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Is Buying Annual Travel Insurance Worthwhile?


Travelling has never been easier, so it only makes sense that the number of trips we take these days has increased. Frequent travelling has reached the point of it being a norm, rather than on-occasion basis. Singaporeans are now going on overseas vacations whether it’s for a little rest and relaxation, to visit family or for a work trip.

That’s why in recent years, many travel insurance companies have started to offer annual travel insurance policies, so that you can save yourself from constantly re-applying for policies and save some cash as well! So read on to find out if single or annual travel insurance policies are better suited for you.

Single Trip Travel Insurance

As the name implies, single trip plans cover you for just one trip. A single trip travel insurance covers you for a single trip that originates and ends in Singapore. You will have to buy this type of travel insurance every time you plan to travel overseas.

The cost of this particular policy will be dependent on your destination, the number of days you intend to stay there and the extent of coverage you are looking for.

Most insurance service providers allow customers to choose between the basic and premium coverage based on what they deem they need. In umbrella terms, the main difference between the two plans would be that buying the annual insurance’s coverage would cost more than the single trip’s insurance upfront. But it’s important to keep in mind the annual travel insurance costs will be spread out over multiple trips!

It should be noted that all travel insurance plans are not created the same. You should not judge the policies solely based on the costs one will have to pay as the plans may offer different extents of coverage. Ensure that the coverage provided meets what you need for the trip. Do your travel insurance comparison preparation work based on your travel plans for the year as opposed buying single trip travel insurance.

Annual Travel Insurance Plans

Annual travel insurance policies, on the other hand, covers you for all the trips you want to take for an entire year. If you find yourself travelling frequently, it could be better for you to buy travel insurance that can last you for at least a year. This will help save you some money and time!

Annual travel insurance policies have a flat premium that you will have to pay. Instead of buying a single trip coverage each time you travel, you just have to pay a one-time fee policy that provides coverage for a full year whenever you travel overseas.

Here are 4 scenarios when you should take up an annual travel insurance plan:

1.   If you take multiple trips a year

While it is a fact that an individual single-trip plan is cheaper than an annual plan, purchasing multiple single trip travel insurance plans can and will add up.

If you wish to see which of these plans truly fit you, the answer is just a few calculations away. Arrange all the trips you have planned for the year and add together the single trip plans’ quotes together. Compare them against the cost of the annual plan and you can decide to opt for whichever is more affordable!

2.   If your trip lasts fewer than 90 days

Before you begin travelling, ensure that the duration of each of your holiday does not go beyond 90 days. Most travel insurance providers only provide plans that offer up to 90 days of continuous coverage for every trip. If anything were to happen on the 91st day of your trip or beyond, you will not be able to submit a claim to your insurance provider. If you do want to travel for more than 3 months and still get covered, opt for single-trip insurance policy instead as it will provide you with coverage for up to 180 days.

3.   If you plan to visit more than one destination

As you may already know, the price of your travel insurance policies are dependent on the destinations you wish to travel to. If you wish to travel to a different continent in the world, chances are, you may need to purchase 2 separate annual travel insurance policies for the different destinations. In which case, try to find a plan that provides you with global coverage.

4.   If you need to travel immediately and frequently

In the case that your job requires you to travel frequently and that too on short notice, it may be worthwhile to buy an annual travel insurance policy for yourself. Among all the workload, you would not have to worry about forking time out to buy a travel insurance plan every now and then.

Annual Travel Insurance Singapore

We want to give you the freedom to choose the travel insurance policy that would best suit you, that’s why we give our customers the option of a single trip as well as an annual travel insurance plan for you to choose from. Click here to get a quote and find out which works for you best!