Are you looking for the best value travel insurance on the market but are confused by all of the different types and what they mean?
A major part of the decision process when choosing travel insurance is selecting either a single trip or an annual travel insurance policy. It is important to make the right decision between these two main options based on your own situation and travel requirements. If you make the right choice, you stand to make quite a large saving and instead can use the extra money saved for enjoying your trips abroad instead!
When deciding which type to go for, a good idea would be to firstly check out what your travel insurance policy will cover you for, whether it be single trip or annual cover. Click here for more information on what to look out for when selecting your travel policy.
Let’s take a closer look at each travel insurance type, the benefits and some drawbacks of each:
Single Trip Travel Insurance
A single trip travel policy is much cheaper than an annual policy. There is also often a higher maximum age limit than with other policies.
Single trip insurance offers you the huge advantage of specific cover tailored to your travel needs for a specific trip. For example, you could plan it specifically for a ski trip and ensure you are fully covered for anything that could happen on the slopes.
In order to select a once-off travel insurance policy, you must provide details of your country of destination, your exact arrival and departure dates.
If you usually only go abroad for one short holiday per year, than single trip insurance is definitely best for you.
A single trip policy only covers you for one particular trip and nothing more beyond that.
If your plans change along the way, you may be somewhat restrained if you need to then alter your policy cover. In this regard, multi-trip cover is more advantageous as it can cover all of Europe or you can even opt for worldwide cover.
If you travel more than twice per year, you could make big savings by opting instead for an annual insurance policy.
Annual Multi Trip Travel Insurance
Also known as annual or yearly travel insurance, this type of travel insurance policy will cover you for many different trips abroad over a 12-month period. Opting for this type of cover can save you a lot of time and hassle as opposed to searching for single trip cover each time.
Another advantage to this policy type are that it can work out much cheaper per trip if you travel more than two or three times per year. You can choose broad geographical coverage for all of your trips in one policy (select Europe only, worldwide with USA, or worldwide without USA). You will usually have up to 31 days per trip covered.
If you are looking to travel the world this year and may be abroad for more than one full month at a time, there is a different policy type, backpacker cover (discussed below) which can cover beyond the 31-day general maximum period.
Year-long travel insurance also allows you to plan trips at short notice, allowing you to take full advantage of special deals on flights last minute! Policies can also be quite flexible, in that you may choose to upgrade your policy to a larger geographical coverage or to include extreme sport cover, for example.
Overall, annual travel cover is definitely a great cost-saving tool for the frequent traveller offering an array of flexible options throughout your various journeys.
As a multi-trip policy provides more general cover for all trips in one policy package, you may miss out on cover more specific to your trip requirements, such as a Winter sports add-on to your annual policy. However, you can often add this on later as an upgrade.
Another disadvantage could be that if you don’t end up travelling as much as you intended to in the year, you may actually lose money by having only traveled once or twice in comparison to purchasing single trip cover instead each time you venture abroad.
You may need to examine your financial position in order plan ahead to see how many trips you will be able to afford this year to help you in this decision process. The more you plan ahead, the more likely it is that you can make savings.
Take a moment to compare the premium prices between single and multi-trip policies. Premiums can be slightly higher for annual cover with certain providers, and conditions may also apply to the number of trips that can be taken within the same year.
Backpacker Travel Insurance
If annual cover sounds like the better option for you but you are planning to travel for a longer period of time, backpacker insurance is the solution! Backpacker insurance covers you for periods of up to 24-months and can offer you huge flexibility in terms of geographical cover.
Also known as extended stay travel insurance, this type is absolutely essential if you are leaving Ireland for more than 3 months to travel abroad. It offers you all the same advantages of a multi trip policy, except offers you cover for much longer periods of time. It is an essential for any extreme travel bug or adventure seeker.
This one is quite straightforward: If your trip will last less than one month, than you do not require extended backpacker cover.
Using the Ucompare.ie comparison tool, you may search for all three types of insurance policies and find the one that caters most to your needs with ease.
Which is best for me?
As you can see, the decision here about which policy type is better for you really depends on your own travel plans, the duration of your trips and the regularity of your trips.
- If you are a keen regular traveller, annual cover is a must.
- If you are unsure and will be unlikely to travel much this year, then it might be safer to stick to a single-trip policy catered to your specific trip needs.
- If you will be travelling for more than one month at a time, backpacker travel insurance has you covered.
If you are still unsure about which policy would be best for you, try using the Ucompare insurance policy search tool which can help you to quickly find the best travel insurance in Ireland.