Travel insurance is superbly popular in Singapore. Given that there are 55 million passing through Changi Airport every year compared to 5.4mn people living in Singapore, that there is such a high interest in travel insurance is unsurprising. To help you pick the best travel insurance, we have prepared the below list with the best travel insurance offers in Singapore.
Table of Contents
- Best Cheap Travel Insurance
Our Picks For the Best Cheap Travel Insurance in 2017
When shopping for travel insurance, there are multiple factors you need to consider. Insurers tend to price travel insurance according to the destination and duration of your trip, and often tier their products with different levels of benefits. We’ve collected hundreds of data on costs and benefits for hundreds of travel insurance products from over 20 insurers, and handpicked the best travel insurance deals in Singapore. These prices reflect all the discount promotions that insurers are providing.
Cheapest Travel Insurance For Trips in ASEAN
Some people might be looking for ways to get their trips insured at the lowest possible price, even at the cost of lower coverage benefits. For those people, we found that the below travel insurance products represent the cheapest travel insurance policies that cover trips in ASEAN.
The lowest tier plans from Budget Direct, Etiqa, FWD and Allianz Global Assistance tend to be the cheapest travel insurance for trips in both ASEAN and Asia. For example, their policies cost only about S$18 to S$20 for a 1 week’s coverage in ASEAN. This is 30-40% lower than the industry average of S$28 for the most basic plans from all insurers. HL Assurance is also worth checking out, as its prices are similar to the other 4, and it also offers some great promotional gifts.
Budget Direct's Basic Plan tends to be the cheapest, though its benefits are also the lowest. FWD & Etiqa both offer comprehensive coverage of extreme activities like sports, while the other two companies don't. On the other hand, Allianz's Bronze plan provides much more in travel inconvenience and personal accident & medical benefits. For details on how their benefits and prices differ, please see below tables for our summary of the cheapest travel insurance policies in Singapore.
- Allianz: earlybird for 40% off
- FWD: RAYA for 20% off + additional 5% for completing a short survey
- Budget Direct: TRAVEL20 for 20% off
- Etiqa: 51% off
Cheapest Travel Insurance For Trips in Asia
For trips in Asia (outside of ASEAN) to locations like Taiwan, Korea or Japan, we found that HL Assurance, Budget Direct, Etiqa and FWD generally offered the most competitive prices. For example, their policies cost only about S$22 to S$24 for a 1 week’s coverage in Asia, compared to S$34 of average price for all basic plans in our sample. Similar to our discussion for policies in ASEAN, Budget Direct's Basic Plan tends to be the cheapest while also having the least amount of benefits. FWD & Etiqa both offer comprehensive coverage of extreme activities like sports. HL Assurance is worth calling out also for its higher claims per item, i.e. it provides more dollars for each item that is damaged or lost (or per 6 hours of trip delays) than the other three plans.
- FWD: RAYA for 20% off + additional 5% for completing a short survey
- Budget Direct: TRAVEL20 for 20% off
- Etiqa: 51% off
- HL Assurance: 55% + overseas Wi-Fi Voucher (30% off + free VIP Airport lounge access for annual plans)
Cheapest Travel Insurance for Trips Out of Asia (Global)
If you are looking for travel insurance to cover your trips outside of Asia (i.e. Europe, America, Africa, etc.), you may want to check out either HL Assurance's Basic plan or AXA's Essential plan. While the aforementioned 4 plans are also competitive, HL Assurance and AXA are worth mentioning here because of their combination of affordability and generous benefits. HL Assurance and AXA's global travel insurance plans cost about S$32-$S33 for a week's coverage, compared to average cost of S$49 for their competition. HL Assurance tends to be somewhat cheaper than AXA, but AXA offers more in its coverage, especially if you care about sports injury or sports equipment coverage. Please see below tables for our summary of their benefits and prices.
- AXA: 50% off for single trips (up to 40% off for annual plan)
Cheapest Travel Insurance Summary
|Price (S$)||Budget Direct Basic||Etiqa Basic||FWD Premium||Allianz Global Assistance Bronze||HL Assurance Basic||AXA Essential||Basic Average|
|1wk Asia Value Ratio||0.16||0.91||1.09||1.4||0.91||1.39||0.81|
|1wk Global Value Ratio||0.15||0.8||1.03||1.26||0.95||1.61||0.76|
|Coverage Benefits (S$)||Budget Direct Basic||Etiqa Basic||FWD Premium||Allianz Global Assistance Bronze||HL Assurance Basic||AXA Essential||Basic Average|
|Personal Accident & Death||50,000||200,000||200,000||35,000||200,000||525,000||159,545|
|Trip Delays Per 6Hrs||-||100||100||100||100||100||98|
|Baggage Loss Damage||500||2,000||3,000||7,000||3,000||5,000||3,409|
|Baggage Loss Damage Per Item||200||250||300||500||500||800||480|
|Baggage Delay Per 6Hrs||200||100||200||200||100||200||180|
Best Value Travel Insurance in Singapore
For those people looking for the best combination of price and benefit in travel insurance, we recommend Allianz Global Assistance's Silver plan, Aviva's Travel Plus plan or AXA's Comprehensive Plan. To be the best value, one needs to combine great prices with great benefits. For a week's trip in ASEAN, for example, these three plans' price range from S$30 to S$39, compared to the average cost of S$37 for the whole industry. By combining at or below prices with above average benefits, they provide value than most other travel insurance policies in the market.
Allianz's Silver plan tends work best for people who care most about travel inconvenience coverage, Aviva's Plus for those who care most about medical coverage and AXA's comprehensive plan for those who care most about sports coverage and/or personal accident benefits. In terms of price, Allianz's plan tends to be cheaper than Aviva's Travel Plus plan by about 10-20%, while AXA's price sits between Allianz's and Aviva's.
Best Value Travel Insurance Summary
|Price (S$)||Allianz Global Assistance Silver||Aviva Travel Plus||AXA Comprehensive||Industry Average|
|1wk Asia Value Ratio||1.70||1.75||1.98||1.00|
|1wk Global Value Ratio||1.88||1.59||2.29||1.00|
|Coverage Benefits (S$)||Allianz Global Assistance Silver||Aviva Travel Plus||AXA Comprehensive||Industry Average|
|Personal Accident & Death||80,000||100,000||1,050,000||260,048|
|Trip Delays Per 6Hrs||100||100||100||105|
|Baggage Loss Damage||12,000||5,000||10,000||5,282|
|Baggage Loss Damage Per Item||500||700||800||492|
|Baggage Delay Per 6Hrs||200||200||200||189|
Travel Insurance with the Best Coverage Benefit
If you are relatively insensitive to prices and are looking for maximum coverage, we think Allianz Global Assistance’s Gold Travel Plan, Aviva's Travel Prestige Plan and AXA's Comprehensive Plan are the best travel insurance for you in Singapore. They are priced competitively to other premium plans in the market, and provide leading benefits for travel inconvenience, medical or personal accident claims, respectively.
To compare the three plans, we recommend Allianz for those who care most about travel inconvenience benefits, Aviva for those who care most about medical benefits and AXA for those who care most about sports or personal accident benefits. As a point of reference, about 40% of travel insurance claims are related to personal accident & medical reasons, while the other 60% is related to travel inconvenience.
Best Coverage Travel Insurance Summary
|Price (S$)||AXA Comprehensive||Allianz Global Assistance Gold||Aviva Travel Prestige||Premium Average|
|1wk Asia Value Ratio||1.98||2.24||2.08||1.22|
|1wk Global Value Ratio||2.29||2.52||1.89||1.26|
|Coverage Benefits (S$)||AXA Comprehensive||Allianz Global Assistance Gold||Aviva Travel Prestige||Premium Average|
|Personal Accident & Death||1,050,000||100,000||500,000||415,909|
|Trip Delays Per 6Hrs||100||100||100||109|
|Baggage Loss Damage||10,000||15,000||8,000||7,614|
|Baggage Loss Damage Per Item||800||500||700||511|
|Baggage Delay Per 6Hrs||200||200||200||199|
Best Annual Travel Insurance Plans
If you are a frequent traveler, you may want to consider getting an annual travel insurance. This particular type can insure your trips all year around, as long as your destination is within your insurance’s coverage. On average, insuring trips in Asia costs about S$300 per year and insuring trips outside of Asia (i.e. Global) cost about S$400 per year. Given that 1-week coverage usually costs about S$40 to $70 depending on the region, we recommend getting an annual insurance for people who travel more than 5-6 times per year.
Cheapest Annual Travel Insurance: Budget Direct Basic Plan
If you are looking for an annual travel insurance plan at the lowest price possible, then we highly recommend Budget Direct's basic plan. Though its benefits are very minimal, their prices are essentially unbeatable: for an annual plan for trips in ASEAN & Asia, its annual plan only costs about S$110, while an annual plan for global trips costs about S$140. This reflects about 60% discount to the industry average.
Best Value Annual Travel Insurance Plan: Allianz Global Assistance Silver
We think Allianz Global Assistance Silver plan is one of the best annual plans you can get if you travel quite frequently. For an annual coverage in ASEAN, this plan only costs about S$187 compared to the industry average of S$280. Asian and global coverage are also competitive at S$187 and S$252, compared to S$300 and S$400 of industry average, respectively.
Where Allianz Global Assistance's Silver plan really outshines its competitors is its travel inconvenience coverage. Travel inconvenience accounts for roughly 60% of travel insurance claims, and Allianz's Silver plan provides about S$30,000 of coverage benefit in this area, significantly greater than the industry average of S$18,000. Its personal accident and medical benefits are also competitive at S$1.08 million.
Best Annual Travel Insurance Summary
|Price (S$)||Budget Direct Basic||Allianz Global Assistance Silver||Industry Average|
|1wk Asia Value Ratio||0.16||1.70||1.00|
|1wk Global Value Ratio||0.15||1.88||1.00|
|Coverage Benefits (S$)||Budget Direct Basic||Allianz Global Assistance Silver||Industry Average|
|Personal Accident & Death||50,000||80,000||260,048|
|Trip Delays Per 6Hrs||-||100||105|
|Baggage Loss Damage||500||12,000||5,282|
|Baggage Loss Damage Per Item||200||500||492|
|Baggage Delay Per 6Hrs||200||200||189|
To arrive at a list of best travel insurance products in Singapore, we collected data on hundreds of insurance product offerings by more than 20 insurers in the country. Please see below table for the full list of companies. Data we collected span all benefit coverages from personal accident, medical, emergency repatriation, trip cancellation, lost or damaged baggage, trip/baggage delays to sports coverage. We also collected pricing information for each product by destination country and by duration of coverage (1-week, 2-week and annual).
|Insurance Companies In Sample|
|AIG||AXA Insurance||EQ||Hong Leong Group||SOMPO Insurance (formerly known as Tenet Insurance)|
|Allianz Global Assistance||AXA@Post||ERGO||Liberty Insurance||Tokio Marine Insurance Group|
|American Express||DBS||Etiqa||MSIG||Wise Traveller|
|Aviva||Direct Asia Insurance||FWD||NTUC||BudgetDirect|
In order to arrive at the best list, we look at multiple factors. First, we consider the amount of money one is entitled to when certain events occur (i.e. medical and inconvenience). Then, we create a ratio of benefits to cost of insurance to measure how good of a value each product offers. This measure is a proxy for how much an insured person can get for what he pays. Note that we weigh each benefit area in terms of frequency of claims: travel inconvenience is given a weighting of 60% while personal accident and medical benefit is given a weighting of 40%. According to some studies, about 20% of all flights globally are either cancelled or delayed, and could be especially worse for a tropical region like SE Asia with frequent hurricanes.
Below is a visual illustration of how different travel insurance product ranks in this ratio we created. This particular example assumes 1-week trip within ASEAN region. However, this can vary for other regions and for longer trips, especially if you purchase an annual package.
If you want to purchase a travel insurance to cover your trip, but do not want to spend extra budget for doing so, there are ways of getting free travel insurance coverage. For example, there are travel credit cards that provide free travel insurance coverage to the cardholders. These packages are also quite decent, on the high end of the market. For interested readers, we have prepared a list with detailed analysis of cards with complimentary travel insurance.