Annual Travel Insurance Singapore | Should You Buy Annual Travel Insurance

Insurance | Travel Insurance

Purchasing annual travel insurance can help you save a significant amount of money. But how much exactly? Singapore is a destination for seasoned travellers. Traveling abroad was so normal in Singapore until Covid-19 turned the world upside down. We discuss if it’s a good idea to get annual travel insurance in Singapore. 

With rules being relaxed and travel on the agenda again, your travel insurance may mount up, making purchasing annual travel insurance a better option than many single-trip travel insurance products. Here are three crucial questions to consider before deciding which choice is best for you:

Should You Get Annual Travel Insurance in Singapore?

Will annual travel insurance be less expensive for me?

If you travel frequently then purchasing annual travel insurance is less expensive in the long run. For example, one of the cheapest annual travel insurance plans with Covid-19 coverage from HL Assurance is approximately $316 per year. This may appear to be a large sum at first, but consider this: a single-trip travel insurance package for a week in the United States will cost at least $70. It means that purchasing single-trip insurance for three or four abroad excursions in a year can cost the same as purchasing an annual insurance package with unlimited trips.

Keep in mind that the cost of yearly travel insurance is primarily determined by the country you intend to visit the most that year. Naturally, limiting your coverage to Asian countries, for example, would be less expensive than having coverage worldwide. This means that if you must go outside of Asia, you will need to consider purchasing a single-trip coverage, which will not only increase your prices but also increase your anxieties before you travel.

Will annual travel insurance make my life easier?

Most yearly travel insurance packages available today include unlimited journeys throughout the year, as long as each trip does not exceed 90 days. This implies that with an annual travel insurance plan, you can travel whenever you want without having to search for the lowest travel insurance every time you leave the nation.

It also means you’re covered whether you’re spending a fortnight in the United States or Europe, a weekend in Bangkok or Batam, or simply an afternoon in JB. Purchasing annual travel insurance is as simple as pressing a button, and you’re protected for the rest of the year at the same level of protection. 

Annual Travel Insurance in Singapore – Is annual travel insurance more comprehensive?

Because a yearly travel insurance policy covers you globally, you are covered wherever you go during this time period. However, when you look at the exact benefits for each travel inconvenience/emergency, an annual travel insurance policy does not provide more coverage than a single-trip policy.

As a starting point, consider one of the more affordable annual travel insurance policies with Covid-19 coverage. It costs $316 per year and provides medical coverage up to $250,000, travels delay coverage up to $1,000, and trip cancellation coverage up to $7,000. If you test positive for Covid-19, you’ll also be protected with medical coverage of up to $50,000, an international hospital cash reward of up to $1,000, and a $1,000 travel cancellation reimbursement.

This is comparable to most basic single-trip travel insurance plans in Singapore, while other insurers provide greater advantages. The amount of coverage provided by annual travel insurance is very dependent on the insurer, so you should absolutely examine the many annual travel insurance plans available before committing for the year. It’s also critical to check for Covid-19 coverage before purchasing your annual travel insurance. While most insurance plans now include Covid-19 coverage, others need you to buy it as an add-on.

Insurance | Credit Cards | Loans | Banking |