Annual Travel Insurance

If you are traveling two or three times in a year then, taking annual travel insurance gives you better value then single trip policies. They also offer you higher levels of cover. By going through this article you will come across:

• What is annual travel insurance?
• Who can benefit from annual travel insurance?
• How can one benefit from annual travel insurance?

If you are traveling two or three times in a year then, taking annual travel insurance gives you better value then single trip policies. They also offer you higher levels of cover. Additional cover for outdoor sports is offered in this policy making it ideal for family holiday trips as well. Some policies also give you business cover with golf and winter sports as well.

Factors Affecting Premium

• The numbers of days of travel depending on the insurance provider (30 or 45 days per trip). Some insurance policies give a flexible rating or a choice that you can avail from.
• Whether the travel is domestic or overseas
• For US resident, the cover offered will be European or worldwide. Similarly for those in the European continent cover cost may vary depending on country they intend to go.
• Family plan or plan for an individual, it can cover business travel as well. In case of family plan the age of the individuals in the policy affect the premium. If the person is a senior citizen (above 65 years of age) the premiums may increase.
• Premium amount if high amounts to a higher coverage.
• Excess or Deductible is the amount you pay up before settlement of a claim. The higher the excess or deductible the lower the premium.
• Co insurance or co-payment affects the premium as well
• Ski cover or hazardous activity cover increases the premium level. You may have to look at the activities covered. some may allow scuba diving while others may not.

Annual Travel Insurance, Do I Qualify?

• Individual policy is for you personally.
• 'Couples policy' covers the both of you traveling together. In case you are traveling independently after choosing a couples policy make sure you are covered.
• Business policy may not be covered by some annual travel insurance policy so make sure you are covered for business travel if you make regular business trips.
• Family cover is better if you have children. There are options in the policy statement you need see. How many children are covered and are they any age limits? If they are covered check out if the cover is available in case they travel independently from you. This is if they go for holiday trips taken by the school.

Essential Cover

Having a look at the cover will enable you to choose an inexpensive annual travel insurance policy. Your travel insurance policy should cover:

• Medical expenses which is the most important part that covers the cost of any emergency medical treatment you may require during travel.
• Cancellation and interruption of trip in case of unforeseen events like death/illness of a close family member.
• Loss of baggage and theft which covers personal items. If business cover is taken on an annual policy then cover for laptops or any other costly office equipment is also provided.
• Personal liability in case you are driving a rental car in a foreign country and are faced with a bill for damage or injury to someone else.

Continue to: Factors Influencing Choice of Annual Travel Insurance Policy