Everybody is going places these days. And at no period in modern history has insurancebeen more necessary that today when the fascination and opportunity for travel has grown exponentially. Being insuredis a modern day necessity since itprotects people from unexpected health or other accidental incidents that can be inherent risks of travelling.
Generally, the cost of a travel insurance policy depends on destination and the general price rises as the regional coverage widens or the farther the country of destination is. Most Singapore travel companies categorize destinations based into two geographical clusters: Asia and other parts of the globe and destinations outside Asia usually entail higher insurance cost. Travel insurance costis also computed based on duration and longer termshave higher computations. Although there are insurance firms that compute daily rates, the cost and value of the insurance is computed based on weeks such that for 1-week and 2-week long trips to different regions, travel insurance can increase by about 50%.
Generally however, travel insurance policies can be costly but there are better travel insurance packages that can cost significantly cheaper. Even single-trip coverage can cost a lot ofdollars in Singapore. Additional coverage, for instance annual coverage or group coverage can costs significantly more. And costs are arguably the major disadvantage of getting travel insurance.
For the cost, what can an insurance bearer get?
A comprehensive travel insurance policy, as the name implies, is a more extensive type of insurance that covers a vast number of costs and liabilities. Typically, a travel insurance holder gets payment for medical and healthcare in the event of an accident or natural calamity. This also includes insurance payments for death and disability resulting from an accident. Comprehensive insurance can also cover the costs of other inconveniences such as rebooking, cancellation, missed flight fees as well as baggage, gadgets and valuables.
In order to balance the advantages and disadvantages of a travel insurance, that is, the cost versus benefits, it best to have a custom policy package which suits your budget, needs and situation.
For optimum value-for-money and convenience, it is best to consult online travel insurance companies in Singapore that can compute custom package costs depending on your very specific needs. In determining the appropriate insurance for you, it is important to consider your travel destination, schedule, regularity and objectives or activities even the people you may be travelling with. For frequent travellers, annual rather than single trip coverage is a more practical choice. When travelling on routine business trips, a regular medical and health coverage can be optimum cost-benefit but when planning for activities like swimming, mountain hiking or outdoor activities, it is better to have more comprehensive coverage. Or when travelling with expensive gadgets or valuables, it is best to get an insurance policy that can cover these items.
When travelling with family members, it is best to secure a group travel insurance rather than individual one and when travelling outside Asia or in countries with high crime rates or travel advisory, it is best to get more extensive coverage due to higher risks in going to these places. When travelling during stormy seasons or in bad weather, there are also additional risks and it is therefore advisable to get more comprehensive coverage that can also cover re-booking fees due to the likelihood of flight delays and cancelations during these seasons.
In considering what travel insurance to take, especially if transacting online without proper orientation from an insurance agent, it is very important to understand the different types most of which are deducible from their names. For instance, a single trip insurance is a short-term plan that covers a traveler for a single particular trip to and from a particular country of destination. Annual insurance policies cover a traveler and whoever s/he has insured for a year for particular trips to a specific geographical destination year round. By comparison, individual plan covers one person and may be purchased on behalf of that person while family and group plans cover family members.Special group travel insurance are cover individuals travelling in group but is often limited to single-trip coverage. Most of these insurances are in Germany and Singapore and other non-visa territories.