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Are you planning a family holiday, solo travel or a trip for work? Whatever the reason, travel insurance can bring peace of mind against the unexpected when you’re away. It offer cover for a range of eventualities, such as losing your possessions, your flights and accommodation being cancelled, or if you become ill or injured while you’re abroad. The Hong Kong air travel bubble has been paused.1
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Travel insurance acts as a safety net. It protects you from a range of travel risks that can happen both at home and abroad. Buy your policy as soon as you’ve booked any part of your trip. By doing so, you’ll be able to take advantage of cancellation cover in the policy should anything go wrong.
Travel insurance policies vary a lot, but broadly speaking there are two main types of cover: single trip and annual (often called multi trip) insurance.
Most multi trip and single policies cover you for a period between 90 and 180 days. So, check the details if you’re planning a longer break away. If you’re going away for longer than this, or are visiting multiple countries, you may need a long-stay policy such as backpacker insurance.
What you’re doing also affects the level of cover that you need. If you’re going for work purposes, then you’ll need a business travel policy. If you’re taking part in any high-risk activity, like sky diving or rock climbing, then you’ll probably need to seek out additional cover.
Here are four key features to review when comparing policies. Don’t leave home without them.
The following list shows cover types that are typically offered by a comprehensive travel insurance policy. When comparing policies it’s really important that you are aware of exactly what a policy will cover you for, and what it won’t.
If you’re looking for cover that isn’t included in a policy, you can ask a provider if they’ll offer it as an add-on. If they won’t, you’ll need to shop around for specialist policy to get the cover you need.
There are several factors that affect the cost of your travel insurance, including:
Even the most expensive and comprehensive travel insurance policy will come with exclusions, which are conditions where the policy will not pay out.
Your travel insurance policy will typically not cover your claim in the event of:
Make sure you read and understand the total list of exclusions that an insurer has before signing up for a policy with them.
Do I really need travel insurance?
Travel insurance is compulsory for some countries such as Cuba, Qatar and Belarus among others. But even if it’s not compulsory for other countries, you should think of travel insurance as a small price to pay compared to the thousands you could lose if something unexpected happens.
How much will my travel insurance cost?
There is no flat fee when it comes to travel insurance. The cost depends on a range of factors including:
Prices can also vary based on which travel insurance company you choose. That’s why it’s so important to compare travel insurance from a range of providers.
What’s an excess?
An excess is the out-of-pocket expense you’ll have to pay if you need to make a claim on your travel insurance policy. Depending on how risk-averse you are, you can opt for a higher excess, which will mean lower premiums (policy cost), but this might mean that smaller claims are not worth it.
Are there age restrictions on travel insurance?
Most insurers will set their own an age limit for seniors, which can vary from 65 onwards. Those that do cover all ages often have limits on trip durations and exclusions on pre-existing conditions.
Will travel insurance cover me against natural disasters?
Travel insurance can cover cancellations and injuries that arise from natural disasters depending on your policy type and when it was issued. If you buy your policy after the natural disaster becomes a “known event”, you won’t be covered.
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CIMB TravelEASE’s greatest appeal lies in its coverage of unique benefits, including miscarriage expenses, pet care costs and quarantine charges.
HSBC SmartTraveller is best-suited to individuals who want control over what goes into their travel insurance plans.
