Travel Insurance Simplified - Know What Your Travel Plan Really Covers

Travel Insurance Simplified – Know What Your Travel Plan Really Covers

Are the nitty-gritties of travel insurance putting your eyeballs on a roll? Reading through the entire travel insurance policy can sometimes be a pain, hence this guide to help simplify what you really need to care about.

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Before you go on a trip, it is always important to make sure your family is well-insured, because who knows what can happen during the trip! There are also numerous little details within the application you must take note of. Here’s a comprehensive guide that will let you know everything you need to have a safe, travel-insured trip.

Family Plan

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With regard to the family per-trip plan, note that all children will be covered if they’re travelling with one of two adults as long as either one is directly related to the child. Remember that the family must also travel to and from a foreign country together.

For the annual multi-trip plan, all children of legally married couples will be insured. The couple may travel separately, but children must travel with one or the other parent if they would like to be insured under this plan.

Important: A child refers to any unmarried person, 18 or under. It can also refer to a person below 24, who is currently studying or enrolled to study full-time in a recognised institution during the policy period.

Also Read: 3 Reasons to Say “Yes” to Travel Insurance

Trip Duration

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The duration per-trip plan can be used if your trip does not exceed 182 consecutive days from the date of departure to the date of return back to SIngapore.

On the other hand, an annual multi-trip allows you to take multiple trips over a period of time with each trip being no longer than 90 consecutive days.

Commencement of Coverage

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This plan allows you to cancel your travel either

a) 60 days before the date of departure

b) 60 days from the date of purchase and at least 7 days before the date of departure (not inclusive of departure date)

Personal Accident Protection

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This policy will begin 3 hours before you leave Singapore and will discontinue when:

1. Period of time stated in the policy expires
2. You return to permanent place of residence
3. You’ve spent 3 hours in Singapore after return

Also read: Best Travel Scientists’ Guide to Your Travel Insurance Must-Haves

Duplicate & Refund Coverage

If you are under more than one insurance policy by the same company, the company will see to it that you are covered by the more beneficial policy.

Note that you cannot ask for a refund of the premium once it has already been issued.

Main Exclusions

This refers to circumstances that are not covered by the standard insured plans. Aids, disorders, self-inflicted injuries, gemstones and pre-existing medical conditions are some of many conditions that are not included in travel insurance policies. Certain forms of childbirth and pregnancy are also excluded. If you are on flight duty, you may also not be covered by insurance plans.

Pre-Existing Medical Conditions

Per-trip plan: this refers to any illness or disease you suffer that might have manifested itself, worsened or exhibited symptoms within a 12-month period preceding the date of the policy. It also refers to any illness you suffer that requires you to consume prescribed medication or was treated (or recommended treatment) by a Medical Practitioner.

Annual multi-trip: this refers to any illness for which a claim is payable under the policy in respect of a previous trip within 12 months prior to your travel. It may also be any illness which you suffer and within a 12-month preceding the effective date of the policy:

a) first manifested itself, worsened, became acute or exhibited symptoms which require treatment.
b) requires you to take prescribed medication (including drugs)
c) was treated (or recommended treatment) by a Medical Practitioner

Finally, the big question:

Should I take the Annual Travel Insurance or Single Trip Plans?

Image credits: http://bit.ly/1nkZiah

Generally, if your travel pattern falls within one of the following categories, you should choose an annual insurance policy instead of a single trip plan.

a) You make at least 4 trips of around 7 days in a year.
b) You make at least 6 trips of around 3 to 4 days in a year.

Why?

Take a traveller who travels to destinations worldwide with an average length of stay of 7 days. The premium for Chartis’ Travel Guard is $86 on the Superior Plan (single trip). Hence, for a total of 4 trips, the premium on this insurance plan works out to a total of $344. The premium for an Annual Superior Plan is $390.

Now, take a traveller who travels to destinations worldwide with an average length of stay of 3 days. The premium for Chartis’ Travel Guard is $59 on the Superior Plan (single trip). Hence, for a total of 6 trips, the premium on this insurance plan works out to a total of $354. The premium for an Annual Superior Plan is $390.

Although the annual premium is higher for these 2 scenarios, it still makes more sense to get the annual premium for these reasons:

1. You will be able to drive across the causeway or hop onto a ferry to Bintan or Batam for numerous weekend getaways. While most Singaporeans would not have considered getting an insurance plan for such short trips, by having an annual plan, you travel worry-free!

2. Every trip would be protected under comprehensive coverage. In turn, you save the time and hassle of having to make a travel policy activation each time you travel.

3. Furthermore, an annual plan will maximise your coverage, as it will include travel cancellation, travel postponement, closure of travel agent, etc. that you might miss out on a single trip policy as it is always active.

Find your annual travel insurance policy today, so that you can begin travelling worry-free, anytime, anywhere!

 

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