Why Trust MoneySmart?Planning a holiday with friends or a family reunion overseas? When multiple people are travelling together, buying travel insurance as a group can save you money and hassle. Having the right coverage ensures peace of mind when the unexpected happens. We've compared popular providers in Hong Kong to help you understand the coverage and premiums to find one that best suits your needs.
Key Takeaways
Group travel insurance typically offers discounted premiums compared to individual policies, with some providers like STARR offering family plans that are significantly cheaper and others like AXA providing free coverage for children under 18.
Insurance policies may reduce coverage for certain age groups, limiting coverage for those under 18 or over 70.
Most group policies require all members to travel together on the same itinerary, though some insurers may offer flexibility for slightly different travel dates.
The minimum number of people needed varies by insurer, with some like FWD allowing just 2 people, while others can accommodate up to 20 travelers under a single policy.
Claims handling varies between insurers - some require the main policyholder to manage all claims, while others allow individuals to file claims separately under the same policy.
Group vs Individual Travel Insurance
Group travel insurance is a specialized policy designed for multiple travelers, offering comprehensive coverage for the entire group under a single policy document, presenting a cost-effective and convenient option.
However, for group travelers requiring tailored coverage options (e.g. adventurous activities coverage) or flexibility with their travel plans, individual travel insurance policies would better accommodate independent itineraries.
What to Look for in Group Travel Insurance?
Family/Group Discounts or Free Coverage
Not all travel insurance providers offer group/family plans. With most insurers, you'll need to purchase individual policies for each traveler. Insurers offering family or group travel insurance plans typically provide premium discounts to encourage group purchases. FWD, for example, offers a 5% discount for group travel insurance, while STARR travel insurance offers a family plan with premiums that are much cheaper than purchasing individually. For a 5-day trip with a family of 3 (2 parents + 1 child), the price differences between individual and family plans are as follows:
STARR TraveLead Travel Insurance plan premiums | Essential | Extra | Supreme |
Individual | HK$241.80 | HK$343.2 | HK$489.45 |
Family | HK$161.2 | HK$228.8 | HK$326.3 |
*Discounted premiums with MoneySmart's promo code "MSHK35"
Apart from discounts, insurers like AXA provide free travel insurance coverage for children aged 30 days to under 18 years who travel with their parents or legal guardians for the entire trip. This creates significant cost savings, especially for larger families with multiple children.
Age-Specific Coverage Limitations
When traveling with families and friends, it's common to have elderly people or children in your group. However, note that some insurance policies reduce coverage for people in certain age ranges. For example, STARR insurance has the following limitations:
For insured persons under 18 or over 70, the maximum Accidental Death and Disablement coverage is limited to 50% of the selected plan, or up to HK$500,000, whichever is less.
For insured persons over 70, Medical Expenses coverage is limited to 50% of the selected plan.
Personal money is not applicable to insured person aged 10 or below.
Best Group Travel Insurance
Travel Insurance Plans | Medical Expenses | Travel Cancellation | Loss/Damage of Baggage | Premium (For a group of 4 adults) | Premium (For a family of 4) |
HK$1,500,000 | HK$20,000 | HK$15,000 | HK$438.6 (40% Off) | HK$328.8 (40% Off) | |
HK$1,000,000 | HK$25,000 | HK$10,000 | HK$457.6 (35% Off) | HK$228.8 (35% Off) | |
HK$ 500,000 | HK$25,000 | HK$8,000 | HK$587.6 (35% Off) | HK$293.8 (35% Off) | |
HK$1,000,000 | HK$25,000 | HK$10,000 | HK$571.9 (30% Off) | HK$571.9 (30% Off) | |
HK$1,000,000 | HK$50,000 | HK$20,000 | HK$462.46 (30% Off) | HK$ 231.23 (30% Off) |
*Calculated based on a 5-day trip to Japan
