Single Trip or Annual Travel Insurance — Which Suits You Better?

single trip

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Discover the differences and benefits of single-trip vs annual travel insurance to find the perfect match for your travel needs.

When wanderlust strikes, the world becomes your playground. But amidst the flurry of passport stamps and bucket list destinations, there’s an element that deserves your attention: travel insurance. The dilemma arises: should you opt for single-trip coverage, tailoring it to specific journeys, or take the plunge with an annual plan?

This guide breaks down each option and includes the best travel insurance plans available. Read on to find out which travel insurance type is more suitable for you.

 

Related Story: The Best Travel Insurance in Singapore For COVID-19 Coverage

 

Table of Contents

  • What is single-trip travel insurance?
  • What is annual travel insurance?
  • Pros and cons of single trip vs annual travel insurance plans
  • Premiums for single-trip vs annual travel insurance
  • The verdict: what travel insurance should you get?
  • Cost of single-trip vs annual travel insurance plans

 

What is single-trip travel insurance?

Single-trip travel insurance plans provide coverage from the point of leaving and returning to Singapore for up to 182 days abroad. The number of days covered by the travel insurance may vary by insurer. Most of the time, travellers purchase this insurance type for flexibility and customisation.

 

Essentials for applying for single-trip travel insurance

Here are a few things you need to have when you apply for single-trip travel insurance in Singapore:

  • The country you’re travelling to
  • The start date of the trip
  • The end date of the trip
  • The number of persons travelling (applicable for family travel insurance)

The insurer will give you a customised quote based on the information above.

 

What is annual travel insurance?

If you’re travelling more than a few times a year, an annual travel insurance plan would be the better choice. Also known as multi-trip insurance, this travel insurance type gives you coverage over a one-year window. This saves you the time (and money, in some instances) spent on purchasing separate policies repeatedly.

 

The essentials when applying for annual travel insurance

In order to purchase an annual travel insurance plan, you’ll need to pick or provide:

  • The region you’re travelling to (ASEAN, Asia, or worldwide)
  • Start date of the travel insurance plan
  • Whether you have more adults or children who will be under the travel insurance plan

Note that there may be limits to the number of days covered per trip (over the one-year timeframe). For most plans, insurers do not cover more than 90 days per trip.

 

Pros and cons of single trip vs annual travel insurance plans

These are the advantages and considerations of single-trip and annual travel insurance plans.

 

Travel Insurance Type

The Good

The Bad

Single-Trip

  • Great for those going on a one-time journey
  • Offers coverage specific to the trip’s duration and needs
  • Can cover for more than 90 days compared to annual plans
  • May not be cost-effective for those going on more than one holiday in a year
  • May not provide the same level of convenience and continuous coverage that annual trip plans offer

Annual 

  • Best for frequent travellers who take multiple trips throughout the year
  • Convenient and cost-effective
  • Limitations to the number of days covered per trip (max is usually 90 days)

 

 

Related Story: The Best Travel Insurance in Singapore for Families

 

Premiums for single-trip vs annual travel insurance

The table below uses MSIG and the AMTD PolicyPal to get a quote for a four-day journey for a single adult to Japan (for a single trip) and an annual trip to Asia for the same destination and person.

For this comparison, the individual does not have a pre-existing condition. The table includes the coverage provided by the travel insurance plan type and tier. To discover travel insurance quotes and promotions with AMTD PolicyPal, click here.

 

Travel Insurance Type

Single Trip (including discount)

Annual Trip (including discount)

Cost

Basic: S$32.10

Essential: S$45.60

Elite: S$65.40

Basic: S$277.60

Essential: S$360.00

Elite: S$493.60

Coverage

Standard

Overseas Medical: S$250,000

Travel/Trip Delay:

S$500

Loss/Damage of Baggage:

S$3,000

Elite

Overseas Medical: S$500,000

Travel/Trip Delay:

S$1,000

Loss/Damage of Baggage:

S$5,000

Premier

Overseas Medical: S$1,000,000

Travel/Trip Delay:

S$1,500

Loss/Damage of Baggage:

S$7,500

Source: AMTD PolicyPal, prices are subject to change

As you can see, the coverage for both plans is similar for this insurer, MSIG. However, this may differ from insurer to insurer. The coverage sums do grow as you pick a higher tier, which is favourable for travellers who want more protection while they’re away from Singapore.

If you’re someone who takes less than eight short trips to Asia in a year, purchasing an annual travel insurance plan might not be ideal.

The verdict: what travel insurance should you get?

How do you decide between single-trip or annual travel insurance? The following may assist you in selecting the most suitable travel insurance for your needs.

 

Single-trip insurance: best for less-frequent travellers seeking lower costs

If you’re not one who’s constantly hit by wanderlust or sprinting off to overseas business meetings, a single-trip travel insurance plan is the one for you.

 

Annual travel insurance: best for frequent travellers

If you’re someone who travels over six to eight times in a year, it’s best to get an annual travel insurance plan. Do note that the frequency of your travel plan may differ by your insurer and plan type, which then affects the verdict on whether it’s more worthwhile. This is a decision you have to make on your own.

 

Cost of single-trip vs annual travel insurance plans

Let’s glance into the coverage and premiums of some of the best travel insurance plans in Singapore for both single-trip and annual plan types. For calculation, this table quotes a seven-day worldwide trip for a single adult for single-trip travel insurance, and a single adult for worldwide annual travel insurance plan, respectively.

 

Insurer

Product Highlight

Single-Trip 

(7 days, Worldwide)

Annual Plan (Worldwide)

After discount

Promotions

MSIG TravelEasy

Overseas Medical

Standard:

S$250,000

Elite:

S$500,000

Premier:

S$1,000,000

Travel/Trip Delay

Standard:

S$500

Elite:

S$1,000

Premier:

S$1,500

Loss/Damage of Baggage

Standard:

S$3,000

Elite:

S$5,000

Premier:

S$7,500

Standard: S$72.90

Elite:

S$93.00

Premier:

S$125.10

Standard: S$418.40

Elite:

S$526.40

Premier:

S$705.60

With COVID-19 Coverage. Receive your policy documents immediately.

1 April - 30 April 2024
Single Trip Plan
  • Exclusive AMTD PolicyPal Group, T&Cs Apply
    Get Up to S$38 Rewards via PayNow and 40% discount when you buy NOW!
Annual Plan
  • Exclusive AMTD PolicyPal Group, T&Cs Apply
    Get Up to S$38 Rewards via PayNow and 20% discount when you buy NOW!

FWD Travel

(excluding USA)

Overseas Medical

Premium:

S$200,000

Business:

S$500,000

First:

S$1,000,000

Travel/Trip Delay

Premium:

S$300

Business:

S$500

First:

S$1,000

Loss/Damage of Baggage

Premium:

S$3,000

Business:

S$5,000

First:

S$7,500

Premium:

S$33.55

Business:

S$45.74

First: 

S$56.96

Premium:

S$246.38

Business:

S$396.72

First: 

S$431.17

COVID-19 is not included (optional/ add on)

3 April 2024 - 21 April 2024
Single Trip Plan
  • Exclusive AMTD PolicyPal Group, T&Cs Apply
    Use promo code POLICYPAL to get Up to S$10 Rewards via PayNow and 25% discount when you buy NOW!
Annual Plan
  • Exclusive AMTD PolicyPal Group, T&Cs Apply
    Use promo code POLICYPAL to get Up to S$10 Rewards via PayNow and 25% discount when you buy NOW!

Tiq Travel

Overseas Medical

Entry:

S$200,000

Savvy:

S$500,000

Luxury:

S$1,000,000

Travel/Trip Delay

Entry:

S$300

Savvy:

S$300

Luxury:

S$500

Loss/Damage of Baggage

Entry:

S$2,000

Savvy:

S$2,000

Luxury:

S$3,000

Entry: 

S$35.75

Savvy:

S$46.75

Luxury:

S$58.30

Entry: 

S$360.60

Savvy:

S$548.40

Luxury:

S$642.80

With COVID-19 Coverage.

8 April - 17 April 2024
Single Trip Plan
  • Exclusive AMTD PolicyPal Group, T&Cs Apply
    Use promo code TIQPP to get Up to S$10 Rewards via PayNow and 45% discount when you buy NOW!
Annual Plan
  • Exclusive AMTD PolicyPal Group, T&Cs Apply
    Use promo code TIQPP to get Up to S$10 Rewards via PayNow and 60% discount off Covid-19 add on when you buy NOW!

Allianz Travel

Overseas Medical

Bronze:

S$250,000

Silver:

S$500,000

Platinum:

S$1,000,000

Travel/Trip Delay

Bronze:

S$800

Silver:

S$1,200

Platinum:

S$1,600

Loss/Damage of Baggage

Bronze:

S$1,500

Silver:

S$3,000

Platinum:

S$5,000

Bronze:

S$66.60

Silver:

S$86.40

Platinum:

S$124.20

Bronze:

S$455.40

Silver:

S$550.80

Platinum:

S$758.40

With COVID-19 Coverage.

1 April - 30 April 2024
Single Trip/ Annual Plan
  • Exclusive AMTD PolicyPal Group, T&Cs Apply
    Use promo code PPAZ to get Up to S$40 Rewards via PayNow and 43% discount when you buy NOW!

Starr TraveLead Travel Insurance

Overseas Medical

Bronze:

S$200,000

Silver:

S$500,000

Gold:

S$1,000,000

Travel/Trip Delay

Available (under TripSecured Plan only with additional premiums)

Bronze:

Loss/Damage of Baggage

Bronze:

Not available

Silver:

Not available

Gold:

Not available

Bronze:

S$28.80

Silver:

S$37.20

Gold:

S$48.00

Bronze:

S$345.54

Silver:

S$412.62

Gold:

S$590.46

Singlife Travel Insurance

Overseas Medical

Lite:

S$250,000

Plus:

S$2,000,000

Prestige:

Unlimited

Travel/Trip Delay

Bronze:

S$500

Silver:

S$1,000

Platinum:

S$2,000

Loss/Damage of Baggage

Bronze:

S$3,000

Silver:

S$5,000

Platinum:

S$8,000

Lite:

S$60.19

Plus:

S$87.71

Prestige:

S$128.32

Lite:

S$307.50

Plus:

S$448.50

Prestige:

S$652.50

With COVID-19 Coverage.

9 April - 19 April 2024
Single Trip Plan
  • Use promo code TRAVEL25 to get 25% discount when you buy NOW!
Annual Plan
  • Use promo code ANNUAL20 to get 20% discount and Up to S$100 UNIQGIFT Vouchers when you buy NOW!

Source: AMTD PolicyPal, prices are subject to change

 

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Disclaimer: Protected up to specified limits by SDIC. This content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained on our Site constitutes a solicitation, recommendation or endorsement by AMTD PolicyPal Group in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction. You may wish to seek advice from a qualified adviser before buying the product. 

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