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Travel Insurance

Annual vs Single Trip – Which Insurance Plan Do You Need?

Compare the two types of travel insurance and learn when you should opt for the annual plan with the help of our simple calculation.

While travel insurance is as essential as your suitcase when you go on holiday, make sure you pick the right type of travel insurance policy. There are two basic types of travel insurance plans to choose from – single and annual trip. Both types will cover you for inconveniences in your travel such as flight delays, cancellations and medical emergencies. However, you might be wondering if there are any differences and when should you opt for an annual plan – read on for the answers.

Single Trip

As the name suggests, single trip insurance plan is designed for individuals and families who need travel coverage for a single trip or holiday. This type of plan is recommended for long trips abroad (up to 180 days) and proves cost-effective for those who don’t travel very often. Single trip insurance plan can be purchased online quickly and easily. But on the flip side you will need to purchase a new travel insurance policy every time when you travel overseas. So single trip insurance plan can be relatively expensive if your trips are short or you travel often.

  • For individuals and families on a single trip or holiday
  • Recommended for long trips abroad (up to 180 days)

Annual Trip

Annual travel insurance, also called multi-trip travel insurance, is intended for those who travel several times in a year. The benefit of this type of plan is that once you purchase a policy you are then covered for the next 12 months. Similar to the single trip travel insurance plan, it’s very quick and easy to purchase an annual policy online and the whole process just takes a few minutes. It’s a good option if you plan many long weekend trips or short getaways abroad in a year.

  • Individuals and families who travel several times a year
  • Covered for all trips for the next 12 months

Which Travel Insurance to Pick?
Working out which policy to pick on cost alone depends on how many times you plan to travel in a year. Let’s start with a single trip travel insurance plan first. Put in your details and see what the cost is for an average single trip you’re likely to take. Let’s say it’s about HK$250 for a single trip policy. Now compare it to the annual travel insurance plan from the same search result. Let’s say the cost is about HK$2,000, which is 8 times of the price of single cover.

So if you plan to travel more than 8 times a year, annual travel insurance plan will work out as a suitable choice. This figure can include any trips you make as a family and also alone. One final note is on convenience. You may not want to have to remember to purchase travel insurance each time you go on holiday, so an annual travel insurance plan could be better for you.

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