This year, you’ve informed your boss that you won’t be participating in your workplace’s Secret Santa exercise. That’s because you’ll be clearing leave and gallivanting in a foreign land. But before you smugly tell your colleagues, “See you next year”, activate your Out of Office email alert and start filling those packing cubes, don’t forget to keep yourself save with travel insurance.
Before booking your policy, you want to know what to look out for.
As a general rule, you want to ensure you’re receiving adequate coverage for medical expenses and emergency evacuation.
Next, have a look at coverage for travel disruptions like missed connections, flight delays and lost baggage.
Still not sure what to choose? Here are the three most bang-for-your-buck travel insurance policies for the end of 2017:
1) FWD Premium
This insurance policy is one of the cheapest in town, but still packs a decent punch in terms of compensation offered.
You get up to $200,000 worth of overseas medical coverage, up to $7,500 for trip cancellation and up to $3,000 for loss/damage of baggage. What’s more, medical evacuation cover is unlimited. Many plans that cost more per day are less generous in these areas.
Other perks include sports equipment protection for those who like surfing or golfing, as well as haze delay coverage in case your flight is delayed or cancelled because of haze.
They’re currently offering a 25% discount using their promo code, which makes their prices some of the lowest available.
Who’s it for? This is a decent all-round travel insurance package at very low prices. If you are on a budget, opt for this policy instead of the ones your airline is trying to persuade you to buy.
2) AXA SmartTraveller Essential
AXA’s SmartTraveller Essential policy stands out because you get above-average travel insurance coverage at below-average prices.
It costs just a bit more than the FWD Premium insurance policy, but offers up to $300,000 worth of medical coverage and up to $5,000 for loss or damage of baggage. Compensation for trip cancellation is up to $6,000, and you are also entitled to unlimited claims for emergency medical evacuation and repatriation.
Other perks include leisure sports cover for those who wish to participate in amateur sports like scuba diving and sky diving, sports equipment cover, terrorism cover as well as cover in case of financial collapse of travel agency.
They are currently giving 50% off insurance premiums as well as the chance to win an iPhone 10.
Who’s it for? Another good all-rounder with decent benefits at a relatively low price.
3) Allianz Global Assistance Travel Insurance Bronze
As far as pricing goes, this travel insurance policy is average.
But coverage limits are very generous, making it a policy that really gives you more for every cent you pay.
Overseas medical coverage limits are a generous $400,000, while you get up to $10,000 for trip cancellation and up to $7,000 for loss or damage of baggage.
Their medical benefits are very comprehensive, and cover not just medical expenses but also local and overseas spending on TCM (up to $100), overseas hospital confinement (up to $12,000), local hospital confinement (up to $500) and local medical expenses for outpatient treatment (up to $12,500).
Emergency medical evacuation claims of up to $500,000 are also offered.
They’re offering 40% at their year-end sale.
Who’s it for? Those who want great coverage.
Want to compare these insurance policies with others that are being offered on the market? Use MoneySmart’s travel insurance wizard to compare policies for free. Safe travels!
What travel insurance policy are you buying for your end-of-year travels? Share your recommendations in the comments.
The post Travel Insurance Polices - The 3 Most Bang-for-Buck Polices This Year End appeared first on the MoneySmart blog.
More From MoneySmart