In life we’re often told to 'do our best'. We aim for the best and rightly so! Additionally, when it comes to the products we purchase, we want to know that they are ‘the best’ on the market. It’s only natural! However, when it comes to travel insurance, finding the perfect policy is a little more complex than just typing ‘best’ into the search box. The best travel insurance for your trip requires you to think about the type of trip you’re taking and the level of cover you will need. It’s about matching your needs to the various insurance policies on the market and weighing up your options.
The easiest way to explain this is:
Different travellers + different trips + different budgets = different travel needs.
Need more clarification? The following can help you find the best travel insurance for their holiday adventure.
1. Determine the type of cover you need
There are different levels of cover available to suit the needs and budgets of different travellers. Holidaymakers should look at the cover available and identify what you need and what you don’t need. There is no point paying top dollar for luggage cover, if you're only travelling with a backpack and fresh undies. The best policy is one that covers you for your particular trip, whether that's a big international trip or a domestic weekend break. Don't pay for more cover than your trip requires.
Overseas medical cover and personal liability cover are often considered to be the most essential coverage items. These are standard in most basic travel insurance policies. More comprehensive policies will include additional cover for benefits like cancellation cover and luggage and personal belongings. If you have pre-paid for your flights and accommodation a comprehensive policy may be the best travel insurance for you.
2. Compare, Compare, Compare
Comparing policies is a great way to find the right travel insurance for your needs. All insurers offer different benefits and pricing, so once you’ve identified what level of cover you need, the next step is start comparing to find yourself a good deal.
Comparison sites such as ours will help you do this. You simply enter your details in the quote box and you’re provided with a comparison of all the features and price in seconds.
3. Cheapest is not always the best
One of the biggest mistakes travellers make is purchasing a policy based on the cheapest price. Selecting the cheapest policy can sometimes mean missing out on valuable coverage options. The key is to get the right level of cover at the best price.
4. Not all policies are created equal
When shopping around for travel insurance in Singapore, you may notice that many different brands are underwritten by one of a few big insurers, such as ACE, Chubb, MSIG, Sompo and Tokio Marine. Whilst they look similar on first glance, they will almost certainly not be the same. Each insurer negotiates a product policy and chooses what to include or exclude. So think about your trip and any planned activities that you need cover for.
5. Get the best bang for your buck
With so many travel insurers in the market, how do you really know who covers more than the majority? The ideal policy is one that provides real value for money. Some insurers definitely do cover more than others. Luckily we've done all the hard work for you. If you want to know who offers the best cover for expensive items, or who has the best single item limit – we’ve got the answers in one of our helpful guides.
6. Read the print - small or not
Whilst it can be tedious, the fine print in any policy needs to be read and understood. Understanding the insurance exclusions and loopholes will help you to avoid placing yourself in situations that your insurer will not cover.
Some additional considerations when purchasing a policy are:
- Is the insurer reputable? Speaking with a few travellers and reading travel insurance reviews by customers can often reveal a very different tale to testimonials featured on the insurers’ site.
- Do they offer emergency assistance? A 24-hour medical assistance hotline will be extremely useful to you if you are having troubles overseas.
- What is the excess? The amount you pay in the event of a claim varies between insurers and may vary depending on the claim type. For instance, you may not have to pay an excess for medical claims but pay $200 for lost belongings claim. Make sure you’re comfortable with the excess amounts. You can often remove the excess by paying an additional fee around the $25 mark.
- Exclusions - Even the best policy won't provide cover for everything. You should pay attention to your policy's exclutions before you set off. Typically, you're not covered if you put yourself in danger (e.g. some high risk activities like skydiving might not be covered). Additionally, you may not be covered for items that you leave unattended which are then lost or stolen; or for any medical conditions you had before you left for your trip.
Still looking for the best? Once you have a clear understanding of your travel insurance needs finding just the right policy will be easy as 1-2-3!