Here’s When You Should Buy Annual Travel Insurance

Posted on: Feb 2, 2022 | | Written by:

Here’s When You Should Buy Annual Travel Insurance

Published on February 8, 2022. EST READ TIME: 3 minutes

Right Time to Buy Annual Travel Insurance

When you are travelling, there is a high possibility of coming across unforeseen scenarios which will not only spoil your journey but also lead to huge financial losses. Hence to avoid getting huge hole in your pocket due to flight cancellation, delays, luggage loss, theft, etc. it is advisable to have a travel insurance policy for your trip. If you are planning for a multiple trip this year, then you can opt for annual travel insurance policy. If you are a regular traveller, these policies can work out cheaperthan taking out several single-trip policies. A comprehensive annual travel insurance policy will provide coverages for medical expenses, medical repatriation, flight delays/cancellation, lost baggage, etc. It is preferable to secure your upcoming trips with HDFC ERGO Annual multi-trip cover to get your endless trip covered.

When is it worth buying an annual travel insurance policy?

If you are a frequent flyer, say you fly at least two or more times in a year, it’s worth comparing the price of an annual policy with single-trip insurance as it may work out to be the cheaper option. An important thing to note is that the more you travel every year, the better value an annual policy will be. Annual travel insurance policies save the hassle of going online to book insurance every time you travel.

What should you look for in an annual travel insurance policy?

If you plan to purchase annual travel insurance, think practically about all of the trips you will likely take in a year to ensure you’re adequately covered.

If you take lots of mini-breaks in the UK throughout the year, consider policies that include UK cover too. They can provide financial protection for everything from cancelled trips in the UK to personal liability. If you go away often and for extended periods, pay attention to the number of days of travel you’ll be covered for on annual policies.

When is annual travel insurance not the best option?

If you’re only planning one trip over a year, single-trip insurance will be the best option for you. But, there are certain scenarios where annual travel insurance might not be your best choice. Suppose an older traveller over the age of 75 may not take out annual policies with certain insurers, or they can be costly, making single-trip policies a more cost-effective option.

Suppose you have a pre-existing medical condition. Again, the cost of a multi-trip policy can work out a lot more expensive, making single-trip policies your best bet. Apart from this, if you take long trips, a single-trip policy may be a better option as annual travel insurance policies come with limits on the number of days you can travel.

What is the best way to decide on the right travel insurance policy for yourself?

If you’re not sure whether an annual or a single-trip travel insurance policy is the best option, compare several policies side-by-side. Then, look at the level of cover each provides for the cost. The excess level you choose – how much you’ll pay yourself in the event of a claim – can also affect the price of a policy. Generally, the higher the excess, the lower the price. But think realistically about how much you can afford to pay, or it could prove a false economy.

Conclusion

A travel insurance is indeed necessary to safeguard your trip and keep your loved ones back home at peace. There are multiple plans for travel insurance available; however, you have to be wise in choosing the one that suits your requirement. If you are young and make multiple trips during a year for leisure or business purpose then you can opt for HDFC ERGO annual travel insurance policy as it has vast network of hospitals worldwide and it also provides emergency medical expenses including COVID-19 hospitalization.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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