• Travel Insurance Philippines

    Wanderlust is the new buzzword these days. Travelling around the world is something that is gaining momentum day by day. Whether it is for business, pleasure or just indulge the adventurous streak in them, visiting different places is the new fad.

    Thanks to an economy that is high performing and due to increased connectivity, more people are investing in creating memories for a lifetime and experiencing the thrills and newness of exotic destinations.

    But every new experience comes with its share of apprehensions and daunting prospects of the unknown. Medical emergencies, delayed or lost baggage, delayed flights are some of the issues that can make the most experienced of travellers wary. However, life is not fun without some adventure and these issues only result in making travel experiences more memorable.

    But customers need not have sleepless nights due to these issues as they can always rely on travel insurance. Easy to avail, helpful and economical, travel insurances are the go-to option for customers who wish to travel without worrying about the usual hassles that plague almost all travellers.

    What is Travel Insurance?

    Before diving head-on into the world of travel insurance, it is imperative to know what travel insurance actually is. It is not rocket science and as the name suggests, it is a plan that provides coverage and acts as a security blanket against the various problems and issues that may affect customers during their travels ranging from medical concerns to baggage issues. Travel insurance is a type of insurance that covers all the expenses that occur while travelling within the country or outside. Travel insurance address problems and concerns regarding the above and provides solutions thus enabling customers to enjoy their journey all the more.

    There are numerous companies within the Philippines that provide a number of premium offers and covers. The most common issues that these insurance schemes cover are expenses related to medical requirements, loss of property or death due to an accident. These insurance schemes can be procured on the basis of the number of days that the trip lasts for (ranging from a minimum of three days up to 180) or even per year which is perfect for those who travel frequently.

    What are the hassles commonly covered by Travel Insurance schemes?

    As mentioned previously, within the Philippines, the most commonly covered issues are usually medical related or that regarding baggage. The following points will shed more light on the same -

    • Accident or Medical Expenses
    • Prevention is better than cure. However, not all things can be prevented catastrophes and accidents occur despite our best and careful intentions to avoid them. Vehicular accidents or medical issues may occur as unexpectedly as the next meteor shower and it would seem like there could be nothing done. But, this is exactly where travel insurance comes to the rescue. Travel Insurance schemes provide coverage for medical and accident related concerns and expenses. Travelers who are insured against these can now have a worry free journey.

    • Delay or cancellation of flight
    • Unless travelers own the flights they travel in, grievances regarding flight delay and cancellations are pretty much beyond everyone’s control. These issues throw the entire schedule of the journey out of track and is hard to make up for the same. Which is why, travel insurance schemes have this issue covered. Expenses related to this may be either additional expenses for flights that are replaced, accommodation and others. These costs are paid by the insurance policy. Additional expenses may be compensated for depending on the scheme itself.

    • Loss or theft of valuables
    • It is never pleasant to lose things especially those that are very valuable. Combine the same with excursion abroad, it is every traveler’s personal nightmare. These losses are also usually compensated by the insurance scheme to spare customers from undergoing the exhaustive and sometimes futile attempts to track their belongings.

    • Repatriation
    • Repatriation occurs when a person is returned to his/her homeland. this can occur in the cases of military emergencies and death of the traveler among other causes. Travel insurance policies usually cover this aspect so that the family members of the person travelling can be spared all related expenses and concerns.

    These are some of the common issues that are covered by most travel insurance policies. However, customers must ensure that they select the scheme that is most suited to their individual needs and travel requirements. A comparison of the various schemes available are recommended.

    In addition to the above, some of the other issues that are generally covered are trip cancellations, trip interruptions , medical conditions that are pre existing and so on and so forth.

    What are the different types of Travel Insurance policies available?

    There are many kinds of travellers today, those who travel frequently on business, those who travel often for pleasure, and those who only travel if necessary. This is one of the best aspects of travel insurances, there is a plan for everybody. Some of the more common policies that are available are -

    • Travel Insurance for a Single Trip
    • As the name suggests, this policy is valid for one trip. These policies can be utilised by a single person or by entire family as well by purchasing these prior to going on the trip. This is ideal for those who travel very infrequently, however it is quite expensive if customers procure this every time they travel.

    • Travel Insurance for a Multi Trip Annual
    • This is ideal for those who plan to travel more than twice a year. This provides coverage for a set number of trips per year and is therefore more economical as compared to the insurance package that provides coverage for a single trip at a time. The number of trips and duration is dependent on the policy’s terms and conditions. There are also limits imposed on the number of foreign trips that are covered under this policy.

    • Travel Insurance Worldwide
    • This type of a policy covers trips that are taken all over the world. It is also available as an annual cover. This policy is suitable for those who frequently travel all over the world frequently.

    Other common insurance policies available are family trip insurance policies, group travel insurance policy and so on. Certain countries have specific policies for their countrymen based on the age, economic factors or the profession such as for backpackers, those over the age of 65 and so on.

    Features and Benefits of Travel Insurance in the Philippines

    Within the Philippines, customers can procure a travel insurance package for P22 for a trip lasting over three days. Coverage of a maximum of P100,000 can be procured for death, accident, medical expenses or loss of property among others.

    In case customers are travelling for a longer distance then a higher premium might be required. more the premiums, higher is the coverage.

    Other benefits include monetary compensation for almost every problem that customers can think of, that might occur during their travels. These benefits vary based on the coverage but medical coverage is one of the most common ones available. Trip cancellation and delay is also covered. But the most important benefit is the peace of mind that customers get upon procuring an insurance plan as they can enjoy their travel without worrying about anything as the insurance plan will take care of those issues and hassles.

    Tips on Choosing the Most Suitable Travel Insurance Plan

    Customers in the Philippines are spoilt for choice when it comes to selecting Travel Insurance policies. With a number of players in the market, there are many different types of insurance plans and offers available. Instead of worrying over selecting from the dizzying array of choices, customers can follow some of the tricks mentioned below and choose the best choice for themselves.

    • Review and Research
    • These two words should be every customer’s holy grail while looking for insurance options. The first option that is looked out is not always the best. There may be better options out there, with more policies and advantages. therefore, customers are urged to look around, ask others and compare insurance options before committing to a particular scheme.

    • Review other insurance schemes
    • In addition to researching while procuring insurance schemes, customers need to also check if their existing insurance plan covers certain options, especially the health related ones during travel and save themselves some money while availing a travel insurance scheme.

    • Check for worldwide affiliates of the travel insurance company
    • This is necessary because problems can affect travelers at any time anywhere. Therefore, in case the insurance company has affiliates abroad, customers will be able to contact them in case of an emergency. This will be immensely helpful to all customers.

    • Check the eligibility criteria
    • Prior to procuring the travel insurance scheme, customers must assess their eligibility criteria for themselves and opt for the scheme that is most suited to them.

    • Read all documents and fine print and keep the emergency details of the company
    • Documents may seem like a time consuming item to read but fine print in any document contains extremely important information. Customers will also have an idea of the activities that are not covered by the insurance policy and any additions that are actually not necessary. In addition to this, customers should also keep the contact details of the insurance company in case of emergency.

    Leading Travel Insurance Providers in the Philippines

    There are a number of financial companies that provide premium travel insurance schemes in the Philippines. Some of the leading providers are -

    • BDO Travel Insurance
    • Banco de Oro is one of the largest banks in the Philippines and is part of the SM Group of Companies founded by Henry Sy. It is headquartered in Manila and was established in 1968. BDO provides premium services and products such as insurance, loans, credit and debit cards.

      The Travel Insurance scheme by Banco de Oro is designed to allow customers to enjoy their travels without worrying about issues such as delay in flights, loss of baggage, cancellation of trips and medical expenses among others. The insurance plan is economical and quick to avail hence is one of the more popular insurance schemes out there.

    • BPI Travel Care Insurance
    • One of the foremost and oldest banks operating in the Philippines, Bank of the Philippine Islands which is more commonly known as BPI is also one of the most profitable banks in the country. It was established in 1851 and is currently a part of the Ayala Corporation. Although it was founded in Manila, it is currently headquartered at Makati and is also one of the pioneers of rural banking within the Philippines. Amongst its various offerings, travel insurance is one of the most sought after. The Travel Care Insurance by Bank of the Philippines Islands offers a number of benefits tailor made to suit each and every traveler. Advantages include coverage against most types of hospital expenses, death and disablement, loss or misplacement of luggage, reimbursement for non refundable expenses, flight delay, hijacks and so on.

    • Citi Travel Master Plan
    • One of the largest commercial banks within the Philippines, Citi Philippines which is the Philippines branch of Citibank was one of the first to offer wealth management services. A predecessor of Citibank, the International Banking Corporation opened its first branch in 1902 in Manila. Citi Philippines offers a number of popular services ranging from loans to credit cards to insurance.

      The Travel Master Plan by Citi Philippines is a travel insurance policy that is convenient, quick to avail and has a whole host of benefits such as economical payment, coverage against the usual hassles such as loss and delay of baggage, medical necessities and personal liability. Customers have the option of choosing from three plans which are the Travel Master Global, Travel Master Asian and Travel Master Local based on the destination they wish to travel to, duration, number of travelers. The most advantageous aspect of this plan is the claims process which is extremely simple and easy to do.

    • MAPFRE Travel Insurance
    • One of the earliest entrants into the insurance segment, MAPFRE provides a number of insurance policies that fall into the non life category.This company was formed as a joint venture between Insular Life Assurance Co. LTD., and MAPFRE from Spain.The Travel Assist Insurance is one of its primary offerings and takes care of all the hassles that occur during travelling.

      Some of the features include coverage against medical expenses, baggage loss, trip cancellation, etc. Based on the destination of travel, customers can choose between International Travel Insurance and Domestic Travel Insurance. Insured members who are below the age of 80 are eligible to procure this option.

    • ACE Travel Insurance
    • ACE Insurance Philippines is a subsidy company of the ACE Group of Companies which is one of the most prominent casualty and multi-line property insurers in the world. They provide Health and Personal Insurance, Health and Accident Insurance, Casualty and Property Insurance. Customised services are also provided. Travel Insurance policies are also offered with certain fantastic benefits and features. Coverage is provided against common travel grievances such as loss or delay of baggage, medical concerns, hospitalization, travel cancellation or delay, personal accident and so on.

    • AIG Travel Insurance
    • AIG is one of the more popular insurance companies with more than 88 million customers and has presence in over 100 countries across the world. Since its start in 1920, AIG has become one of the foremost providers of insurance around the world and within Philippines. As part of its Travel Insurance portfolio, AIG provides a number of options that is necessary for every traveller. These plans include Travel Guard Domestic, Travel Guard Student Assist, Travel Guard Standard and Enhanced, Travel Guard Annual Business. Basic benefits include protections against medical expenses, baggage loss or delay, trip cancellation among others.

    • HSBC Single Trip Travel Insurance
    • One of the most well-known banks in the world, the Hongkong and Shanghai Banking Corporation and was founded in 1865 and is a founding member of the HSBC Group of Banking and Companies. Numerous services such as loans, cards, insurance is offered as part of its banking portfolio and is currently the largest bank in Hongkong.

    The Single Trip Travel Insurance provides customers with cover against issues such as baggage delay, loss of baggage, flight delay, medical issues, evacuation, repatriation expenses and others. Customers can travel abroad for as low as P284 and payment is done against the customer’s HSBC credit card.

    Frequently Asked Questions (FAQs)

    1. What are the common travel related concerns that insurance policies provide cover against?
    2. The most common grievances include loss or delay of baggage, trip cancellations, medical concerns and emergency evacuations.

    3. What are the different types of policies that are available?
    4. The different types of policies available are insurances for a single trip, insurances for multi trips, insurance for trips worldwide among others.

    5. How can customers choose the most suitable travel plan?
    6. Customers need to adhere to the following steps so that they choose the most suitable insurance plan-

      • Review and research
      • Review other insurance claims
      • Check for worldwide affiliates of the travel insurance company
      • Check the eligibility criteria
      • Read all documents and fine print and keep the emergency details of the company
    7. Who are the leading travel insurance providers in the Philippines?
    8. The leading travel insurance providers in the Philippines are -

      • BDO Travel Insurance
      • BPI Travel Care Insurance
      • Citi Travel Master Plan
      • Bluecross Travelsafe Insurance
      • MAPFRE Travel Insurance
      • ACE Travel Insurance
      • AIG Travel Insurance
      • HSBC Travel Single Trip Travel Insurance
    9. Can travel insurance policies be availed based on the duration of travel?
    10. Yes, travel insurance policies can be availed based on the duration of the trip.

    Travel insurances are security blankets against unexpected grievances that affect customers while travelling. There are a plethora of options for customers to choose from and by following the tips mentioned above, customers can procure the scheme that is most suited to their travel necessities.

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