I would like to welcome my friend Shan (aka the Travel Queen) who blogs at Canada Travels who has agreed to guest post here today. Thanks Shan!
Single Trip or Annual Plan — which is best?
I used to work in a credit union and used to purchase out of country insurance through their cooperative insurance provider. Right before each trip, I’d take out a plan for that particular trip. It only took me a couple years to smarten up! Since I’m a frequent traveler to the US (3-4 trips to the US a year on average)… which plan do you think would have been best for me? It would have been nice if my co-workers would have suggested the annual family plan. Better yet, it would have been nice if I had put more thought into it myself…. think of the money I would have saved?!
An annual travel insurance policy or (multi trip annual plan) is the best option for frequent travelers.
If you made more than one trip this year, an annual plan offers comprehensive coverage at a reasonable cost. It protects you and your family for an unlimited number of trips during a period of twelve months. There is a wide choice of maximum number of days available on the market and an annual plan may be extended in case of longer absences. I typically purchases one that allows me to be in the US (or other nations) for at least 2 weeks and if the holiday is extended, I can simply phone up and pay for an extension.
In some cases, an annual plan may also include trip cancellation and trip interruption insurance. The benefits of cancellation insurance are subject to a maximum of up to $3,000 per insured person per covered trips and $5,000 per year for trip interruption, subject to a maximum of $5,000 per insured person per trips. What if this amount is insufficient? You can simply request a higher amount of coverage for your trip cancellation and interruption.
What about baggage insurance? The basic rate includes basic coverage of $500. You can always increase it to properly protect your belongings. For example, if you are traveling with your golf bag (hubby’s happy he can finally do this since our kids are out of the stroller age) or other valuable items, you can increase your coverage for baggage insurance to protect it at its fair value and therefore for the trip.
A Multi trip annual plan is the most practical and economical travel insurance coverage. Benefits such as trip cancellation / trip interruption, baggage, can easily be adapted for every trip you make in the year. There are several products available to you, an expert in the field can recommend the best program adapted to your needs and your budget.
Not all insurance companies are alike. Shop around! The most expensive plan does not necessarily mean the best and likewise, the cheapest isn’t always the way to save money.
You put a lot of time and effort into getting the right life insurance policy right?! You should put the same effort into getting the right travel insurance policy.
Be sure to visit Shan at Canada Travels blog for more great travel tips and advice!