Considerations and Options for Travel Insurance Plans in Hong Kong
Thinking about a travel insurance before your trip seems like an ominous act for what should be an exciting adventure. It is like thinking that something bad can happen to you while you are having a good time away from home. But the truth is, when you are on a foreign soil, anything can go wrong and you may end up with no idea of where to go or what to do.
This is why you need to be prepared before you travel. Regardless of whether your trip is for business or for leisure, a travel insurance is something that you should seriously consider. You can lose your luggage or get into an accident while you are overseas. Being insured will really help you feel secure while you are in an unfamiliar place. You know that no matter what happens, your insurance coverage will give you the finances to help you survive any event. In fact, if you get a coverage from a global insurance company, you can get assistance wherever you are – or at least where they have satellite offices.
What does a travel insurance cover?
What exactly can a travel insurance help you with? It really depends on the policy that you will get and the insurance company that will cover you. A typical travel plan should give you any or all of these coverages:
- Accidental death
- Permanent total disablement
- Medical emergencies
- Third party liability
- Lost, damaged or delayed luggage – in most cases, the insurance company will reimburse any clothing, shoes or accessories that you will buy while your luggage is en route to where you are or if it is lost.
- Lost or stolen money
- Delay or cancellation of a travel schedule due to an accident or illness
As always, the premium that you pay will depend on how comprehensive your travel insurance is. If you get a higher coverage, the cost will be higher.
When you are deciding on what type of insurance to get, there are three important considerations to make:
Location of travel
Your travel destination will help the insurance company decide on your coverage. Domestic travel will definitely not cost as much as an international one. If you will only travel within the Asia Pacific region, then get a coverage that only includes these territories. A worldwide coverage will unnecessarily cost you more. Moreover, the conditions of the country will also influence your travel insurance.
In Hong Kong, the Security Bureau launched Outbound Travel Alert to provide travellers with the risk rate of countries around the world. This is something that will influence your travel insurance. If a country has either a red or black OTA alert, it may not be covered by the insurance company. However, some companies will make an exception – like if your injury is not related to the war or conflict in the area. Make sure you understand the repercussions of flying to a country with either a red or black OTA alert.
Duration of the trip
Another important consideration is the duration of the trip. Ideally, if you are a frequent traveller, it will benefit you more to get a year-long coverage (or at least half a year). It will cost less when you consider the amount that you have to pay if you get a new travel insurance for every trip.
Finally, consider your travel companions. This is usually applicable to personal travels. If you are travelling with kids, the elderly or people with special needs, you may want to look into the specifics of what your insurance will cover. Usually, children can be included in your insurance – this will save you money and still get them protected. The elderly may have to get their own and you can check with the insurance company.
You have to take extra attention to the exclusions of the policy. Most of the time, any accidental death or disability caused by war, illegal activities, extreme sports, or a pre-existing condition will not be covered. If you want it to be covered, then you may have to give specific instructions to the insurance company so they can draft a policy for you.
When you travel, make sure you bring a copy of your travel insurance for reference. In case something does happen, you can show the proof of your policy. In the event that you are involved in an accident, it is important to alert the local authorities – but make sure your insurance company is also alerted. That way, they can arrange to send help.
Travel insurance options in Hong Kong
Here are a few travel insurance options:
HSBC offers a travel insurance that will provide you with protection when you travel abroad. You can get assistance in the event of an emergency evacuation and coverage if there is a personal accident or any medical expense caused by an accident or illness. You have the option to get a multi-trip coverage, which is great for frequent travellers. If you plan to travel to a country with an OTA alert, the company offers an enhanced coverage so you can stay protected.
AIG Insurance Hong Kong Limited
Another insurance company that you can check out is AIG and their TravelWise plan. The company offers various other plans that suit the needs of every traveller. You can opt to get a Basic plan that will cost you HK$38 or a Deluxe one that will cover more but will also cost you more. You can receive up to HK$1 million worth of medical expense reimbursements as long as it is within the coverage of the policy. Even lost pieces of luggage will be replaced or reimbursed (if you have to shop for clothing and other accessories). They also offer TravelGuard, which gives you access to emergency services anywhere in the world.
Zurich Insurance (Hong Kong)
Zurich’s travel insurance covers medical expenses, accidents, trip cancellations or delays and even loss of any paid tickets. If you intend to engage in an extreme sport while you are abroad, the company can also cover you for accidents or injuries related to it. You can either choose a single plan that will only cover one trip or have yourself covered for a cruise holiday.
The CruisePlus Insurance Plan will allow you to get up to HK$100,000 worth of benefits if the cruise is cancelled. You can also get a baggage allowance if the ship sinks with your pieces of luggage. The company also has specific plans for students studying or professionals working abroad.
There are other insurance companies that you can check out but these are some of the best that Hong Kong has to offer. Make sure you understand the coverage that you need so that you don’t compromise the protection that you need.
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