Annual travel insurance
Annual travel insurance, aka ‘multi-trip’ travel insurance, could be a great option for travel bugs, potentially saving you both time and money.
What is annual travel insurance?
Annual travel insurance provides multi-trip coverage for a 12-month period.
Policies can provide a level of cover for:*
• Medical treatment and hospitalisation (overseas plans).
• Emergency evacuation and care (overseas plans).
• Trip cancellation and deposit reimbursement.
• Personal belongings cover for luggage, cash, laptops, equipment and jewellery.
• Third party liability cover (varies by plan).
Who should use it?
Annual travel insurance is suitable for people who travel frequently, whether for business or leisure, domestically or internationally.
Even if you don’t yet know exactly which countries you’ll be visiting, you can choose worldwide coverage. That way, you can fly to any destination at a moment’s notice with peace of mind.^
How it works
Annual travel insurance policies come in two types:
• Domestic policies. This only covers travel throughout Australia – however, you may have to be a certain minimum distance from home for it to apply. Generally, a domestic policy includes a level of cover for luggage, belongings and trip cancellation but excludes medical.*
• International policies. This is for worldwide travel or travel to countries in specific regions. Most international policies will provide you with a level of cover for emergency medical expenses, evacuation, loss of luggage and personal belongings, trip cancellation, and third party personal liability.*
Bear in mind that with most policies a maximum trip length will apply to your cover, which can range from 30 up to 90 days and that you will have to return home between each trip.
For example, if you buy an annual policy with a maximum trip length of 60 days, you can make as many 60-day trips as you like during the year, provided you return home between each trip.
Always check the terms and conditions to see exactly what you’ll be covered for.
What are the benefits?
If you know you’ll be taking multiple trips over the next 12 months, there can be benefits to taking out an annual travel insurance policy.
For starters, buying an annual policy is faster and more convenient than organising separate policies for each trip. You’ll also have peace of mind knowing that you’re covered for the entire year, and it may even work out to be much cheaper.
However, every policy offers different types of coverage and excess levels, so carefully review the terms and conditions of every policy you are considering.
And remember, you probably won’t be able to buy travel insurance once you’ve left your home country. To avoid any unwanted surprises, always make sure you’re covered before you travel.