Cheap travel insurance can be a double-edged sword. On the one hand, it hurts to be paying for the what if’s, especially if you’re going on a budget trip.
On the other hand, you may as well not have any insurance at all if you choose the wrong provider.
To help you decide, we’ll outline:
- Pricing to Value. We’ll look at all the budget-friendly travel insurance plans and compare the value that each offers.
- Coverage. Check out the fine print on things like trip inconveniences. These are the little details that can result in a huge hassle, especially if you’re on a short trip and tight wallet.
- Responsiveness & Ease of Claims. The real test is when you have to make a claim. Don’t just look at the coverage and pricing. Check out the insurer’s reputation for customer service as well.
- Promotional Offers. These change from time to time, but we’ll mention any available.
Cheapest Insurance Plans for Travel: Which of These Are Worth Their Premiums?
For reference, we’ve used a hypothetical trip to Australia. Only plans under $40 for a weeklong trip qualified for our list of cheapest travel insurance.
We then sorted these packages by starting prices (accurate as of 12 Mar 2023):
| Insurer | Overseas Medical Coverage | Trip Cancellation | Flight Delays | Starting Price (APAC Region) |
|---|---|---|---|---|
| Tiq by Etiqa | $200,000 | $5,000 | $300 | $25.80 |
| DirectAsia | $200,000 | $10,000 | $1,000 | S$29.40 |
| Bubblegum | $150,000 | $5,000 | $400 | $30.44 |
| Starr | $200,000 | $5,000 | $500 | $31 |
| FWD | $200,000 | $7,500 | $300 | $32.40 |
| Grab | $150,000 | $5,000 | N/A | $35.70 |
| ERGO | $200,000 | $10,000 | $1,000 | $36 |
We’ll dig into the details for each of these insurers next.
1. Tiq by Etiqa
Tiq by Etiqa
A member of the Maybank Group, Etiqa Insurance offers a range of insurance products, including travel insurance, car insurance, and personal accident insurance.
It’s won several awards, including TripZilla’s Excellence Award for Best Travel Insurance in 2022, Best Online Buying Experience, and Most Popular Travel Insurance Company.
| Entry | Savvy | Luxury | |
|---|---|---|---|
| Pricing (Week) | $25.80 | $40.20 | $51.00 |
| Overseas Medical Expenses | $100,000 | $200,000 | $300,000 |
| Singapore Medical Expenses | – | $7,500 | $10,000 |
| Emergency Medical Evacuation | $200,000 | $400,000 | $500,000 |
| Overseas COVID-19 Quarantine Allowance | $500 ($100/day) | $1,000 ($100/day) | $1,500 ($100/day) |
| Overseas Hospital Income | $5,000 ($200/day) | $10,000 ($200/day) | $20,000 ($200/day) |
| Singapore Hospital Allowance | $500 ($50/day) | $1,000 ($100/day) | $1,500 ($100/day) |
| Travel Curtailment | $3,000 | $4,000 | $5,000 |
| Trip Cancellation and Loss of Deposit | $5,000 | $5,000 | $10,000 |
| Loss/Damage to Personal Effects | $2,000 ($250/article, $1,000/laptop) | $2,000 ($250/article, $1,000/laptop) | $3,000 ($250/article, $1,000/laptop) |
| Baggage Delay | $200 ($100/6 hours) | $200 ($100/6 hours) | $200 ($100/6 hours) |
| Trip Delay | $300 ($50/3 hours) | $300 ($50/3 hours) | $500 ($50/3 hours) |
| Flight Diversion | $300 ($100/6 hours overseas) | $300 ($100/6 hours overseas) | $500 ($100/6 hours overseas) |
| Accidental Death and Disablement | $150,000 | $300,000 | $500,000 |
| Pre-Existing Conditions? | Not Covered | Not Covered | Not Covered |
| Rental Car Excess | Optional add-on | Optional add-on | Optional add-on |
Pricing to Value?
Considering its wallet-friendly prices, we’d say Tiq’s coverage is more than adequate for short trips. Of noteworthy mention is the trip delay compensation: the industry average is per 6 hours of delay, but Etiqa offers compensation per 3-hour interval.
Note though: Etiqa keeps its pricing low by not including automatic COVID-19 coverage. You’ll have to pay for a separate add-on instead.
Responsiveness & Ease of Claims
Etiqa has had largely positive reviews from past customers, even for COVID-19 related claims. Most appreciate the company’s competitive pricing and coverage.
Many note that the travel insurance policies are easy to purchase online and that claims have been straightforward and efficient. Some customers have reported that they received reimbursement quickly and without hassle.
However, like any insurance company, Etiqa has also received a few negative reviews. Some customers have complained about the limitations and exclusions of the policies, such as not covering certain pre-existing medical conditions or adventurous activities like bungee jumping.
Promotions:
Receive an Apple AirTag worth S$45 with no minimum premium
Promotion Criteria:
- Promotion valid until 25 March 2024. Click to apply.
2. DirectAsia
DirectAsia
You’ve probably seen DirectAsia’s many ads for car insurance. Question is, how good are their travel insurance policies?
| DA 150 | DA 200 | DA 500 | |
|---|---|---|---|
| Pricing (Week) | $26.25 | $29.40 | $42.00 |
| Overseas Medical Expenses | $150,000 | $200,000 | $500,000 |
| Singapore Medical Expenses | $5,000 | $10,000 | $25,000 |
| Emergency Medical Evacuation | $1,500,000 | $1,500,000 | $1,500,000 |
| Overseas COVID-19 Quarantine Allowance | – | – | – |
| Overseas Hospital Income | – | – | – |
| Singapore Hospital Allowance | – | – | – |
| Travel Cancellation and Curtailment | $3,000 | $10,000 | $15,000 |
| Loss/Damage to Personal Effects | $1,000 ($50/article) | $3,000 ($50/article) | $5,000 ($50/article) |
| Baggage Delay | $1,000 ($200/6 hours) | $3,000 ($200/6 hours) | $5,000 ($200/6 hours) |
| Trip Delay (including Diversion) | $1,000 ($100/6 hours) | $1,000 ($100/6 hours) | $1,500 ($100/6 hours) |
| Accidental Death and Disablement | $100,000 | $300,000 | $500,000 |
| Pre-Existing Conditions? | Not Covered | Not Covered | Not Covered |
| Rental Car Excess | $1,500 | $1,500 | $1,500 |
Pricing to Value?
For starters, DirectAsia’s trip inconvenience coverage seems inadequate. If your personal effects are lost or damaged, they’ll only cover up to $50 per article by default. (In comparison, FWD and Starr offer $400 per article, while ERGO offers $500.)
And while DirectAsia covers extreme sports, this is only available on their annual policies. COVID-19 coverage, meanwhile, is only for single trip policies. In other words: you can’t have both extreme sports and COVID-19 coverage. [Full policy wording]
You also won’t get a quarantine allowance or hospital allowance in the event you catch the virus while travelling.
Responsiveness & Ease of Claims
DirectAsia’s reputation for travel insurance isn’t great; they seem to do well with car insurance claims, but not so much for travel ones. Most report their customer service being slow and unresponsive.
Promotions:
Receive an Apple AirTag worth S$45 with no minimum premium
Promotion Criteria:
- Promotion valid until 25 March 2024. Click to apply.
3. Bubblegum
Bubblegum is underwritten by Starr Insurance, so whatever you’ve heard about Starr also carries over for Bubblegum. While their website looks friendly, their policy wording leaves much to be desired: it’s unclear how much coverage you’ll get per article for lost/damaged personal effects, for example.
| Bubblegum Plan | |
|---|---|
| Pricing (Week) | $29 |
| Overseas Medical Expenses | $150,000 |
| Singapore Medical Expenses | $6,500 |
| Emergency Medical Evacuation | Unlimited |
| Overseas COVID-19 Quarantine Allowance | – |
| Overseas Hospital Income | $1,400 ($100/day) |
| Singapore Hospital Allowance | – |
| Travel Cancellation and Curtailment | $5,000 (up to $600 for COVID-19) |
| Loss/Damage to Personal Effects | $3,000 (except mobile phones) |
| Baggage Delay | $400 ($100/6 hours) |
| Trip Delay | $400 ($100/6 hours) |
| Accidental Death and Disablement | $150,000 |
| Pre-Existing Conditions? | Not Covered |
| Rental Car Excess | Not Covered |
Pricing to Value?
The nice thing about Bubblegum’s policies is that adventurous activities like scuba diving, skiing, and hot air ballooning are covered. You’ll also get automatic COVID-19 coverage, though this doesn’t extend to a quarantine allowance.
Notably, loss of or damage to your mobile phone isn’t covered under the policy.
Responsiveness & Ease of Claims
Bubblegum doesn’t have many customer reviews, so take this with a grain of salt.
The few reviews there are of Bubblegum are a bit hit-and-miss. On the one hand, their own customer support staff seem accommodating and helpful; on the other hand, claims can be slow (or go totally unanswered) because of Starr Insurance’s reputation for unresponsive customer service.
Promotions:
None at the moment.
4. Starr
Starr Travelead
Starr’s TraveLead Insurance is an option that often comes up for budget travellers. But apart from the affordability and flexibility, most are better off paying slightly more for insurers with a better track record.
Starr Insurance doesn’t have the greatest reputation, to say the least. Run a quick search and you’ll see a whole slew of customer reviews that tell you to avoid them like the plague. But let’s see if there’s anything else to them:
| Bronze | Silver | Gold | |
|---|---|---|---|
| Pricing (Week) | $34 (with add-on) | $44 (with add-on) | $57 (with add-on) |
| Overseas Medical Expenses | $200,000 | $500,000 | $1,000,000 |
| Singapore Medical Expenses | $15,000 | $20,000 | $50,000 |
| Emergency Medical Evacuation | Unlimited | Unlimited | Unlimited |
| Overseas COVID-19 Quarantine Allowance | – | – | – |
| Overseas Hospital Income | $5,000 ($200/day) | $10,000 ($200/day) | $15,000 ($200/day) |
| Singapore Hospital Allowance | – | – | – |
| Travel Cancellation and Curtailment | $5,000 (not covered for COVID-19) | $10,000 ($250 for COVID-19) | $15,000 ($500 for COVID-19) |
| Loss/Damage to Personal Effects | $3,000 ($400/article, $1,400/laptop) | $5,000 ($400/article, $1,400/laptop) | $7,500 ($400/article, $1,400/laptop) |
| Baggage Delay | $400 ($100/6 hours) | $800 ($100/6 hours) | $1,200 ($100/6 hours) |
| Trip Delay | $500 ($100/6 hours) | $600 ($100/6 hours) | $800 ($100/6 hours) |
| Flight Diversion | $500 ($100/6 hours) | $1,000 ($100/6 hours) | $1,500 ($100/6 hours) |
| Accidental Death and Disablement | $150,000 | $300,000 | $500,000 |
| Pre-Existing Conditions? | Not Covered | Not Covered | Not Covered |
| Rental Car Excess | $500 | $1,000 | $1,200 |
Pricing to Value?
Firstly: Starr’s plans don’t include baggage coverage by default. The weekly prices quoted include the add-on you’ll need for this.
Other than that though, their trip inconvenience coverage looks higher than average. Laptops are covered up to $1,400 (where $1,000 is the norm) and you’ll get rental vehicle excess included in all the plans.
Golfing equipment, cruises, and adventurous activities are separate purchasable add-ons.
Responsiveness & Ease of Claims
Most insurance companies have a mix of positive and negative reviews. Starr, unfortunately, seems to be a provider that consistently garners negative reviews.
There are many reports of customer support not picking up their calls, and even more of claims submissions going unanswered. In one instance, a reviewer said that it had been six months and he’d yet to hear from them about the status of his claims.
Promotions:
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5. FWD
FWD
Headquartered in Hong Kong, FWD has grown popular in recent years for its low-cost, easy-to-purchase insurance plans. They’ve been rapidly expanding in the Southeast Asian region and currently offer a range of car, travel, maid, and life insurance via their digital platforms (web and mobile).
| Premium | Business | First | |
|---|---|---|---|
| Pricing (Week) | $32.40 | $50.40 | $63.60 |
| Overseas Medical Expenses | $200,000 | $500,000 | $1,000,000 |
| Singapore Medical Expenses | $6,000 | $15,000 | $30,000 |
| Emergency Medical Evacuation | Unlimited | Unlimited | Unlimited |
| Overseas COVID-19 Quarantine Allowance | $700 ($50/day) only with add-on | $700 ($50/day) only with add-on | $700 ($50/day) only with add-on |
| Overseas Hospital Income | $5,000 ($200/day) | $8,000 ($200/day) | $10,000 ($200/day) |
| Singapore Hospital Allowance | $1,000 ($100/day) | $1,200 ($100/day) | $1,500 ($100/day) |
| Travel Curtailment | $5,000 | $10,000 | $15,000 |
| Travel Cancellation | $7,500 | $10,000 | $15,000 |
| Loss/Damage to Personal Effects | $3,000 ($400/article, $1,000/laptop) | $5,000 ($400/article, $1,000/laptop) | $7,500 ($400/article, $1,000/laptop) |
| Baggage Delay | $150 ($150/6 hours) | $600 ($150/6 hours) | $900 ($150/6 hours) |
| Trip Delay | $300 ($100/6 hours) | $500 ($100/6 hours) | $1,000 ($100/6 hours) |
| Flight Diversion | $500 ($100/6 hours) | $1,000 ($100/6 hours) | $1,500 ($100/6 hours) |
| Accidental Death and Disablement | $200,000 | $300,000 | $400,000 |
| Pre-Existing Conditions? | Not Covered | Not Covered | Not Covered |
| Rental Car Excess | – | $500 | $1,000 |
Pricing to Value?
FWD is a little pricier compared to the other cheap travel insurance plans, especially when you consider that COVID-19 coverage isn’t automatic. The add-on will cost another $19 or so, which means it’s not quite “cheap travel insurance” anymore.
That said, the add-on does come with a COVID-19 quarantine allowance (which the previous few providers didn’t offer), and the base plan itself also includes a hospital allowance for both overseas and locally.
Responsiveness & Ease of Claims
Perhaps what makes FWD’s pricing more worth it is their largely positive track record. Of the thousands of reviews online, most report a good experience with the company, whether it’s with the initial purchasing process via the app/website or with their customer support staff.
Promotions:
Receive 8 Max Miles for every dollar spent or score an Airalo eSIM with up to 1GB data (minimum premium S$60) + Receive an Apple AirTag worth S$45 with no minimum premium
Promotion Criteria:
- Promotion valid until 25 March 2024. Click to apply.
6. Grab
Underwritten by Chubb, Grab’s insurance policies are straightforward. You’ll pay $3.90 per day to travel in the ASEAN region, $5.10 for the APAC region, and $10 worldwide (minus Cuba). There’s no tiering for their policies: what you see is what you get. [Policy wording]
| ASEAN | APAC | Worldwide (excluding Cuba) | |
|---|---|---|---|
| Pricing (Week) | $27.30 | $35.70 | $70 |
| Overseas Medical Expenses | $150,000 | $150,000 | $150,000 |
| Singapore Medical Expenses | – | – | – |
| Emergency Medical Evacuation | Unlimited | Unlimited | Unlimited |
| Overseas COVID-19 Quarantine Allowance | $1,400 ($100/day) | $1,400 ($100/day) | $1,400 ($100/day) |
| Overseas Hospital Income | $1,400 ($100/day) | $1,400 ($100/day) | $1,400 ($100/day) |
| Singapore Hospital Allowance | – | – | – |
| Travel Curtailment | $5,000 | $5,000 | $5,000 |
| Travel Cancellation | $5,000 | $5,000 | $5,000 |
| Loss/Damage to Personal Effects | $3,000 ($150/article, $1,000/laptop) | $3,000 ($150/article, $1,000/laptop) | $3,000 ($150/article, $1,000/laptop) |
| Baggage Delay | $400 ($200/6 hours) | $400 ($200/6 hours) | $400 ($200/6 hours) |
| Trip Delay | $400 ($200/6 hours) | $400 ($200/6 hours) | $400 ($200/6 hours) |
| Accidental Death and Disablement | $200,000 | $200,000 | $200,000 |
| Pre-Existing Conditions? | Not Covered | Not Covered | Not Covered |
| Rental Car Excess | Not Covered | Not Covered | Not Covered |
Pricing to Value?
Grab keeps their premiums low by covering only key aspects. For example, you’ll only be covered if you seek medical treatment overseas, not if you get sick/injured while abroad and then return to Singapore for treatment. Rental vehicles, pre-existing conditions, adventurous activities, sports equipment, and so on are also not covered.
However, Grab’s “lite” insurance plans seem to be out of the norm for Chubb: many reviews complain that Chubb’s pricing is around 30% higher than the market average for the coverage it offers.
Responsiveness & Ease of Claims
Besides Grab, Chubb underwrites a few other providers – DBS, for example. While no insurer has a perfect record, Chubb has a decent record for customer service and claims processing.
Promotions:
None at the moment.
7. ERGO: International Brand Still Establishing Themselves Locally
Believe it or not, ERGO is probably the biggest company on this list. Headquartered in Germany, ERGO mostly operates in Europe. They acquired a local insurance company in 2014 and have slowly been establishing their presence in Asia.
| Essential | Standard | Deluxe | |
|---|---|---|---|
| Pricing (Week) | $36 | $53 | $64 |
| Overseas Medical Expenses | $200,000 | $500,000 | $1,000,000 |
| Singapore Medical Expenses | $10,000 | $25,000 | $50,000 |
| Emergency Medical Evacuation | Unlimited | Unlimited | Unlimited |
| Overseas COVID-19 Quarantine Allowance | – | – | – |
| Overseas Hospital Income | $10,000 ($200/day) | $15,000 ($200/day) | $20,000 ($200/day) |
| Singapore Hospital Allowance | $500 ($100/day) | $1,000 ($100/day) | $1,500 ($100/day) |
| Travel Curtailment | $10,000 | $13,000 | $15,000 |
| Travel Cancellation | $10,000 | $13,000 | $15,000 |
| Loss/Damage to Personal Effects | $3,000 ($500/article, $1,000/laptop) | $5,000 ($500/article, $1,000/laptop) | $8,000 ($500/article, $1,500/laptop) |
| Baggage Delay | $500 ($200/6 hours) | $1,000 ($200/6 hours) | $1,000 ($200/6 hours) |
| Trip Delay | $1,000 ($100/6 hours) | $1,000 ($100/6 hours) | $1,000 ($100/6 hours) |
| Accidental Death and Disablement | $200,000 | $300,000 | $400,000 |
| Pre-Existing Conditions? | Available separately | Available separately | Available separately |
| Rental Car Excess | $500 | $750 | $1,000 |
Pricing to Value
ERGO may not be the cheapest travel insurance plan on our list, but it has a lot more thrown in than the other budget options.
All plans – including the most basic Essential plan – include aspects like adventurous activity cover, cruise cover, sports equipment cover, and rental vehicle excess. Most of the other providers require add-ons or a more expensive plan for the same coverage.
The one glaring omission? ERGO hasn’t updated their plans for automatic COVID-19 coverage. It’s also unclear whether you’ll get compensation like hospital allowances if you happen to catch the virus while travelling.
Responsiveness & Ease of Claims
While ERGO is one of the biggest insurance providers in Europe with largely positive reviews, they’re still relatively unknown in Singapore.
And to be fair: there aren’t many accounts of people insuring with them, let alone successfully claiming any compensation. But if the few recent reviews are any indication, the local branch of ERGO is a solid insurer with a good record of paying out claims.
Promotions:
None at the moment.