Annual travel insurance, also referred to as multi-trip travel insurance, has traditionally been thought of as only for business travellers. It is, however, also available to leisure travellers and has become increasingly popular as the most cost-effective way for anyone who travels frequently to buy insurance cover. Annual travel insurance provides benefits for 12 months from the date of issue of the policy and will typically cover travellers for an unlimited number of trips up to set maximum number of days each. The exact number of trips and maximum days per trip may differ depending on the policy.
Why multi-trip over single-trip?
The major advantage of annual insurance for travel is that it tends to be the most cost-effective way to get insurance cover for multiple trips. A common misconception is that annual travel insurance is only worthwhile for people who are travelling at least once a month. In many cases though, an annual policy will be the cheaper alternative for individuals who take just two or three personal or business trips in a year. For this reason it can be well worth getting quotes to compare the relative costs of single-trip and multi-trip cover.
An annual travel insurance policy can also be particularly convenient as it enables travellers to be spontaneous and travel on short notice, knowing that they will be covered. There is no need to go to the trouble of getting and comparing quotes for each of the 3 or 4 individual trips that a traveller may go on over the next 12 months, and no risk of forgetting to arrange cover when busying planning flights and accommodation in the lead up to a trip. Instead, travellers can ensure cover by comparing quotes once and selecting an annual policy which can then be easily renewed the following year if required.
As many annual policies will cover domestic and international travel, travellers will have the additional benefit of being insured on interstate trips that they would not normally bother to get insurance for.
Typical Benefits
- Cancellation fees and lost deposits
- Medical, dental and hospital expenses
- Luggage & equipment
- Emergency assistance
- Accidental death or disability
- Liability for damage to property, injury or death
- Rental vehicle excess cover
Benefits, features and conditions will differ depending on the insurer and policy, so it is essential that you read the policy wording in full before applying for annual travel insurance. |
