When shopping around for travel insurance coverage in Malaysia for your vacation or business trip, you’ll most likely be comparing rates to determine which policy best suits your needs and budget. Although the typical course of action by most solo or family travelers is to choose their insurance coverage based around a desired travel destination, perhaps finding the best rates requires thinking outside the box.
“Where to go?” seems like a rarely asked question when it comes to choosing travel insurance as opposed to: “Which provider?” and “How comprehensive?” However, as we’ll see in a moment, picking your travel destination carefully may be your best bet to obtaining cheap, high quality coverage.
What variables are factored into travel insurance rates?
Aside from the type of insurance and special options considered, when it comes to travel insurance premiums in Malaysia, the general rule is that prices are determined by the medical risk factors (how likely and expensive medical emergencies may be) of four main elements, these are:
• Age of the traveler: generally speaking, the higher the age, the higher the chances of needing medical treatment while abroad.
• Pre-existing medical conditions of the traveler: depending on the traveler’s previous history with illnesses, while travelling he may find himself in need of medical attention related to that condition.
• How long the traveler plans on staying: the longer the stay, the higher the chances of accidents or illnesses occurring, therefore needing medical attention.
• The destination of the holidays: medical expenses will vary from one travel destination to the next.
How can I use these variables to obtain the cheapest insurance rates?
Obviously, you can’t change your age nor your pre-existing medical conditions, so obtaining better rates through these two is out of the question. Keep in mind that omitting information regarding your medical history is grounds enough to terminate an insurance policy, which is a risk you definitely don’t want to take while travelling.
A first real option would be to shorten the length of your trip. Although this is very much a possibility, unless you were planning on it being long in the first place, there may not be too much leeway to actually work with.
Finally, by carefully choosing your travel destination based on the costs of medical treatment of the countries in question, you can easily obtain much better insurance premiums. Travelling to countries where medical treatment may be very expensive will raise the costs of covering medical risks, while travelling to countries where medical care is reasonably priced (and well equipped) will lower the costs of the premium.
Although worldwide multi-trip insurance plans aren’t affected by this, since they cover all international trips during a period of time at a single insurance rate, you’ll be able to see these benefits in single trip insurance plans and region locked multi-trip insurance plans.
But, what if I want to partake in specific activities?
Just because a country is marketed as having exclusive rights over some tourist attractions, doesn’t mean that other countries can’t deliver on similar or even better experiences.
Although worldwide travel to faraway renown locations may sound like the ideal adventure, it’s always worth the effort to compare the benefits and costs of the alternative options (more so considering the savings in travel insurance), even though this may mean travelling close by in Asia, or within the region to other ASEAN countries.
For example, if you want to enjoy some hot and exotic ocean resorts you may want to go to Maui in Hawaii; however, with the extremely high costs of U.S. medical care, travel insurance companies in Malaysia will most likely charge you very high rates for insurance coverage. However, an excellent option to this would be travelling to Singapore, a country known for having incredible ocean resorts and inexpensive and very high quality medical care. As a result travel insurance will be relatively cheaper for travelling to Singapore than to Hawaii.
On the other hand, if what you’re looking for is a winter resort, Canada and Germany may sound like the ideal candidates, but once again with high costs in travel insurance, perhaps a trip to the Himalayas in India, would be more suitable.
So, if you’re looking to save on travel insurance, always remember to not only check your different options regarding travel insurance providers in Malaysia, but also regarding the travel destinations themselves.