Use Caution When Choosing A Travel Insurance Policy
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Getting a travel insurance policy always seems like a good idea, but it is commonly overlooked by travelers who wish to play the odds or find themselves too caught up in pre-trip preparation to think about shopping for insurance. Although getting a travel insurance policy is quite easy for Singaporeans these days – one needs simply to do an internet search and compare the different suppliers – this process, indeed, takes a bit of time and thought.

The lack of time factor is well understood, but the analytical thought required to sift through insurance policies and various company offers is the part that may actually underlie the resistance of some travelers. While insurance companies are doing all they can these days to stream line the selection and to make the offers as easy as possible to understand, ghosts of policies past may still haunt many customers.

And who can blame them? Insurance coverage can be a rather complex product to understand. Fortunately there are a few key points to watch out for, ones which frequently trip up (so to speak) would be travelers, and these can be summarized in a few basic points. As with any summary of main points, there are always some minor, more obscure clauses and exceptions that insurance companies sometimes include in their contracts which are very likely never going to be relevant to you, but isn’t that the whole point of getting insurance? In other words, consumers want to be covered for those things which they think are never going to happen. If they thought insurance covered events were going to happen, they wouldn’t plan for travel to begin with.

So here’s the fine print, or at least some of it, to watch out for when deciding between insurance policies.

Exclusions on high-risk activities: You bet, insurance companies don’t really want to cover you when you’re engaging in activities which are inherently risky. That is not to say that mountain climbing, scuba diving, motorcycle driving, and spelunking cannot be safe activities – they certainly can be safe, especially when the adventurer is prudent and cautious. Nonetheless, some policies will exclude coverage for these or all adventure activities as a way to save their bottom lines (who not covering your bottom in case of an emergency).

If you are out for a quiet, peaceful sit by the beach sort of vacation and plan to do nothing but lie in the sun all day (never mind the risks associated with too much sun exposure), these exclusions are of no concern to you. Then again, if you’re in that category of individual, you probably won’t be traveling very far anyway. Singapore’s beaches are beautiful already!

Excess alcohol: Australian nationals in Singapore please take note of this one! If excessive drinking is an indispensable part of the holiday fun, may be better to stay home and travel to the local pub. For most policies, if an insurance company can identify the overseas problem as having arisen directly due to the consumption of alcohol, it is likely that any ensuing damages will not be covered.

Nobody wants to be drunk during the entire holiday anyway, after all, we would like to remember the journey. Nonetheless, consider known party-inspiring journeys such as Club Med or ship cruises if the main point is to blow off some steam.

Per-item coverage: Here is a sneaky sort of trick that insurance companies like to insert into their plans. In fact, if you’re not paying much for coverage, you may end up getting the coverage you pay for. That’s fair enough, but be sure to know what you’re getting for your money. If your $2,000 MacBook Air gets stolen, you may have to forego full coverage at the per-item limit of $500, or whatever the limit may be. Then again, you may realize that after taking your $500 and buying a Toshiba, that one works just as well for all the computer applications that you actually use.

Deductible: Insurance companies frequently use deductibles to limit frivolous claims and, of course, to reduce the risk of coverage. If you’ve lost $1,100 worth of valuables on a $1,000 deductible, are you going to bother to make a claim? Maybe, but it might be easy enough for a company to argue against the value of your claim when they need only drop your total claimed amount by a mere 10%. So why bother filing? Nonetheless, a high deductible policy can be just the right way to balance one’s general unwillingness to pay more for insurance with a way to keep some peace of mind knowing that major problems can be covered. We won’t worry so much about the minor ones.

So all in all, if you are looking for travel insurance in Singapore then Allianz-assistance are the leaders in insurance in Singapore, Asia and throughout the world.


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