At ValueChampion, we are wholly focused on helping consumers maximise their personal finances. Namely, we want to provide enough information so that people can get the most for every dollar they spend. This involves being aware of how things cost on average, what value they provide and what alternatives are available.
In order to find the best travel insurance, a very popular financial product, it would be important to know what you should expect to pay and what you should expect to get in return. Here, we breakdown the average cost of travel insurance by the duration and destination of your trip.
Table of Contents
- Average Cost of Travel Insurance
- Average Benefits of Travel Insurance
- Standard vs. Premium Plans
- Other Factors
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Average Cost of Travel Insurance in Singapore
Travel insurance in Singapore is priced based on the duration and destination of your trip as well as what type of benefits you receive. In general, most insurers break down the destination category into 3 regions: ASEAN, Asia and Global.
ASEAN covers countries in SouthEast Asia – Brunei Darussalam, Myanmar, Cambodia, Indonesia, Laos, Malaysia, Philippines, Singapore, Thailand, and Vietnam. Asia covers all Asian countries including Southeast Asia. Global is worldwide coverage (although some insurers do have certain exclusions). Some companies also only break it down to Asia and Global.
The price of travel insurance rises as the region of coverage widens. For instance, a 1-week long trip costs about S$46 on average for an ASEAN trip, but S$83 on average for global trips.
The price of travel insurance can also vary depending on the length of your trip. In general, insurance companies divide their products into single-trip and annual coverage.
To arrive at an average cost for each category, we collected pricing data for each insurance company by region and date. For instance, we gathered pricing data for 1-week and 2-week long trips to different regions to arrive at the above prices, and found that the price of a travel insurance plan can increase by about 50% when going from 1-week to 2-weeks. We then repeated the same process for annual plans.
Related: Is Annual Travel Insurance right for you?
Average Benefits of Travel Insurance
Now that we know how much a travel insurance plan costs on average, the next step would be to find out you can receive in return for purchasing these products. Typically, travel insurance provides payment in the instance a specific event (insured) occurs. Events are generally divided into two categories: 1) accident and medical and 2) travel inconveniences.
Accident and medical coverage can help you pay for medical bills if you happen to be in need of medical care. Your travel insurance plan can also provide payments in the instance of death or disability.
Travel inconvenience coverage provides reimbursements if your flight is cancelled or delayed or if your baggage is lost, damaged or delayed. Other scenarios like missed flight connections or cancelled hotel room nights are also covered under this category. Below, we show the average levels for each of the main categories.
| Benefit | Basic Plan | Mid-Tier Plan | Top-Tier Plan |
|---|---|---|---|
| Personal Accident & Death | $125,000 | $216,667 | $416,667 |
| Overseas Medical | $225,000 | $750,000 | $2,500,000 |
| Domestic Medical | $9,333 | $23,750 | $40,833 |
| Emergency Medical Evacuation & Repatriation | $812,500 | $1,375,000 | $12,666,666 |
| Trip Cancellation or Curtailment | $5,417 | $9,167 | $14,167 |
| Trip Delays | $483 | $767 | $1,233 |
| Baggage Loss/Damage | $2,250 | $3,833 | $5,917 |
| Baggage Delay | $350 | $683 | $1,133 |
Accurate as of Feb 2024
Related: Travel Cancellations, Delays and Postponements: Will Your Insurer Pay Out?
Standard vs Premium Packages
Each travel insurance company will have at least two types of plans, if not three. These represent different tiers of travel insurance that provide different levels of benefits.
For people who have extremely valuable goods in their baggage, or who have purchased expensive plane tickets, premium plans might be more appropriate so that they can be reimbursed commensurately to the value that they could potentially lose. On the other hand, others may find more value in “basic” or “economy” plans that are cheap but still provide enough benefits to cover their costs. Typically, premium plans can cost up to 40% – 60% more than basic plans, but provide 200% – 300% more in coverage benefits.
| Average Price by Region | Trip Duration | Basic Plan | Premium Plan | % Difference |
|---|---|---|---|---|
|
ASEAN
| 1-Week | $46.40 | $88.38 | 53% |
| 2-Weeks | $73.99 | $137.82 | 54% | |
| Annual | $330.19 | $605.44 | 55% | |
|
Asia
| 1-Week | $53.26 | $108.02 | 49% |
| 2-Weeks | $86.22 | $165.02 | 52% | |
| Annual | $369.95 | $649.07 | 57% | |
|
Global
| 1-Week | $83.17 | $155.87 | 53% |
| 2-Weeks | $137.78 | $247.84 | 56% | |
| Annual | $524.78 | $924.67 | 57% |
Accurate as of Feb 2024
Related: How to Pick the Best Travel Insurance
Other Factors to Consider
While most travel insurance plans cover expenses for sports injuries, you should make sure to double check exactly which leisure activities are covered by your insurance company. This is because your travel insurance plan might not cover all sports categories. For example, bungee jumping might be covered while skydiving is not. This is especially the case for more “economy” or “standard” travel insurance packages, so just make sure you have got your bases covered before committing to a specific plan.
We hope this guide was informative and helps you pinpoint exactly what to look for when shopping for the best travel insurance plans. If you are ready to purchase travel insurance and be protected for your next trip, make sure to check out our page to Compare Travel Insurance Plans in Singapore!
Find The Best Travel Insurance PlansFind Out More
Read More:
- Best Annual Travel Insurance 2024
- 3 Types of People Who Should Get Annual Travel Insurance
- Afraid of Getting Your Travel Insurance Claim Rejected? Take These Precautions
- How To Survive and Thrive as a Solo Traveller
- Travel Essentials Checklist For Your Family Vacation
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