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 to your travelling habits.
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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 on the length and frequency of your trips.
First, let’s break down what each insurance plan covers.
Table of contents:
- Travel insurance promotions
- What is single trip travel insurance?
- What is annual travel insurance?
- Single-trip vs annual travel insurance
- Best travel insurance
- Pros and cons of single-trip vs annual travel insurance
- Should you get single trip or annual travel insurance?
Travel insurance promotions
What is single trip travel insurance?
Single trip travel insurance plans 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 applying for a single trip policy, you need to confirm the destination, and both the start and end date 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 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.
Single trip travel insurance vs annual travel insurance
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 cost, coverage, and special 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, the overall cost of an annual travel insurance plan turns out to be cheaper. Thus, this plan is highly recommended for frequent travellers not only due to cost-efficiency, but also due to the fact that they only need to apply for an insurance plan once a year.
Single trip travel insurance, on the other hand, is definitely more suitable for occasional travellers.
Best single-trip and annual travel insurance plans
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.
Product |
Product highlights |
Single-trip plan premium (Worldwide) |
Annual plan premium (Worldwide) |
Apply |
|---|---|---|---|---|
FWD Premium
|
S$200,000 accidental death and permanent disability
S$200,000 overseas medical expenses S$7,500 trip cancellation S$300 travel delay (S$100/6h) |
S$70.33
(with COVID-19 cover) |
S$450.20
(with COVID-19 cover) |
|
Allied World Travel Protector Classic
|
S$150,000 accidental death and permanent disability
S$200,000 overseas medical expenses S$5,000 trip cancellation S$1,000 travel delay (S$100/6h, S$20/h thereafter) |
S$78
|
S$368
|
|
MSIG Standard Plan
|
S$150,000 accidental death and permanent disability
S$250,000 overseas medical expenses S$5,000 trip cancellation S$500 travel delay (S$100/6h) |
S$121.50
|
S$523
|
|
Starr TraveLead Trip Secured with COVID-19 Coverage (Bronze Plan)
|
S$150,000 accidental death and permanent disability
S$200,000 overseas medical expenses S$5,000 trip cancellation S$500 travel delay (S$100/6h) |
S$42
|
S$423
|
|
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Tiq Travel Entry
|
S$150,000 accidental death and permanent disability
S$200,000 overseas medical expenses S$5,000 trip cancellation S$300 travel delay (S$50/3h) |
S$98
(with COVID-19 cover) |
S$492
(with COVID-19 cover) |
|
Singlife Travel Lite
|
S$50,000 accidental death and permanent disability
S$250,000 overseas medical expenses S$5,000 trip cancellation S$500 travel delay (S$100/6h) |
S$80.25
|
S$307
|
|
AIG Travel Guard® Direct - Enhanced
|
S$200,000 accidental death and permanent disability
S$1,000,000 overseas medical expenses S$10,000 trip cancellation S$2,000 travel delay (S$100/6h) |
S$133
|
S$663
|
|
Allianz Travel Insurance Basic Plan
|
S$50,000 accidental death and permanent disability
S$250,000 overseas medical expenses S$5,000 trip cancellation S$800 travel delay |
S$130
|
S$809
|
Pros and cons of single trip and 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 | Covers trips for one calendar year without the need to repurchase for every trip. Perfect for travellers who go on many trips each year. |
Can be expensive for those who travel only on occasion. Covers multiple trips but limits each trip to 90 days (depending on provider) |
Should you get a single trip or annual travel insurance?
How do you choose between single trip or annual travel insurance then? Here are a few examples to help you pick the right type of travel insurance for you.
Annual travel insurance: frequent flyers going on many short trips (less than 90 days each)
Annual travel insurance is the better option for those who fly in and out of Singapore more than six times a year.
Taking the above example, a single trip travel insurance plan costs S$50 while an annual plan costs S$289. In this case, travelling more than five times to the same region with annual travel insurance is more cost-effective. However, the frequency to determine whether an annual plan is worth it differs for each provider and plan, depending on the premiums.
With an annual travel insurance, frequent travellers can plan their trips with ease. It saves them the hassle of applying for travel insurance each trip. Enjoy year-round coverage on trip cancellations, baggage loss, theft, accidents, medical emergencies, and more.
Single trip insurance: for infrequent travellers or trips more than 90 days
If you travel less than five times a year, or are going on a trip for more than 90 days, then single trip insurance is for you.
For travellers above the age of 70, there are only a few options for an annual travel insurance plan as most insurers only allow you to purchase one before turning the age of 70. In that case, you may renew the plan up until you turn 80.
Remember to thoroughly read your insurer’s policy document before setting off to your travels. Furthermore, note that there are coverage add-ons for extreme sports, rental vehicles, and such. Thus, choose your plan according to your needs and trips.
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 (2023)
Find Out About Singlife Travel Insurance Singapore
Find Out About Allied World Travel Insurance Singapore
Find Out About Sompo Travel Insurance Singapore
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