Is getting travel insurance a waste of money? That’s a popular question when it comes to planning for your holiday and budgetting. While some may think that it is not necessary to buy travel insurance and would rather spend the money to upgrade their accommodation or perhaps add another place of visit to their travel itinerary, I beg to differ.
In my opinion, travel insurance provides peace of mind. In case of any unfortunate events on your trip oversea, you will know that the additional expenses incurred (medical assistance, loss of baggage, missed departure, trip cancellation/interruption etc) will be covered by the insurance company so you can focus on things that matter to you most.
If your health insurance does not cover emergencies outside Malaysia, you may want to consider a travel insurance which probably will cost you 5% or less of your total holiday expenses. A 5-day trip to Bangkok (or any countries in Asia) will cost you around RM26.25 if you opt for AXA SmartTraveller VIP or RM12.75 for AXA SmartTraveller Classic. The fee goes up if it is a long-distance trip (travelling to USA, Europe countries) and the length of your trip increases.
For those travelling with family (your spouse and up to 5 children below the age of 18), upgrade your travel insurance to family plan at a very reasonable price. Using the example above, it will cost you RM66 for AXA SmartTraveller VIP and RM30.75 for AXA SmartTraveller Classic.
Some credit cards in Malaysia do offer free travel insurance for you if you charge your full airfare to your credit card. While it is good to receive complimentary travel insurance, please do call up your credit card issuer to check on the coverage they offered as well as reading the fine print of your credit card’s travel coverage.
Here are 5 types of coverage you need to check with your bank/credit card issuer:
- Loss or damage to baggage and personal items
- Medical/Hospital coverage
- Accidental death and personal disablement
- Travel Delay or Trip cancellation
- Personal liability incurred during trip
Travel insurance is definitely a wise buy to me as it can minimize the financial risks to travelling. Getting medical help in other countries can be costly and complicated if you do not have a travel insurance. If you agree with me, do remember to buy it before your trips starts or as soon as you confirmed your holiday plan so it activates the trip cancelation coverage!