Annual Travel Insurance
While we're no longer discovering new continents, islands, or exploring the moon, humans as a whole are still traveling more than ever before, and in doing so, we encounter risks. These travel related risks are best mitigated and maintained with annual travel insurance.
What is Annual Travel Insurance?
Annual travel insurance is a policy that is designed to protect an individual, family, or business employees over the course of a year from all travel related risks. With more and more families taking an annual vacation, and businesses flying their staff farther and farther around the world, annual travel insurance has emerged as a traveler's must have product.
Annual travel insurance is called so because it is purchased and paid for only once per year, and covers all travels within the period purchased. Unlike other travel insurance plans, which are purchased only for the duration of a single trip, annual travel insurance is good for as many trips you take, even if you spend the whole year on the road. (Some may have travel limits).
Annual travel insurance is often sold as “multi-trip” or “multiple trip” insurance, noting the length and duration of the insurance over other temporary insurance policies. Most plans insure up to 90 days of travel time, though other plans will insure an unlimited amount of travel. For most people, ninety days is nearly the equivalent of unlimited travel, since most families spend far fewer than 90 days on vacation or on business travel per year.
What Gets Covered?
Annual travel insurance policies can cover everything from medical expenses, to general liability (for business users), theft, and more. Should you lose your passport, the annual travel insurance policy will cover the cost of obtaining a new passport or copy from a local embassy, and many have support lines that will assist in the search for your documents. Anyone who has traveled internationally knows the importance of a passport.
Theft of your belongings including luggage, cash, or any other expensive personal items can be reported to the local police and then to your travel insurance company. This is an excellent benefit to those who routinely stay in hotels, where any number of expensive items go missing to untrustworthy staff and other visitors each and every year.
Travel insurance will also cover any medical related expense in places where your health insurance will not cover. This is a great benefit, since most travelers who travel for any distance are likely to be in an area without “in-network” doctors and hospitals normally covered by their health insurance company.
What It Does Not Cover
Annual travel insurance policies are most often written as comprehensive policies where everything is covered with the exception of a few listed exemptions. Most commonly, these exemptions exclude car insurance relating to accidents or medical injury, and injuries related to sports, or other high-risk activities.
Due to the high deductibles of most travel insurance plans, most small incidents are not covered by insurance and instead require out of pocket payment. This deductible can be as high as $1,000 on medical care and $500 on theft or other non-medical damages.
Annual Group Insurance
Annual group insurance policies offer excellent discounts and benefits to groups or organizations that travel frequently. Sports teams, businesses, church groups and missionaries are just a few of the many groups that benefit by purchasing annual travel insurance.
Most companies offer a flat, 10% discount on all premiums for groups of 10 people or more. That's large enough for even the smallest associations or businesses, and an excellent option for large extended families that all travel together. (Most family plans cover only immediate family members.)
Shopping for travel insurance can be overwhelming, but with annual travel insurance you can travel with confidence and make one annual payment once per year. Once you've found the right plan and the right company, you only have to act once per year to keep your coverage. Plus, for the amount of coverage, there are few insurance options that are as inexpensive.