What to know about annual travel insurance

Travel insurance has your back when you leave your home province and go off to explore Canada and the rest of the world beyond our borders. And, if you like like to go on adventures often and cannot get enough of exploring new places, there is travel insurance that can make that event easier: multi-trip insurance.

What is an annual travel policy?

So, what is multi-trip insurance, and why is it so great for those who travel often? Also referred to as annual travel insurance, it does just what its name implies, it covers you for multiple trips throughout the year. If you are traveling multiple times, you only need to get one travel insurance policy and you are set for all your trips over the next 365 days. And, while initially the annual policy costs more than your standard single trip insurance, you will save money in the long run by only needing the one. Plus, you save the time and bother of having to apply for new travel insurance every time you go away.

How does annual travel insurance work?

Applying for an annual travel insurance policy works much in the same way as it does for single trip policies. When shopping for affordable travel insurance through a site such as SmartCoverage, you will be given the option of applying for a single or multi/annual trip.

When applying for an annual policy, you must state the length of the longest trip you are planning to do throughout the year, which 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.

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. Just 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 an annual plan for?

Annual travel insurance is perfect for those who travel multiple times in one year. Because you can use the coverage for as many trips as you want throughout the calendar year, you can take as many trips as your heart desires! If you know that you will be traveling at least a couple of times over the year, opting for an annual policy will not only save you money in the long run, but save you the time and hassle of applying for multiple policies.  

It is important to note that while there is no age restriction you must adhere to when applying for an annual policy, you may be asked some relevant medical questions. This will help determine if the policy is right for you, and can offer you the coverage you need. If you have a pre-existing medical condition, annual travel insurance may not best suited to you, so it is important to speak with your broker as they can help guide you to the right travel plan for your needs.