The Basics of Travel Insurance in the Philippines

travel insuranceInevitable circumstances such as flight delays or cancellation, loss of luggage or other valuables, onset of medical conditions and personal accidents can threaten the purpose and safety of one’s travels. Travel insurance addresses these events head on and provides coverage and assistance in the instances that these unfortunate events occur.

What is Travel Insurance?

Travel insurance provides protection to travelers especially when unexpected and inevitable occurrences happen during the tour. The main goal of the product is to prevent further difficulties after unfortunate events as an individual travels. There are different kinds of travel insurance policies with varied scope of coverage and premiums.

Travel insurance in the Philippines

Travel insurance policies in the Philippines usually cover accidental death, medical expenses, and property loss that may occur during travels. Travel insurance policy may be availed per trip (with a coverage effective within 3 days to 180 days) or annually (for frequent travelers to and within the country). The product is most recommended to vacationers and business travelers.

Premiums and benefits

A traveler could get travel insurance for as low as P22 for a three-day trip. It may offer coverage worth up to P100,000 for personal accident or death, medical reimbursement, and/ or property loss.

For longer durations of travel, higher premium may be required. Travel insurance for a 60-day itinerary and greater coverage may cost P5,300 or more. As premiums increase, so does coverage.

Where to get travel insurance

Insurance companies offer different types of travel insurance in the Philippines. The products could be bundled with other travel packages or with airline fares. Before taking up a policy, carefully browse through the policy to understand the terms, coverage and exclusions.

Travel insurance may not be regarded to be equal in importance as other types of insurance. Nevertheless, it is an important policy to hold for certain travelers, depending on their frequency, destination and nature of travel.

You don’t have one? Check our comparison table and apply for one online!

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