Traveling has become more affordable and many people are taking advantage of cheaper airfares and travel package deals. While most people travel only once or twice a year, others have the time and financial means to travel more frequently. Those who make more than two trips every year usually purchase an annual trip travel insurance policy, because such a policy offers a considerable amount of savings. The cost of an annual policy is lower than the total price of a few single trip travel insurance policies, and it covers travelers for any number of trips that are made within a year.
Annual trip travel insurance expires one year after the date of its purchase, and policyholders are required to renew their plans if they wish to get coverage for another year. Some travel insurance providers offer auto-renewal, meaning that policies will be automatically renewed if policyholders do not take any action to cancel them. It is advisable that travelers opt for non-auto-renewal, because it allows them to consider other options if they are not satisfied with their present policies. Travel insurance providers are required to give a notice of cancellation to policyholders 10 to 30 days before the expiry dates of their annual policies; this gives travelers ample time to decide whether they want to cancel or extend their travel insurance plan.
There are many reasons why people may want to cancel their annual travel insurance policies. They may be traveling less frequently than before, or they may want to look for another policy that offers better coverage. Those who wish to find a new and better annual trip travel insurance policy should do some research on the Internet. Many websites offer travel insurance comparison tools, these tools will let travelers know which insurance providers offer the best annual travel insurance deals. They will provide valuable information such as the prices, types and levels of coverage, and travel assistance services that are offered by insurance companies.
It is best that travelers purchase an annual travel insurance policy from a reputable insurance company. A good travel insurance provider does not only offer excellent coverage; it also provides a wide range of important services, such as travel advice and emergency services. In the event that you need to file a claim, you can expect to get prompt financial compensation from such a company.