trip, and they had a valid cover. On the other hand, trip interruption insurance helps you when you have already taken your trip but need to change certain aspects of your trip. For example, you may need to cut the trip short or run into some logistical problems that come with new expenses. Trip interruption insurance will reimburse some expenses in that case.
Each policy has stipulations regarding the expenses that can be reimbursed and the prepaid expenses that are refundable or not. Regardless of the situation, these covers are only applicable if the policyholder or their traveling companions immediately notify the insurer at the moment there needs to be a change of travel arrangements. Trip cancellation, especially, is only applicable before the departure time.
Travel medical insurance
Your existing medical health insurance may cover you and your spouse in case of health emergencies, but it is important to note that it may not cover you when you travel to a foreign country. Even with a valid group health insurance cover, always go a step ahead and take a separate travel medical insurance cover. Having an independent travel medical insurance cover will ensure that you have adequate coverage for both illness and accident protection. These will also have benefits that can cover you and your travel companions, especially in the long run. Most of these travel medical insurance covers can span up to a year, and that comes in handy when you frequently travel to multiple destinations in a single year.
In 2021, there are plenty of travel restrictions that make it hard to go back to your home country, where you can take your routine dental and vision medical checks. Having a travel medical insurance cover is a plus if you are locked in a country and are due for a checkup. Some travel health insurance riders cover critical illness, dental care, vision checkups, and maternity care. These come at an extra cost from the basic travel health insurance covers.
Expatriates are encouraged to invest in travel health insurance that covers more events than the basic policies do. That way, they have more protection from losses that may arise from short-term trips or a vacation that spans a month or more. Expatriates in Singapore often need to take abrupt business trips, and that is why it is better to have annual travel insurance in Singapore. travel medical covers that
Shopping for the right travel insurance
When shopping for the right insurance policy before traveling, read the fine prints and have the following points in mind to ensure that you have the best solution for you.
Coverage for lost possessions
Always ensure that the travel insurance policy taken covers lost or stolen possessions. When you are likely to be traveling with a large amount of money with you, make sure your policy covers lost possessions. The terms usually specify whether the compensation is for accidentally lost, stolen, or money that went missing while in your possession.
Understand the policy limits
It would help if you always understood the amounts that can be compensated in case of loss of cash or items. Are you getting a fair deal? The fine prints usually specify the maximum coverage available and what you can claim in an emergency. Always know how much cash you can claim if you cancel a trip so that you can avoid further disappointments. The cheapest travel insurance in Singapore will at least cover your lost luggage to make the policy worthy.
Make sure your destination is covered.
Most Insurance companies do not cover all regions. Read the list of applicable areas to decide the best insurance policy Singapore has for you. Some Pacific islands and African countries are usually excluded or have limited coverage by most insurers. You can always contact the insurer for the best results to confirm if your preferred destination is covered.