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Yearly travel insurance

Miami, Florida
Level Contributor
12 posts
36 reviews
24 helpful votes
Yearly travel insurance

We usually buy travel insurance just one trip at a time but see that many companies offer yearly insurance. Is it worth it?

4 replies to this topic
Ottawa, Canada
Level Contributor
18,022 posts
139 reviews
82 helpful votes
1. Re: Yearly travel insurance

Just do the math: Cost of an annual policy vs (cost of cost for each trip X the number of trips)

Dartford, United...
Level Contributor
5,147 posts
352 reviews
173 helpful votes
2. Re: Yearly travel insurance

Usually it makes sense (but do the maths).

In general insurance companies have high ‘acquisition costs’ that’s the cost of marketing and processing a policy - the actual insurance cost can be quite small and when a policy is ‘high churn’ that is unlikely to be renewed, as would be the case in single trip travel policies, those costs have to be recovered on each sale. So an annual policy will probably cost little more than a single trip policy.

Don’t forget that annual policies will come with ongoing obligations to report (particularly) health issues, so even if you’ve not got a trip planned you should probably tell the insurer about your heart attack.

Miami, Florida
Level Contributor
12 posts
36 reviews
24 helpful votes
3. Re: Yearly travel insurance

Thank you. I will be taking 4-6 trips this year, wondering if anybody has used the yearly insurance and what their experience with any claims.

Dartford, United...
Level Contributor
5,147 posts
352 reviews
173 helpful votes
4. Re: Yearly travel insurance

Since you don’t name a particular insurer the only thing to say is the claims experience will be the same by insurer irrespective of the type of travel policy (annual or single trip) you buy.

But, as I posted, you will have a a continuing obligation regarding any declarations you make (and primarily those will be health declaration). So if you have a health related issue on trip one you may need to disclose it to the insurer before you even book trip two. My concern would be that very often the claims process is outsourced and I don’t think you can rely on the claims side of the business disclosing medical matters to the risk assessment / underwriting side, they might but I’d assume not,

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