It’s the holiday season and many Singaporeans are travelling overseas during Christmas and New Year period.
While you are planning for your holiday trip, you should consider whether you need to buy travel insurance.
What does travel insurance cover?
Travel insurance usually covers:
- Accidents
- Medical treatment & hospitalization
- Lost luggage or travel documents
- Cancelled or delayed flights
Is travel insurance really necessary for you?
You may consider buying travel insurance if one of the following applies to your travel destination.
1. Long Flight Distance
If you are travelling to a far away country like South Africa Cape Town, the quickest one-stop flight is about 14 hrs 20 mins. If you choose to transit through Dubai, it may take about 19 hrs 50 mins. For such long distance flights, there is a increased chance of lost luggage, flights delays or cancellations, accidents, etc. In this case, buying travel insurance would be wise.
Source: prokerala.com
2. High Medical Costs
If you are travelling to a country where medical and hospitalization cost is high for non-residents, you might consider insuring yourself from such unexpected costs. This may include developed countries like United States, Europe, Japan, etc.
3. High Risk Zone
If for some reason, you need to travel to a destination where there is high crime rate, war and terrorism, or the location is a disease hotspot, then buying travel insurance would make a lot of sense.
4. Travel Frequency
If you are a frequent traveller, the chances of you encountering flight delays, lost luggage, accidents, etc is higher than a normal traveller. If this is the case, you may consider buying an annual travel insurance plan instead of a single trip plan.
When is travel insurance optional?
Travel insurance is optional if you’re travelling to a destination where there is low risk of claim. For example, a location which is near to Singapore and has good security (eg. resorts).
However, as the old saying goes “It’s better to be safe than sorry”. Travel insurance is always good if you have the budget and want peace of mind when going on a vacation with your friends and family.
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