In case you haven’t noticed, travelling is one of the best things in life for me, but I am well aware that unexpected events can instantly turn a dream vacation into a nightmare.
During a few of my overseas trips, I firsthand experienced the importance of travel insurance when I needed medical attention and faced travel disruptions.
In this article, I will share why travel insurance is essential to me, what to look for in a policy, and how to make the most of your coverage, all through the lens of my personal experiences.
Read on to find out how a small investment in travel insurance can save you from massive headaches and costs.
To me, the essence of travel is to be able to fully enjoy the experience with the least amount of stress possible.
Needless to say, travel insurance offers me peace of mind by protecting me against unforeseen events. The most common of such events faced by travellers include medical emergencies, trip cancellations, and lost luggage. Unknown to many people, a significant percentage of travellers encounter issues that could be mitigated with proper insurance. Knowing that we are fully covered against catastrophic life-changing events allows us to fully enjoy our vacation without worrying about any potential mishaps.
In addition, the ability to be shielded from the potentially substantial financial impact of travel-related issues is reassuring. Medical emergencies that happen abroad can cost thousands of dollars, if not more, and I am sure you have come across news articles on these. And let’s face it, trip cancellations and lost luggage can cause a lot of inconveniences.. This is why I view the cost of an insurance premium as a small price to pay compared to the potential out-of-pocket expenses.
When I visited Bali in 2022, my wife’s midnight visit to a private hospital was a costly affair (nasty case of food poisoning), but I had no qualms about doing it because I knew that my travel insurance would cover the entirety of the medical expenses, saving me a good amount of money.
When it comes to the benefits of travel insurance, I tend to focus my attention on a few points.
Medical Coverage — Undoubtedly, one of the most crucial aspects of travel insurance is comprehensive medical coverage. During my vacation to a remote island that is near Bintan, somehow, I managed to dislocate my elbow in a freak accident. I blame slippery, algae-covered rocks. With no doctor on the island, we took a boat ride to a local physician who expertly popped my elbow back into place. When I got back to Singapore, my visits to the A&E for X-rays and subsequent physiotherapy were pricey but unavoidable. Thanks to my travel insurance, the medical bills were fully covered and provided the necessary financial support.
Trip Delay or Cancellation — Travel plans can change unexpectedly due to various reasons, including personal emergencies and natural disasters. Coverage for trip cancellations and interruptions is vital.
Lost or Delayed Luggage — Lost or delayed luggage is a common travel issue. Travel insurance can cover the cost of essential items while you wait for your luggage to arrive or compensate you for lost items.
24/7 Assistance Services — Having access to 24/7 assistance services can be a lifesaver when travelling to a foreign country.
This is an example of what a travel insurance policy and its coverage look like.
Choosing the best travel insurance isn’t simply going for the cheapest plan possible. I take many other factors into account when picking one.
Research and Compare Plans — Not all travel insurance policies are created equal. Researching and comparing different plans is essential to finding one that suits your needs. Consider factors such as coverage limits, exclusions, and the claim process. After comparing several options and prices, I chose Income Travel Insurance on more than a few occasions, and it proved to be the right choice when we needed medical help.
Read Reviews and Testimonials — User reviews and testimonials provide valuable insights into an insurance provider’s reliability and quality. Authentic reviews from other travellers can be hard to come by, which is why I have shared my experiences with Income Travel Insurance. I know for a fact that, with the proper documentation, I was able to claim successfully on different occasions with Income Insurance. The first time was when I dislocated my elbow in Bintan, whereas the second time was when my wife had to visit a private hospital in Bali for food poisoning.
Check for Special Coverage Options — Some travel insurance policies offer special coverage options for activities like adventure sports or pre-existing medical conditions. Ensure that your policy covers all your special or specific needs. While most of my overseas trips are relatively straightforward, it’s always good to check for these options. When I travelled with my elderly parents to Taiwan, I made sure to have them covered under a policy that included pre-existing conditions because my dad had a history of a minor stroke.
Making sure that all the relevant documentation is available at my fingertips can dramatically simplify the process of making an insurance claim.
At the end of the day, it is mostly an administrative process that requires paperwork as proof of events. Providing all the necessary documents helps to answer potential questions without the insurer having to ask for them.
Document Everything — Keeping detailed records of medical reports, receipts, and other relevant documents is crucial when making a claim. I documented my visit to Siloam Hospitals Denpasar, which made the claim process straightforward and hassle-free. In addition, I asked the doctor to help write a memo for the purpose of the medical insurance claim.
Understand the Claim Process — Familiarize yourself with the claim process. Knowing what steps to take and what documents are required can save you time and effort. My experience with Income Travel Insurance was smooth because I understood the process and had all the necessary documentation ready.
Follow Up and Stay Patient — Following up on your claim is essential. However, understand that insurance claims can take time to process, so stay patient and don’t worry unnecessarily.
Travel insurance is an essential part of any travel plan, providing peace of mind and financial protection against unexpected events.
Considering that I make a couple of trips a year, it is only a matter of time before unexpected travel expenses hit us, and they eventually did.
The few incidents we encountered highlighted the importance of choosing the right insurance policy and knowing its benefits.
Do consider travel insurance if you are not already buying it, and hopefully, everyone will eventually see it as a mandatory component of travel to safeguard your next trip against potential mishaps.
Below are the travel insurance options that I usually purchase for protection against catastrophic events.
Income Travel Insurance tends to be a little more expensive compared to alternatives, but I would usually get it if there were heavy discounts during promotions, which are rather frequent. I have made successful claims that were speedy and hassle-free, and I wouldn’t hesitate to use them again.
Tiq Travel Insurance (by Etiqa) is my secondary option for its affordable plans for short getaways when I am headed to neighbouring countries for short trips.
Singlife Travel Insurance is noted to have additional discounts for MINDEF/MHA & POGIS insured members.
If you are looking to browse for suitable options, SingSaver has a handy travel insurance comparison tool that allows you to sort by price.
To make my life easier, I use a travel insurance checklist to keep all the essential information in one place in case I ever need urgent help overseas or simply quick reminders about what documentation I need to collect.
For every trip, I create a fresh copy and spend a few minutes filling in the relevant information. I also make a copy of my travel insurance policy and save it in the cloud.
You can download my free travel insurance checklist here (click on the Duplicate button to save a copy for yourself).
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Kevin started Turtle Investor when his net worth languished at negative $25,755. His desire to turn things around led him to build passive income from investments and side hustles that pay for his daily expenses and vacations. You can learn more about Kevin here.
