Finding the best travel insurance coverage means spotting the one that best suits your needs. Despite the natural inclination towards picking out the cheapest insurance, making a good comparison can amount to much more than just a quick price check on insurance premiums.
To help you find the insurance coverage best suited to you, here are some of our top pointers on how to better compare travel insurance in Singapore.
1. Compare the benefits
Obviously your first step should be to look up what each plan and provider has to offer. Some of the main points to consider when analyzing the benefits are:
- Medical coverage: how much you’ll be covered for if you get ill or injured overseas.
- Personal accident coverage: how much you or your family is entitled to if you happen to die or get seriously injured while overseas.
- Personal belongings: how much you are covered for if your belongings get stolen, or are damaged.
- Travel inconvenience coverage: how you’ll be compensated if a travel related annoyance disrupts the rest of your trip, such as the airline delaying your flight, or you missing out on your flight or connection.
Once you have all the categories you want to compare, you’ll need to follow these two extra steps:
a) First you’ll need to set a benchmark. How much coverage do you think is enough coverage? To do this you’ll have to look at all the previously mentioned categories and assign a value to each of them one-by-one.
- For example, if you plan on travelling to the United States, with average medical bills going into the tens of thousands, how much coverage do you think would be enough? A good idea would be to go online and search for the average cost of medical expenses in said country.
- And when it comes to personal accident coverage, are you leaving family behind? How protected do they need to be? Think long-term.
- About your personal belongings, how expensive are the things you’re carrying with you on your trip?
And lastly, how protected do you want to be against travel delays, trip cancellations, trip curtailments and so on.
b) Once you know how much coverage you want, it’s time to put each plan and insurer head-to-head. To do this more efficiently, using an online comparison tool, such as our very own GoBear online comparison tool, would be your best bet.
During your analysis, also take note of some of the extra benefits such as excess waivers or the ability to customize your excess, and also keep in mind that some benefits come bundled together, such as ordinary hospital coverage being bundled with emergency dental coverage.
2. Have a look at the prices
With a clear picture of the amount of coverage you have in mind, you can now compare apples to apples, and oranges to oranges, meaning that you have a common point of reference when comparing insurance premiums.
Once again, a great tool to make travel insurance comparisons in Singapore easy would be our online smartsearch calculator, here at GoBear, which features a comprehensive search engine allowing for price and coverage comparisons.
3. Know the limits
Each travel insurance policy has its own set of limitations and drawbacks. To make a better comparison, you’ll have to go over each of the candidate’s terms and conditions, and pick out the following points of interest:
- The amount and type of exclusions, such as winter sports, extreme sports and even some leisure activities.
- The excesses charged by the insurer for each claim filed.
- The insurer’s stance on pre-existing medical conditions, since some insurers might bar you from getting covered on some pre-existing illnesses, while others might not.