Frequent travellers can save by purchasing an annual multi-trip and be rest assured they're covered for each trip they take in 1 year.
Hey, frequent travellers - if you're reading this, you've probably worked out that there are huge savings to be made by purchasing annual travel insurance rather than purchasing travel insurance each time you take off. If this is news to you, be prepared to be amazed by the savings.
It's a bit like the 'bulk purchase' deals around - purchase in bulk for the cheapest price. If you only want one, the bulk purchase discount is actually a waste of money, but if you need several items it can be a real money-saver.
When weighing up single versus annual trip it's quite self explanatory. If you travel often, consider an annual multi-trip policy. If you're planning a one off trip, a single trip policy is the best option.
To make sure you're completely covered and getting the best deal, think ahead. If you know that you will be taking two business trips and one holiday within the next year, then it would make sense to purchase an annual trip policy.
On the other hand, if you know you're going to take part in some high adrenaline activities, are planning an extended holiday for more than three months, or planning a once in a lifetime trip, then a specialist single trip policy for each trip would be best.
Benefits of annual trip policy
- Cost savings
- Peace of mind for last minute trips
- Easily renewed, even whilst overseas
- Convenience of not having to research and purchase a policy each time you travel
Who should consider an annual policy?
Anyone who travels two or more times per year could benefit by purchasing annual travel insurance rather than a single trip.
- Business travellers that know they have a few business trips coming up.
- Savvy individuals with multiple trips planned whether business or pleasure.
- Healthy retirees that are planning to make the most of their retirement with lots of international holidays.
- Spontaneous individuals that would tend take off on short trips at the last minute.
Compare travel insurance companies as well
As well as comparing single against annual trip, it's also a good idea to compare travel insurance companies, as each company will have its own policy options, levels of cover, trip durations and rates.
Key things to consider
Number of days you are travelling
One thing to be wary of is the number of days the policy will cover you for. Many policies offer unlimited number of trips; however, there is usually a restriction on the number of days per individual trip length. Usually somewhere between 28 and 90 days.
Policy start date
An annual policy covers you for 1 year from your chosen start date, so choose wisely. It might seem obvious to just choose the first day you plan to travel, however cancellation cover will only begin from this start date - you'd be better off choosing the date you booked the holiday instead.
Check the activities
Planning to climb mountains, sail the open seas, snorkel, dive, surf or ski? Whatever you do, make sure your insurance covers you for it. So remember to check the small print before you sign up for any adrenalin fuelled activities.
The world is wide. So be sure to check that your policy covers you for the countries you plan to visit. This includes the ones you're just passing through. Some insurers offer annual policies broken into regions, so you can pay a lower premium. If you're only going to Europe, the UK and Africa why pay Worldwide. Also check whether your annual multi policy includes domestic travel.
Make sure everyone's covered
If you are travelling with dependants, for all or part of the year, they need to be on the policy. Even if you don't have all this information to start with, you can always amend your policy to include children or partners.
Get the best deal
Shop around to get the best deal. Purchasing online, rather than through a travel agent, could save you up to 50%.