At times, we may have to cancel our trips due to certain changes in plans. For instance, there can be an emergency situation like a natural disaster or a medical emergency. In such cases, trip cancellation can result in a significant loss of money. To safeguard from these scenarios, it is essential to know- does travel insurance in Singapore cover cancellation of trip?
The Importance of Travel Insurance for trip cancellation
If an unforeseeable incident occurs and you are unable to take your vacation or work trip, a travel insurance policy will help you out. It is because, according to the policy of trip cancellation, your money will get reimbursed. According to the plan, your travel insurance policy will enable you to get coverage for all costs till the date and time of your departure.
When you are getting your travel insurance, you can avail yourself of trip cancellation insurance in the form of optional coverage. But, you will also come across companies that sell cancellation trip insurance as an independent policy. Some of the basic policies of trip cancellation will allow you to purchase different types of coverage, including cancellation for any reason.
The Coverage of Trip Cancellation in Travel Insurance
If you want to cancel your trip entirely, you can claim trip cancellation from your travel insurance. Your travel insurance policy will state the limit up to which you can make a claim. Each travel insurance plan differs from one another. Some of the acceptable reasons that travel insurance considers for trip cancellation are as follows.
- Severe injury or illness. You may also consider critical illness protection plan
- Death of loved ones including partner, child, and close relative. Sometimes, they even make allowances for trip cancellation due to the death of a business relation or a travelling companion.
- An important event held at your destination or in the country
- Ongoing protests and riots
- Your airline company cancelling your trip because of bad weather conditions
- Yours or your travel partner’s home getting damaged due to a natural disaster, flood, storm, and fire.
- Your airline company is cancelling your trip because of the runway, airport, and airway closures
Trip Cancellation Travel Insurance Policy for Existing Medical Reason
Travel insurance providers generally do not offer coverage for trip cancellation in existing medical conditions. But, you can still find a few that provide such coverage. Travellers can have existing medical reasons such as illness, physical condition, and allergy. It must also be a medical condition for which you have to receive a diagnosis, medical advice, and treatment for a year or twelve months before the beginning of the trip.
Factors that affect the cost of trip cancellation travel insurance policy
- Time of the trip
The time of the trip can have a heavy impact on the cost of your policy of trip cancellation.
- Expense of the trip
The cost of your policy also depends on the non-refundable nature of expenses of prepaid travel. Hence, it is significant to know and calculate the costs that you will have to bear before the departure while you are looking for a policy. It can consist of excursions, hotel, and airfare expenses.
- Traveller number
The more travellers that you insure, the greater your premium will be.
- Selection of plan
Some policies have a few coverage options. For this, certain plans have low trip cancellation and medical emergency limits. It is therefore essential to select benefits that you will require if you are unwilling to pay for options you will never use.
- Traveller’s age
The greater your age, the higher will be the cost of your trip cancellation travel insurance policy. Insurers view older travellers as risky as they tend to have medical problems, and in most cases, they are the ones to make claims.
- Location
Insurance companies make consideration of the rate of crimes and medical facility accessibility of the destination when they select the cost of the travel trip cancellation insurance policy.
Conclusion
Similar to finding the list of cheapest car insurance in Singapore, you need also to check the list of the most affordable travel insurance policies. Before you finalise and select your travel insurance, it is significant for you to look for trip cancellation coverage. It is because, during any unforeseeable situation, you will have to bear all the costs of your travel insurance policy that does not cover your trip cancellation expenses.
With the help of our travel insurance policy, you will be able to save a significant amount of money in the event of any trip cancellation. You can find several travel insurance policies that even offer coverage for existing medical conditions. So, make sure to check with your travel insurer which things your trip cancellation travel insurance policy covers before you make a choice.
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