Are you a jet-setter, always flying here and there? Or a snowbird who makes just one or two trips a year?
Are you a spontaneous traveler who leaps at last-minute deals? Or a careful planner who books vacations a year in advance?
Allianz Global Assistance offers insurance plans for all types of travelers: both single-trip plans that cover just one trip and annual travel plans, which can protect multiple trips in a 365-day span. Which plan is right for you: multi-trip or single-trip? That depends on your travel style and your vacation plans.
A cousin’s wedding in Jersey. A 40th-birthday beach trip. A late-summer escape to the mountains. Another cousin’s wedding in Boston. If the year ahead is speckled with short getaways, annual travel insurance is a wise purchase. One plan can cover all your trips, whether near or far, short or long, domestic or international. Annual plans can also offer significant savings when you compare their cost to buying several single-trip plans. Best of all, you don’t have to think about it! Buying a plan once and having benefits all year makes life easy.
One possible drawback to multi-trip travel insurance is the annual maximum on trip cancellation benefits. For the AllTrips Prime plan, this annual limit is $2,000. For the AllTrips Executive plan, three levels of trip cancellation are available, from $5,000 to $10,000.
If you’re only taking one big trip this year, single-trip travel insurance is probably the best choice. But it’s smart to get a quote for both options! Let’s say you’re 45 years old and you’re planning a luxury safari to the Serengeti. With airfare, lodging and guide services, your trip costs will hit that $10,000 mark. Your quote for the AllTrips Executive Plan with a $10,000 maximum for trip cancellation: $784. Your quote for the OneTrip Premier Plan is $546, and includes up to $50,000 in emergency medical benefits and up to $1 million in emergency transportation benefits.
If you travel frequently for work, an annual travel insurance plan can make life a lot easier. While
you’re probably not paying for business trips out of your own pocket, travel insurance can help when you experience common travel problems, such as lost or delayed baggage or trip delays. The AllTrips Executive plan also includes a collision damage waiver in most states to protect your rental car as well as protection for business equipment rental and/or replacement, if it’s lost, stolen, damaged or delayed by your travel supplier.
If your business travel takes you out of the country, you also need travel insurance for medical emergencies. U.S.-based companies have no legal “duty of care” for employees — in other words, there’s no law that requires companies to protect employees while they’re traveling.i That’s why it’s wise to protect yourself with an annual plan that includes emergency medical and dental and emergency transportation benefits.
The OneTrip Prime and OneTrip Premier plans include an extraordinary benefit for families: kids 17 and under are covered free when traveling with a parent or grandparent. For that reason alone, one of these single-trip plans may be the best choice for family vacations. Keep in mind, however, that older children, spouses and other family members who are traveling with you should buy their own individual travel insurance policies.
Maybe you’ve only booked one big trip in the year to come. But, before you select a single-trip plan, consider the trips you haven’t yet penciled in! If you often take unexpected escapes and last-minute vacations, an annual travel insurance plan can be the best option. Your pre-paid travel costs can be covered automatically, up to the limits stated in your plan. Road trips can be covered too, as long as your destination is 100 miles or more from your home.
Rental car insurance is an often-overlooked benefit of annual insurance plans from Allianz Travel. Included in your plan is the Rental Car Damage Protector (available to residents of most states), which covers costs if a car you're renting is stolen or is damaged in an accident or while it's left unattended. Rental car companies typically charge $10 to $30/day for similar coverage for economy vehicles, or 25 to 40 percent of the base rental price, according to WalletHub.ii
Just remember: No matter which type of travel insurance you choose, you’re still a savvy traveler because you’re protecting your trip!