Annual travel insurance can be a good way to cover all of your family's trips for the whole calendar year. The policy will cover all travel during the year regardless of whether the rate is for a couple, family or both. It's also cheaper than buying several single-trip policies.
An annual travel insurance plan can be ideal for frequent travelers that don't have the time or resources to buy and review an individual trip policy. Adamski also says that digital nomads who are often on the go and those who travel at short notice will find it a useful option.
The cost of a travel insurance plan can be affected by the coverage that you choose and the frequency with which you travel. The average annual plan costs 5%-6% of the cost of a trip. However, this can be more or less depending on how often you travel.
There are a number of different types of annual travel insurance. The multi-trip insurance policy covers a set number of journeys in a given year. Another option is an annual medical travel plan.
An annual plan is generally recommended for low-cost trips (like domestic trips or road trips) where your main concern is catastrophic-based benefits like medical expenses and evacuation, Adamski says. Multi-trip insurance could be a better option for trips that are expensive, like those to popular U.S. destinations or foreign countries.
He says that a multi-trip policy is ideal for frequent travelers who are on business trips or family vacations. A multi-trip policy will usually have a duration limit for each trip. It may also be more costly than an annual insurance policy.
A travel medical plan can also be cheaper than a standard annual plan. Travel medical insurance policies are sometimes only available to people under 65. Be sure to check with the company you're insured with.
An annual policy of international travel insurance can protect you and your loved ones when traveling abroad for business or pleasure. This type of insurance covers you and your family for a specific number of trips in one calendar year, and it can be cheaper than an annual medical travel policy, but it may not offer as much protection as an annual plan.
Finally, you can buy an annual health travel insurance policy in case your primary health coverage does not cover you while on holiday. Some policies limit the length of time you can stay. This varies between plans.
A plan that covers a specified number of journeys in a year is the most common. It includes benefits for pre-departure as well post-departure as an optional benefit upgrade.