Travel Insurance Singapore Guide And Comparison

Insurance is a contract between two parties, where one party, i.e., the Insured pays a sum of money called a premium and the other party, i.e., the insurer promises to reimburse for the specified type of loss arising. This contract is known as the Insurance policy. An insurance policy is a contract that outlines the terms and conditions under which an insurance company will pay in case of a specified loss. The party that buys an insurance policy is the policyholder. The sum of money which is paid to cover detailed damage is known as the premium. In case the insured suffers a loss, the type of loss which the insurer will reimburse is known as the coverage. Only when the specified loss arises, the insured party can claim for insurance.

Types Of Insurance

Any risk which can be quantified can be insured. The Insurance policy usually mentions the specified kind of loss which is covered and the terms under which it can be claimed. Some of the common types of insurance taken are Life Insurance, Health Insurance, Motor Vehicle Insurance, and Travel Insurance. Among these, the Motor Vehicle insurance is compulsorily taken, Travel Insurance is compulsory when an individual travels abroad since emergencies can occur at any point in time. It is better to stay covered against known specified risks at all times of travel.

What is travel insurance?

Travelling around the world is lovely to experience. Unexpected things may always happen while going around the world, and sometimes you may not be in a position to deal with losses. Travel Insurance offers protection against lost baggage, trip delay, lost passport, death and bodily injuries while in a foreign country.

Travel Insurance guide 

Suppose one wants to travel to a foreign country for any purpose, be it a vacation, honeymoon, or business trip. An individual would always be safer when he/she is covered under travel insurance. Travel insurance allows one to enjoy their purpose of visit without worrying about financial emergencies since such travel Insurance Policy will cover the specified losses.

Travel Insurance Guide Singapore

Singapore is a small island country which is located south of Malaysia. The size of the country is just spread out over just 719 sq km, but it is an economic powerhouse and a popular tourist destination. Travel Insurance is very much needed when one travels to a foreign country so that one is better covered to meet financial emergencies. Travel insurance guide Singapore allows you to move in and around Singapore with certain benefits that can be compared among the insurance companies. Some of the standard protection of Travel Insurance is;

  • Lost passport
  • Lost/delayed baggage
  • Injuries /death
  • Trip delay

Travel insurance guide Singapore helps in choosing the best policies among the insurance companies while travelling in Singapore. It is a guide one can choose from keeping the budget and safety in mind. The best policies usually cover all your needs, and it is the costliest. Considering the purpose of travel, one can decide upon the best suitable policy from among the guide.

What the travel Insurance guide Singapore does not cover?

Some of the risks not covered under travel insurance are; Undisclosed life-threatening conditions, Self-inflicted injuries like suicide, alcohol/drug abuse etc. , threats like war, protests in a foreign country, negligence in taking care of your baggage and passport etc. are some of the risks which are not covered under the Travel Insurance guide Singapore.

Travel Insurance online

Travel insurance traditionally bought at banks. With increasing, use of technology at present one can purchase travel insurance at a click of a button or even purchase insurance on the mobile phone. With simple steps, one can buy the guarantee at any point of the day. Travel insurance online also provides 24/7 assistance from anywhere in the world.

Travel Insurance Companies in Singapore

There are quite a lot of Insurance companies present in Singapore. One can purchase insurance at a Branch or Online. Looking at your travel purpose, budget one can decide the suitable policy from among different companies. Since these days, insurance can are bought online, one can even compare the differences among different companies. The advantage of purchasing travel insurance online is that you can compare the prices and perils covered under the policies among different insurance companies. One can file paperless online claims within minutes; 24hrs Emergency assistance can get the quotation of the policies, etc.

Travel Insurance Singapore Compare among Insurance companies:

  1. ICICI Lombard
  2. AVIVA Travel Insurance
  3. FWD Insurance
  4. AIG Insurance
  5. Reliance Insurance
  6. Allianz Travel

Conclusion 

Travelling to a foreign country may be fun, but at the same time involves risks along with it. Since travel insurance offers you protection against unexpected situations, be it medical or other inconveniences, one can be financially safer. Travel Insurance guide Singapore allows you to choose for a single trip, or multiple trips to a particular destination. You may also want to extend your policy by paying an extra premium on your existing policy. Travel Insurance Singapore, compared among all the insurance companies, offer almost similar coverage but with different premiums. An individual can choose the best policy by comparing different policies and budget.

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