Annual Trip Travel Insurance-Types of Travel Insurance
Frequent travelers often opt for an Annual Travel Insurance plan. An Annual Plan provides year-round coverage for many of the common travel insurance risks, in one convenient policy.
Annual travel insurance plans can be purchased for a period of 12 months, and many will cover an unlimited number of trips. There are typically restrictions on the length of any given trip, often 90 days.
What does an Annual Plan cover?
Annual Policies are very common because they provide a variety of coverages in one convenient plan that covers you for an entire year’s travel. Many frequent travelers like the simplicity of these plans.
A typical Annual Trip Insurance Plan will cover:
- Emergency medical treatment
- Medical evacuation
- Trip interruption
- Trip delays
- Lost baggage
- Baggage delay
- AD&D
- Assistance services
In addition, many Annual Plans cover:
- Rental Car Collision
- Trip cancellation
How is an Annual Travel Insurance Plan different from other types of travel insurance?
Annual plans are special in that they cover you for a full year, and for as many trips as you take. Most other travel insurance plans are purchased for a shorter periods of time. Package Plans are purchased for a single trip, most often a couple weeks to a month long. Travel Medical insurance can be purchased for up to a year, and is meant to cover medical risks only.
An Annual plan is like a Package Plan, but for every trip you take this year. The main difference between a Package Plan and an Annual Plan is the trip cancellation coverage. Trip cancellation coverage is based on the pre-paid, non-refundable trip costs that are at risk if you cancel the trip. With an Annual plan, each trip throughout the year will have a different trip cost.
This is why trip cancellation coverage is left out of, or at least made an optional choice, on most Annual plans. If it is available, it is usually available in a flat amount such as $1,000. This is the amount of coverage on an annual basis, whereas most other Annual coverages are on a per trip basis.
How much does a Annual Plan cost?
Annual plans are fairly economical, since the amount of trip cancellation is usually lower or not available at all. Age is taken into account when purchasing a plan, but most will run a few hundred dollars per year (per traveler). Some plans offer additional trip cancellation coverage on a per trip basis, and this will cost extra.
Why would I need an Annual Policy?
Travelers buy travel insurance for many reasons, but in general they are concerned about the various risks associated with travel. These risks include the potential for financial loss, but also the safety and well-being of you and your family.
Common travel-related risks include:
- Missing a flight and needing to spend the night in an airpot hotel
- Losing your bags or having them stolen
- You bags arrive late and you need some personal items in the meantime
- You get sick or have an accident while traveling
- Your injury requires a medical flight to a safe hospital
Where should I get a quote/buy an Annual Plan?
There are two options for buying travel insurance.
- Buy direct from the insurance company- Most travelers like to go directly to the travel insurance company website to get a quote and purchase a plan. All Annual Plans are available for purchase online using a credit card, and you can get a quote and buy a plan in under 10 minutes. You will find links to each company below.
- Use a comparison website- The other option is to use a comparison website to purchase an Annual travel insurance plan. Much like Expedia.com or Travelocity.com, comparison sites allow you to compare prices from al companies side-by-side.
What companies sell Annual Insurance Plans?
There are several travel insurance companies that sell Annual Plans. The list below describes the benefits of each company and their plans.
Access America- Access America sells 2 Annual travel insurance plans: one called Annual Travel Protection for the leisure traveler, and the other is Annual Business Traveler Protection for the frequent business traveler. Access America’s plans include trip cancellation coverage, as well as the other Package Plan style benefits. The Business Plan also includes business-related coverages such as loss of business presentation equipment, business concierge, and business equipment rental coverage. Read our full review of Access America
Visit Access America’s website here
HTH Worldwide- This company specializes in Travel Medical plans, and their Annual plan, called Global Citizen, fits that bill as well. It focused mostly on travel medical coverage. Read our full review of HTH Worldwide
Visit HTH Worldwide’s website here
Seven Corners- Seven Corners specializes in Travel Medical and Major Medical insurance, and their Liaison plans extend into the multi-trip annual arena. Liaison Traveler provides benefits for emergency medical, AD&D, repatriation, and more. Read our full review of Seven Corners
Visit Seven Corners’ website here
Travel Guard- Travel Guard has a wide variety of plans, including TravelRite Annual, their Annual travel insurance offering. This is a more traditional package style plan with coverage for lost baggage, delayed baggage, rental car damage, and more. Read our full review of Travel Guard
Visit Travel Guard’s website here
Travelex- Travelex provides travelers with a variety of plans, including their Annual Multi-Trip plan. This also offers the more traditional package plan style coverages, and even has adjustable levels of coverage and flat pricing based on traveler age. Read our full review of Travelex
