Travel insurance is a type of insurance policy that covers you and/or your family against injuries, disability, death and damages or inconveniences you may suffer as a result of travel-related incidents. Typically, a travel insurance policy offers only a once-off coverage, meaning you pay for coverage for one specific trip with a fixed timeframe, instead of for a series of trips over a certain period or a lifetime. However, there are also a small number of policies that provide annual coverage.
With a travel insurance policy, you pay a premium to the insurance company to be covered for specific scale of benefits and scope of coverage for a fixed period of time. In the event of loss/damage resulting from your travels, the insurance company compensates you and/or your family based on the scale of benefits and scope of coverage as stated in your plan.
Different travel insurance plans have different coverage and scale of benefits. Generally, a travel insurance plan will cover personal accident, medical expenses, loss of travel or accommodation due to cancellation or delay, loss or delay of luggage, belongings and money, loss of passport, delayed travel, among others.
Almost all travel insurance plans have some form of exclusions to their coverage, which may differ across insurance companies. General exclusions from a typical travel insurance plan include war, riot, suicide and insanity, provoked murder or assault, pre-existing conditions, pregnancy, childbirth or miscarriage, hazardous sports, radiation, and HIV and AIDS related diseases.
Additionally, certain insurance companies may not offer coverage for people in high risk occupations, such as flight crew, seamen, train crew, mine workers, oil rig workers, aerial photographers, workers handling explosives and military or law enforcement officers.
As a general rule of thumb, you should always read and understand the full list of exclusions before you sign up for a travel insurance plan.
To get compensated in the event of loss/damage, you'll need to submit a claim form as well as all supporting documents required to your insurance company within the timeframe stipulated in your travel insurance plan. To clear any doubts, you should contact your insurance company as soon as possible following an incident. Most travel insurance companies have a 24-hour hotline service, which is a good place to start.
As with all banking and insurance products, you are advised to compare the available travel insurance plans offered by major insurance companies before signing up for one. Because travel insurance plans could differ greatly between one and another, you may wish to focus on the items that are especially important for your travels (in addition to the standard benefits you get from a travel insurance). For example: if you are a travelling golfer, it pays to get a travel insurance plan that provides coverage for your golf equipment.
The easiest way to compare between all the major travel insurance plans available in Malaysia is to refer to our travel insurance comparison table above. You could also switch between Takaful and conventional travel insurance plans by clicking on Travel Insurance (Takaful) and Travel Insurance (Conventional).