Annual travel insurance is a great way to make sure you and your family have all of your trips covered for the whole year. It covers all travel within the 365 days of the policy year, regardless of whether you have a couple or family rate and is usually cheaper than buying multiple 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. It's also a good choice for digital nomads and travellers who often travel last minute, says Adamski.
Costs of annual plans can vary depending on how much coverage you require and how often you travel. Average cost is between 5% and 6% of total trip cost, but can vary depending on frequency.
There are many different types of travel insurance. This includes a multi-trip plan, which covers a specified number of trips per year, as well as an annual medical travel policy.
Adamski says an annual plan is usually recommended for low-cost (like domestic or road trip) trips where you're primarily concerned about catastrophic benefits, like medical expenses or evacuation. Multi-trip policies are better for expensive trips like those in foreign countries or popular US destinations.
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.
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. It's also important to check if your travel insurance policy is only valid up to a specific age limit, like 65.
An annual policy of international travel insurance can protect you and your loved ones when traveling abroad for business or pleasure. This type is insurance that covers your family and you for a set number of trips over the course of a year.
Lastly, if your primary medical insurance does not cover travel while you are on vacation, you can purchase an annual policy of medical travel insurance. Some of these policies include a maximum duration of stay which may vary from one plan to another.
Annual travel insurance usually covers a set number of trips over a period of 365 days. It typically includes pre-departure and post-departure benefits, as well as optional benefit upgrades.