"travel Insurance 101: What Every Australian Traveler Should Know"

 "travel Insurance 101: What Every Australian Traveler Should Know" - Traveling is a favorite Singaporean pastime. A national sport, if you will. But while we all love travel and wanderlust, most of us don't think about buying travel insurance.

Buying travel insurance in Singapore is something most of us take for granted. Few of us bother to buy travel insurance ahead of time, and even fewer compare policies to find the best travel insurance in Singapore.

"travel Insurance 101: What Every Australian Traveler Should Know"

A good travel insurance policy covers you for a whole range of situations, from minor inconveniences to the worst.

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It could be a minor inconvenience, like having your luggage delayed and having to spend at least one night in the same clothes you wore for the entire flight. Or it could be a serious medical emergency, like getting badly stung by a jellyfish while on a remote island adventure and needing immediate medical attention.

Almost all travel insurance in Singapore these days automatically includes COVID-19 cover. This means you will be able to claim on your travel insurance if you get Covid-19 while travelling.

You also need to cover everything from lost and delayed luggage, flight delays and cancellations, to medical care, medical evacuation and even repatriation in case of critical illness and death. All of these different situations, of course, have different claim limits.

Travel insurance also covers things like deposit refunds if your travel agent goes bust or if your credit card is used fraudulently abroad. Some policies even pay you if you are kidnapped abroad. And best of all, travel insurance is relatively cheap and convenient to buy.

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With so many different travel insurance plan benefits, it can be difficult to decide if a particular travel insurance plan is worth your money. You should pay attention to how much you are compensated for common travel hiccups.

With proof of purchase. original price less wear and tear without proof of purchase up to S$50 per item

Travel insurance in Singapore is very price sensitive and sometimes insurers can compete to shave even $1 off their premiums to make their policies more attractive (yes, to us).

One way to get a cheaper plan is to see which insurers offer regional travel insurance. If you're only traveling to Thailand, for example, it's usually cheaper to get a policy that only covers SEA or ASEAN countries, rather than a policy with worldwide cover.

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However, price is not the only factor, especially since cheap insurance policies often mean significantly less coverage. Buying travel insurance is not like buying a "thrift sale" LV bag at the Chatuchak market. You're not just shopping, you're looking for the stall owner with the weakest bargaining skills and haggling the price as low as possible.

Look at other aspects of the policy when buying travel insurance. There are many other factors to consider, such as how much insurance you qualify for and how quickly they can process your claim. Make sure you don't have to wait for the next blue moon before you see the results of your claims.

Like anything else you buy, the best travel insurance is the one that gives you the most value for money. Say you're traveling to Thailand just for a weekend of shopping. You probably travel light and don't need more than $3,000 in baggage loss insurance, even if you can pay just $3 more for coverage. Save that $3 and treat yourself to all the Thai milk tea you can drink.

As we said earlier, you don't have to be so stingy and buy only the cheapest. The cheapest can have many terms and conditions when it comes to requirements. For example, the insurer may not cover delayed baggage if it is only delayed on the way back to Singapore. However, if this is the only inconvenience you face during your entire trip, you may be understandably upset that it isn't required.

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The important thing is to read the terms and conditions of your preferred policy carefully and make sure you are not ignorant. This is especially important when it comes to pre-existing medical conditions.

How many of us actually know how to buy good travel insurance that suits our needs? Here are five common mistakes to avoid when buying travel insurance:

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One of the biggest travel insurance stories of 2017 was when a Singaporean man suffered a heart attack in Tokyo and fell into a coma. Medical expenses alone cost $120,000, and bringing him back to Singapore via medical evacuation will cost another $120,000.

As the man had been diagnosed with heart failure in 2012, his insurer considered it a pre-existing condition and therefore no claim was possible. Currently, one insurer that covers pre-existing conditions is MSIG TravelEasy Pre-Ex travel insurance.

There are many, many things that can go wrong when you travel. Half of these things can happen before you even leave the country.

Waiting to buy your travel insurance policy until the day of travel (or worse, after you've already crossed international waters) puts you at risk of major and minor travel inconveniences, such as delays or delays.

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You should buy travel insurance online as soon as you plan your trip. Getting your travel policy as soon as possible does not make you a "kiasu". It makes you smart.

This is because you will want to maximize the coverage you can get from the policy. For example, if you haven't bought a policy yet and the travel agency you book with closes a week before your trip, you won't be able to claim anything. The same applies to flight delays and cancellations.

There's no penalty for buying travel insurance early, except you might miss out on promotions that often happen around the travel season. But what's the point of saving a few bucks and risking losing hundreds to canceled flights and hotel deposits?

In the past, it made more sense to buy single trip insurance plans when leaving Singapore. This is because in the past most people traveled once or twice a year. With bigger nomads and a remote work culture… and long weekend trips anyway. It may actually be more convenient to buy an annual plan for your travel insurance.

Travel Insurance 101

A good gauge to decide between a single travel plan and an annual plan is whether you plan to travel more than three times a year. And we're not just talking about a weekend getaway.

Whether you're just passing through the Causeway or traveling more overseas for work, an annual plan definitely makes more sense for your wallet.

Depending on how often you travel and how far you travel, it may be worth considering purchasing annual travel insurance.

If you're a frequent traveler, you'll not only save money by purchasing an annual policy, but you'll never have to spend time buying insurance every time you fly abroad. Of course, just like single-trip travel insurance, you should still compare different policies online before committing.

Travel Insurance Explained

Annual travel insurance has a fixed premium and covers you for the entire year of travel. It usually costs around $200-$300 per year, so only buy it if you travel a lot. That is, it only makes sense if you are going to travel abroad at least 7-8 times a year.

Comparison allows you to choose the best travel insurance policy for your needs. You will be able to see at a glance what the insurance policy has for different situations, such as medical expenses and compensation levels for lost, delayed and damaged baggage.

But of course, comparing travel insurance in Singapore lets you see that the cheapest travel insurance policy may not be the best. This is because cheaper policies naturally usually have significantly less coverage. While that may be a good thing for some travelers; there's no need to get $1,000 in lost luggage insurance if you're only bringing the bare minimum for a vacation in Bangkok, for example.

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