2020 Travel Insurance Guide: How To Choose the Right Policy

From taking a family road trip through Malaysia and Thailand, to undertaking a business trip in Japan, to enjoying the volcanic lakes of West Java - Singaporeans travel overseas for a wide variety of reasons. As such, there is no real one-size-fits-all travel insurance policy. Protecting yourself while abroad demands a little research - so you're protected* if you have an accident, lose your baggage, or suffer a travel delay or cancellation. 

 

That’s why we've put together this simple guide to help you choose the travel insurance that best suit your needs in 2020. Below we've listed the most common types of traveller, and the kind of policy that best suits them. Naturally, there can be a lot of crossover within these groups, but the information below should help you quickly focus on which factors are most likely to affect you.

Many Singaporeans jet off overseas several times a year - sometimes a combination of leisure, business, or both (known as 'bleisure' trips). If this sounds like you, you could be wasting money by purchasing single trip policies. An annual policy, on the other hand, is likely to prove economical after just two or three trips. Annual multi-trip cover from Allianz Travel covers* this traveller type, with generous limits on medical care and repatriation - the kind of events that can involve bank-breaking costs. Our annual policyholders also benefit from 24/7 Emergency Medical Assistance. You can protect all your trips* for an entire year, so long as each one is less than 90 days’ duration.
ASEAN Budget Traveller
Whether you're travelling South East Asia on a shoestring budget, or simply like to minimise your outgoings, there’s a wide choice of budget travel insurance options to choose from. However, it's important to remember why you take out travel cover at all - so you're protected if something goes wrong. With that in mind, it's worth balancing your investment in a travel insurance with the associated benefits. For example, if you’re going somewhere with poor local healthcare, or a city where crime levels are high, then picking a policy with low limits for medical, repatriation or theft might be a false economy. For instance, you should look for a minimum limit of S$ 200,000 for overseas accidents and sickness*. Allianz Travel offers three levels of cover, with Bronze being the most affordable - it features up to S$ 400,000 limit each for accidents and sickness, plus S$ 5,000 for loss of travel documents - and other benefits*. Silver and Gold naturally offer higher limits for such events. Checked luggage loss is another key concern for those on a budget travelling the ASEAN region: losing luggage can be inconvenient and expensive to replace. Bronze travel insurance from Allianz Travel covers loss of checked luggage up to S$ 7,000*.
Planning a long distance trip to Europe or the Asia-Pacific region? For worldwide adventurers who need better coverage, our Gold policy provides true peace of mind. With unlimited cover* for both ‘Overseas Emergency Medical or Hospital Expenses Due to Sickness’ and ‘Overseas Emergency Medical, Hospital or Dental Expenses Due To Accident’ - backed up with our 24/7 Travel helpline - you’ll know you’re protected if the unexpected should happen. What’s more, you’ll enjoy travel delay protection of up to S$ 1,500, and up to S$ 15,000 for loss or damage to check-in luggage*.
Backpackers and solo travellers sometimes travel on limited budgets, but that doesn’t mean the cheapest travel cover is the best option. Once again, the policy needs to fit your activities or destination. If you’re visiting a country where healthcare is not to the same standard as Singapore, or where theft is more likely, then a policy with high accident/sickness/theft cover - and with a 24-hour assistance hotline - is a sensible choice. Having an accident or falling sick while overseas may seem unlikely, but according to ValueChampion, 40% of claims relate to personal accident and medical scenarios, with the remaining 60% relating to travel inconveniences. It’s important to remember a good level of cover might be more affordable than you think. All Allianz Travel policies include 24/7 Global Assistance, supported by our own medical doctors and repatriation team - there to help you when you need it most.
Business Traveller
Those leaving Singapore on business trips are perhaps less likely to come into contact with danger. However, baggage loss, delays, cancellations, and losing business documents can happen to the most careful of business travellers. And depending on the destination, there's a limited chance of being affected by a natural disaster or even a military coup. You'll find most travel policies - whether single trip or annual - are also suitable for business travellers (as is the case with Allianz Travel).
For premium travellers who want complete peace of mind while overseas, our Gold plan travel insurance is the ideal option. With unlimited cover* for medical expenses and access to our 24/7 Emergency Assistance helpline, you can rest assured you’ll receive the help you need if you fall ill or have an accident. Gold plan also protects your checked luggage against loss or damage (up to S$ 15,000) and your unchecked luggage and personal effects against loss or damage (up to S$ 7,500)*. Stolen jewellery is covered up to S$ 1,000 - alongside other benefit*.
Family is a key part of Singaporean life - which is why there's a choice of family travel insurance plans available. Whether flying out to a wedding or simply enjoying a beach holiday together, taking out a family-specific policy is the best option. The chief benefit is that you'll save money compared to buying separate single trip policies. However, it’s important for the whole family to understand what is - and is not - covered. For example, if having round-the-clock emergency assistance is a priority, you need to ensure it is included in your choice of cover. With all Allianz Travel policies, 24/7 emergency medical assistance help is just a phone call away.
Blog Disclaimer
All content provided on this blog is for informational purposes only. The content of this blog neither makes representations as to the accuracy or completeness of any information on this site, nor is construed as Allianz Travel's offering of travel insurance, unless explicitly stated. Details of benefits, limits, policy exclusions, terms and conditions of Allianz Travel insurance can be found under Allianz Travel Policy Wording.
*Subject to terms and conditions and exclusions outlined in Allianz Travel Policy Wording