Sir Richard Burton once said that venturing for unknown lands in one of the gladdest moments of human life. Travelling is not just about visiting new places. It includes meeting new people, making new friends, studying new cultures, history and background. Over the years a number of studies have highlighted the overall benefits of travelling on your health, mind and creativity. According to Statista, the global tourism industry is one of the largest industries in the world with an annual contribution of $8.2 trillion. Every year, 1.3 billion tourists travel internationally, boosting global GDP and revenue. Singapore is a popular destination for international tourists. In 2018 alone, around 18.5 million international tourists visited the country.
What is travel insurance?
With the rapid rise of the global tourism industry, the market for travel insurance has also seen rapid growth in the last few years. According to COMTEX, the global travel insurance market is set to become a $35 billion industry by fiscal 2025.This type of insurance is usually arranged at the time of booking a trip. A particular insurance may cover all the trips made within a specific time frame. Travel insurance covers risks associated with medical expense during tours, cancellation or refunds related issues, repatriation of bodily remains in case of any mishap, return of minor, accidental death or injury benefits, trip interruption to lost baggage. Some insurances also cover hijacking and flight delays.
In this article, we are going to discuss the key benefits of best travel insurance for your Singapore trip and how to choose one –
- Financial Protection: Medical Expenses
Almost all travel insurances cover medical expenses incurred by the covered individual during the trip. Even the travel insurance Singapore covers expenses incurred during Travel, availing immediate medical care on account of any mishap. This may also include medical evacuation. It is the cost incurred during ambulance of emergency medical transportation whilst on the trip. In case of accidental death of the insured person, the insurance also covers the expenses of transporting the remains of the deceased to his/her home country.
- Coverage for lost Checked-In Baggage
According to the terms and condition of the insurance, the insurance company is obligated to pay for the insured sum in case the checked-in baggage is lost. The insured person can expect up to 50% reimbursement for his lost baggage. The subject of delays in checked-in baggage is also the liability of the insurance company.
- Coverage for missed flights or trip delay
In case of trip delays and missed flights, the insurance company is legally obligated to pay for your travel expenses. This delay must be more than eight hours. In the case of missing flights or other fight related concerns the company also takes the responsibility of insured.
- Personal liability Support and Loss of passport
Personal liability covers all types of legal liabilities and bodily injuries that may be sustained by the insured on account of any mishap. In the case of mission passports, the company is obligated to reimburse the expenses incurred by the insured person while obtaining a fresh new passport.
- Trip Cancellation and Interruption
In case of any interruptions during the trip due to accidents or personal tragedy, the company covers the cancellation charges and other expenses incurred by the insured during his/her return trip back to his/her parent country. Hence, you do not need to worry about losing all your booking related expenses related to the trip.
- Emergency Financial allowance
Most travel insurances cover any type of financial loss faced by the insured. This may include accidental money lost by him or online fraud etc. during the trip.
- Coverage from Terrorist/Hijack Attempts
Travel insurances provide compensation to the insured in case of any hijacking attempt on the common carrier.
Overall, travel insurance ensures your mind’s peace, making sure that your trip is uninterrupted and smooth. However, before purchasing any travel insurance make sure that you through the below guide to the travel insurance promotion. There are several types of travel insurances. These are family travel insurance, multi-trip, senior citizen and group travel insurance. There are also insurances for domestic and corporate tours. Following are some tips on how to choose the best travel insurance –
- Check Online for the Best Insurance Deals
Nowadays most insurance companies maintain their presence online. There are a number of comparison websites for insurance policies. Therefore, the first step you can take after booking your trip is to check online for suitable insurance. You can also check with your existing insurance provider. As many insurance providers offer huge discounts related to travel insurances along with an existing policy.
- Check the duration of policy coverage
Insurance policies can be of two types – a single trip of multi-trip. A single trip covers only one trip which may be your yearly vacation, while multi-trip insurances cover multiple trips. Considering your requirements, choose a policy that suits your needs. It is advisable to choose a policy that offers extended duration than your trip.
- Destinations Covered
Also, do not forget to check the destinations covered. This is because most policies are promoted to particular geographical areas. A policy that is well suited for a particular destination may not be the best choice for the another. Therefore, always consider the destinations covered in the insurance plan.
- Take note of what the policy does not cover
It is important that you are well aware of the things that are covered by your policy. However, it is equally important for you to know that things that are not covered by your insurance policy. Make sure to note them down and assess if these exclusions are really essential for you or not. Best on their importance, go ahead and select a plan that suits your requirements.
HL Assurance is a member of the renowned Hong Kong Group and is known for offering the best travel insurance deals. With proper coverage, you can enjoy your vacation freely without having to worry about any mishaps or accidental expenses.
You can also read the Travel Insurance Guide here.