Did you know you can save a great deal of money by purchasing annual travel insurance in Singapore? How much specifically, though?
Singaporeans are seasoned travellers. Before Covid-10, travelling abroad was normal in Singapore. In fact, some frequent flyers would depart on impromptu journeys with little preparation.
Since restrictions are relaxed and travel is once again on the agenda, purchasing annual travel insurance in Singapore is a better option than most single-trip travel insurance products. However, before deciding which is the better choice for you, take into account the following factors:
Is Annual Travel Insurance More Convenient?
Most annual travel insurance policies available today cover an unlimited number of travels throughout 12 months as long as no single trip lasts more than 90 days.
This means that you can travel whenever you want with an annual travel insurance plan, saving you the trouble of constantly shopping for the best travel insurance.
Additionally, it implies that you are insured whether you spend a week in Europe or the US, a weekend in Batam or Bangkok, or just a few hours anywhere else. Just by clicking a button, you can purchase annual travel insurance and receive the same degree of coverage for the remainder of the year.
Is Annual Travel Insurance Cheaper?
Purchasing annual travel insurance will be less expensive in the long run if you travel frequently. In fact, you can find annual travel insurance for as low as $316 per year.
This may appear to be a significant sum at first, but remember that a single-trip travel insurance policy for a week in the USA will cost a minimum of $70.
That means purchasing single-trip insurance for three or four international excursions in a year could cost you the same as purchasing annual insurance that covers an infinite number of journeys.
The cost of your annual travel insurance is mostly determined by the farthest country you intend to visit.
Naturally, limiting your service to regions such as Asia would be less expensive than providing coverage everywhere. This means that if you travel outside of Asia, you may want to consider purchasing single-trip coverage.
Do You Receive More Coverage with Annual Travel Insurance?
Given that an annual travel insurance policy covers you internationally, wherever you go during this period, you are protected.
However, yearly travel insurance does not offer more coverage than a single-trip policy until you go into the specific benefits for each emergency or inconvenience during your trip.
Let's use a comparison rate from one of the less expensive Covid-19-covered annual travel insurance packages. It costs $316 a year and provides $250,000 in maximum medical coverage, $7,000 in trip cancellation coverage, and $1,000 in-flight delay coverage. If you test positive for Covid-19, you'll also be covered for medical expenses up to $50,000, a $1,000 travel cancellation reimbursement, and an international hospital cash benefit of up to $1,000.
This is comparable to most of Singapore's basic single-trip travel insurance policies, while some insurers provide better benefits.
You should evaluate the many annual travel insurance plans available before committing for the year because the amount of coverage you receive with yearly travel insurance considerably relies on the insurer.
It's also crucial to remember that before you get your yearly travel insurance, you should check for Covid-19 coverage. While most insurance policies now cover Covid-19, some still need you to buy it as an add-on.
Are You Interested in Buying Annual Travel Insurance?
There are many benefits to buying annual travel insurance. Thus, choose an insurance policy that works for you. Not sure where to start? Visit MoneySmart to shop and compare various annual travel insurance plans in Singapore. We're dedicated to helping you find the best fit for your budget and requirements.
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Are you considering getting insurance before your next big trip? What about annual travel insurance in Singapore? Here’s what you need to know.
