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Should you choose annual travel insurance or get single trip cover?

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We must be some of the luckiest travellers on the planet.

Not only is Singapore poised in a great place to reach Europe, Australia and the rest of the world, we also have lots of low cost airlines to the rest of the region and beyond which all explains why we are so hooked on travel.

But with so many cheap and frequent getaways it is easy to overlook travel insurance. And when you might only be paying around S$150 for a return flight, you could feel slightly put off shelling out an extra forty bucks on travel insurance.

That’s where annual travel insurance comes in. With an annual policy you only have to think about it once a year and jet off anytime knowing you are covered. In fact, experts at Value Penguin have calculated that if you travel more than 5-6 times a year then annual travel insurance will work out considerably cheaper than buying single trip cover every time you leave the country.

At Budget Direct Insurance, where we manage to keep our premiums low, travellers make a meaningful saving if they buy annual travel insurance when they take just 3 or more trips a year.

Not only that, annual travel insurance takes the hassle out of buying before every single trip

Value Penguin

So who especially would make big savings with annual travel insurance?

The Business Traveller

If you travel for business then annual travel insurance really is a no-brainer. Even though you may be on the company's time and expenses your own insurance is still important and the more you travel the more things are likely to go wrong.

And despite Changi Airport coming out on top in many polls as the best airport in the world, you may be surprised to know that in December 2016 nearly a quarter of flights in Singapore were delayed, with an average extra wait time of 50 minutes.

It stands to reason that if you travel a lot the chances of delays, cancellations and lost bags are increased, but with annual travel insurance you have one policy, which allows you to receive claim benefits multiple times whenever your flight is delayed or cancelled.

So, let’s take someone who makes 12 business trips a year. Basic insurance for single trip travel costs about $20. That would amount to $240 per year. Instead they could get an annual travel policy for about $130, with a sizeable saving of around $100.

The Backpacker

We all know the best thing about backpacking is bagging a bargain which means staying in cheaper places, eating local food and using public transport. The risk of something going wrong, however, is higher. Not only that, you’ll most likely be crossing multiple borders and taking multiple trips. Annual travel insurance is a must.

It is your insurance policy against theft, sickness and travel disruptions. Backpacking is all about the unknown, but when disaster strikes, like a flight delay or a personal accident, the annual insurance policy is what you’ll be reaching for.

The Adventurer

Jetting off to the ski slopes of Japan or Europe or heading for some beautiful spots to scuba dive?

While these sports generally get the adrenaline going, once something goes wrong you’ll be looking to get home or get treated. Injuries are not uncommon and you need to protect yourself. Annual travel insurance is a great way for sports fans to have medical and personal accident coverage while they’re overseas.

And if you’re an adrenaline junkie then you tend to want to do these sports time and again, so annual travel insurance makes sense..

Read your policy details to make sure you are covered for the sports and activities you love.

The Frequent Traveller

You may be none of the above but like to travel. You’re not alone. Last year nearly 60 million people passed through Changi Airport and with a population of not even six million that means many of us are passing through Changi quite often. If that’s you, then annual travel insurance is a must!

Want more good reads? You'll love these too:
Got wanderlust? 5 of the Best - Singapore travel bloggers
Got wanderlust? Singapore travel blogs make all the difference
Going Solo? Expert advice for the first time solo traveller
Planning solo travel? 4 ways to make the most of your trip
Find yourself travelling alone? Experts share the benefits of solo travel

Wherever you go, whatever you do, it’s vital to have good Car, Motorcycle and Travel cover.
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