Guide for Travel Insurance

Video Transcript

*Please understand that all the content mentioned in the above video are based sololy on the current market status and our personal experience in this field of service. For further enquiries regarding your purchase of a Travel Insurance, please approach a professional financial adviser or contact us for more details. Thank you!

Intro

Hi, welcome to Raffles Provident where your interest is our utmost priority. Today, we are here to share with you some tips regarding the selection of your travel insurance.

Living in a fast-paced society, it is a relaxing and awesome opportunity to take some time off to travel to a foreign land to experience their culture, food and most importantly, to relax your mind and take a break. However, we all know that nothing is guaranteed, therefore even during your vacation, it is crucial to protect yourself from any possible uncertainty.

Types of Travel Insurance

How can you make your trip a safer one? So let us share with you the types of plans that can cover you in such events!

Firstly, we got the single trip plan which is a short-term plan that covers a specific trip, usually commencing from, and returning to, Singapore. It refers to a policy that covers a traveller for a single return trip. This is ideal for those who are not planning to travel frequently for that year.

Next, we have an annual multi-trip plan that covers a person for a year. While it covers trips within a region that starts and ends in Singapore, these trips can only be limited to 90 days each. You might want to check with your insurer the exact prices for these insurance since these prices depend on your  destinations and the level of coverage you want. There can be cases such as this, where a person travelling to multiple countries in Asia would be better off buying multiple single-trip coverages rather than a more general, annual cover insurance package.

Apart from that, there is also an individual plan which covers just you or just one other person. This applies if you are buying the plan for someone else!

Up next, we got the family plan, which is crucial for family members travelling together. In this plan, you can find suitable coverages for yourself, your spouse, and of course, your kids. However, some providers limit the number of family members who can be on this plan, so do take close attention to the relevant terms and conditions.

Finally, we have a group plan, which is perfect for people travelling in a group. This plan provides almost the same benefits as offered in individual plans, but at a lower cost.

For most travellers, choosing the type of insurance plan might be difficult but knowing how frequently you travel, and how many people accompanying you, can help in your decision.

  • First, we have the most basic policy, called the Third party coverage. It covers only the costs associated with the damages to property and injuries to people, that are caused by the policyholder.
  • Second, we got the Third-Party, Fire & Theft coverage which expands on the basic coverage by providing additional protection from losses due to accidental fires and theft. 
  • Finally, we have the Comprehensive coverage which covers not only third party liabilities and fire/theft, but also covers losses and damages done to the policyholder, as well as their vehicle, passengers and belongings. This is the type of car insurance most commonly-bought in Singapore.

What does Travel Insurance cover?

So what exactly does travel insurance cover?

Travel insurance protects you from certain financial risks and losses that can occur while traveling overseas. These losses can be minor, like a delayed suitcase transportation, or significant, like a last-minute trip cancellation. Of course, these are just the basic features of a travel plan; there are many other features available too. If you are interested to find out more regarding the list of events covered by your travel insurance, you can refer to the policy terms of your plan.

When should you buy Travel Insurance?

Now that you understand the fundamentals of a travel plan, when should you purchase your insurance?

Many travel insurance policies require you to purchase your plan two to three days before your trip begins. Otherwise, the insurance plan would not be able to take effect. In fact, buying travel insurance as soon as possible is essential in avoiding complications. You will never know when a global pandemic might come again, or when the country you are travelling to starts to have a crisis. Therefore, keeping this rule in mind, you can better decide when is the perfect time to buy your insurance plan.

Where can you buy Travel Insurance?

If you are considering buying your own travel insurance, the purchase of your insurance is actually just a click away. You can approach an insurance agency, like us “Raffles Provident”, as we can help you to identify competitive rates for your travel insurance that best fulfill your interests, among the plethora of insurance plans offered by local insurers. To find out more about our travel insurance services, visit our website: https://rafflesprovident.com.sg/travel-insurance/, where you can find a variety of plans that will suit your needs. So feel free to contact us!

What kind of Traveller are you?

With the basic knowledge of travel insurance, you will have to ask yourself “what kind of traveller are you?”

Different travellers might require different coverage for their trips, therefore do make it a point to take into consideration the purpose of your travel before getting your insurance. Here are some common types of travellers:

  1. Individual travellers
  2. Family travellers
  3. Business travellers
  4. Long-term travellers
  5. Adventurers

The Best Travel Insurance!

So… what then is the “best” insurance plan available?

Well, the best insurance plan available is the one that protects you during your trip. In other words, the plan with the coverage that suits the purpose of your travel is the best option. Therefore, it is crucial to consider your insurance needs and match it with the coverage in your travel insurance. If you are still unsure of your options, we would highly recommend you to pick up the comprehensive travel plan for a complete protection during your trip.

Outro

Thank you for watching. This video is proudly brought to you by Raffles Provident. Stay updated with more valuable content by turning on your notification bell, and please don’t forget to like, subscribe and follow us on these social media platforms. If you have further enquiries regarding our insurance services, you can visit our website or contact our service line.

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