Travel Insurance in Singapore – What You Need to Know

With the prospects of New Year approaching, many persons including families may be making big plans for travelling. Maybe you are considering whether you need to make your own plans or choose a travel agent to assist you. Whatever you decide, you will be asked to purchase travel insurance when making payment for your airfare, car rental or hotel charges.    

What does travel insurance cover?  Is it a good option for you?

Travel insurance can take care of every aspect of your journey such as trip delays, cancellation, interruptions, and medical costs, delayed or lost baggage and medical evacuation while on the trip.

Since most travel agencies receive a commission for the number of insurance they sell, it is crucial that prior to making a purchase you consider if travel insurance is a good option for you.

Travelers who really need travel insurance

Here are three situations that every traveler should think about before opting for travel insurance.

1. Overseas Medical Expenses

Before going on your intended trip to another country ensure that you speak with your current health provider to find out if your existing plan covers medical costs in a foreign land. If foreign coverage is not included, check the fine prints of your health plan so you know the constraints of the coverage.

Many insurance plans will cover health care in specific doctor offices, specific hospitals or other ‘in-network’ care providers. These in-network providers are usually hours or days away, especially if you are travelling to developing world countries.  Travel insurance companies like AXA Travel takes care of the medical costs you may incur at any health care provider in foreign country.  Some plans will provide coverage for taking you or your remains home, if necessary.

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Remember that the huge majority of devastating accidents that happen to travelers are usually caused by traffic accidents and other common mishaps, rather than crime or terrorism.  Never take too lightly the health risks you will face during your trip to other countries, even if you believe that these countries are safe.

2. Extensive costs built into the trip

There is little need to get travel insurance if the expenses for your intended trip to a foreign country are paid for out-of-pocket. However, if your travel involves a weeklong cruise to another country, then this is entirely different. Read more here.

Significant costs built into your travel arrangements include missed cruise, flight or train connection, weather delay any of these can cause you to arrive late and left in port. With travel insurance coverage there is compensation for missing the trip when travel associated risks occur. It is best to get travel insurance coverage for trips that have huge prepaid costs.

3. Travelling with costly clothing/equipment

Most persons travel to overseas destination with expensive clothing in their luggage. Similarly, some travel with expensive video equipment to film documentary. Travel that require you to carry irreplaceable or very expensive items in your luggage will necessitate travel insurance. Travel insurance provides coverage for lost, damaged or stolen goods inside your luggage while traveling to and from your destination.

How necessary is Travel Insurance?

The need for travel insurance is dependent entirely on costly your trip is and the type of coverage you’ll need while you are in a foreign country. Short business trips will not need insurance but if you are going on long overseas trips, you definitely need travel insurance. You can check this URLto see the other benefits of getting a travel insurance.

Making the Purchase

Travel insurance is very common in Singapore. Google Trends rank Singapore as the top country worldwide for web searches associated with travel insurance.

Similar to other types of insurance, it is vital that you understand the risks related to your trip before you make a purchase. The final decision for purchasing insurance rests entirely in your lap, therefore, you need to find out what the plan covers. To clarify, ask your travel provider the following questions before you add your signature.

  • Is there any compensation if weather causes a delay in my flight?
  • Is there any compensation for medical expenses if I am involved in a car accident, irrespective of where I get treatment?
  • How long do I have to make a claim for damaged equipment I found out about on my return flight?

These questions allow you to make the right decision when you plan to purchase your next travel insurance.