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Annual Trip Insurance - Annual Trip Insurance Guide

travel expenses medical basic

While most types of travel insurance extend over the duration of a single trip, annual trip insurance provides a full year of insurance at a comparatively low cost. Since travel is so different from other forms of insurance, many purchasers of annual trip insurance acquire them from specialized travel insurance web-sites.

Travel insurance of any sort provides insurance against travel-related expenses. One common example is the issue of paying foreign doctors; in many countries, doctors require cash before practicing medicine on a patient. Travel insurance providers will wire money to the country in question so that treatment can be acquired legally and with limited hassle. Another example is in the loss of non-refundable travel expenses, such as missing a discounted non-refundable plane flight or hotel reservation.

These two examples also embody the two major forms of travel insurance: medical and miscellaneous travel. Medical travel insurance covers accidents, illnesses, and emergency medical evacuations. Miscellaneous travel expenses include baggage delay, redundant reservations, travel delays (such as from a closed airport), and even terrorist attacks.

Basic packages provide only medical coverage and begin around $219 for a single person, while other travel expenses will generally increase the cost to the $260 range (TravelGuard, Annual Trip Insurance dot Com). These costs cover a full year of trip coverage with an unlimited number of trips in that time.

Some companies provide more specific insurance packages as well. Seven Corners, for example, offers a Frequent Traveler package that caters to wanderers who do not know the exact duration of their trip. Though not technically an annual trip insurance (duration may or may not be twelve months), it provides a highly customizable monthly rate with a user-selected deductible. This particular service starts at $30/month (with a $2500 deductible) to $57.33 (for a $0 deductible) for a $60,000 medical maximum.

Potentially dangerous sports such as mountain climbing and basejumping require the addition of a “hazardous sports” feature to an annual trip insurance package. Most providers (Seven Corners, TravelGuard, et al.) provide this option to account for the heavy travel needs of such international adventurers.

Another feature not provided in most basic annual trip insurance packages is a “cancel for any reason” clause. Cancelling a trip for personal reasons (missing the bus, sleeping in) is not covered by basic policies which cover only those situations which are clearly out of the control of the traveler. A “cancel for any reason” clause is what it says on the tin: a traveler can cancel any flight and apply any fees born from that decision to their insurance plan.

Though some packages cover terrorist attacks, that is the limit on what most insurance companies are willing to provide in the face of possible military encounters. Policies make no promises in the event of an actual war, and travelers en route to places prone to such conflicts are taking such risks onto themselves.

Naturally, annual trip insurance only saves money for regular travelers. Non-annual trip insurance charges a percentage on pre-paid travel expenses rather than a flat annual rate, beginning at 5%. Pre-paid travel expenses include lodging, transport, and car rental. Thus, a $600 vacation would cost $30 to insure with a basic insurance package; a $2000 trip would cost $100. Annual travel insurance thus starts to translate into savings after about $4000 in pre-paid travel expenses. This $4000 mark holds true in the event of more elaborate 8% travel insurance plans when compared to their annual counterparts.

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