Asked on 02 Dec 2019
What would be the best travel insurance that I should consider and why? Pros and cons would be greatly appreciated!
I usually just go for the cheapest. My past few trips have been with FWD. They are prompt in the responses and very user friendly, but I have not claim with them before. Their benefits are also quite reasonable compared with others. I use MoneySmart to compare the prices and benefits.
But then again, it depends on what kind of activities you are planning in your trip. For example, if you are doing those extreme sports etc, you should put more focus on that and medical benefits, rather than luggage delay (assuming you are backpacking, you get the drift). But from what I heard, Sompo is pretty good as well!
Top Contributor (Dec)
I usually just go for the cheapest insurance via an online comparison website like GoBear. This usually ends up being FWD for some reason....
I'm more concerned about things like flight delay or baggage issues during travel, and hence these will be my focal point during my selection. Then again, I tend not to very adventurous during my travels, so I usually just need a bare bones coverage.
However, if you have specific criteria, then my answer would have to be very different: For example if you are looking for coverage because you have a pre-existing condition, then you're probably looking at NTUC or MSIG. If you wanted to cover flight irregularities on a ticket booked with miles, you'll want to consider Sompo, Chubb, Aviva.
If you want to protect your miles and points, get one of the following.
These are the only plans I know which will reimburse you for the loss of miles and points- the vast majority of plans explicitly exclude them.
Why is this useful? Suppose you book a KrisFlyer spontaneous escapes award but subsequently cannot fly because you fall ill. These awards are non changeable and non cancellable, so you would have to forefeit your miles. A travel insurance policy which covers miles would reimburse you at the revenue cost of the ticket.
Or suppose you book a hotel with your points, but can't travel for a covered reason and are already inside the cancellation period. You'd again have to forefeit your points, but your travel insurance would reimburse you for the revenue cost of the stay.
The upshot is: if you travel with miles and points, make sure you find a policy that protects them.
Top Contributor (Dec)
Unfortunately, not all travel insurance are made the same. For example, read this blog article:-
If your family or you have pre-existing, best to make sure your insurer covers that. If not, you will have a wider selection of choices.
I used the above broker who wrote the blog for my last USA trip. They are pretty good, giving me a few choices and explaining which one is better. In the end I bought annual plan because I still need to fly somewhere else and they helped me realise i could be saving a bit more.
The best insurance plans are those that meet your need, fit your budget and that pay out claims efficiently.
Also, be aware that should you need special cover for adventurous sports and preexisting conditions, then you need to look out for these terms in the travel insurance plan that you are considering.
For me I buy an annual travel insurance plan that allows unlimited trips in a year. I usually check which insurers have a discount and promotion going on as well.
Offhand from what I can recall, I've had good experience with the following:
Liberty (the co-branded plan with my company)
I believe one of the best is AIG travel insurance. Its very premium and expensive.
However you really get peace of mind as their customer service is prompt and great internationally.
I like to wait for promotion deal from the banks too to get annual plans.
If you have your own IFA (those with more than 1 insurer) agent or broker (those firms, instead of 1 single agent for you), go for them. They are able to advise and recommend different insurers for you to choose from.
I have two insurance providers i go to depending on my holiday.
If I am going to rent a rental car for holiday: I get NTUC income because they have the most worth it travel product with rental car coverage.
If i not taking rental car: I will go to FWD, good coverage at affordable price point
I have been buying travel insurance over the years from many providers such as AXA, AIG, MSIG, FWD, etc. And it seems most policies are pretty competitive so the differences are minute.
Some of my main considerations include:
Cost of the policy
Baggage delay/damage to items
Overseas hospitaliation/emergency evacuation
Others add-ons which are still important e.g. rental car excess if you're driving, extreme sports coverage
Ease of claims - no personal experience of this except from AXA so I can't do a comparison
Probably fair to say there isn't one policy that ticks all the right boxes so you could rank these criteria / calculate a weighted average score based on these criteria.
Hope this helps and all the best in your travel insurance search!
Really Depends on what you need to be covered and also the prevailing promotions offered by the different insurance companies.
One insurance i would recommend if you are renting a car overseas, is a car hire excess insurance from www.worldwideinsure.com
its a British based company but also covers Singaporeans, coverage is really good, claims fuss free (I’ve claimed before). And it will save you lots of money by not having to overpay car rental companies the expensive excess insurance.
I used to go with Chubb Insurance because they're really affordable; I used to pay about $100 for an annual one! But after that they scraped the promotion so I had to re-compare what's good.
Eventually I went with Allianz because 1. there was a promotion 2. good reviews on the internet that it's quite easy to claim 3. they have some buffer for winter sports, just need to check ahead with them.
As mentioned by others, You can compare the travel insurance price from many online websites such as GoBear etc,,
Also, now a days if you book any itinerary via expedia or other airlines such as Jetstar, SIA or scoot, they itself offered the travel insurance tailored for you.
Top Contributor (Dec)
Sompo straight up. Did an initial comparison many moons ago, chose Sompo and just stuck with it since.
No real pros and cons and this isn't a recommendation either but I just like the familiarity of buying the same plan without needing to keep comparing everytime.
(Biased) Since I represent my clients at AIA Singapore, I DIY my own travel insurance. This is especially because I know the contractual terms inside out and is able to ensure that claims go as smooth as they should be, e.g. no unnecessary demand for doctor's memo. With comparable terms and ease and efficiency of claims, I have no problem paying for it.
Otherwise, I will go for AIG travel insurance. Yes, again they are not the cheapest. But I know their contract inside out as well. Hence, I go with what I am most comfortable with (in terms of knowledge and experience in claims).
Here is everything about me and what I do best.