Get Your Cheap Travel Insurance Online In Singapore

In recent years, the travel landscape has evolved significantly, with more destinations and experiences available to immerse yourself in than ever before.

At the same time, it’s more important than ever to ensure you’re adequately insured without overpaying – whether you’re taking a weekend trip to Kuala Lumpur or planning a shoestring expedition across Western Europe.

While opting for the cheapest travel insurance might seem tempting, especially for travellers who can’t afford a bigger budget, it's crucial to balance cost with sufficient coverage. You also don’t want to go straight for the highest-priced plan and be overinsured, or going for the cheapest plan just to end up spending more money if the coverage isn’t adequate. 

Since there’s no one-size-fits-all plan, the price and benefits vary from one another. That said, at the very least, you should have a plan that provides coverage for these basic benefits to give you peace of mind:

• Personal accident (accidental death & total permanent disability (TPD))
• Overseas medical expenses
• Medical expenses in Singapore
• Trip cancellations
• Travel delays
• Baggage delays
• Baggage loss

If you’re travelling overseas soon and feeling overwhelmed as you compare travel insurance providers online, don’t worry. We’ve compiled a list of the cheapest travel insurance providers that’ll be sure to deliver bang for your buck!

FWD travel insurance & MSIG travel insurance & NTUC Income travel insurance oh my! And there’s more where that came from? Read on to find out about various travel insurance plans to determine which are the cheapest travel insurance plans that offer the best value in terms of what you receive in return for the premium you pay. (Note that these consist of basic-tiered plans, and some providers may offer add-ons that you can customise or tailor your final plan with.)

Table of Contents

• Overview of the most affordable travel insurance providers
• Who is most suited for more budget-friendly travel insurance plans?
• Budget travel insurance comparison
• What are the most common exclusions or limitations when it comes to more affordable travel insurance policies?
• So, which is the cheapest travel insurance in Singapore?

Overview of the most affordable travel insurance providers

FWD

According to our research, for every dollar you pay, FWD is the best-priced and cheapest travel insurance plan to ASEAN and Asia Pacific (APAC) for single trips. This affordability is balanced with comprehensive coverage, as FWD’s travel insurance plan offers the highest coverage for accidental death and TPD coverage; overseas medical expenses; trip cancellations; and loss of baggage. 

It’s also the best plan for annual trips to APAC – making it a great deal for leisure and business travellers alike.

Starr

Singlife

If you’re a traveller who prioritises both cost and coverage while exploring the ASEAN region, Singlife might be the best affordable travel insurance plan for you. They offer the best-priced and cheapest travel insurance plan to ASEAN for annual plans alongside the highest coverage for overseas medical expenses, baggage delays, and loss of baggage.

Allied World Insurance

Allied World specialises in providing cheap travel insurance for annual worldwide trips, making them a good fit for global globetrotters. In particular, they have the best-priced and cheapest travel insurance plan to worldwide destinations for annual plans with the highest coverage for trip delays and baggage delays. 

Allied World’s plans are tailored to those who need reliable coverage over multiple trips throughout the year, whether it’s for business, personal, or leisure travel across long distances.

Who is most suited for more budget-friendly travel insurance plans?

Budget travel insurance is ideal for a variety of travellers who seek comprehensive coverage without breaking the bank. These plans are particularly well-suited for budget backpackers or students, who often have to manage their expenses carefully while still wanting to explore the world. 

Travellers on a tight budget who want to prioritise allocating their funds towards experiences, accommodations, or longer stays, will also find these plans ideal. Similarly, individuals planning extended trips can significantly benefit from these economical options. By choosing the best affordable travel insurance plans, these travellers ensure they are protected against unforeseen circumstances without compromising their travel funds.

If you need to make a last-minute trip – whether for business, leisure, or personal reasons – you may also benefit from budget travel insurance plans to help you save costs on such unexpected travel spending.

Whether it's a solo adventure, a student gap year, a long-awaited backpacking journey, or a last-minute trip to see family, budget travel insurance ensures that adventurers get the necessary protection without the hefty price tag.

Budget travel insurance comparison

When deciding between cheap travel insurance companies and plans, it’s key to consider the balance between premiums and benefits so you can maximise how much coverage you’re getting per cent. 

In comparing FWD vs Starr vs Singlife vs Allied World, it’s important to remember that all offer competitive premiums for single trips with varying levels of coverage to suit different travel needs. The same applies to annual travel insurance plans, where each provider shines in specific areas, making them suitable for different types of trips and travellers.

Here’s how the budget plans fare against each other:

Comparing premiums and benefits (single trips):

Comparing premiums and benefits (annual trips):

Comparing coverage you get from every dollar you pay (single trip plans/per week):

Comparing coverage you get from every dollar you pay (annual plans):

What are the most common exclusions or limitations when it comes to more affordable travel insurance policies?

It's important to understand that being the most affordable doesn't mean low quality. While these budget travel insurance plans are cost-effective, they still offer substantial coverage. However, be aware of common exclusions or limitations, such as pre-existing medical conditions or high-risk activities, which might not be covered. 

One significant exclusion in most travel insurance policies, including budget ones, is coverage for pre-existing medical conditions. This means any medical issue that you were already dealing with before your trip commenced is typically not covered. It's essential for travellers with ongoing health concerns to carefully review policy details, consider a plan that specifically covers such conditions, or opt for add-ons to extend your coverage. Travel insurance with dedicated COVID-19 coverage can also better protect you against COVID-19-related risks, especially if you’re travelling during an uptick in cases.

Another common limitation is the exclusion of high-risk activities. Activities deemed adventurous or dangerous, such as bungee jumping, scuba diving, or mountaineering, might not be covered under standard budget insurance plans. If your travel itinerary includes such activities, you may need to purchase additional coverage or look for a travel insurance plan that specifically caters to adventure travel.

Also, budget travel insurance often has lower coverage limits. This means there might be a cap on how much you can claim for specific situations like trip cancellations, lost baggage, or medical expenses. While these caps are usually sufficient for average needs, it's important to assess whether they align with your travel requirements and the potential risks of your destination.

Some policies may also exclude coverage for incidents related to civil unrest, war, or natural disasters. If you're travelling to an area with known risks or during a volatile period, it's advisable to seek a policy that provides coverage for such eventualities.

Lastly, many budget policies have specific clauses related to travel delays or cancellations. There might be limitations on the reasons for trip cancellations that are covered (like only for illness or family emergency) or minimum delay durations before compensation kicks in. If you’re travelling for an urgent reason or in a situation where your plans might be changed, look into these clauses to see how you might be affected should anything unexpected happen. 

While budget travel insurance is a cost-effective way to protect yourself while travelling, it's important to thoroughly understand the coverage provided and the exclusions or limitations that apply. You should also do comparisons between the best travel insurance plans and promotions right now to see what key coverage is included or left out. And if you’re travelling with family (especially young kids) or are expecting, a dedicated family travel insurance plan or pregnancy travel insurance policy may provide more comprehensive coverage for peace of mind.

In some cases, your travel plans or itinerary might have to change accordingly based on these exclusions and limitations. However, with the right amount of planning, you can still pull off an unforgettable trip while staying comprehensively covered!

So, which is the cheapest travel insurance in Singapore?

After thorough comparison, it's clear that each provider has its strengths in providing the highest coverage-to-value ratio:

• FWD is the best for accidental death and TPD, overseas medical expenses, trip cancellations, and baggage loss.
• Starr is the best for medical expenses in Singapore
• Allied World is the best for trip delays and baggage delays

In the end, the best and cheapest insurance travel option will depend on your specific needs, budget concerns, itinerary, and destinations. With our guide, we hope you're now better equipped to make an informed decision and purchase the best budget travel insurance that offers both the most affordable and comprehensive coverage!

Don't wait until the last minute, secure cheap and good travel insurance in Singapore now with SingSaver and embark on your journey with peace of mind. Apply today to get the best online deals on travel insurance!