Travel Insurance By The Hour: How Income's New Travel Plan Works
Travel insurance is a must for any air travel these days because anything can happen. It’s important to ensure that you and your loved ones are protected while travelling.
What about shorter trips, such as those to destinations in ASEAN and Asia?
Based on a survey Income Insurance conducted with 500 people in Singapore, some reasons why travellers on short trips typically do not purchase insurance include the fact that they deem these trips as being less risky than air travel hence not needing travel insurance, or that existing travel insurance offerings are costly for short trips.
Short Trips vs Longer Trips
While air travel is the default for longer trips, for shorter trips to destinations near Singapore like Malaysia, Batam or Bintan, the common options are often land and sea travel.
While travelling by land and sea may mean not having to worry about delayed flights, cancelled flights and more, other risks such as losing your valuables, falling ill, and more are present even for these short trips.
Furthermore, with the COVID-19 pandemic heightening awareness of the need for travel insurance to protect travellers from unexpected expenses that may arise from unforeseen circumstances before and during their travels, Income sees a need for a more flexible and affordable way of obtaining travel insurance for short trips to nearby destinations via land or sea.
For this, a flexible insurance plan is the key. This is especially so since the length of your trip could fluctuate for such trips. Perhaps traffic is better than usual and you arrive in Singapore ahead of time. Or perhaps you decide to extend your stay for another day. This is where Income’s FlexiTravel Plus Insurance is suitable for your short trips!
For longer trips, it’s clear that traditional travel insurance would be your best bet but what about short trips like day trips or ones that last a day and a half? Wouldn’t it be great if there was a travel insurance option that allows you to add or reduce your insurance coverage down to the hour? It’s now possible with our new FlexiTravel Plus Insurance plan!
FlexiTravel Plus Insurance vs Travel Insurance: Key differences
If you’re heading to ASEAN or Asia for a short trip, you can consider buying a FlexiTravel Plus Insurance plan that protects you by the hour.
To illustrate the differences between FlexiTravel Plus and Travel Insurance plans available via Income Insurance, here’s a breakdown.
| Plans | FlexiTravel Plus Insurance | Travel Insurance |
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| You may purchase FlexiTravel Plus up to 8 hours after you have departed Singapore. For a policy purchased with the post-departure extension, the coverage period must be at least 24 hours | You may purchase Travel Insurance up to 2359h of the next day after you have departed from Singapore | |
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Conclusion
Whether you’re visiting family in Asia or just heading to the beach in Batam, it’s now possible to be covered for short trips for as little as $1.80 with FlexiTravel Hourly Insurance. Download My Income app to find out more. You can also connect with us to find out more about FlexiTravel Plus Insurance.
^ Sports equipment does not mean or include any accessories that are not necessary for performing the sports activity or any motorised equipment.
1 You must sign up for the coverage prior to leaving Singapore, except if the post-departure purchase extension under Section 25 applies, and end your coverage upon arrival in Singapore through My Income app. If you are intending to make a claim under Section 6 Shortening your trip, you are not to shorten your trip through the My Income app, as your period of insurance needs to include the whole duration of your original trip.
This article is meant purely for informational purposes and does not constitute an offer, recommendation, solicitation or advise to buy or sell any product(s). It should not be relied upon as financial advice. The precise terms, conditions and exclusions of any Income Insurance products mentioned are specified in their respective policy contracts. Please seek independent financial advice before making any decision.
These policies are protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact Income Insurance or visit the GIA/LIA or SDIC websites (www.gia.org.sg or www.lia.org.sg or www.sdic.org.sg).
This advertisement has not been reviewed by the Monetary Authority of Singapore.
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