Coverage Comparison of 15 Travel Insurance 2023 (with 10Life ratings)

With the resumption of regular travel, you may be considering trips to popular destinations such as Japan, South Korea, Thailand, and Taiwan. When planning for your leisure or business trip, travel insurance is an essential item to ensure you are adequately covered in case of unforeseen circumstances. However, with the abundance of options available, it can be overwhelming for consumers to choose the right travel insurance. To make things easier, our team of 10Life actuaries has rated 15 popular travel insurance products across four main categories (as displayed in Table 1) to help you compare and select the best insurance policy for your needs.

What does travel insurance cover?  How does 10Life rate each product?

Travel insurance coverage can vary depending on the provider and policy. Generally, travel insurance can cover expenses related to trip cancellations, medical emergencies, lost or stolen baggage, and travel interruption. Our actuarial team has individually scored each of these categories and calculated an overall weighted score. 

Table 1: Types of Travel Insurance Scoring Category and Score Weighting

We previously published a feature article that provided an in-depth comparison of COVID-19 specific coverage of travel insurance products and found significant differences. For example, the medical expense coverage could differ by up to 150%. Interested readers can refer to the article. In this article, we will focus on discussing the main types of coverage. 

Only 4 products have overall score above 8.5

Table 2 shows the premiums, overall scores, and category scores of 15 different travel insurance products. Let's first look at the premiums, which is a concern for many people. Taking an adult going on a 7-day trip to Japan as an example, the lowest premium is offered by Alliance (HK$196), while most others range from around HK$200 to HK$300.

Among the 15 travel insurance products, 4 of them have an overall rating above 8.5, indicating that their coverage is relatively comprehensive. The highest-rated product is from BOC (rated 8.7), and the lowest-rated is from AIG (rated 5.9).

Some travel insurance products have a low overall rating, but individual coverage items perform well

The overall score is only for reference, and readers should choose a product that suits their individual needs. We found that some travel insurance products may not have an outstanding overall score, but perform well in individual coverage categories. For example, MSIG has an overall score of only 7.9, but its score for trip inconvenience is as high as 9.3, the highest among all the products compared. In order to help readers understand the differences among the products, we have further compared individual products in Table 3.

60% difference in maximum coverage limit for follow-up medical expenses

Taking accident and medical coverage as example, if the insured falls ill overseas and requires follow-up treatment or medical check-ups within 90 days after returning to Hong Kong, travel insurance generally provides relevant coverage. However, we found that there is significant difference in the maximum coverage limit for among different  products. The coverage limit for BOC is HK$ 120,000, while Hong Leong's is only HK$ 75,000, with a difference of 60%.

Please remember that in order to claim reimbursement for medical expenses incurred after returning to Hong Kong, the insured must have received medical treatment abroad and meet the eligibility criteria.

Coverage for the loss of mobile phone and car rental excess are not available in all travel insurance policies

Not every travel insurance product covers the loss of mobile phone. As shown in Table 3, for example, Generali provides such coverage, but AIG does not. For the property coverage of travel insurance, you can refer to our another article (Chinese only).

Regarding claims related to property loss, they must meet the specific requirements of the insurance company. For example, within 24 hours after the loss, the insured must report to the local police and obtain a written policy report when making a claim. Additionally, the insured must submit receipts for the lost or damaged items (specifying the purchase date, price, model, category), etc. Furthermore, when assessing the coverage amount, the insurance company may deduct the value of depreciation of the property.

When renting a car during an overseas trip, the rental company usually includes insurance with an excess. In case the rental vehicle is stolen or damaged, some products such as AIG do not cover the related excess.

150% difference in coverage limit for trip inconvenience

Trip inconvenience coverage is one of the main features of travel insurance, and insurance companies mainly cover for pre-paid but non-refundable deposits or fees. For consumers, the higher the coverage limit, the better. MSIG offers coverage limit of HK$ 50,000, while AIG's limit is HK$ 20,000, a difference of 150%.

It is worth noting that if the trip is canceled or curtailed due to illness, the insurance company may require medical proof to confirm that the insured is unable to travel or must return to Hong Kong early.

Overall, there are many coverage items for travel insurance, and the coverage scope varies greatly. Before getting travel insurance, you should compare different options. This article only summarises and compares some travel insurance items. For high-risk activities coverage, you may refer to our earlier article (Chinese only).

Remarks：  
1. This article uses higher-level plans in product comparison.
2. The premium information is updated to March 8, 2023, and does not include the premium levy collected by the Insurance Authority.
3. This article is last updated on March 8, 2023.