Travel Insurance Benefits: A Guide for Your Next Trip
Better safe than sorry.
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(SPOT.ph) Revenge travel is in full swing, but you've got to realize that it's best to level your excitement with a reality check. No one knows for sure what'll happen on your trip, even before you board that flight. Plane got delayed? Flight cancelled or you were bumped off? Airline lost your baggage? We've all been there, and we definitely don't want it to happen again. A large number of us likely opt out of travel insurance when booking online, treating it like an added fee, but we lay down below why you may want to reconsider.
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What is travel insurance?
Travel insurance is like a safety net for your trip—you won't realize it's there until you actually need it. Considered to be a non-life insurance product, it protects you from unexpected instances that could disrupt your plans or cause you financial loss.
What are travel insurance benefits and what do they cover?
Travel insurance benefits are what your policy would typically cover. The higher the amount—also known as "premium"—you pay, the more extensive the coverage would be. Typically, these are the circumstances that travel insurance would cover:
Trip Cancellation or Interruption
Most travel insurance providers cover trip cancellations or flight delays. However, you will need to check the fine print as most require certain criteria to be met such as natural calamities at your destination or point of origin.
Medical Expenses
Travel insurance can be a lifesaver if you unexpectedly require medical attention while abroad. It can cover hospital bills, doctor visits, and even emergency medical evacuation back home. These days, an option to add coverage for contracting COVID-19 during your trip can also be availed for an additional amount.
Lost, Damaged or Stolen Luggage
Insurance providers tend to include this benefit in the basic travel policy. Typically, the rules governing this include but are not limited to having your luggage damaged, lost, or stolen in transit or in between connecting flights.
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If something happens, how do I use my travel insurance?
The way insurance works is that something needs to happen first before you can settle a claim. Claims, if you're unfamiliar, provide a corresponding monetary value based on your policy coverage. Generally, the process of filing for a claim starts off by notifying your insurance provider. They'll then provide you a list of requirements and deadlines. If everything goes according to plan, you'll get the cash after a set period of time whether by check or bank transfer.
What are my options for travel insurance?
The quickest and most efficient way to get travel insurance is to avail of it when you book your plane ticket. There's usually an option prior to checkout that you can tick—you know that bit you uncheck just so you can lower down the cost of your ticket. Alternatively, the Insurance Commission's official website provides a list of licensed insurance companies that offer travel insurance policies with larger coverage. Here are some of the more well-known providers:
Malayan Insurance
Malayan Insurance offers two types of travel insurance: Travel Master and Travel Lite.
The lite option offers your basic personal accident coverage which covers death, disablement, or dismemberment due to accident; medical reimbursement in case you get hospitalized during your trip; travel inconvenience benefits for when you experience baggage delays due to loss or damage as well as loss of documents.
The more expensive option, Travel Master, offers you a more extensive policy coverage since the personal accident coverage now includes coverage against murder, unprovoked assault and acts of terrorism. It also has COVID-19 coverage and free insurance coverage for damages done on a rental car.
To request for a quote, you may directly visit the Malayan Insurance website. Alternatively, you can purchase Travel Master on e-wallet app GCash.
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AXA
AXA offers four different types of travel insurance: Elite, Classic, and Essential for international travel, and Domestic travel insurance. Each insurance type has coverage for personal accident, travel inconveniences, medical and evacuation expenses, and personal liabilty with varying amounts for the claim.
If you're looking to travel to Europe, Elite and Classic travel insurance are Schengen-accredited.
To request for a quote, you may directly inquire on AXA's website.
FPG Insurance
FPG Insurance has travel insurance for both international and domestic travel. Some of the common benefits between the two are but not limited to personal accident coverage, medical treatment, trip cancellation and curtailment, as well as flight and baggage delay. COVID-19 coverage, however, is limited to their international travel insurance which is called MyTravelMate International.
To request for a quote, you may directly inquire on FPG Insurance's website.
Standard Insurance
Like other providers, Standard Insurance offers both international and domestic travel insurance. Their international travel option, Travel Protect, is a mix of reimbursement and cashless type of travel insurance that covers the basics like emergency medical assistance, emergency travel assistance, travel inconveniences, personal liability, and personal accident.
To request for a quote, you can directly inquire on Standard Insurance's website or purchase your desired Travel Protect policy on GCash.
Prudential Guarantee
Prudential Guarantee has three different tiers for their Travel Shield insurance. They have your standard domestic travel insurance as well as two products for international travel called Standard and Comprehensive.
Each insurance policy has the following benefits subject to different claim amounts: medical expenses (including COVID-19 related cases), emergency medical evacuation and repatriation, personal accident coverage, trip cancellation or termination, flight delays, loss or damage of baggage, as well as baggage delays.
To request for a quote, you can directly inquire on Prudential Guarantee's website.
Links are updated regularly and as much as possible but note that products can run out of stock, discounts can expire and listed prices can change without prior notice.
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