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When Should I Buy Annual Travel Insurance?

As with most products, travel insurance tends to provide you with better value for money when economies of scale are on offer e.g. joint policyholders not single, annual travel insurance not single trip cover and so on. However, you also need to bare in mind that a sure fire way to overspend is to pay for cover you don’t need!

Why Buy Annual Travel Insurance?

In principle, annual travel insurance is simply a 12 month policy which provides you with travel insurance for any number of trips during that period. In most cases, annual travel insurance will provide you with better value for money than a series of single trip travel insurance policies. If you’re a frequent traveller or thinking of making more than one trip in the next 12 months, annual travel insurance is likely to provide you with better value. The value for money results from the fact that your travel insurance provider is benefiting from reduced administration and marketing costs and rewarding you with a better premium – a bulk discount if you will.

How Do I Make Annual Travel Insurance Go Further?

You can find even better value for money if you can apply the same principle to your other travel insurance requirements. For example, instead of buying a number of individual policies you can buy a couple, family or group annual travel insurance policy. In the same vein, if one of your trips is likely to involve a ski travel insurance requirement, adding this to your annual travel insurance policy gives you more flexibility because you will have ski cover whenever you need it (rather than on a trip-by-trip basis – usually arranged at the last minute for a higher cost!).

Buying annual travel insurance could be an unnecessary cost for those who are unlikely to take more than one trip in the coming 12 months. For those who are uncertain of their plans, you should be able to make additions and alterations to your annual travel insurance policy at a later date. As an example, when you buy an annual travel insurance policy, you’ll be asked about the regions and countries you intend to visit. If your plans change and you wish to visit a region your annual travel insurance policy doesn’t provide cover for, you can always add this at a later date (usually for little or no additional cost).

Best steps to buying annual travel insurance

If you think you need to buy annual travel insurance, your best route is to think about all of your requirements before you begin your search. Once you have that, you’re then looking to cover as much ground as possible for the minimum effort. Travel insurance comparison websites are great for taking the legwork out of your search. You should also check whether you have any existing cover before buying a new annual travel insurance. Common overlaps come through company travel insurance cover or a joint policy bought by your partner.

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