Attention adventure seekers: Are you buying the right insurance plan?
“Great things don’t come from comfort zones” – Roy Bennett
As an adventure seeker, you’re always on the lookout for new experiences as a way to break out of your comfort zone, to get the adrenaline going. Such experiences may or may not come in the form of travel, but when it does, it’s imperative that you don’t take risks here. Safety and peace of mind must not be compromised. So whether you plan on sky diving or bungee jumping, make sure you’re not only insured, but well insured.
When it comes to travel insurance, note that you can opt to buy a single trip if you don’t travel that regularly, family plans or annual coverage for frequent jet-setters. In this article, we will be touching on single trip coverage.
Buy In Advance
Ideally, the best time to purchase travel insurance is 30 to 60 days before your trip. This is because some insurers may not insure you if you purchase any policy too close to the start of your trip. Also, this means you will have the luxury of time to compare and find a policy that is best suited for you. If you have a specific budget or coverage in mind, use a free comparison tool to compare rates between the top insurers. In fact, you can start comparing travel insurance plans now on SingSaver.
What Does The Plan Cover?
While the next natural thing to do is to compare the prices of the policies, it is important to check what the insurance plan covers first. After all, if you’re going to be insured, be insured properly land thoroughly. Ask yourself: What coverage do I need? And remember: Coverage first, price second.
As a thrill seeker, you’re most likely to go for “independent international trips”. Your itinerary is likely to include extreme sports or riskier activities such as sky diving or parachuting. What you should consider is a plan that offers higher medical coverage. The truth is, you have a higher chance of getting injured than someone who’s on a spa vacation. It’s best to be prepared. If you are on an impromptu trip and are flying budget, you might also want to go for a policy with a high coverage for cancellation of flights, and loss/damage of baggage.
For your benefit, we’ve made a few comparisons below:
|Medical Coverage (Overseas)||Cancellation Coverage (before departure)||Loss/Damage of Baggage||
|FWD Premium (ASEAN)||S$200,000||S$7,500||S$3,000||S$10.40|
|FWD Business (ASEAN)||S$500,000||S$10,000||S$5,000||S$15.20|
|AXA Essential Plan (Regional)||S$300,000||S$6,000||S$5,000||S$21.85|
|Sompo TravelJoy Vital Plan
|MSIG Elite Plan (Area A)||S$500,000||S$10,000||S$5,000||S$39|
Additionally, the highlights of these plans include:
· Trip cancellation
· Overseas medical and accidental treatment expenses
· Post trip medical expense
· Baggage loss / damage (including laptops and mobile phones)
· Terrorism threat cover
· Coverage for leisure activities
If you need extra or special protection like sports equipment protector or pet care, you may want to consider add-ons.
Take Note of Special Clauses
Last but not least, here are certain things to be mindful of when buying insurance, and after purchasing the policy you need. Do take note that certain extreme sports, unless otherwise mentioned, may not be included in your coverage. In addition, when participating in recreational and sports activities, ensure that those that are managed by a licensed commercial operator and that you follow the rules and safety procedures (including wearing appropriate safety equipment) that the operator requires or recommends. This could determine whether or not you’d be eligible for coverage.
By Alexa Fang
Alexa is a pop-culture vulture. She lives to read, write and travel, and decided long ago that life is stranger than fiction. When she’s having croissant, she thinks in French. “31 Rue Cambon” is her favourite address, and she believes that money one enjoyed spending is never money wasted.