Tuesday, 30 December 2008

Best Travel Insurance

Comment from my article "Travel Insurance"

"Hi Eng Peng, good point about the need for travel insurance! Thanks for sharing. There are many travel insurances available in the market. Will you be willing to share more on the other aspects that we should evaluate on to determine which is the most appropriate insurance for our travel needs? Cheers! LeroyBlogsite: http://www.leroyang.blogspot.com/"

In response to one of my reader's comment, I decided to post a follow up article on the most appropriate travel insurance to consider.

In my personal opinion, the most important aspect to evaluate is the level of service in term of claim. Meaning speedy in response and the thoughtfulness in arranging emergency evacuation e.g. my mom's case. In my experience dealing with many travel insurer, I find the the following insurer are the better one and value for money (click to view brochure):

1. AIG Assist
2. Tenet TravelJoy
3. AXA SmartTraveller

Many times people ask me for a comparison but I must say there is always no apple to apple comparison in most cases. Insurer will always have a few features or benefits that are different to cater to their target market and that is one of the reason why they charge different premium.

For example, AIG has a special service call RED24 which is a world leading personal security advice and response provider. By monitoring worldwide security activity, their services provide the advice required to keep their members and loved ones safe at home and abroad. More detail can be found in their website below:

http://srvb.red24.info/affiliate/aigintl/about.php

Tenet is the leader in benefit innovation which many insurer take as reference. They are the first NATAS approved travel insurer (The current NATAS approved travel insurer is AIG) and first travel insurer to shorten the claim for Baggage Delay, Travel Delay and Flight Deviation from 12 hours to 6 hours. They are also one of the first to have Full Terrorism coverage and Unlimited coverage for Emergency Evacuation. If you wish to cover amateur sport, then Tenet TravelJoy is your choice as they offer extension coverage on hot-air ballooning, para-sailing, white-water rafting, snow-skiing and underwater activities which most insurer will exclude.

AXA offer the best value for money in term of their annual plan.

In conclusion:
Tenet will be my first choice of insurer if travelling Asia Pacific and the more develop countries follow by AIG for more exotic countries like Cambodia, Egypt etc. For frequent traveller that travel at least 4 times a year with minimum one week duration then AXA annual plan is the best choice. However, do not just take my words as you should always read the policy wording just like reading the prospectus of unit trust before you buy. You can find their policy wording in the following links:

1. Policy Wording for AIG Assist
2. Policy Wording for Tenet TravelJoy
3. Policy Wording for AXA SmartTraveller

You will also find the following link useful on the document require for Travel Claim provided by AIG:

Travel Claim Important Notice

***Revision Note***

- AIG Assist has been rename to Chartis Travel Guard (For simplicity purpose, only links was updated leaving the original blog post untouched)

P.S. Information for travel insurance changes from time to time. Please help us to maintain up-to-date information by leaving me a comment if there is any broken links or any of the information is not updated.


2 comments:

Leroy said...

Eng Peng,

Thanks for sharing more on this topic. It's insightful and comes with experience and relevance.

Keep sharing ya. CheerS!

Leroy
Blogsite: www.leroyang.blogspot.com

Russell Cavanagh said...

Quality advice, thanks. Never been to your part of the world and now I know how to deal with the uncertainties of traveling there!

All the best!

Disclaimer:

All postings are personal views and opinions meant solely for educational or informational purposes and not to be taken as formal advice. Please contact a qualified / accredited person or organization whom is capable of answering your questions about the respective topics you are keen to find out in further details. Certain information may change from time to time and may not be true or updated by the time you come across it here. You are advised to counter-check information for its accuracy before even reaching a conclusion of your own. -Best viewed using Mozilla Firefox-