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Single Trip vs Annual: Which Travel Insurance Should You Get?

Is a single-trip or an annual travel insurance more suited for your needs? We dive into the costs and pros and cons to see which is a better match for your travelling habits.

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Single Trip vs Annual_ Which Travel Insurance Should You Get_ (1)

Comparing An Annual Travel Insurance vs A Single Trip Plan

 

Planning your next adventure is exciting, but amidst the anticipation of exploring new destinations, one crucial decision looms: which travel insurance should you choose? Should you pick an annual travel insurance or a single trip insurance plan? If you are on a single-trip plan, should you switch to an annual travel insurance plan?

It's a dilemma faced by every traveller, and the right choice can make all the difference in ensuring a worry-free journey. In this guide, we'll break down the pros and cons of each option and also list down some of the best annual travel insurance plans and single-trip insurance plans, helping you make an informed decision that suits your unique travel needs.

Table of Contents

 

 

There are two major options you can choose from – single-trip travel insurance and annual travel insurance. Which one should you get? Well, it all boils down to the length and frequency of your trips. 

First, let’s break down what each insurance plan covers. 

What is Single Trip Travel Insurance?

 

Single-trip travel insurance plans are one of two ways to insure yourself for your overseas trips and generally cover trips that begin and end in Singapore for up to 180 or 182 days overseas (depending on the insurer). This type of insurance is usually bought per trip. 

When buying a single-trip policy, you need to confirm the destination and both the start and end dates of your trip.

What is Annual Travel Insurance?

 

Annual travel insurance, also known as multi-trip travel insurance, provides coverage for up to one calendar year. This type of insurance covers all your trips within that year, and all you need to do is confirm the destinations of your travels (Europe, worldwide excluding USA, worldwide including the USA, ASEAN, Asia). 

Do note that annual travel insurance may cover multiple trips over a year with trip duration limits. Most annual travel insurance plans cover no more than 90 days per trip.

What Do Yearly and Single-Trip Travel Insurance Policies Cover?

 

While multi-trip and single-trip travel insurance policies may differ in scope and duration, they fundamentally share core similarities in coverage between the two.

  • Medical Emergencies: Both types of policies typically cover medical expenses due to illnesses or accidents. This includes hospital stays, treatment, and sometimes emergency evacuation back home.
  • Trip Cancellations and Interruptions: Coverage for trip cancellations or interruptions due to emergencies, illness, or unforeseen events, ensuring you're not out of pocket if plans change.
  • Baggage Loss or Delay: Protection against the loss, theft, or delay of baggage, providing compensation to replace essentials or recover lost items.
  • Personal Liability: Offers coverage in case you're liable for causing injury to another person or damage to their property, a crucial aspect for peace of mind while abroad.

Why is Multi Trip Travel Insurance Cheaper Than Single Trip Insurance for Frequent Travellers?

 

An important consideration for any traveller is the cost of your travel insurance. It comes as no surprise that you would want the best bang for your buck. 

Thus, we’ve collated the best travel insurance plans for your comparison. Compare the differences between their costs, coverage, and special travel insurance Singapore promotions to make an informed decision. 

Commonly, single-trip travel insurance is more affordable compared to annual travel insurance. However, if you’ll be travelling often or going on multiple trips a year, annual travel insurance would be more cost-effective. 

Let's say you’ll be travelling to Malaysia at least eight times this year, with a trip duration of five days each time. We'll compare the cost of eight single-trip insurance plans with one annual plan.

For this comparison, let's take MSIG as an example.

Single Trip vs Annual Travel Insurance Cost Comparison

 

Type of travel insurance Single trip (before discount) Annual travel (before discount)
Cost  S$50 S$289
Coverage S$5,000 for trip cancellation

S$250,000 of overseas medical coverage

S$3,000 for bags and belongings

S$600 for baggage delay (S$150/6h)		 S$5,000 for trip cancellation

S$250,000 of overseas medical coverage

S$3,000 for bags and belongings

S$600 for baggage delay (S$150/6h)
Total S$50 x 8 = S$400
(assuming the plan costs the same throughout the year)		 S$289

 

Using the example above, it’s easy to see why an annual travel insurance plan can, in some situations, be cheaper than a single-trip insurance plan. Thus, this plan is highly recommended for frequent travellers not only due to cost-efficiency but also because they only need to buy an insurance plan once a year. 

Single-trip travel insurance, on the other hand, is definitely more suitable for occasional travellers. 

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Comparing Single-Trip vs Annual Travel Insurance Policies

Let's compare the coverage and premiums for the lowest-tier travel insurance plans that have single and annual plans. The premiums are based on a 7-day trip worldwide before discount, at the lowest tier.

Product

Product Highlights

Single-Trip Plan(Worldwide)

Annual Trip Plan(Worldwide)

 Buy
Tiq Travel Luxury
Tiq Travel Luxury

S$500,000 accidental death and permanent disability

S$1,000,000 overseas medical expenses

S$10,000 trip cancellation

S$500 travel delay (S$50/3h)

S$78
S$368
Starr TraveLead Gold Plan - Worldwide (Annual)
Starr TraveLead Gold Plan - Worldwide (Annual)

SS$500,000 accidental death and permanent disability

S$1,000,000 overseas medical expenses

S$15,000 trip cancellation

S$1,500 travel delay (S$100/6h)

S$80.25
S$307
FWD First
FWD First

S$400,000 accidental death and permanent disability

S$1,000,000 overseas medical expenses

S$15,000 trip cancellation

S$1,000 travel delay (S$100/6h)

S$70.33
(with COVID-19 cover)
S$450.20
(with COVID-19 cover)
MSIG Premier Plan
MSIG Premier Plan

S$500,000 accidental death and permanent disability

S$1,000,000 overseas medical expenses

S$15,000 trip cancellation

S$1,500 travel delay (S$100/6h)

S$121.50
S$523
Allianz Travel Insurance Platinum Plan - Worldwide (Annual)
Allianz Travel Insurance Platinum Plan - Worldwide (Annual)

S$100,000 accidental death and permanent disability

S$1,000,000 overseas medical expenses

S$10,000 trip cancellation

S$1,600 travel delay

S$130
S$809
Direct Asia Travel Insurance - DA500 Asia (Annual)
Direct Asia Travel Insurance - DA500 Asia (Annual)
S$500,000 accidental death and permanent disability
 
S$500,000 overseas medical expenses
 
S$15,000 trip cancellation
 
S$1,500 travel delay (S$100/6h)
S$69.55
S$348.33
Allied World Travel Protector Premier
Allied World Travel Protector Premier

S$500,000 accidental death and permanent disability

S$500,000 overseas medical expenses

S$15,000 trip cancellation

S$1,000 travel delay (S$100/6h, S$20/h thereafter)

S$78
S$368
AIG Travel Guard® Direct - Supreme
AIG Travel Guard® Direct - Supreme

S$300,000 accidental death and permanent disability

S$2,500,000 overseas medical expenses

S$15,000 trip cancellation

S$3,000 travel delay (S$100/6h)

S$133
S$663
Allianz Travel Hero - Worldwide
Allianz Travel Hero - Worldwide
S$150,000 accidental death and permanent disability

S$500,000 overseas medical expenses

S$15,000 trip cancellation

S$3,000 travel delay (min 6h, daily receipt limit of S$400)
S$62
S$557

 

Compare and purchase your travel insurance through SingSaver to get the best deals and discounts for your preferred coverage!

Pros and Cons of Single Trip vs Annual Travel Insurance

 

Type of Travel Insurance Pros Cons
Single trip Affordable and can cost below $100. Great for budget-conscious travellers.

Higher maximum age (70 years old and above) of coverage.

Length of coverage can go up to 180-182 days, depending on the provider. Perfect for those on a sabbatical or digital nomads.		 Buying multiple single trip plans per year could become quite expensive for frequent travellers. 

It's also quite troublesome purchasing a travel insurance plan every time you travel.
Annual travel Affordable and can cost below $100. Great for budget-conscious travellers.

Higher maximum age (70 years old and above) of coverage.

Length of coverage can go up to 180-182 days, depending on the provider. Perfect for those on a sabbatical or digital nomads.		 Can be expensive for those who travel only on occasion. 

Covers multiple trips but limits each trip to 90 days (depending on provider)

 

 

Travel Insurance Annual vs Single Trip - Which One Should I Get?

 

How do you choose between single trip or annual travel insurance then? Here are a few examples to help you discern the differences and pick the right type of travel insurance for you.

1-Year Travel Insurance: Frequent Flyers Going On Many Short Trips (Less Than 90 Days Each)

 

Annual travel insurance is tailored for those who frequently fly, particularly in and out of Singapore, more than six times within a year. This option suits individuals who undertake multiple short trips (less than 90 days each) and prefer not to be burdened with the process of purchasing insurance for every journey. 

It is specifically beneficial for business travellers, adventure seekers, and anyone who finds themselves on a plane frequently due to personal or professional reasons.

For frequent flyers, opting for an annual plan is significantly more cost-effective compared to buying single-trip policies. For instance, while a single-trip plan may cost S$50, an annual plan is priced at S$289, making the annual option cheaper and more economical for anyone travelling more than five times to the same region within a year. 

Beyond the financial savings, annual travel insurance provides peace of mind and convenience, offering year-round coverage for trip cancellations, baggage loss, theft, accidents, medical emergencies, and more without the need to worry about policy renewal before each trip.

Single Trip Insurance: For Infrequent Travellers Or Trips More Than 90 Days

 

Single-trip travel insurance is designed for those who travel less frequently, specifically less than five times a year, or for those planning a trip that exceeds 90 days. 

This insurance type is ideal for leisure travellers, families going on vacation, or individuals embarking on long exploratory trips. It offers the flexibility to tailor the coverage based on the specific needs of each journey, whether it's for a weekend getaway or a months-long expedition.

This option allows travellers to customise their policy for each trip, ensuring comprehensive coverage that can include everything from flight cancellations and lost luggage to medical emergencies and adventure sports. It's perfect for those who prefer having the freedom to adjust their coverage based on the destination, duration, and activities planned for their trip, providing a personalised insurance solution that meets all their travel needs.

How Do I Know At A Glance If I Should Get Single Trip Or Annual Travel Insurance?

 

A simple rule of thumb to determine the right type of travel insurance is based on the frequency of your trips. If you find yourself travelling five or more times within a year, then annual travel insurance is generally cheaper for your budget and a convenient option. This rule ensures that frequent travellers can enjoy uninterrupted coverage for all their trips without the hassle of securing a new policy each time. On the other hand, for those planning a single journey that extends beyond 90 days, single-trip insurance is advisable to avoid the limitations of short-term coverage.

Travellers over the age of 70 face more restrictions when it comes to annual travel insurance plans, as most insurers set an age limit for initial purchase, usually before turning 70, with the possibility of renewing the plan until the age of 80. This limitation is exactly why it’s important to choose the right travel insurance for elderly travellers to carefully consider their options to ensure they remain covered during their travel.

Travel Insurance Annual vs Single Trip - What Else Should I Consider?

 

Before diving into the specifics of annual versus single-trip travel insurance, it's crucial to align the scope of coverage to your travel needs and preferences.

  • Does the policy provide comprehensive coverage for all your destinations, including any high-risk areas?
  • Are pre-existing conditions and COVID-19-related health issues covered under the policy?
  • How straightforward is the claim process? Can you easily file a claim and receive support when needed?

Choosing the right travel insurance goes beyond just picking annual or single-trip coverage. It's about understanding what fits your lifestyle, travel frequency, and the kind of protection you need. 

Whether you're a globe-trotter or a once-a-year vacationer, considering these aspects ensures you're well-protected on your journeys. 

As you weigh your options, keep an eye out for deals that don't just save you money but also offer the peace of mind you deserve while exploring the world.

Looking For Other Travel Insurance Deals?

 

Now that you're armed with a solid understanding of the differences between single-trip annual travel insurance, you might feel ready to scout for promotions that can offer significant savings. 

Your newfound knowledge equips you to identify deals that match your travel habits and coverage needs, ensuring you don’t just save money but also secure the right protection for your adventures.

Don't let the search for the perfect travel insurance deal overwhelm you. Start comparing today to find a policy that offers both comprehensive coverage and great value, ensuring your travels are protected without breaking the bank.

 

Protected up to specified limits by SDIC.

Note: This is only product information provided. You may wish to seek advice from a qualified adviser before buying the product. If you choose not to seek advice from a qualified adviser, you should consider whether the product is suitable for you. Buying an insurance product that is not suitable for you may impact your ability to finance your future healthcare needs.

If you decide that the policy is not suitable after purchasing the policy, you may terminate the policy in accordance with the free-look provision, if any, and the insurer may recover from you any expense incurred by the insurer in underwriting the policy.

 

Read these next:
What Is the Best Travel Insurance for Your Age?
Best Travel Insurance Plans With COVID-19 Coverage
Best Travel Insurance In Singapore (2024)
Find Out About Singlife Travel Insurance Singapore
Find Out About Allied World Travel Insurance Singapore
Find Out About Sompo Travel Insurance Singapore

FINANCIAL TIP:

Use a personal loan to consolidate your outstanding debt at a lower interest rate!

 

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