If you are planning to travel outside the country more than once. It’s always advised to look into the best annual travel insurance in 2023 to ensure a safe and secured journey.Traveling has become an unavoidable activity in our life and traveling abroad is no more a luxury but a part of the routine. Therefore, it is necessary to have an insurance to ensure a sense of security among travellers.
Why take travel insurance?
Travel insurance covers the risk that might occur during a journey such as losing passport, luggage, personal belongings, medical risk, flight disruption and many other contingent financial losses. Having these risks covered enhances an additional coating of protection against monetary dissipation. It could be one of the best investments a traveller can make. Therefore, a good travel insurance policy gives financial protection in case of cancelation of trip or medical emergency.
What are the benefits of travel insurance?
Travel insurance has multiple benefits for a traveller.
- Complete protection: Few insurance policies provide complete coverage and protection from any kind of appalling events that might happen during the trip.
- Loss of Baggage: Losing bags is a common thing that happens during trips at airports and other stations. Having insurance helps to elucidate this risk to a minimum.
- Hospital Daily Allowances: If the insured person is hospitalized for a period of more than 48 hours during the trip. Some insurance companies provide a certain amount as daily hospital allowance to meet the hospital expenses.
- Personal Accidents: There could be unfortunate incidents during a journey. Accidents occur unannounced. Travel insurance policy helps in covering the expenses that might occur during such accidents.
- Passport Loss: The worst case scenario that would occur during the trip is losing the most important document such as a passport. Losing a passport will lead to hampering the entire travel plan. In such situations, a temporary passport will be issued to continue the trip. Travel insurance supports in claiming the expenses incurred during this process.
When is the best time to buy travel insurance?
The simple answer is ” As early as possible”. Ideally, the coverage period should not be less than 15 days prior to the trip payment. The right time to get travel insurance is soon after the travel arrangements are completed. On buying the travel insurance its necessary to ensure that trip cancellation coverage is taken care off. Lastly, the best time to take travel insurance is anytime before the trip. It is always best to have an insurance rather than not having one.
Which insurance to opt annual travel insurance or single trip insurance?
Single trip insurance : provides cover for a period of around 180 days( depending on the insurer). It commences on the first day of the travel when the traveler leaves the country and ends on the day of return or the expiry of the policy date (whichever is earlier). These insurance covers only a single trip during a year. Its not advisable in case of multiple journeys, adventurous trips and trips with family as it might be costlier and would not cover all aspects.
Annual travel insurance (multi trip insurance): these kind of insurance does not have a fixed tenure. It usually depends on the policy purchased the the person. It is basically for a period of 365 days where the insurer can travel abroad multiple times availing all the benefits of the insurance. The only condition the traveler have to follow is, the insurer cannot stay in one place for a period exceeding 180 days.
The insurer must consider all the factors of the trip before selecting the insurance most suitable for the person and the trip.
Best annual travel insurance in 2023
On constant jetting from place to place it is best to consider long term coverage. Its always necessary to consider the available annual travel insurances that are offered and the kind of coverage they offer and selecting the one that makes sense for the travel plan made.From the best Travel websites we can also purchase the travel insurance.
The best annual travel insurance in 2023 are as follows.
Allianz:
Allianz offers annual travel insurance coverage in four tiers :
- AllTrips Basic
- AllTrip Prime
- AllTrip Executive
- AllTrip Premier.
The first two plans offer more affordable premium, while the other two tiers provide higher limits overall. In most plans coverage for preexisting conditions can also included as long as the policy is purchased 14 days prior the trip.
Coverage provided:
- Trip cancellation or trip interruption is up to $ 10000
- Protection for itinerary charges is up to $300
- Baggage delay coverage rates up to $250
- Medical expenses up to $50000
- Emergency medical evacuation and repatriation charges upto $250000
- Accidental death and Dismemberment (AD&D) up to $25000 and many more based on individual plans opted
PROS:
- Most plans include coverage for flight disruption, trip cancellation, medical expenses and many more
- It’s usually tailor made as per the insurers needs.
- Provide 24 hours travel assistance services
CONS:
- Most plans except All Trip Premier do not cover trips with duration above 45 days
- All Trip Basic and All Trip Prime comes with no or relatively low coverage limit in case of trip cancellation
AIG Travel Guard:
People who wish to travel for more than once a year can opt for Travel Guard with confidence. Travel Guard offers one plan option to cover all trips that take place within a year, and it comes with reasonable limits in the category that matters most.
PROS:
- The limit for medical expenses ($50000) and emergency evacuation($ 500000) is comparatively higher
- Offers year round travel insurance protection
- COVID-19 Covered :The cost incurring to treat COVID 19 will be covered of the test results to be positive in between the trip and requires hospitalization.
- The purchase of policy is hassle free. There is no requirement of extensive paper work on health checkup.
- Acquiring policy is only a few clicks away. It can be obtained online.
CONS:
- Not open to Washington state residents
- Trip cancellation coverage is not available
- Trip interruption is relatively low ($2500)
Trawick International:
It has been awarded the best travel insurance companies for three years in a row by Forbes Advisor. Trawick plans policy keeping travellers in mind. There are basically three safe travel plans.
Safe travel annual basis :
PROS:
- The basic necessities are covered under this policy. It includes world wide 24/7 emergency assistance, up to $2500per annual policy term for trip cancellation and interruption and $10000 for emergency medical expenses and baggage and other essential benefits.
- COVID-19 expenses are covered and treated same as any other sickness.
- 10 trips per policy period limit
CONS:
- Covers US citizens and residents only
- Not available in Washington, New York.
Safe Travel Annual Deluxe
PROS:
- This policy covers all basic necessities
- Provides world wide 24/7 emergency assistance
- Up to $5000per annual policy term for trip cancellation and interruption and $20000 for emergency medical expenses and baggage and other essential benefits.
- COVID-19 expenses are covered and treated same as any other sickness.
- 10 trips per policy period limit
CONS:
- Covers US citizens and residents only
- Not available in Washington, New York.
Safe Travel Annual Executive:
PROS:
- The benefits of both basic and deluxe level coverage plan in addition to, coverage for sports equipment rental
- Up to $10000per annual policy term for trip cancellation and interruption
- $50,000 for emergency medical expenses and baggage and other essential benefits
- Policy treats COVID 19 same as other sickness
- 10 trips per policy period limit
CONS :
- Covers US citizens and residents only
- Not available in Washington, New York.
Seven Corners:
Seven corners, makes comprehensive plans for US residents and foreigners, including visitors and immigrants travelling to US. However, Seven corners offers two annual policies : Wander Frequent traveler and Wander Frequent Traveler Plus. Significantly, the customisation of policy is based on period of stay away from home for any one trip. The period of the plan is 365 days in addition, the duration of the trip does not exceed 30, 45 or 60 days.
PROS:
- Provides emergency medical evacuation, medical reparations and reparations of remains.
- In addition to, World wide travel assistance assured
- Likewise,100 % trip cancellation for trips up to $30000
- Nevertheless,100%trip interruption coverage
- Finally, $100000for emergency medical expenses (secondary coverage)
CONS:
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- Lower coverage limit for senior citizens ( age 65 and above)
IMG global travel insurance
Have designed their insurance policy for people traveling outside their home country multiple times a year. IMG has two multi trip insurance plans.
1.Patriot Multi trip : offers a complete international benefit package available 24 hours a day.
2. Patriot Multi trip International: It is a plan focusing US citizens who take multiple trips a year outside the country.
PROS:
Both plans covers for the insurer, spouse and children taken outside the country of residence during a period of 12 months with renewability up to 3 years, in accordance with the terms of the certificate of Insurance.
Access to international, multilingual customer service representative, claim administrators all around the world.
24 hours access to highly qualified coordinator of emergency medical services and international treatment
flexibility to travel as many times per year.
coverage for multiple trips up to 30 to 45 days
CONS:
focuses mainly on US citizens alone