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5 Travel insurance tips you will want to know about
When I start thinking about holidays words pop into my head such as sun, sand, sea, relaxation, spa’s, snorkeling, fun, adventure, skiing, food, food again and freedom. Conversely, getting the right travel insurance policy that is not restrictive is usually somewhat less enjoyable and frankly conjures up an entirely different set of words.
I don’t believe that anyone wants a policy that requires jumping through three hoops whilst patting their head and rubbing their tummy at the same time before making a claim.
At IPG we suggest spending a few minutes getting wise to what you are actually covered for under your travel insurance policy and five tips to make life easier when looking for your next policy.
- Relying on travel insurance from your credit card company? Check the small print first!
Some credit cards offer free travel insurance as a perk, but be aware of the terms and conditions that apply. It may seem convenient to simply rely upon the travel insurance policy offered by your credit card company, in reality this policy may not provide you with the cover you need.
Always ask to see the benefits table of the policy to understand any exclusions that apply. In addition find out how you qualify for the travel insurance cover. Many Credit Card companies will only provide travel insurance for trips paid for entirely with the credit card in question. Review any minimum claims limits, some policies may only cover you for claims above a certain limit such as S$5,000. Remember, if it is free there is usually a reason!
- Living Life to the Max? Beware!
It is quite usual for extreme and hazardous sports to be excluded from policies unless you find a specialist policy. Sometimes even more common sports like skiing and scuba diving may also be excluded, this can found with more cost effective or basic policies. Once again, check the terms and conditions set out under your travel insurance policy as coverage for these sports may be subject to strict conditions such as maximum dive limits, and or having a qualified guide.
- Frequent Travellers save money!
Travel Insurance can be set up for individual trips (single) or on an annual basis. You can also choose to cover the whole family under one policy. If you are expecting to travel more than three to four times each year it is likely that you would save yourself money by choosing an annual policy.
If you already have annual travel insurance from your employer, ensure it covers you for non-business trips as many do not.
- Travelling the Road Less Travelled?
Ensure your policy covers you for repatriation and evacuation. In the event of an accident if the country you’re travelling in does not have sufficient medical assistance, you may need to be taken elsewhere for treatment.
- Finally, decide what you want.
Spend some time jotting down what you want from your travel insurance policy so you don’t waste time reviewing unsuitable policies.
Typically you may want coverage for:
- Travel inconveniences eg. Cancellation of flights, Flight delays, lost bags.
- Loss or damage to your personal belongings (be aware that the amounts for particular items are sometimes capped
- Medical expenses, both while you are away and if you need follow up treatment when you return to Singapore
- Evacuation and repatriation
- Geographical coverage e.g. Asia, ASEAN and worldwide
- Any sports you enjoy such as golf, diving or skiing
Please contact IPG to arrange a quick review of your existing policies and terms and conditions and/or to help you find the right policy for your own personal travel habits.
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