Most people don’t put much thought into travel insurance, here are 5 reasons why you should consider:
1. Medical Evacuation
Imagine that you run into an emergency situation when you are overseas. You need medical evacuation via helicopter when you are overseas, how much will it cost you? According to an article by Squaremouth: “Travelex Travel Insurance recently released information about the average costs of a medical evacuation. According to their statistics, the average medical evacuation within North America costs $25,000. From Europe, the cost can reach $50,000. The average cost of a nurse escort is $11,000 within North America and $24,000 from Europe.” I am quite sure you do not want to spend so much money on medical evacuation.
2. Repatriation
The follow-up action to medical evacuation is often repatriation back to Singapore for treatment. This is because medical treatment without subsidies in developed countries like US and Europe is too expensive for the average Singaporean. On the flip side, if you are in a developing country if you’ll probably prefer to seek treatment in Singapore where medical standards are higher and you receive substantial subsidies from the Singapore government. When you are sick or hurt, you’ll probably want to return to Singapore where you are closer to your loved ones instead of staying alone in a foreign country.
Also in event of death in a foreign country, repatriation of body back to Singapore will involve contracting of undertaker, buying of coffin, as well as land and air transport arrangements. Such services can easily add up to thousands of dollars.
3. Trip Cancellations
Many people try to save money by booking air tickets in advance so that they can get a cheaper price. However, we live in an unpredictable world where natural disasters and terrorism are not uncommon. If the Ministry of Foreign Affairs issues an advisory to caution you away from certain destinations, you may be forced to cancel your trip because the risk is too high. If your air ticket and hotel lodging is expensive, you won’t be able to claim these back if you did not buy travel insurance.
4. Flight Thefts
According to an article by Economist, there is a significant increase in flight thefts in the recent years. More professional criminal gangs are targeting airline passengers. While you are watching movies, using toilet, or sleeping, thieves may to rummaging through your valuable. The risk of flight theft is even higher if you are traveling alone, since no one is watching over your belongings when you are away from your seat.
5. Lost Travel Documents
Travel documents can be lost because of carelessness, misplacement, theft, pick-pocketing, and a ton of other reasons. Getting a replacement passport from a Singapore embassy is not difficult. However, if you lost a travel visa, it might cost you a few hundred dollars of emergency processing fees to get it replaced.
Travel Insurance Is Not Just About Stolen Passports or Lost Luggage
Please read terms and conditions of your travel insurance policy with care. On the surface, they may look the same but actually differ widely in coverage.
In addition, some aspects of travel insurance can be easily overlooked. For example, if you are staying at an Airbnb, you may find that coverage for theft are lower compared to staying at a hotel.
So don’t just buy the cheapest policy! Make sure to check what it covers first!
