Travel insurance in Malaysia
Due to several queries regarding travel insurance and the differences of those offered by different companies, I'd like to do a brief comparison to simplify things. At the end of this post, you will know if price and value is correlated or not (for travel insurance in Malaysia). That simply means, cheaper insurance will have less coverage and vice versa. Is it true ?
For this topic, travel insurance for Malaysians means that the insurance offered will only be valid if your journey begins in Malaysia. It can be bought everytime you plan to travel (single trip) or yearly (if you travel a lot). The next important information needed is the area of travel. Different areas ie. South East Asia, All but Asia or Local trip will have different rates. It is important to select the area that you intend to travel, and not just choosing the cheapest rate because the insurance will be void if you cheat here (obviously). So, just be transparent.
After that, you will have to state the date/period of travel (maximum of 185 days for certain insurance companies). It is important to note that coverage of insurance will end exactly on the last day of insurance coverage, the moment you arrive at your home (in other words, when you have safely reached home).
Then, you will have to provide your details to purchase the travel insurance for yourself or the details of someone you wish to purchase for. You can always buy travel insurance for someone else. It most cases, the insurance company will also require you to include a beneficiary along with their details in case of any serious accidents and the beneficiary will receive the compensation. So, its quite simple. To see how easy it is, I shall put it in steps:
1. Identify your favoured travel insurance provider
2. Provide your travel information
3. Provide your details (or traveller's details) and beneficiary details
4. Be aware of other terms and conditions then pay for the insurance
So the steps are fairly easy. Much easier now as you can even purchase it online. Several companies are offering their services online and offline, but I will not talk about that in this post. I will focus on how to choose your favoured travel insurance provider. Which travel insurance provider offers the best value for money?
Just by summarising the travel insurance offered by 3 major insurance companies in Malaysia, we can see that the rates are very competitive. Tune insurance may be the cheapest with similar coverage, but note that the claim experience is not taken into consideration yet.
Insurance agents are around to serve customers on behalf of their respective principal, and products are not the only thing that concerns them. When it comes to claim, insurance agents play an important role in assisting clients. E-commerce may be the "in" thing these days, however the merchants play an important role in making sure that the products provided are of good quality or they will be removed from the e-commerce platform.
In the insurance industry, insurance companies play the similar role in ensuring that the platform is efficient and that insurance agents play their part in ensuring customer satisfaction. Hence, insurance agents should be a point to consider when purchasing even a travel insurance that costs less than RM50. Their experience and professionalism will play a major role in making sure that what you buy has added value that is not reflected in the cost itself.
Before ending this post, we'd like to share that travel insurance will be offered in our official website soon. Please follow our Facebook page for latest updates!