Annual Multi-Trip Travel Insurance allows you to travel as many times as you can in a 12 month period. It is ideal for frequent travellers and also families that travel more than twice a year. Many people buy annual travel insurance and then discover that it is inadequate for some trips and end up sending more.
Here are some annual travel insurance buying tips to consider:
- Check the coverage area. Some travel insurance companies don’t cover travel to certain regions or countries and you could end having to buy another single trip cover to such areas.
- Annual Travel Insurance has a ceiling on the number of days per trip. This ranges upwards of 21 days, so ensure you check this point.
- Check what “Extras” are included, most companies will provide free ski insurance for 14 days or more.
- If you have a family then the number of children may be important to you, usually up to 4 children under 18 are covered for free. In fact, the premium for families works out cheaper than the cost of just 2 adults.
- If you travel often on business, ensure the “personal items” protection is adequate to cover the business equipment as well. Some insurance companies provide business travel insurance cover for a small addition to the premium and its valid for all your trips.
- By definition, the Annual Travel Insurance is valid for an entire year, so it’s advisable to check the payout ceilings for covers like medicals, cancellation, etc. The rule of thumb is; the cheaper the premium the lower the payout. Here is a good article on the realities of cheap travel insurance.
- Always check the deductibles! This is the amount the insurance companies deduct before settling your claim. For instance, say you get a bout of food poisoning and your claim is $500 and say the deductible for medicals is $250, in this case, you will only get $250! Some companies have very high deductibles, especially the ones with cheaper premiums – so watch out!
- Most multi-trip insurance are for international travel, but some provide domestic travel insurance cover as well for trips within your own country.
- Ensure the start date of the cover is the first day of your next trip and not the date of purchase.
- Always ensure you buy from a company regulated by the government, like the UK Financial Services Authority.
- Always read the company’s Policy Document Wording and get written clarifications on whatever is unclear before even thinking of buying.