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Guide To Travel Insurance

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Travelling has become one of the many wishes people have ever since the outbreak of Covid-19. Although many countries have opened their gates to welcome travellers, unexpected incidents could change one’s vacation plans. To avoid any inconvenience before and/or during your vacation, it is best to have the support of a travel insurance policy. 

What Is Travel Insurance

Travel insurance is a type of insurance coverage designed to protect travellers from financial losses and unexpected situations that may occur during trips. It provides various forms of coverage including medical expenses, cancellation of trips, delayed or lost baggage, emergency medical evacuation, and other travel-related risks. You won’t have to worry about unforeseen financial losses as a travel insurance policy will have your back at all times! 

Types of Travel Insurance

There are two types of travel insurance that provide coverage for different travel durations: single trip and annual travel insurance. The main difference between the two is that single-trip insurance covers a single trip, while annual travel insurance covers multiple trips taken over a period of one year. In general, if you are only taking one trip per year, then single-trip insurance may be the most cost-effective option. However, suppose you are a frequent traveller or plan to take multiple trips throughout the year. In that case, annual travel insurance may be a better choice as it can provide you with continuous coverage and potentially save you money in the long run.

Interestingly, many assume travel insurance to be an unnecessary investment. However, there are definitely risks when you travel without one. In the instances of medical emergencies, accidental death or injuries, cancellation of a trip due to personal reasons and even losses of belongings, travel insurance coverage can ease these issues and give you peace of mind when travelling— taking into consideration that your policy covers various groups of risks. 

Malaysian Misconception of Travel Insurance

With travel insurance, you may have come across different opinions of other Malaysians on the matter, some of which are questionable. 

Travel Insurance is Expensive

The most common misconception would be that travel insurance coverage is expensive. It is crucial to fathom that financial inconveniences or losses that may occur due to unpredictable incidents are not worth more than having to pay an affordable price for travel insurance. More often than not, the benefits of a travel insurance policy are more significant than the cost of the policy itself. 

Travel Insurance is for Overseas Trips Only

Another common misconception is that you only need coverage when travelling overseas. Unforeseeable incidents can occur irrespective of whether one wishes to travel internationally or domestically. While it is true that international travel has extended coverage to it such as evacuation coverage, incidents can also happen during domestic travel. Hence, misconceptions about domestic travel insurance should not deter you from getting yourself covered before you go on your journey!

Types of Travel Insurance Coverage

Travel insurance from different companies may vary but the policies commonly cover costs for one’s well-being or health, belongings, and financial expenditure. When it comes to travel insurance coverage by Oyen, there are things you should keep your eyes on!

Oyen’s policy limit and coverage are based on the plan one selects. There are three plans to choose from and they are Wanderer, Traveller, and Explorer. Below is a list of the types of coverages provided by Oyen:

(1) Medical emergencies and personal accidents of up to RM500,000:

  • Costs for surgery and/or hospitalisation
  • Emergency medical evacuation
  • Alternative medicine
  • Cost for follow-up treatments (up to 45 days) 

(Medical costs for pre-existing medical conditions and/or disabilities that one sustains 12 months prior to getting his/her policy are not covered)

(2) Belongings of up to RM10,000:

  • Luggage and personal effects: Lost, stolen or damaged luggage should be reported to any relevant authorities within 24 hours
  • Luggage delays: Compensation for luggage delayed over 6 hours 
  • Lost of money, card or passport

(3) Travel plans of up to RM50,000:

  • Travel cancellation
  • Travel curtailment
  • Curtailment due to the passing of family member(s) and/or furkid(s)
  • Reimbursement for the unused portion of the trip
  • Travel delays (minimum of  4 consecutive hours)
  • Travel documents
  • Protection for lost and/or stolen tickets or passport

How to Choose The Right Travel Insurance

When looking into which insurance company can serve you with the best travel insurance coverage (psst… such as Oyen), there are indeed a few things you need to consider before coming to a decision. 

Determine the Activities You Want to Explore

First, you need to assess the destination as well as the activities you plan to do. With the knowledge you have of these two things, you will be able to determine the types of coverage needed for your travel. For instance, if you plan to engage in a challenging activity such as snorkelling in a country with a high cost of medical care, it is good to ensure that your policy will be able to cover unfortunate events that could occur from doing the activity. With Oyen’s coverage of medical emergencies and personal accidents, you can claim up to half a million ringgit for any unexpected incidents. 

Compare Policies From Different Insurance Providers

Different companies have different benefits when it comes to their coverage. It is not necessary for one to pivot their attention solely on the price of the policy. You may review each company’s benefits to see which provides more valuable coverage for your trip. Comparing will not only help you find the most necessary coverage but also allows you to find a policy that fits your budget. Interestingly enough, you can get your travel insurance policy for as low as RM43 per month with Oyen.

Go Through the Terms and Conditions

Another critical step is to read the fine print. This is to ensure that you are certain about the limitations, exclusions, and coverage of your chosen policy. When you are mindful of the terms and conditions, confusion can be avoided at all costs during your claiming process— you can avoid surprises or misunderstandings about what is covered under your policy. This can help prevent disappointment or financial loss if you assume that something is covered when it is actually excluded.

Review the Claiming Process

The final step is to review the claiming process. Keep in mind that with challenging activities done on a trip, you need to know whether the chosen policy covers what is necessary for your needs and circumstances. This will make your claiming experience a pleasant one since you will be able to issue the insurance provider with only essential documentation to support your claims.  

What better way to protect you on your trip than with the help of Oyen?

Tips When Filing for Travel Insurance Claim

Contacting Your Insurance Provider

As aforementioned, preparing the necessary documentation when filing a claim is the first substantial step you need to take. It is also essential to save your policy provider’s number as well as their emergency contact details. With their contact details ready in hand, you can easily inform them of any issue you face so it can be addressed promptly. 

Time Frame When Filing for Claims

Once you have contacted your policy provider, the time frame when filing for a claim may vary depending on a few factors. A huge factor would be the complexity of a claim. If you submit a claim regarding a complex incident requiring extensive documentation, it usually needs more time to process. In contrast, if your claim is for a light incident, once your claim is approved, the insurance provider will reimburse you in a timely manner.

Conclusion

Figuring out which travel insurance provider to choose for your next trip can cause headaches but be reminded that travel insurance is crucial when you travel both internationally and domestically. The decision to purchase travel insurance depends on individual circumstances and preferences. Travellers should carefully review their travel insurance policy and understand what is covered and what is not before making a decision.

Nevertheless, the pros of having coverage outweigh travelling without one. You no longer have to worry about the costs for medical emergencies, accidental death or injuries, cancellation of trips or even losses of belongings when you have a policy to protect you along the way.  With the help of this guide prepared by Oyen, you can undoubtedly discover the most suitable plan with the best coverage for yourself!