When people go on vacations, they have to be prepared for certain unforeseen incidents to happen. Accidents, illnesses, and thefts are some of the things that can ruin vacations, and they can also cause serious financial damages. To protect themselves against unexpected financial losses, travelers should make sure that they are properly insured before they go on their vacations.
Some people travel more often than others, and they have to spend a substantial amount of money to get travel insurance for every trip they make. A better option for frequent travelers is to purchase an annual trip travel insurance plan. This type of plan offers the same benefits as a single trip travel insurance plan, but it is valid for any number of trips in a year. Instead of purchasing several single trip policies, travelers can save money by getting an annual trip plan. An annual trip policy is a more cost-effective option for those who are planning to travel more than two times every year.
Travelers who purchased an annual trip travel insurance policy have to keep track of the expiry dates of their policies. The plan will expire exactly one year after the time of purchase. Most insurance companies offer two renewal options for policyholders, and they are the auto-renewal option and the non-auto-renewal option. Those who choose auto-renewal do not have to take any action to renew their policies, because their insurance providers will automatically renew the policies for them and debit the premium amount from their credit or debit cards. They will also receive a notice of renewal from their insurance companies. This option is suitable for people who are certain that they will be traveling frequently for at least a few years.
The non-auto-renewal option gives policyholders the choice to cancel or renew their annual trip plans. A notice of cancellation will be sent to the policyholders 10 days or one month before the time of expiry, and they have to inform their insurance companies whether they want to renew their policies or not. If they fail to take any action before the date of expiry, their policies will be cancelled.
Some insurance providers require their customers to renew their annual trip travel insurance policies by mail or in person, while others offer the option of online renewal. If you are renewing by mail or in person, all you have to do is follow the instructions that are provided in the notice of renewal that you receive from your insurance company. For online renewal, you have to go to your insurance providerâ€™s website and fill in an insurance renewal form.