Why everyone should get Travel Insurance

Why everyone should get travel insurance

As we begin opening up borders all around the world. Many Singaporean are now travelling overseas to popular destinations such as Bali, Korea, and the US. It is even reported that so many Singaporeans are now travelling, that they’re bumping into friends oversea. According to government statistics, there were 132,771 travelers leaving Singapore during the year-end school vacations in December. Using the most recent statistics, 311,306 people traveled overseas in May.

Getting sick, losing items, or even getting injured is not uncommon to get during a trip. There are many unknowns, especially when travelling abroad. This is why everyone should get travel insurance. To ensure the security of your loved ones in the event of an accident or unexpected loss, travellers should purchase travel insurance. Medical costs, inconveniences associated with travel, personal accident coverage, and emergency medical evacuation are a few of the coverages that offer protection against unforeseen events. There is even a COVID-19 extension provided these days due to the pandemic.

Why should I get Travel Insurance every time I Travel

The cost of travel insurance can range from 5 to 10 per cent of the total cost of your trip. Even though the cost of having one is high. It is frequently an investment that is worthwhile because it may be able to help you get reimbursed for hundreds of thousands of dollars. Covering travel-related expenses such as emergency evacuation, medical expenses, and costs related to trip cancellation and interruption.

I used to think travel insurance was a waste of money. But still got it anyway because it was ‘cheap’. Thankfully, I always got it, and on one trip back from Hong Kong to Singapore, my baggage was still left at the Hong Kong International Airport. This allowed me to claim for baggage delay which led to me making some money and also covering some costs across the trip.

Benefits of getting travel insurance

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For travel insurance to be worth your money and time, it needs to do two things: protect your vacation investment and cover your actual travel costs. The right travel insurance can also take care of the little stuff—like replacing lost or damaged gear, and even provide peace of mind if you need to cancel your trip due to health reasons or a death in the family. But finding the right one is not as simple as buying a plane ticket.

Covid 19 Coverage

As we slowly transit the leniency of mask-wearing in other countries, it is, therefore, important to get Covid-19 coverage. Even though cases in some parts of this country may be low. It could still be due to underreporting due to a lack of test kits or rural areas without access. Even though almost all Singaporeans are vaccinated with at least 3 dosages. Covid-19 is still a serious issue that may cause breathing difficulty that could lead to death. As of July 2022, Covid-19 has taken the life of 6.34million people. That’s 1.15% of the population (550million cases globally) that were infected with the virus. Hence, it is paramount to get you covered for even that 1%.

Don’t bet your life on the dice roll. Having travel insurance would not only help with medical treatment but also any side effects caused by the symptoms. As the saying goes, health is wealth.

Trip Cancelation/Curtailment

The clause refers to payments made in advance for transport, accommodations, or other expenses that have not been utilized or will not be used but are forfeited or payable under the contract. This is imperative because we never know what could stop us or interrupt our trip.

Murphy’s law, “Anything that can go wrong will go wrong”. Have you ever experienced a flight delay, a plane unable to depart due to bad weather, or having to cut short your holiday due to unforeseen like injury, illness or death? Having travel insurance may help reduce costs or even pay to accommodate what you may have lost during your trip.

Loss/Damage of Personal Baggage

According to research by SITA, airlines around the world have categorised “damaged or pilfered” 18% of the 24.8 million bags recorded as “mishandled” in 2019. Many items which are on your vacation that are either stolen, lost, or damaged are the main concern for this section. Some benefits of getting yourself travel insurance include theft of money up to a certain amount from your person or when your luggage is delayed by an airline or other transport authority for more than a specific number of hours.

Death and Total Permanent Disability

Even though this is not the main reason people get travel insurance. It is still a plus to know that in the case of death or total and permanent incapacity, this policy pays out a lump amount. The benefits are meant to take care of your family members’ short- and long-term financial requirements. Which includes those of your parents, spouse, and kids. For some, this could help with the funeral expense, replacement of income and not worry about finances.

Post Trip Medical Expenses

A post-trip expenditure for medical care is considered a medical expense. Examples include essential dental, x-ray, medical, and surgical treatments. I once succeeded in making this claim during a hike up Mount Kinabalu. I had to get my toenail removed when I got back to Singapore because my tight boots had produced a blood clot. With my travel insurance, I was able to get a qualified doctor to have a look at it and have it surgically removed. All costs are covered by my insurance, phew!

How to Maximise your Travel Insurance?

The most important thing to remember when choosing a travel insurance policy is that all policies are different. Before purchasing any insurance policy, you should be fully aware of the advantages it offers, the cost, whether it will be practical for your trip, and any limitations on when or where it may be used.

It’s important to consider the fine print because general details like the kinds of healthcare providers you can use and the amount of coverage you get can make a huge difference in how much money you end up paying out of pocket.

You will be glad to have bought it when accidents happen

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As the Japanese saying: “It’s better to be a warrior in a garden than a gardener in war”. While it may be true that most travel insurance may expire worthless. Having insurance not only protects and limits you from any downside risk. It also protects your loved one in any cases of unforeseen circumstances.

Where can I get Travel Insurance?

You can get travel insurance mainly from the insurance websites directly. For travel insurance, do check out AXA’s Smart Traveller Insurance. you can get insured before travelling by clicking on the link and filling it out. You can also reach out to your financial advisor and ask for their travel insurance. Now, go enjoy and have a safe travel!

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