As discussed in Travel Insurance Basics, you buy travel insurance to cover four protections, namely: Accident Protection, Medical Expenses, Personal Liability, and Travel Benefits.
Of the four, Personal Liability is kind of a “freebie”, it’s bundled in with your policy.
How expensive your plan is always depends on the amount of Medical coverage you buy – the more medical expenses covered, the more expensive the plan. Choosing higher Medical coverage will also grant higher Accident Protection coverage, as well as better Travel Benefits. That is, if you buy more medical coverage, you will also have more accident coverage and more travel benefits.
However, not everyone has the same priorities when buying Travel Insurance – maybe you already have great Medical (through work or an individual policy), and what you really need is Trip Protection.
Let’s take a look at some local HK Travel Insurance plans. For sake of comparison, we will compare Worldwide, annual/multi-trip policy plans with HKD 1 Million of Medical Coverage (or higher) for a single adult for an apples to apples comparison.
Disclaimer #1: Most policies have exclusions for terrorism, suicide, pre-existing medical conditions.
Disclaimer #2: Across the board, the Medical Expenses and Accident Benefits paid will be less for children traveling with parents or adults over age 70 – exact age cutoff varies by provider.
Disclaimer #3: Many policies have some form of double indemnity (benefit increases by 2x) if you are traveling by public carrier – a train, bus, plane. Benefits listed for comparison are not inclusive of this.
Takeaways from the Comparison:
- HSBC generally has the lowest benefits
- Liberty has solid Trip Benefits – though look here to see some of the details
- FWD offers a nice, overall blend of benefits
- If you’re insuring a child traveling alone – look to AIG
- If you’re insuring an elderly parent/grandparent, there are restrictions for Annual Policies but you can still buy Single Trip Plans
Need more information? Take a look at some of our other articles discussing Travel Insurance for Hong Kong residents.
- Travel Insurance Basics – What are you Actually Buying?
- Travel Insurance Benefits Explained in Everyday Language
- Not all Travel Insurance Benefits are Created Equal – Pitfalls to Avoid
- Schengen Visa Insurance Requirements
- Travel Insurance for the Family – Discount Available, but Reduced Benefits for Kids/Grandparents
- Taking a Helper With You on a Holiday – The Insurance Requirement
Find this advice useful and ready to buy? Fill out this brief form for a travel insurance quote through our partner Groveland, and they’ll get back to you in 1 business day. A HKID is needed to buy local travel insurance.