How often you travel could impact your travel insurance

How often do you travel? That is the question. People usually think of travel insurance in the context of an annual vacation. Such policies provide what’s known as “per trip” coverage that is separate for each individual trip.

But if you travel more than once a year, there may be a better option for your travel insurance. You may want to consider an annual policy that covers you for one year and an unlimited number of trips of any length.
Annual policies offer better value than their per trip counterparts starting from the second trip.

That means you need to travel just twice to save money and the savings build even further the more you travel which makes this coverage ideal for all frequent travelers, including business executives, snowbirds and avid vacationers.

So how do you get this great value for yourself? The key number you need to know when opting for an annual policy is your average trip length.

Based on that number, you can select the coverage that works best for you, including 10, 20 and 30 day terms and more. If your trip is shorter than the coverage term, you will be perfectly fine and all your coverages apply in full.

If your trip exceeds the term, all you need to do is give your broker a quick call and they will extend your coverage. The cost to extend coverage is minimal: at TSG, we recently extended one of our customer’s vacation coverage by two months for just $100. That’s 60 extra days of $5 million coverage for the price of one coffee a day.

Another great thing about annual policies is that they’re very similar to per trip policies in term of medical considerations and extra features. Specifically, you can also add trip cancellation and interruption to an annual policy just like you would with a per trip policy.

If you’re a senior, your insurer may revise your rate to reflect your age and health and some may even decline to cover you. But this isn’t specific to annual policies and can happen with any travel insurance policy.

Give us a call to find out more about your travel insurance options or tweet us @TheShepherdGroup and let’s talk vacations.