What is an annual travel insurance policy?

You know by now that travel insurance is a necessity when traveling outside of your home province, and you always make sure to factor it into your travel plans and budget. But, did you know that you can get a travel insurance policy that will coverage you for an entire year? A little confused as to how it works? Don’t worry, we are here to break it down for you.

What is it?

An annual travel insurance policy, also referred to as a multi-trip policy, is a form of travel insurance that covers you for multiple trips within a year. The policy does tend to cost more than your tradition single trip insurance, but it will pay for itself in the event that you travel more than once within the year. Opting for a travel insurance plan of this nature saves you from having to worry about getting coverage every time you go on a trip, and will actually save you money in the long run as you only pay one premium for the whole year.

How does it work?

So how does a multi-trip annual plan work? Well, you apply for it much like you would any other travel insurance policy. When you are filling out your online travel insurance quote, like the one here on PrimeLink, instead of selecting the “single trip” option you choose the “multi-trip/annual” instead. The other important change to note, is that you must put in the length of your longest trip, as this will dictate how long your coverage will last for each time you are outside of the country. Within Canada you have unlimited days of emergency medical per trip, while your coverage outside of the country will only last for the amount of days originally specified per trip.  

Once you have been approved for a multi-trip policy, you will have coverage for an unlimited number of trips for a year, starting on the activation date noted on your policy. You are able to go on as many trips as you wish throughout the year, but as noted above, there is some fine print regarding the coverage length for each trip.

Your coverage lasts for exactly one year starting on the date specified on your policy. However, if one of your trip extends past the expiration date on your policy, do not worry, you should be able to get an extension. Be sure to speak with your travel insurance broker to ensure that this option is available to you, and that you extend your coverage before you leave for your trip.  

Who is it for?

A multi-trip annual plan is perfect for someone who travels several times within a year. As mentioned above the policy gives you coverage for an unlimited number of trips, so you are able to travel to your heart’s content!

There is no age restriction on the annual trip policies, but you may need to answer further relevant medical question to help determine if an annual policy is right for you. Those with certain pre-existing medical conditions may find that a multi-trip policy is not for them. Again, speaking to your broker should help answer any question you have whether or not you could be eligible for this sort of policy.