5 Things to Look for When Buying a Travel Insurance in Malaysia

Malaysians are passionate travelers. According to tour company Contiki, Malaysian millennials these days are most interested in travel so that they could learn about other cultures. The millennials, or those who were born from 1980-1995, represent a large portion of the population. They were also the ones who would likely spend on leisure activities than have bigger commitments, such as car and home ownership.

Regardless if you are part of this generation or not, it is important to consider that travel comes with risks. It matters that you have a travel insurance to cover any mishaps during your international or domestic trip. The question is: where to find the best travel insurance in Malaysia? There are so many of them but to help you find the right one, here are five of the top factors to consider:

  1. Coverage A typical travel insurance covers personal accident, medical related, and travel inconveniences. But it should also cover death and permanent disablement and loss of items. At OCBC, they also have the home contents benefit that will compensate you if you ever lose your money due to theft or fire.
  2. Cost The cost will vary from provider to provider. The premium for a basic insurance plan costs around RM3-RM15 per individual within Malaysia or across Asia. It normally costs higher if you are traveling worldwide.
  3. Eligibility Will the company allow you to apply even if you are not a Malaysian citizen or a permanent resident? It would be better if the company also accepts the application of work permit holders.
  4. Type The three most common types of travel insurance are annual, single trip, and group or family. In annual you will be covered for the next 12 months. For a single trip, you are covered one trip for around four months of traveling. Group insurance can cover two or more people and typically cheaper than a solo insurance.
  5. Add-ons There are some optional riders that you might want to add your plan. An example would be coverage for sporting activities such as water sports, winter sports, and other extreme physical activities.

Traveling is the best way to meet new people, see interesting places and know other cultures. It is a fun and educating experience. However, we cannot deny the fact that traveling also comes with drawbacks. It can be risky. You never know what is going to happen during your trip. Be secured now and get your travel insurance.