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Without a travel insurance, flight delay or even a simple case of health emergency, can immediately turn into a financial disaster. Most often, people look for the most affordable option there is...but the real question is: is cheap travel insurance worth it?

To help you find the most suitable plan without compromising your security in case a mishap occurs, GoBear gathered the top five cheapest travel insurance packages when going to an Asian country. We used the insurance finder on the website using Thailand as a destination for a single person travelling for 3 days.


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HSBC: Standard Plan
Gobear Coverage Score: 8.4 out of 10
Premium: ₱284

Pros: Among insurance companies, HSBC’s Standard Plan for travel is one of the best cheap travel insurance plans that cover almost everything from personal accidents, medical expenses, travel inconveniences, and emergency assistance. HSBC also offers competitive amount for claims. They offer the best personal accident claim, which amounts to ₱1,000,000 per adult and also covers an accompanied and unaccompanied child. You’ll be spared from headache in case of baggage loss as they offer up to ₱50,000 in claims in case your checked-in baggege chose to go to Malibu instead of Thailand. No wonder why HSBC has the highest coverage rating among the available cheap travel insurance plans in this list.

Cons: Price wise, the HSBC insurance premium is almost similar to Starr Asia. But coverage wise, Starr Asia offers more coverage. This is because HSBC does not cover certain mishaps like loss of money, rental vehicles, and missed travel connection. The trip delay and baggage delay insurance claims are also less competitive as compared to Starr Asia.


STARR: Asia Plan
GoBear Coverage Score: 7.2 out of 10
Premium: ₱285

Pros: Starr Asia’s travel insurance plan covers almost every aspect of travel mishaps from personal accident, medical expenses, travel inconveniences, and emergency assistance. Star Asia also offers the highest insurance claim for baggage delay and trip delay. Plus, they are the sole one to offer hospital admission guarantee for a maximum claim of ₱ 250,000.

Cons:
When compared to HSBC, the offered insurance claims of Starr Asia are mostly in lower amounts. The personal accident insurance solely covers the insured person as well.


Standard Insurance: Travel Protect Peso 
GoBear Coverage Score: 6.0 of 10 
Premium: ₱288

Pros: Standard Insurance offers the highest insurance claim for loss of personal money, which can amount to ₱15,000 at most. Similar to Starr Asia, Standard Insurance also insures most of the travel mishaps. The personal accident insurance they offer also covers the insured person’s spouse and child. Additionally, they’ve also added in their coverage the emergency and dental expenses and accidental burial benefit. These are rarely offered by the other providers of cheap travel insurance plans.

Cons:
Even though the premium of Standard Insurance appears to be more expensive than HSBC, most of the amounts they offer for insurance claims are much lower compared to the offer of HSBC. Meanwhile, the competitiveness of their travel insurance coverage nearly equals to the offers of Starr Asia.


CITIBANK: Asian Plan
GoBear Coverage Score: 7.2 of 10 
Premium: ₱300

Pros: Despite their much higher price, getting an affordable travel insurance from Citibank can be considered a good choice because they offer a comprehensive insurance that get you covered from personal accidents, medical expenses, travel inconveniences, and emergency assistance. Citibank offers care for unattended minor, which is best for families travelling with their kids. They provide an accidental burial benefit up to ₱10,000, as well.

Cons:
The drawback of Citibank’s travel insurance plan is the unavailability of loss of money coverage, which is critical if you will be travelling to places where financial and political situation may be unsure. As well, the amounts of some of Citibank’s insurance claims are much lower when compared to the offers of HSBC.


PIONEER INSURANCE: TravelSmart Plan
GoBear Coverage Score: 2.0 of 10 
Premium: ₱ 316/Trip

Pros: Among the cheap travel insurance plans featured in this list, Pioneer Insurance is the only provider to offer cash assistance benefit as much as ₱10,000.

Cons:
Aside from charging the highest insurance premium among the group, Pioneer Insurance doesn’t cover most of the travel mishaps. Specifically, they do not cover travel inconveniences and emergency assistance, which fails to meet your purpose for getting a travel insurance. Also, the amount of the insurance claims offered by this provider are way less competitive compared to the four other providers featured in this list.

Looking for cheap travel insurance is good but make sure it has a good coverage plan. Compare travel insurance with GoBear Philippines and find more information here than anywhere else.