Travel Insurance

7 Ways To Save On Travel Insurance in Singapore

I have a love-hate relationship with travel insurance – it’s the umbrella I know I should bring out, yet am always tempted to leave at home.

Whether or not you should get travel insurance is up to you, but if you’ve already decided that you want it, there are actually several ways you can save money on it, such as travel insurance promotions. Some credit cards also cover you for free if you book your flights with the card.

Single-trip travel insurance in Singapore typically cost around $25+ for basic plans and up to $100+ for the most comprehensive ones. To aid you in your quest to stretch that holiday dollar, here are 7 money-saving hacks when it comes to shopping for travel insurance:


1. Check if your credit card offers complimentary travel insurance

Let’s start with the free stuff first – complimentary travel insurance promotions when you charge your return flights to your credit card.

Credit card Underwriter Free coverage Promotion
DBS Altitude Chubb Travel personal accident coverage only Promotion details Policy document
OCBC 365 & VOYAGE Great Eastern Travel personal accident, travel inconveniences and medical coverage 365 Card: Promotion details
Policy document VOYAGE: Promotion details
Policy document
Citibank (all cards) AIG or AXA Basic travel personal accident, travel inconveniences and medical coverage Promotion details
Policy document
Needs to be activated here

Advance Visa Platinum, Visa Platinum or HSBC’s Revolution cards

AXA Personal accidental coverage Promotion details Policy document
HSBC (all cards) AXA Travel inconveniences coverage Promotion details Policy document
UOB PRVI Miles cards UOI Basic travel personal accident and travel inconveniences coverage Promotion details
Policy document
Maybank (all cards) Etiqa Basic travel personal accident and travel inconveniences coverage Promotion details Policy document  

Most credits cards in Singapore offer free travel insurance coverage for cardholders. However, to qualify, you typically need to charge return air fares to your credit card.

Do note, however, that the coverage scope and amount is usually quite limited. The DBS Altitude free travel insurance coverage, for example, only covers personal accidents and not travel inconveniences (flight cancellations, baggage loss / delay, etc).

This is more for the #YOLO travellers who don’t really care about getting insured, and see the coverage as a bonus.

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2. Suss out travel insurance promotions & promo codes

If you prefer more comprehensive coverage, the free credit card coverage is not for you. You’ll probably need to purchase a separate travel insurance plan – you can do so online, but always search for promo codes first. Here are the current discounts:

Insurer Promotion Validity
NTUC Income 40% off single-trip plans and free My Melody Bag worth $32 (1st 200/day, min $50/policy) (excluding Enhanced PreX plans) From 27 Jun 2019
MSIG 60% off single-trip plans & 20% off annual plans 16 Aug 2019 
AXA Up to 55% off single-trip SmartTraveller plans 1 to 10 Aug 2019
POSB/DBS 60% off single-trip plans & 30% off annual plans 1 to 30 Aug 2019
AIG Earn 1 KrisFlyer mile for every S$1 spend when you purchase any Travel Guard Direct Single Trip plan Until 31 Dec 2019 
FWD 20% off with promo code “Travel20”, additional $25 CapitaVoucher for annual plans.
Additional $4 cash via MoneySmart.
Until 15 Aug 2019
Until 6 Aug 2019 
Aviva 35% off with promo code “NDP35” Until 11 Aug 2019
OCBC 55% off single-trip plans, 30% annual plans
Citibank Up to 40% off
Great Eastern No current promotions
Etiqa Up to 56% off for Maybank cardholders for Tiq Travel Insurance online with promo code ‘MBBXTIQ’.  Until 11 Aug 2019
UOB 60% off single-trip plans, 35% off annual plans Until 15 Aug 2019 
HL Assurance 60% off annual plans, $20 Agoda voucher, a $10 Klook discount, and $4 cash via MoneySmart
60% discount off single trip plans, 50% discount off annual unlimited plans & free gifts
Until 6 Aug 2019
Until 31 Aug 2019 
Chubb No current promotions
Amex 40% off single-trip plans
25% annual multi-trip plan offers
Samsonite luggage (68cm) with annual plans and 25% savings
Until 13 Aug 2019 
HSBC 50% off single-trip plans
55% off annual plans + $100 shopping voucher for annual plans
Until 10 Aug 2019
Allianz Global Assistance 45% off single-trip plans using promo code “sg45ms” and $4 cash via MoneySmart Until 6 Aug 2019


3. Consider annual travel insurance

If you travel more than 5 to 6 times a year, it may be more cost-efficient for you to opt for an annual plan. Single-trip premiums are always less value-for-money, but in order to get the bang for your buck you really do need to travel quite frequently.

For as low as $199, you can get an annual trip insurance plan that covers worldwide destinations.


4. Buy your travel insurance in a group

Certain insurers offer added discounts for group policies. If you’re travelling together and will be engaging in the same activities throughout, you’ll probably be getting very similar travel insurance plans anyway – might as well combine it for greater savings.


5. Read the T&Cs, and then re-read them again

Travel insurance is tricky because while every policy is somewhat similar, the differences lie in the nitty gritty details that can only be found in the depths of wordy T&Cs.

For example, always check that you’re not paying extra to insure trip costs that are already refundable. For instance, if your flight is refundable and you already got a flight voucher for its cancellation, your insurer does not need to reimburse it.

Also, if you’re getting opt-in coverage from an airline, make sure you read the T&Cs and agree with the level of coverage.


6. Double for any additional coverage clauses – you might not need them

Add-on coverage – like for winter sports, high value items, etc – are always chargeable, and increases the total price of your premium. So always double check to make sure you only pay for additional coverage that you need.

For instance, if you’re going on a self-drive holiday, you might be thinking of adding on car rental coverage. But before doing that, check with your preferred car rental company – most of them come with some extent of insurance to cover their rentals, so if you’re satisfied with that, you might not need to pay for your own.


7.  Lastly, get your travel insurance as soon as you book your flights!

Buying your travel insurance as soon as you confirm your flights is great because you’re immediately covered for any possible pre-trip hiccups. Examples include natural disasters, flight cancellations, etc.

Every minute you wait is a risk!

What’s been your experience with travel insurance? Tell us in the comments below! 


Related articles

The Best Travel Insurance in Singapore

5 Best Annual Travel Insurance Policies in Singapore 

Travel Insurance in Singapore – The Total Guide to What You Must Know 


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