Best Travel Insurance (Sep 2023)
Planning a trip to a foreign destination such as Japan or Thailand? Before you start packing your bags, there’s an essential item you shouldn’t overlook: travel insurance. Not only does travel insurance protect you from unforeseen emergencies during your trip, but it also provides coverage for COVID-19-related situations.
We will provide a comprehensive comparison of travel insurance options specifically tailored for Singaporeans. It’s important to note that the information presented here is for informational purposes only and does not constitute an offer or solicitation to purchase any insurance products. We strongly advise seeking advice from a licensed insurance professional before making any insurance-related decisions.
Now, let’s take a closer look at some entry-level travel insurance policies offered by reputable companies, which also include COVID-19 medical coverage. Additionally, we will highlight the different coverages that are important for travellers like you when selecting the best travel insurance policy.
It’s important to carefully review the terms and conditions of the insurance policy to understand the extent of coverage provided for COVID-19-related situations.
Ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
| Travel Insurance Plans | Ratings (out of 5) | Premium | Promotion Price (Limitied time) | Cancellation Coverage | Medical Coverage (Overseas) | Bags and Belongings Coverage | |
|---|---|---|---|---|---|---|---|
| FWD Premium | 5 | $ 16.80 | $ 10.92 | Apply now | $ 7,500.00 | $ 200,000.00 | $ 3,000.00 |
| Starr TraveLead Essential with COVID-19 Coverage (Bronze Plan) | 2 | $ 15.60 | $ 10.14 | Apply now | $ – | $ 200,000.00 | $ – |
| Tiq Travel Entry | 4 | $ 21.00 | $ 12.60 | Apply now | $ 5,000.00 | $ 200,000.00 | $ 2,000.00 |
Allianz Travel Insurance Silver Plan | 3 | $ 44.00 | $ 28.60 | Apply now | $ 5,000.00 | $ 500,000.00 | $ 3,000.00 |
| MSIG Standard Plan | 2 | $ 38.00 | $ 22.80 | Apply now | $ 5,000.00 | $ 250,000.00 | $ 3,000.00 |
| Allied World Travel Protector Classic | 2 | $ 32.00 | $ 22.40 | Apply now | $ 5,000.00 | $ 200,000.00 | $ 3,000.00 |
| AIG Travel Guard® Direct – Basic | 1 | $ 30.00 | – | Apply now | $ 5,000.00 | $ 100,000.00 | $ 3,000.00 |
| Great Eastern TravelSmart Premier Classic | 3 | $ 47.00 | $ 37.60 | Apply now | $ 10,000.00 | $ 300,000.00 | $ 5,000.00 |
| Singlife Travel Lite | 2 | $ 30.05 | $ 22.54 | Apply now | $ 5,000.00 | $ 250,000.00 | $ 3,000.00 |
| Starr TraveLead Valuable Secured with COVID-19 Coverage (Bronze Plan) | 3 | $ 19.20 | $ 12.48 | Apply now | $ – | $ 200,000.00 | $ 3,000.00 |
| FWD Business | 5 | $ 26.40 | $ 17.16 | Apply now | $ 10,000.00 | $ 500,000.00 | $ 5,000.00 |
| Starr TraveLead Trip Secured with COVID-19 Coverage (Bronze Plan) | 2 | $ 27.60 | $ 17.94 | Apply now | $ 5,000.00 | $ 200,000.00 | $ – |
| Starr TraveLead Comprehensive with COVID-19 Coverage (Bronze Plan) | 3 | $ 28.80 | $ 18.72 | Apply now | $ 5,000.00 | $ 200,000.00 | $ 3,000.00 |
| FWD First | 5 | $ 30.00 | $ 19.50 | Apply now | $ 15,000.00 | $ 1,000,000.00 | $ 7,500.00 |
| Tiq Travel Savvy | 3 | $ 34.00 | $ 20.40 | Apply now | $ 5,000.00 | $ 500,000.00 | $ 2,000.00 |
| Allianz Travel Insurance Bronze Plan | 2 | $ 33.00 | $ 21.45 | Apply now | $ 5,000.00 | $ 250,000.00 | $ 1,500.00 |
| Tiq Travel Luxury | 4 | $ 38.00 | $ 22.80 | Apply now | $ 10,000.00 | $ 1,000,000.00 | $ 3,000.00 |
| Allied World Travel Protector Superior | 4 | $ 42.00 | $ 29.40 | Apply now | $ 10,000.00 | $ 500,000.00 | $ 5,000.00 |
| MSIG Elite Plan | 3 | $ 52.50 | $ 31.50 | Apply now | $ 10,000.00 | $ 500,000.00 | $ 5,000.00 |
| Singlife Travel Plus | 4 | $ 42.60 | $ 31.95 | Apply now | $ 15,000.00 | $ 2,000,000.00 | $ 5,000.00 |
| MSIG Standard Pre-Ex Plan (For Pre-existing Conditions) | 1 | $ 38.00 | – | Apply now | $ 5,000.00 | $ 175,000.00 | $ 3,000.00 |
| Allied World Travel Protector Premier | 3 | $ 56.00 | $ 39.20 | Apply now | $ 15,000.00 | $ 500,000.00 | $ 5,000.00 |
| AIG Travel Guard® Direct – Standard | 1 | $ 43.00 | – | Apply now | $ 5,000.00 | $ 200,000.00 | $ 3,000.00 |
| MSIG Premier Plan | 3 | $ 74.00 | $ 44.40 | Apply now | $ 15,000.00 | $ 1,000,000.00 | $ 7,500.00 |
| Singlife Travel Prestige | 3 | $ 59.44 | $ 44.58 | Apply now | $ 20,000.00 | Unlimted | $ 8,000.00 |
Great Eastern TravelSmart Premier Elite | 3 | $ 56.00 | $ 44.80 | Apply now | $ 15,000.00 | $ 500,000.00 | $ 5,000.00 |
| Allianz Travel Insurance Platinum Plan | 2 | $ 76.00 | $ 49.40 | Apply now | $ 10,000.00 | $ 1,000,000.00 | $ 5,000.00 |
| MSIG Elite Pre-Ex Plan (For Pre-existing Conditions) | 2 | $ 50.00 | – | Apply now | $ 10,000.00 | $ 250,000.00 | $ 5,000.00 |
| AIG Travel Guard® Direct – Enhanced | 2 | $ 52.00 | – | Apply now | $ 10,000.00 | $ 1,000,000.00 | $ 5,000.00 |
| MSIG Premier Pre-Ex Plan (For Pre-existing Conditions) | 2 | $ 68.00 | – | Apply now | $ 15,000.00 | $ 350,000.00 | $ 7,500.00 |
| AIG Travel Guard® Direct – Supreme | 2 | $ 77.00 | – | Apply now | $ 15,000.00 | $ 2,500,000.00 | $ 10,000.00 |
Travel Insurance and Coverage:
Travel insurance typically covers a range of potential incidents that may occur during your trip. Some common claims made under travel insurance policies include:
- Lost or damaged baggage due to theft, robbery, burglary, or accidents
- Loss of personal belongings due to theft, robbery, burglary, or accidents
- Flight delays or cancellations
- Delayed luggage
- Medical expenses and personal accidents
- Trip cancellation due to COVID-19 (if you or your travel companion contract the virus)
- Exclusions related to COVID-19 coverage
It’s worth noting that travel insurance must be purchased before leaving Singapore, as you won’t be able to obtain coverage once you’re already overseas.
Factors Affecting Travel Insurance Costs:
The cost of travel insurance depends on various factors, including your specific needs and medical condition. Other factors to consider when determining the cost of insurance include:
- Political stability of the destination country
- General safety conditions in the country, including streets, cities, and living quarters
- Value of the items you’re bringing with you
- Activities you plan to engage in during your trip, especially high-risk activities like skydiving or bungee jumping
- Coverage for accidents and medical expenses if you intend to drive
- Frequency of travel throughout the year (consider opting for a worldwide or annual plan if you travel frequently)
Remember, the more extensive your coverage, the higher the premium will be.
Choosing the Best Travel Insurance in Singapore:
There is no one-size-fits-all travel insurance policy. To find the best coverage for your needs, consider customizing your insurance policy based on your specific requirements. In addition to the upfront premium cost, it’s important to compare the benefits and reimbursement limits for common claims.
Here’s a step-by-step guide to help you select the most suitable travel insurance:
Step 1: Compare the general coverage of shortlisted plans (as mentioned earlier).
Step 2: Ensure that all your planned activities, including adventurous ones, are covered. Examples of high-risk activities include skydiving, scuba diving, or winter sports.
Step 3: Compare insurance premiums across different tiers. Most insurers offer three or four-tier plans at varying price points, each with different levels of coverage. Keep in mind that higher coverage levels may come with increased premiums.
Step 4: Make sure your entire trip duration is fully covered, from the day you depart to the day you return. Some travel insurance policies offer coverage for up to 60 days before your trip, protecting you from trip cancellations due to unforeseen incidents like bad weather or political unrest.
Single-Trip vs. Annual Trip Travel Insurance:
Single-trip travel insurance provides coverage for a specific trip within a defined period. It starts when you depart from your home country and ends when you return.
On the other hand, annual trip travel insurance, also known as multi-trip or annual multi-trip insurance, offers coverage for multiple trips taken within a year. With this type of insurance, you pay a premium for a year of coverage, and you can take multiple trips during that period without the need to purchase separate insurance for each trip. The coverage for each trip is usually limited to a specified duration, such as 30 or 60 days.
For frequent travellers, opting for annual trip coverage can be more cost-effective and convenient, eliminating the need to purchase separate insurance for each trip.
Value for Money Travel Insurance
For those people looking for the best combination of price and coverage in travel insurance can consider the plans below:
Their competitive prices coupled with above-average benefits means they provide more value than most other travel insurance policies on the market.
Best Travel Insurance in Singapore for Sports:
Sports enthusiasts, thrill-seekers, and golfers should consider travel insurance policies that provide coverage for their specific activities. Some insurance providers offer specialized coverage for adventure sports, winter sports, and golf-related incidents. These policies often include coverage for equipment loss or damage, as well as medical expenses resulting from sports-related injuries.
- MSIG TravelEasy Elite Plan
- MSIG TravelEasy Premier Plan
- AIG Travel Guard Direct Superior Plan
- AIG Travel Guard Direct Supreme Plan
- Singlife Travel Lite, Plus, Prestige Plans
When selecting travel insurance for sports, make sure to check the specific activities covered under the policy, as some high-risk sports may have exclusions or require additional coverage.
COVID-19 Coverage:
Given the ongoing COVID-19 pandemic, it’s crucial to consider the coverage provided for COVID-19-related situations when choosing your travel insurance policy. Here are some factors to consider:
- COVID-19 Medical Expenses: Check if the policy covers medical expenses related to COVID-19, including testing, treatment, and quarantine costs.
- Trip Cancellation or Postponement: Look for coverage if you need to cancel or postpone your trip due to COVID-19, such as if you or your travel companion contract the virus before departure.
- Travel Restrictions: Review the policy’s coverage for trip disruptions caused by travel restrictions, border closures, or flight cancellations due to COVID-19.
- Emergency Medical Evacuation: Ensure that the policy covers emergency medical evacuation related to COVID-19 if you require specialized treatment or need to be repatriated to your home country.
Conclusion:
Travel insurance is a crucial aspect of trip planning that should not be overlooked. It provides financial protection and peace of mind in case of unexpected events or emergencies during your travels. When selecting a travel insurance policy, consider your specific needs, the coverage provided, and the cost of premiums. Remember to compare different insurance providers and policies to find the best coverage that suits your requirements.
Disclaimer: The information provided in this article is based on general knowledge and research. Insurance policies can vary, and it’s important to carefully review the terms and conditions of each policy before making a purchase. Consult with a licensed insurance professional for personalized advice and guidance tailored to your specific situation.
