Annual travel insurance can be a good way to cover all of your family's trips for the whole calendar year. It is cheaper to buy multiple policies than a single policy that covers all your travels within 365 days.
Purchasing an annual travel insurance policy can be the best solution for frequent travelers who don't have time to purchase and review a single-trip policy. Adamski adds that it is also a good option for digital nomads or travellers who frequently travel last-minute.
Costs of annual plans can vary depending on how much coverage you require and how often 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 several types of travel insurance. Multi-trip policies, which cover a number of travels within one year, are also available.
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. A multi-trip policy may be more suitable for high-cost trips such as those to foreign countries or popular destinations within the United States.
Multi-trip insurance policies are a good option for those who travel frequently to visit family or friends, as well as for business travelers. There is usually a time limit per trip, and the policy can be more expensive. But it may be worth it because of its convenience.
It is also worth purchasing a travel medical policy annually if you've not done so already. These policies are often cheaper than annual plans. Check with your insurer to find out if you are eligible for a travel medical plan. Some plans only cover people up to 65.
Purchase an annual international travel policy to protect yourself and your family whenever you travel internationally for either work or leisure. This type is insurance that covers your family and you for a set number of trips over the course of a year.
Lastly, you can also buy an annual medical travel insurance policy if you have primary health insurance that doesn't cover you while you're away. Some of these policies have a maximum allowed length of stay, which varies from plan to plan.
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.