Depending on your traveling needs and demands, you can optimize your travel insurance coverage by choosing the policy that fits your lifestyle. By evaluating the three main coverage options, per-trip, annual, and multi-trip, you’ll be able to enjoy travel insurance protection while cutting back on unnecessary costs.
Choosing the Best Travel Insurance
Per-Trip Coverage
If you typically only opt to take off for annual vacations, then choosing a per-trip travel insurance plan is ideal. With per-trip coverage, you are able to choose a plan that is limited to your set vacation travel time, whether it’s for a weekend or two weeks.
Annual Coverage
Unlike per-trip packages, annual coverage is ideal for individuals who travel more regularly. For example, individuals who opt for more than one vacation each year, and / or individuals who are required to travel for work-related reasons will find many benefits in annual coverage options. Generally, an extensive annual coverage plan will protect travelers from incidents such as:
- Lost baggage
- Medical coverage (generally abroad or related only to the traveling)
- Hotel cancellations / problems
- Lost / stolen luggage
- Additional costs / expenses
Although each annual insurance plan will vary, depending on the provider’s requirements and your individual package needs, most per-trip travel insurance plans cost around 5 to 10 percent of the cost of the overall vacation, while annual insurance plans general cost less than $300 to $500 dollars. As a result, if you are planning on going on more than one vacation at the expected cost of around $2,000 per trip, then annual insurance should save you some serious cash.
Multi-Trip Coverage
Finally, if choosing to purchase multi-trip coverage, then travelers will generally be able to take advantage of insurance protection for up to 30 consecutive days while traveling. Unlike per-trip insurance, multi-trip coverage allows travelers to enjoy insurance benefits as they move from one destination to another over the course of a year. Essentially, travelers are able to set off on multiple trips each year, as long as each trip does not exceed 30 days. Multi-trip insurance should generally cover travelers as they visit any location around the world, as this option allows individuals to conveniently hold on to the same coverage features without having to open a new plans each time a new vacation is organized.
