Traveling is an activity many enjoy, whether it’s for work or pleasure. However, many people are constantly worried about eventualities such as missing luggage or a loved one falling sick back at home, causing them to cancel their travel plans without refunds. However, travel insurance guarantees you peace of mind when you’re traveling.
It’s important to do your research before buying travel insurance in Singapore. Different insurers offer different terms, so you need to make a travel insurance comparison before settling on one. Here are tips to keep in mind as you compare plans:
Consider Your Age
Since older travelers are more likely to experience health problems, they may require medical attention while traveling. Age is a factor in determining your premium. In addition, if you have any existing health conditions or special needs, it’s best to let your insurer know so they can inform you of any additional coverage options or limitations.
You should expect to pay premiums that increase with age because it is more expensive for insurers to cover the risk of an older person’s health condition than someone younger and healthier.
What’s Included in Your Travel Insurance Quote?
When you get a travel insurance quote, it will include all the following:
- Medical emergency – this covers medical expenses in case of an accident or sudden illness during your trip
- Trip cancellation/interruption – compensates for non-refundable costs if your trip is canceled or interrupted due to sickness, injury, etc.
- Baggage loss/theft – covers lost or stolen luggage and travel items damaged by airlines (such as wheelchairs), cruise lines, and ferries.
- Trip delay covers expenses incurred if you’re stuck in a place due to weather conditions, aircraft mechanical failures, or other similar circumstances.
- Rental car collision damage waiver (CDW) coverage – this protects you from paying out-of-pocket expenses associated with an accident with a rental car when CDW isn’t included in its price.
Watch Out for Exclusions on Your Travel Insurance Plan
Exclusions are something to be aware of when shopping for travel insurance. Common examples of exclusions include pregnancy, sports injuries, and pre-existing medical conditions. Take some time to review the terms and conditions of your policy thoroughly to avoid any surprises down the line.
Exclusions can vary by the insurance company and plan type.
How Long Do You Need Coverage?
How long you need coverage depends on several factors. For example, if it’s the summer and your trip is taking place during peak season. In addition, if certain activities are off-limits due to seasonal weather conditions, e.g., skiing, then it may be a good idea to extend your trip cancellation coverage.
It’s also important to consider where you’re going on vacation and what activities you plan to do while there. For example, suppose you’re going somewhere with big crowds; it might not be bad to extend some other types of coverage like medical evacuation insurance.
Evaluate Travellers
When looking for a travel insurance policy, it can be tempting to go with the company that offers the lowest price. But as with most financial products, there are several factors for consideration before making a decision. It’s better to invest some time researching your options than regretting your decision later on when something goes wrong, and you need help from your provider—and they aren’t there for you.
Look for a reputable company that will support you in case of emergency — and one that’s financially stable enough to do so!
Also, make sure the provider has plenty of experience providing travel insurance policies. This shows they know what they’re doing and how to properly support their customers if anything goes wrong during their trip.
Add Extra Baggage Coverage if You’re Bringing Valuables with You
If you’re bringing valuables, such as jewelry or expensive electronics, consider adding extra baggage coverage to your travel insurance plan. Many plans have a low limit for this type of protection and may not cover the full value of your belongings if they are damaged.
If You’re Travelling Abroad, Get an International Medical Evacuation Policy
If you’re traveling abroad, it’s important to get an international medical evacuation policy. This policy will usually not be included in a travel insurance plan, so you’ll have to pay upfront. If you don’t have this coverage and something happens on your vacation, you could pay thousands of dollars for transport to a hospital.
International medical evacuation policies typically include air and ground transportation from anywhere in the world back home and medical consultation services while traveling abroad. If necessary, they’ll also cover emergency dental work as well as prescription medicines if they’re needed while recovering from injuries sustained during travel away from home.
