Debunking The Myths About Travel Insurance

Travel insurance may involve so many things that you may not imagine. So many experts in Singapore have come up with so many common misconceptions and myths as far as travel insurance is concerned, some of them are:

1. it is not necessary to have a travel insurance

If you have never taken any travel insurance in Singapore, you may feel that this is a scheme that has been formed so that they can take your money. If you take a look at the report that was released by experts in Singapore last year, you will find that high impact incidents such medical outbreaks, terrorist attacks and extreme weather conditions have 85% likelihood of occurring. It is good that you buy insurance plans as they can assist you when you travel, you never know when you will face a calamity.

2. It is expensive to buy travel insurance

Many people think is that travel insurance is too expensive to buy. There may be some truth as many insurance companies do charge fairly high rates that can make you think that whether it is necessary to buy the insurance. One thing that you should be aware while you are in Singapore of is that there are many travel insurance plans that are very affordable to any resident that you can pay without struggling. The truth is that you have to take your time in finding these companies.

3. It is cheap to pay out your expenses using pocket money

Experts have revealed that medical expenses in some third world countries such as Mexico or Thailand that you will be able to pay even by using your pocket money. But you should not make a mistake of estimating the cost of damaging essential items, replacing lost item or cost of paying for medical expenses in a country you have traveled too.

In many cases, simple accidents such as slipping in the shower and getting a sprain or breaking a bone can cost you large amount of money. In countries like Mexico, the average total estimated cost of some common health claims such as broken bones, gastroenteritis and ear infection can be over $7,000.

4. Only high-risk holidays that require an insurance

If you are new to travel insurance, you might believe that you will need the insurance only when you are spending your time in risk activities such as skydiving or water rafting. Since you do not wish to die it will not mean that you cannot benefit from the travel insurance plan.

Travel insurance offers so many utilities that cover high risk activities and adventure sports. For instance, you may be compensated for any inconvenience that has occurred, lost time and stress as a result of delayed luggage, change of route of your destination and you have changed your fight since it was overbooked.

After you get your insurance, you may even get to know that some insurance companies offer some special packages such as VIP lounge at the airport, vouchers to access a WiFi. If you research very well you do you find that insurance plan covers so many areas that might be of great importance to you.

5. Health Insurance in Singapore can cover medical expenses abroad

When you have travel insurance that covers related medical expenses, you may feel that it cannot be necessary if you have travel insurance in Singapore. It is good that you be aware that your medical insurance plan can cover you locally but it cannot cover any medical expenses that you may face abroad.

Before you decide whether you should buy travel insurance, it is good that you study carefully the insurance plan to be sure under what circumstances you are supposed to be covered. This is to know the procedures that you can follow to ensure that your claims are accepted.

6. Travel insurance will cover everything

It is obvious that travel insurance it issued so that it can protect one from unseen issues. This does not mean that you have to be careless that is why many insurers do reject any claims that are from recklessness or negligence. For example, if you miss a flight because you overslept or you fail to get recommended things before your trip you will not expect the insurance to cover you.

Even though the travel insurance is trying to expand their coverage so that they cover even risk activities, it is good that you be cautious are not all things can be included.

7. Your credit card insurance is adequate when you are traveling

Some credit cards or banks can give a certain level of travel insurance coverage. You know that travel insurance plan cannot give all protection that you may need while you have traveled. For example, the HSBC visa infinite credit card has an inbuilt travel insurance policy that gives a medical treatment coverage of up to $ 100,000 and $ 250,000 for emergency evacuation. This is a simple low amount of your medical expenses can cover a large amount of money.

8. You can report any difficulties once you are back in Singapore

It is good that when your items are stolen, or you face any challenge while on the trip you report that matter to the police immediately within 24 hours. This will enable you to have s documentation that can allow you to make a claim to the insurance company so that you can get paid. Although it can be difficult be make a follow up with your issue while on holiday, but you should remember that this can save you a lot of expenses.

9. By buying travel insurance annually is not worth the money

In Singapore, annual travel insurance do cost like S$758. You feel that paying that amount of money is worth the cost. If you try to conduct research, you will get to know that in case you are a frequent individual who likes to travel a lot out of Singapore, you can save a lot money if you buy one annual travel insurance that can cover all your trips instead of buying many single trip plans. Visit this website to find out more about this annual travel policy!

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