Cheapest travel insurance: Promo codes for NTUC, FWD and Sompo travel insurance

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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 seven money-saving hacks when it comes to shopping for travel insurance.

1. Best travel insurance promotions & promo codes

 
Travel insurance Promotion & promo code Expiry
FWD travel insurance 20 per cent off with promo code “TRAVEL20″ Aug 2, 2022
NTUC travel insurance 40 per cent off single-trip plans                                                                                                        Discounted PCR test (excluding Enhanced PreX plans) Aug 16,  2022
AIG travel insurance $50 GrabRide voucher with promo code “AIGTGD” for single-trip plans July 13, 2022
AXA travel insurance 40 per cent off single-trip plans
46 per cent off annual multi-trip plans (min two adults)
MSIG travel insurance 45 per cent off single-trip plans
20 per cent off annual multi-trip plans
July 31, 2022
Singlife with Aviva travel insurance 18 per cent off single-trip plans with promo code TRAVEL18 July 31, 2022
DBS Chubb travel insurance No current promotions
Great Eastern travel insurance No current promotions
Sompo travel insurance No current promotions
AIA travel insurance No current promotions
Etiqa travel insurance 40 per cent off single-trip plans with promo code “SUMMER22” Aug 15,  2022
Direct Asia travel insurance 40 per cent off single-trip plans
40 per cent off annual multi-trip plans
Citibank travel insurance Up to 25 per cent off
Tokio Marine Travel Insurance 20 per cent off single-trip plans
20 per cent off annual multi-trip plans
UOB travel insurance 30 per cent off single-trip plans
10 per cent off annual multi-trip plans
July 31, 2022
OCBC travel insurance 35 per cent off single-trip plans with promo code “TAA10A”
Ten per cent off annual multi-trip plans with promo code “TAS35S”                                                Discounted PCR test & $20 HealthPass Wellness Store voucher
AMEX travel insurance Up to $20 shopping vouchers for single-trip plans & free cancellation
Samsonite luggage with annual multi-trip plans
Aug 31,  2022

The travel insurance scene is highly competitive. Insurers are constantly offering promotions and you can also make use of limited-time travel insurance promo codes to get the cheapest

2. Free and complimentary credit card travel insurance

Complimentary travel insurance or other travel-related promotions are also available when you charge your return flights to your credit card. Usually though, the coverage is very minimal. But it's free, ok. Don't complain.

Here's a summary of all the free travel insurance and travel perks you can get from credit cards:

Credit cards Free travel insurance Other travel benefits
Citibank Rewards World, Cash Back World, Lazada Visa Yes
Citibank PremierMiles, Prestige, Ultima Yes Bonus miles/points for travel bookings on Agoda and Kaligo
OCBC 365 No Discounted pre-departure swab test at $105

$14 flat GP video consultation

HSBC Advance Visa Platinum, Revolution Yes
UOB PRVI Miles Yes Complimentary airport transfers to Changi Airport

Dedicated hotline for comprehensive travel assistance (including flight, hotel, insurance and car rental booking)

American Express Yes (AMEX Singapore Airlines KrisFlyer, AMEX Singapore Airlines KrisFlyer Ascend, AMEX Singapore Airlines PPS Club, AMEX Singapore Airlines Solitaire PPS Club, AMEX Personal) $800 travel credits annually, airport lounge access, complimentary upgrades to hotel loyalty programmes, hotel and resorts benefits worth $750, bonus membership rewards with Singapore Airlines, Silkair, Scoot (AMEX The Platinum)

Discounted rental rates of portable Wi-Fi routers, exclusive Hertz privileges (AMEX Singapore Airlines KrisFlyer & AMEX Singapore Airlines KrisFlyer Ascend, AMEX Singapore Airlines PPS Club, AMEX Singapore Airlines Solitaire PPS Club, )

Up to 50 per cent savings at restaurants worldwide (AMEX Express Platinum Reserve, AMEX Express Platinum)

Maybank (all cards) Yes Complimentary airport lounge access (Maybank World, Maybank Horizon Visa Signature)

Priority Pass membership access to 1,300 VIP airport lounges, fast-track airport meet-and-greet service, exclusive rates at VISA Luxury Hotel Collection of hotels (MayBank Visa Infinite)

Additional off on accommodation bookings on Agoda.com (Maybank eVibes)

DBS Treasures Black Elite, World Business, Insignia Visa Infinite Yes Avis Preferred membership for car rental services (DBS Treasures Black Elite)

Complimentary airport access (DBS World Business)

Complimentary airport access, two-night stay at your choice of more than 40 luxury hotels and resorts in Asia (DBS Insignia Visa Infinite)

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.

3. Consider buying annual travel insurance plans instead of single trip

If you travel more than five to six times a year, it may be more cost-efficient for you to opt for an annual travel insurance plan.

Single-trip travel insurance premiums are always cheaper when compared to annual travel insurance plans. In order to get the bang for your buck, you really do need to travel quite frequently to make the best of your annual plan.

From $303, you can get an annual trip insurance plan that covers worldwide destinations.

Here's an overview of the top ten most popular travel insurance's annual plan premiums. Prices listed are based on a regular adult's annual worldwide travel insurance plan on the lowest coverage tier (before any promotions):

 
Travel insurance Annual travel insurance price
FWD travel insurance $345.10
NTUC travel insurance $500
AIG travel insurance $663
AXA travel insurance $619
MSIG travel insurance $523
Singlife with Aviva travel insurance $303
DBS Chubb travel insurance $391.50
Great Eastern travel insurance $480
Etiqa travel insurance $273
Direct Asia travel insurance  $348.33

4. Buy 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.

Let's take for example a few single trip insurance plans' prices vs family plan travel insurance's premiums. Assuming my family of four - two adults and two children - will be travelling to New York (Worldwide plan) together for a seven-day holiday:

 
Travel insurance Single-Trip plan price (per adult) Family plan price
FWD travel insurance $73.12 $146.23
 NTUC travel insurance $137 $329
AIG travel insurance $69 $169
AXA travel insurance $138.72 $457.77
MSIG travel insurance $117 $261
Singlife with Aviva travel insurance $71.25 $178.07
DBS Chubb travel insurance $107 $230.50
Great Eastern travel insurance $99 $214
Etiqa travel insurance $65 $149.50
 Direct Asia travel insurance $73.12 $146.23

Comparing across the board, if you were to get the single-trip plan for four family members individually, it definitely adds up to more than the group plan price. For instance, FWD's single-trip plans for four would add up to $292.48. Comparatively, the family plan costs half that at $146.23. With the family plan, the kids essentially get covered for free.

Looking at NTUC travel insurance plans, we can say the same. Purchasing individual plans for two adults and two kids adds up to $490.80. The family plan, on the other hand, is far cheaper at $329. Given what we see here, always compare the prices of the individual plans against the family plans before you make your final purchase.

On the other hand, if you happen to be just a group of friends travelling together, you can look into the group plan travel insurance premiums. For example, if you're a group of five friends travelling to New York (Worldwide plan) together for a seven-day holiday:

 
Travel insurance Single-Trip plan price (per adult) Group plan price
FWD travel insurance $73.12 $210
NTUC travel insurance $137 $685
AIG travel insurance $69 $291
AXA travel insurance $138.72 $711.35
MSIG travel insurance $117 $585
Singlife with Aviva travel insurance $71.25 $356.25
DBS Chubb travel insurance $107 $528
Great Eastern travel insurance $99 $495
Etiqa travel insurance $65 $315.25
Direct Asia travel insurance $73.12 $329.04

As expected, you do indeed get a better deal when you buy the group plan as compared to individual single-trip plans per adult. However, there are exceptions like MSIG, Singlife with Aviva and Great Eastern.

It doesn't make a difference whether you purchase a group plan or multiple single-trip plans individually, each person will end up paying the same.

5. Read travel insurance policy wordings and terms and conditions

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 travel insurance from your airline, make sure you read the policy wordings' terms and conditions and agree with the level of coverage.

6. Do I need to buy travel insurance riders?

Add-on travel insurance riders such as winter sports riders, wedding photoshoot riders etc. are always chargeable, and increases the total price of your travel insurance premium.

So, always double check to make sure you only pay for additional coverage that you need. Don't go checking boxes just because the insurance company's website has pop-up banners asking you to add-on more riders for safety.

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. Buy your travel insurance early

Finally, always purchase your travel insurance as early as possible. How early should I buy my travel insurance? Once you've got your airline tickets settled, hurry buy your travel insurance.

This way, any trip cancellations, shortenings, postponement may be covered by your travel insurance plan. The most important part, however, is that any natural disasters or "known events" in travel insurance language that may come your way will be covered by your travel insurance plan. Basically, you want to book the travel insurance before any "known events" crop up and are excluded from your coverage.

ALSO READ: Is it necessary to buy travel insurance?

This article was first published in MoneySmart.