If you were intending to travel more this year, then you are probably already thinking about trip insurance. Trip insurance is essential if you want to be covered against things like lost luggage, trip cancellations, medical expenses, and more. However, choosing between annual trip insurance and single trip insurance might be difficult, especially if you’re unsure of how much travelling you’ll be doing. Here are some of the pros and cons of going with single trip insurance to see if it’s the right choice for you.
More Comprehensive Coverage
The first pro is all about coverage. While annual insurance will usually cover you for all trips made during the year, however some provides may only give you minimal coverage. With single trip travel insurance, you can choose between providers and set specifications depending on what you’re looking for.
For instance, insurers like Staysure will allow you to add more extensions through their comprehensive insurance for travel, like extra cover for your gadgets up to £1,000, and even insurance specifically for golf trips that will cover your golf equipment, among other things. They also offer extensions on extra costs related to car hire or cruise travel insurance, in case you have to deal with cabin confinement or missed port departures. If you want the best and most complete insurance without having to pay significantly more for your coverage, then it would be a better option to go with single trip coverage.
An advantage of single trip insurance is that it is much cheaper than multi-trip insurance, especially if you are not planning that many trips during the year. Not only that, but some companies may even issue refunds for some categories, in case you want to cut your trip short for any reason. If your trip ends up being only a few days, then it could cost you little more than the price of a meal.
Annual insurance policies usually have stricter time limits on the consecutive number of days you can spend on a trip. Single trip policies will have fewer restrictions on maximum and minimum amounts eligible as well.
Here are some things to be aware of.
One of the main advantages of getting annual insurance is that there’s much less hassle every time you have to go on a trip. You don’t have to look at every single feature of each plan and you already know which type of coverage you can expect.
Could be More Profitable
If you’re absolutely sure that you’ll be doing a lot of short-term trips in the next coming year, then annual insurance is a better choice. This is why annual insurance is usually a popular option with business travellers.
Some Insurers will Give You Coverage on Longer Trips
While in most cases it is true that annual insurance plans will usually have shorter day limits on trips, more insurers are offering longer terms on their insurance plans. However, these aren’t the most common, and most will limit you to around 45-day trips only, which could be an issue if you want to extend your stay.
Choosing between single day or annual insurance is all about understanding your needs and knowing what to expect from both types of coverage. Make sure that you know exactly how much traveling you expect to be doing and what is more important for you, so you can make the right decision.
Image Credits: Trip Travel Insurance Cover from William Potter/Shutterstock