Buying Travel Insurance In Singapore: Important Tips You Need to Know

You know that feeling when you are so excited about going on a vacation but then your excitement is followed by doubts, fears, and worries because you know that something could go wrong? Traveling can be tricky sometimes, especially if you’re traveling to a foreign country. 

Anything from natural disasters to man-made catastrophes can happen at any time. You might get sick or get into an accident during your trip; there are so many things that could go wrong. If you don’t have the right travel insurance plan in place, the financial implications of getting sick or injured could prove disastrous for your bank balance and peace of mind. 

Nevertheless, there are many affordable travel insurance plans out there with special deals and discounts. So before packing your bags and heading to the airport, check out these tips on how to buy travel insurance in Singapore:

Know the essentials about travel insurance

Before you buy any travel insurance policy, it’s important to understand its basic components. Depending on your needs and budget, you can choose the right travel insurance plan to suit your travel requirements. 

Keep in mind that travel insurance is not a regular health insurance policy. There are several key components that make travel insurance unique: – Coverage Amount – Find out how much your travel insurance policy will pay you in case you get sick or get into an accident during your trip. 

The coverage amount is the maximum amount that your insurance company will give you. – Exclusions – Make sure to check what isn’t covered by your travel insurance policy. For example, if you want to travel to Singapore, your insurance may not cover any accidents or illnesses that occur while you’re in Singapore. – Travel Period – You need to know when your travel insurance policy will start and end. If you buy a 90-day travel insurance policy, that means your policy will cover you for the next 90 days after you buy it.

Check if your insurance covers for international travel

Depending on the type of travel insurance you buy, some policies will cover you only in Singapore while others may extend their coverage to international destinations as well. If you plan on traveling to neighboring countries, it’s best to get an insurance policy that will cover you in all of Southeast Asia. 

If you’re planning to go further afield, you may want to get a policy that covers you in all the continents apart from Antarctica. In any case, it’s best to check the fine print of your policy to see what exactly is covered by your insurance.

Find out what’s included in your policy and what’s not

Every travel insurance policy is unique in its own way; it will have a different set of inclusions and exclusions. For example, some travel insurance policies will cover you for medical emergencies but won’t provide any financial assistance for medical expenses. Therefore, you should carefully go through the details of your policy to find out what’s covered and what’s not. One of the most important things to find out is whether your insurance policy will cover you in case of natural disasters.

Decide on your deductible and excess

Before you purchase a travel insurance policy, you need to decide on your deductible and the excess amount you’re willing to pay in case you get sick or get into an accident during your trip. The deductible is the amount of money you have to pay out of your own pocket before your insurance company starts paying you. The excess is the maximum amount you have to pay out of your own pocket if you make a claim. Depending on your budget, you can decide on a higher deductible or a lower excess.

Check if you’re eligible for any waivers or discounts

If you or your dependents have pre existing medical conditions, you may be eligible for a medical waiver that will lower your premiums or provide you with a discounted travel insurance rate. If you are eligible for a travel insurance discount, don’t forget to apply for it at the time of purchasing your insurance policy.

Summing up

These are some of the most important tips you need to know when you’re buying travel insurance in Singapore. The last thing you want is to get stuck with a high medical bill because you weren’t insured. Remember that travel insurance is not a luxury; it’s an essential part of every vacation.