What Exactly is Annual Travel Insurance?
Annual Travel Insurance
Annual travel insurance, also known as multi trip travel insurance, provides the policy holder with travel insurance over a period of 12 months and is ideal for frequent travellers who would otherwise have to take out single trip travel insurance for each separate trip.
With people making more overseas trips during the year, for business and pleasure, the demand for these types of policy is growing. Annual travel insurance is much more cost-effective compared to buying several single trip policies and they offer you peace of mind in knowing that you are covered on all your travels for a whole year. Let’s look at them in more detail.
Is it better than buying travel insurance for each separate trip?
From a pure convenience viewpoint for the regular traveller, annual travel insurance is a “must have”. No more forgetting to buy your travel insurance before your trip or being forced to pay exorbitant prices as a last minute purchase at the airport. Knowing that you have yourself and your family covered for year round travel is the way to stress free travel, if that is ever possible!
What does annual travel insurance cover?
You should always check to ensure that you are covered for the things most important to you and always assume that if a policy does not include a certain type of cover then you are not covered for it. In general, an annual travel insurance policy should cover you for the following:
- Medical expenses – The value of cover will depend on the policy you have decided on. Remember to always fully disclose any pre-existing medical condition or the insurer may be able to void your cover.
- Luggage & Personal Effects: Make sure the level of cover is sufficient for you
- Accidental Death: Generally an optional extra.
- Lost passports: Covers cost of replacement.
- Permanent Disability
- Delayed Luggage Allowance: To cover the cost of clothes if your baggage is delayed.
- Personal Liability: To cover damages if you cause an accident.
- Cash: Cover for stolen money.
- Cancellation Fees & Lost Deposits: In the event you are forced to cancel or delay your trip.
- Injury Consequential Loss: Possibly an optional extra providing cover if you cannot return to work following an insured injury
- Airline/Carrier Insolvency: Cover in the event that your airline goes bust before you board the flight.
Of course there are many other optional extras you can choose to pay for, such as extending cover to include family members travelling with you, so consider what your priorities are before you buy.
How much does Annual Travel Insurance Cost?
Price as always is important when you are looking for cheap worldwide travel insurance but not all insurances are the same and as you would expect the cheapest is not necessarily the best. Like anything it is worthwhile to shop around. Whilst you must ensure that you get a sufficient level of cover, with suitable compensation limits for loss of baggage, cancelled flights etc, there is no need to pay extra for unrealistic limits any claim you have is unlikely to reach.
There is no set price for an annual travel insurance policy but you will get a good feel for pricing after your first few enquiries. Remember, the maximum duration for each individual trip can be up to 60 days depending on the policy terms, so your annual insurance policy will pay for itself within two or sometimes even one trip.
