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3 Things You Need to Know About Buying an Annual Travel Insurance Policy

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Your sister's planning a destination wedding in the Caribbean. Your college buddies are begging you to fly home for the reunion. And you've already planned a cruise vacation for you and your family next spring. It's going to be an exciting year - and an expensive one, too.

If you plan to take multiple trips in the coming year, you may want to think about an annual travel insurance plan. Here are the three things you need to know before buying multi-trip insurance.

1. You can save money with an annual travel insurance plan.

You already know you need a comprehensive travel insurance plan in case of medical emergencies or other unexpected events while you're traveling. If you're planning three or more separate trips in a year, you can cover them all for less with an annual travel insurance plan.

Most annual plans offer a year's worth of protection for health, property and trip costs. Look for a travel insurance policy that offers emergency medical coverage, coverage in case of illness or death of a family member and travel delay coverage, among other things. Keep in mind that most annual trip insurance plans have a coverage limit for trip cancellations and trip interruptions.

2. Annual travel insurance plans are great for business travelers.

If you're a frequent traveler for business reasons, a multi-trip insurance plan is a must. You're familiar with all the things that can go wrong, such as flight delays and misplaced luggage. And you know that a sudden trip cancellation or trip interruption may mean you lose business - and money.

Protect yourself with a multi-trip insurance policy that's designed for business travelers. Look for a plan that offers coverage for special situations, such as business equipment coverage, rental car collision coverage, and business concierge assistance.

3. Multi-trip travel insurance keeps things simple.

If you're taking three trips this year, you're not going to buy three suitcases. Why would you buy three separate travel insurance plans?

Trip insurance policies can be complicated. You always need to read the fine print carefully, so you understand exactly what you're buying and what's covered. It makes life much easier if you buy a single, multi-trip policy that covers you all year, instead of buying a new plan for every vacation you take. Just make sure you review your insurance plan carefully before you buy because not all plans offer the same coverage.

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Mar 31, 2017