Customizing your Travel Insurance Policy

Travelling can offer some of the most rewarding experiences and opportunities for personal and professional growth and development. Meeting new people and experiencing new cultures broadens a person’s point of view to say little of many new doors it opens up.

But travelling is also problematic. Risks of accidents, theft, flight delays, natural calamities, stress and even inconveniences of new experience can take away from the supposedly rich experience of traveling.  It helps then to have a travel insurance policy. But with the many types, premiums, packages and even wider options among insurance companies out there, even choosing the appropriate kind of insurance can be bothersome, even frustrating.

In simplest terms, a travel insurance protects holder against cost of medical and health care in the event of an accident or any travel inconveniences. In other words, when an insurance holder gets into an accident, his or her travel insurance companies will pay for medical and health care bills. Most travel insurance firms also provide payments in cases of death or disability. Or in cases such as flight delays, cancellations, missed connecting flights or cancelled lodging reservations, travel insurance policies may cover or reimburses costs of procedural protocols like rebooking. Other insurance companies in Singapore even offer travel insurance packages that cover liabilities for lost baggage or documents.

Considering the many benefits of having a travel insurance, the choice often boils down to cost vis-à-vis benefits. There is a multitude of cheap travel insurance in Singapore, often referred to as “economy” or “standard” insurance packages. Understandably though, they also have limited coverage. And unfortunately, customers often find these limitations only during travel which result to further inconvenience and regret. And so the seemingly better choice is to get extensive coverage. This however costs significantly more and often customers often end up paying more than what they actually need.

Perhaps the question then is not what the best insurance is but rather what the most appropriate one is. Apparently, the choice is not about expensive or cheap travel insurance, limited or extensive coverage. In between these two are travel insurance in Singapore that offer the best value-for-money deal and it is best not just to scout and compare travel insurance packages offered by many companies but to also determine your own needs.

It is important to consider your travel destination, schedule, regularity and objectives or activities. Many Singapore travel insurance companies can compute custom packages based on these variables. In terms of type, there are single trip insurance coverage which are short-term plans that covers a traveller for a single particular trip to and from a particular destination and these are normally cheap insurance packages. And there are annual insurance policies which are in effect year round. Frequent travellers or those with many travel schedule can best benefit from annual travel insurance policies.

There are also individual plans which covers only one person while group plans cover various individuals. Group travel insurance packages is best for families travelling together but these are often limited to single-trip coverage or limited to non-visa territories. In terms of destination, travelling outside Asia involves more risk if only due to the distance and vast difference in topography and climate which the means more health risks.  There are also destinations with high crime rates or those with travel advisory due to conflicts and natural calamities. Insurance computations may be tailored fit based on you country of travel.

Finally, travelling during stormy seasons or in bad weather might require additional coverage due to additional risks and it also helps to have a travel insurance can cover re-booking fees due to the likelihood of flight delays and cancelations. In terms of objective or activity, those who are travelling on routine business trips can opt for cheaper insurance package with minimum regular medical and health coverage but those planning tourist activities like swimming, mountain hiking or heave outdoor activities might need more comprehensive coverage. Lastly, travel insurance can also cover liabilities for lost personal belongings. Those travelling with expensive gadgets or valuables may benefit form additional costs of insuring these items.


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