With digital nomadism on the rise, people have started to understand the importance of travel insurance. Travel insurance ensures the safety of travellers and provides them with a good travel experience. Even If you’re forced to cancel your trip at the last minute, travel insurance can save you a lot of time, which is why we’ve written this article about How to Buy the Best Travel Insurance A beginners guide to assist you in comprehending why you require travel insurance.
According to a report by Jersey Island Holidays, 25% of women insured all their trips in 2020, compared to 46% of men. People often prefer to travel without travel insurance. They think that it is costly. However, the same report of Jersey Island Holidays shows that 5.5% of the total cost of trips is travel insurance. Travel insurances differ based on types of policies and claims.
You just can’t go to a travel insurance company and ask for the best package. It will surely be a waste of your time and money. Before going to buy travel insurance, you must know about the benefits. So, let’s see the problems that travel insurance can save you from. Also, you may read the Top 5 things you must know before buying travel insurance here
Do I need travel insurance?
Let me start by saying that buying travel insurance is not a waste of money. Travelling in the post-pandemic world can be tricky. There are many things to consider when travelling, and one of them is travel insurance.
Travel insurance is designed to protect you against certain unforeseen events that can happen while you’re travelling.
Here’s how it works: You pay for the policy, and in return, you get coverage for your medical expenses, trip cancellation, and other expenses associated with unexpected events like lost luggage.
In the event that something bad happens, the insurance company will reimburse you for the cost of your travel arrangements (i.e., flights, hotels). If something happens on your trip that requires medical attention, they will cover the cost of your medical bills.
However, there are some exclusions – like preexisting conditions or injuries sustained during an act of war – so make sure to read through all of the policy details before purchasing a policy.
Many countries require visitors to have travel insurance when entering their borders, so it’s essential to be prepared before travelling internationally.
How Much Does Travel Insurance Cost in Malaysia?
Travel insurance costs are determined by several factors, including the type of cover you need, the length of your trip, and your age. How much does travel insurance cost in Malaysia?
The average annual premium for a Malaysian traveller is between RM 400 to RM 1000. This includes coverage for personal accident and medical expenses, baggage loss or damage, and cancellation/delay.
However, several variables can affect the cost of your travel insurance policy. For example:
If you’re travelling to multiple countries on one trip (e.g., Southeast Asia), your premiums will be higher than if you stick to one country only.
If you’re travelling to more than one country within the same continent (e.g., Europe), then your premiums will be lower than if you were to travel across two continents (e.g., Europe and Asia). The more countries involved in a single trip, the higher the risk factor becomes, and thus the higher your premium will be too.
What is covered by Travel Insurance
Travel Delay
If by any chance your flight gets delayed, you would need to arrange for accommodation and food. It would require extra money. But if you have already insured your trip, then there is nothing to worry about.
If you own travel insurance with travel delay coverage, your accommodation and everything required during that situation will be easily managed. In this way, you will be saved from unexpected expenses.
Baggage loss
Baggage loss can be the most irritating thing to happen when you are on vacation. According to statistics by Travel Stats Man, 5% of luggage out of 25 million were lost or stolen in the year 2018. So, you never know when you might become a victim of baggage loss.
The travel insurance company will reimburse you if you accidentally lose your luggage. Sometimes, you need to wait for 21 days and let the airlines search for your bag.
Sudden Cancellation
You might need to cancel your trip for many reasons. If you have to come back home for some emergency, travel insurance will cover all your costs. Cancellation of trips is of two types- trip cancellation and cancellation for any reason.
In the first case, you have to mention the probable reasons for cancelling your trip before claiming insurance. For trip cancellation, you will get a 100% refund. And in the second case, you can cancel the trip for any reason. Here, the amount of refund will be less.
Medical evacuation
There is no guarantee that you won’t be injured or come across some accident during your trip. If you are going on an adventurous and fun-filled tour, remember to insure it. Medical evacuation coverage will give you great benefits if you get injured. You will get good medical facilities if you insure your trip with good travel insurance.
Many people often get confused between medical emergency insurance and medical evacuation insurance. You should take medical emergency insurance if you have any previous health-related problems. On the other hand, if you are planning an adventurous trip and there is a chance of an accident, go for medical evacuation insurance.
Covid-19 Coverage
After the advent of the coronavirus pandemic, this has been newly included by many travel insurance companies. This coverage is also like other medical coverages. The uncertain travel restrictions of many countries have also triggered people to buy covid-19 travel insurance.
Best Travel Insurance Companies In Malaysia
AIG Travel insurance
AIG Travel Insurance offers a wide range of travel insurance plans to suit your needs. We offer travel insurance plans from a single trip to annual travel insurance.
AXA Smart Traveller
AXA Smart Traveller is an insurance provider based in Malaysia. It was founded in 1975. Till now, they have served around 1.8 million customers. This company provides medical and health insurance, travel and personal accident insurance, car insurance, etc.
Allianz Travel Insurance
Allianz Travel Insurance Malaysia is one of Malaysia’s most trusted travel insurance providers. Allianz Travel Insurance Malaysia offers comprehensive travel insurance coverage designed to meet all travellers’ needs, regardless of their destination or vacation plans.
AmGeneral Insurance
Kurnia (AmGeneral Insurance) is a leading insurance company in Malaysia. They provide car, home and travel insurance to the public. Their products have been designed to suit the needs of all types of customers. AmGeneral Insurance Malaysia also provides a wide range of other services such as health insurance, life insurance, business insurance and more.
AXA Travel Insurance Malaysia
AXA Travel Insurance Malaysia is powerful travel insurance that covers all types of travel. It provides coverage for medical expenses, emergency medical transportation and many more. You can get this policy online in just a few minutes with AXA Travel Insurance Malaysia.
Berjaya Sompo Travel Insurance
Berjaya Sompo Travel Insurance is a comprehensive travel insurance plan that provides coverage for medical expenses, trip cancellation and interruption, lost baggage and flight delay.
Etiqa
Etiqa is a Malaysian travel insurance company that started its journey in 2005. They provide all kinds of personal and business insurance. You can choose from 3 types of travel insurance: TripCare 360 Takaful, TripCare 360 Insurance, and Travel Ezy Insurance.
Tune Protect
Established in 2011, Tune Protect provides various insurance policies for its Malaysian customers. It has home insurance, health insurance, travel insurance, sports insurance, etc.
Z-Travel Takaful
Zurich Takaful has been a leading provider of travel insurance in Malaysia for the past 30 years. With our wide range of plans, we offer all the protection you need, from single trip insurance to annual multi-trip plans.
All these companies listed above have special coverages for Covid-19. So, if you are looking for the best travel insurance for covid, you can look into these companies’ websites. They have a variety of plans you can choose from. These companies also have good customer support to provide you with all the information that you need.
However, some countries still have covid-19 restrictions. Travelling to any country requires you to maintain some rules. Covid testing is mandatory in almost every country.
Best Travel Insurance That covers worldwide
SafetyWing Insurance
SafetyWing Nomadic travel insurance covers you wherever you go. If you are a digital nomad, you need to make sure that you have travel insurance that can cover your location independently of your destination.
SafetyWing travel coverage has more than one million travellers in more than 175 countries worldwide. They are now offering covid 19 coverage on their plans, which is essential for many digital nomads.
Cat 70
Cat 70 is a travel insurance policy that covers you for any injury or sickness that prevents you from travelling as planned. It’s one of the most popular policies, mainly because it offers great value for money and extensive cover.
AXA Assistance USA
AXA Assistance USA is one of the best travel insurance companies in the market. It offers a variety of plans to meet your needs, and has an A+ rating with the Better Business Bureau.
John Hancock Insurance Agency
John Hancock has been offering travel insurance since 1982 and provides coverage for trips worldwide. The company offers a variety of policies that vary by length and coverage amount, so you can choose the one that’s right for you.
John Hancock is one of the oldest and most respected insurance companies in the United States. Founded in 1862, John Hancock offers a full range of insurance products to individuals, businesses and institutions.
Nationwide
Nationwide Travel Insurance is designed to give you the flexibility and freedom to enjoy your trip without worrying about the cost of your trip being affected by unforeseen circumstances. They offer a range of benefits and features to help protect you against illness, injury, theft and more while travelling abroad.
Seven Corners
Seven Corners is a renowned travel insurance company located in the USA. This company provides trip insurance, travel medical insurance, student travel insurance, annual, visitor, and group travel insurance. The trip insurance covers non-refundable trip expenses due to cancellation, delay and interruption, baggage delay/loss, medical expenses, and medical evacuation. This package also includes Covid-19 coverage.
GoReady (formerly April)
GoReady provides an all-inclusive coverage plan at an affordable price. The company offers emergency medical, lost luggage and trip cancellation protection at a low cost.
Tin Leg
The Tin Leg travel insurance scheme is a unique insurance scheme for people with mobility problems. It provides cover to help people with a disability or medical condition who want to go on holiday.
Trawick International
Trawick International is a travel insurance company that provides affordable and comprehensive travel insurance plans to travelers worldwide. It offers the best coverage with peace of mind at an affordable price.
World Nomads
World Nomads is a group of global citizens who started their journey in 2002. They have done everything possible to make every traveller’s travel experience worthwhile. They have easy travel insurance policies for every traveller worldwide. This company is mostly favourable to adventure-loving travellers. If you are one of them, please check out their website to find the best travel insurance deal for yourself.
Insure My Trip
This award-winning company provides you with the right travel insurance plan for your trip. They have three types of Covid-19 coverages- Cancellation due to diagnosed illness before travelling, emergency medical care if you become ill while travelling, and accommodation coverage if quarantined at your destination.
HTH Travel Insurance
Founded in 1997, HTH Worldwide provides different travel medical coverage, including single-trip and annual trips. They also have special coverages for students. The full form of HTH is Highway to Health. It is the most trusted worldwide travel insurance company.
According to Jersey Island Holidays, 38% of USA citizens use travel insurance. Many countries in Europe have marked travel insurance as a prerequisite for travellers. So, like every other insurance, travel insurance is equally important.
You always think about insuring your houses and vehicles. Then why do you lag behind when it comes to buying travel insurance? Always choose the right travel insurance company for a great travel experience.
Disclosure: Please keep in mind that some of the above links are affiliate links. As a result, when you make a purchase, we may earn a small commission at no extra cost to you. The price remains the same for you, and in some cases is even lower if we have negotiated a special deal for our readers. We use all of the companies listed here, which is why they're on this list, but we also need to keep The Simple Travel Blog running as smoothly as possible, which is exactly what you're doing if you buy or book something through an affiliate link! If you have any further questions about the companies we work with or any other companies you're considering, please email us, and we'll be happy to assist. For more information, please see our full disclaimer page.