Yup, these days you can buy insurance from the nearest bank or credit card company. Kinda like when HMV reduced their CD section and started selling peripheral crap like hoodies and toys. (Does anyone remember this… or am I just showing my age?)
Buying travel insurance from your credit card company is convenient, but what’s really in that American Express travel insurance plan? Let’s have a look.
Amex travel insurance at a glance
American Express travel insurance is sold under the My VoyageGuard brand, and it comes in three varieties: Essential, Standard and Superior.
Here’s how they compare:
|Travel insurance plan||Essential||Standard||Superior|
|Promotion||No current promotion|
|Overseas Medical expenses||$500,000||$1,000,000||$2,000,000|
|Overseas Medical expenses due to Covid-19||$150,000||$150,000||$200,000|
|Emergency medical evacuation||$500,000||$1,000,000||Unlimited|
|Emergency medical evacuation due to Covid-19||$50,000||$100,000||$200,000|
|Personal accident (death & TPD)||$125,000||$250,000||$500,000|
|Travel delay ($200 every six hours)||$800||$1,200||$2,400|
|Trip cancellation due to Covid-19||$2,500||$5,000||$10,000|
|Baggage delay ($200 every six hours)||$800||$1,200||$2,400|
|Adventure activities covered?||Yes||Yes||Yes|
*All figures based on a seven-day trip to the United States.
Amex travel insurance promotions
You can stay up to date on the latest Amex travel insurance promotions here.
You can get free travel insurance coverage if you charge your full airfare to the Amex KrisFlyer Ascend credit card.
However, this is only for travel accidents and delays, not for things like medical expenses, so it’s insufficient for most people.
What does Amex travel insurance cover?
First of all, it must be said that the medical benefits of $500,000 under normal circumstances and $150,000 for Covid-19 related medical expenses are crazy high, especially for a basic plan.
You’d typically need to upgrade to a more premium plan to get such a high coverage limit. (I guess buying travel insurance from an American company has its perks, right?)
Another thing that impressed me was that there was absolutely nothing at all in the Amex travel insurance policy wording to exclude outdoor activities or even extreme sports. Definitely one for adventurous #Yolo types.
|Outdoor activity||Covered by American Express?|
|Hot air balloon||Yes|
|Skiing and other ice/snow sports||Yes|
|Hiking or trekking||Yes|
|Mountaineering or outdoor rock climbing||Yes|
|Marathons or other competitions||Yes|
|White water rafting||Yes|
|Paragliding, hang gliding or parachuting||Yes|
However, apart from the impressive medical coverage limits and ultra-lenient policy, the other travel insurance benefits are merely so-so.
Chubb travel insurance claim procedure
Even though you buy this travel insurance from American Express channels, every aspect of the after-sales support is taken care of by Chubb Insurance.
Chubb has a very good international reputation for its emergency assistance, which is reassuring if your idea of a good time is trying to cheat death.
Emergency hotline: Call the Chubb Assistance emergency hotline at +65 6836 2922.
You’ll get an acknowledgement within three days.
Conclusion: Should you buy Amex travel insurance?
The answer would vary greatly depending on what the current Amex travel insurance promotion is like.
If there’s a good ongoing promotion off, then yes, the cheapest Essential is probably one of the best travel insurance plans you can buy in terms of medical coverage.
This is something you’d want to consider if you’re going to a place known for expensive healthcare, such as Japan, Norway or the US.
The fact that Amex is super lenient and covers almost every death-defying experience you can think of makes it even more impressive. So if you’re that extreme, this might be the best travel insurance in Singapore for you.
On the other hand, if there isn’t a deep discount, then Amex travel insurance is pricier than average and won’t offer that much bang for your buck.
Note that its benefits for stuff like personal accident and travel inconveniences aren’t really spectacular.
This article was first published in MoneySmart.