Now that the year of Dog and Ester holidays are fast approaching, Hong Kongers are making plans to use up their annual leave and run off on holiday. And travel insurance is probably the last thing on their minds.
There’s a whole lot of planning to do: where to go, what to wear, how to convince your co-workers to cover for you in your absence, and what souvenirs to buy for friends and family anxiously waiting at home.
With so many things to think about, travel insurance can seem like the least of your worries. As usual, you’ll just buy the first policy you see at the last minute. Right? Well, we sure hope not.
Just like everything else, your travel insurance policy requires careful consideration. To get the best plan, you need to compare not only premium prices but also the coverage that’s being offered. You want to know precisely what you’re being protected from before you know if that policy is worth the premium.
But nobody’s got time for that. So just sit back and let us unearth the three policies with the best value for travel insurance policies in Hong Kong:
How we are comparing policies to find the best value for travel insurance?
Comparing insurance policies is complicated. There are so many areas you can be insured in, but not all are equal in importance.
So how do you know which aspects to compare?
First of all, you definitely want to make sure that you’re covered in the scenarios that are more likely to occur on your trip. Sure, it’s nice to know you’re being covered for kidnapping or terrorist attacks, but statistically speaking you’re more likely to come down with a bout of food poisoning or lose your luggage.
Here are key areas to look out for when deciding on the best value for travel insurance:
- Medical coverage: Unless you’re invincible, there’s always the chance you’ll fall ill or get involved in an accident. Medical coverage can pay for your overseas medical expenses, as well as medical expenses incurred upon your return to Hong Kong.
- Travel mishaps: Lost luggage, missed flights, trip delays and cancellations can happen on even the most meticulously-planned of trips.
- Loss or damage to personal belongings: Get compensated if you are pickpocketed, your belongings get damaged in transit and so on.
Without further ado, here are the 3 best basic travel insurance policies in Hong Kong.
FWD TravelCare’s greatest strength is the breadth of its coverage despite its affordable premiums. You can get covered even if you participate in certain dangerous amateur sports or get involved in a terrorist attack. Their policies will allow compensation of up to HK$1,200,000 in accident coverage.
Do note, however, that trips canceled due to Outbound Travel Alert status changes will be compensated only in the case of black alerts, which apply to severe threats.
The FWD TravelCare Package is available in the following forms:
Plan A: From HK$ 120
Plan B: From HK$ 98
MSIG i-Travel Plan
We don’t typically turn to banks when we want to buy travel insurance. But MSIG’s i-Travel Plan is worth taking note of. One of the policy’s useful perks is reimbursement of up to HK$5,000 HKD if you rent a vehicle, accidentally damage it and are obliged to pay the vehicle rental company an excess amount. Your claim is rapidly settled in few hours right after submitting the application.
Plan A costs from HK$184 and Plan B is from HK$140. They’re having a promotion now which enables customers to receive 45%off online purchase.
The AXA SmartTraveller’s policy stands out for its coverage of lost and damaged baggage and entitles you to up to HK$25,000 worth of compensation. Loss of mobile phones and laptops can also entitle you to up to HK $5,000 worth of compensation for any one item or pair.
The policy also offers decent coverage of up to HK$10,000 HKD for delayed, cancelled or oversold flights. Compensation of up to 5,000 HKD is offered if you damage a rental vehicle.
Compensation for trips cancelled due to changes in Outbound Travel Alert status is offered in the event of both red and black alerts. This is very generous, as most Hong Kong insurance plans only cover black alerts.
Tip: Get your insurance as early as possible
Travel insurance protects you not just when you’re on holiday and having the time of your life, but in the weeks before you leave Hong Kong. The only way you can get covered for flight delays and trip cancellations is if you buy your travel insurance in advance—not in the cab, on your smartphone as you rush to the airport.
Buying your travel insurance in haste robs you of the chance to compare the various options and get a value-for-money policy that offers enough coverage at a reasonable price. You definitely don’t want to spend too much on a policy, or get one that’s so thin it barely covers you for anything. So spend a bit of time to pick the best policy for you.