Just as we need to insure life, home and belongings, we need travel insurance against travel risks. Insurance companies have tailor-made plans for each type of trip, so you won’t pay more if you’re a frequent traveler. Standard plans provide risk coverage for up to 90 days, while a frequent traveler may be unsure of their travel plans, which could be sudden or premeditated.
Continuous travel insurance is intended for people who travel often in a year. Annual travel insurance may seem a bit more expensive than a standard plan, but it makes up for a longer term because it stays active for an entire year with a single premium.
Before purchasing an Annual Travel Insurance Plan, read the fine print and understand the terms and conditions very carefully to avoid heartburn later in case a claim is made to the company. Most travel policies do not cover high-risk activities such as dangerous sports or damage to your pets.
Another condition worth investigating is that of a deductible waiver. This is similar to a deduction most other types of insurance have, where you promise to pay a portion of the claim out of pocket to avoid higher premiums.
Taking out travel insurance online saves customers a whopping 40%. Because companies save on overhead costs by selling policies online, they offer lower premiums and offer to cover more risks than if you applied through an application the conventional way. Such comprehensive coverage offerings may include home and property insurance. Purchasing insurance coverage online basically translates into paying a lower premium for more coverage.
Businesses have annual travel insurance policies tailored to the needs of an individual, group or institution. For example, families who travel frequently for golf tournaments may opt for a plan known as the annual golf travel plan, which usually covers the risk of loss of golf equipment, as well as injury to a third party or any other liability incurred by playing golf.
For those traveling in groups and requiring insurance for 10 or more people, there are tailor-made annual travel insurance policies for families, groups and institutions such as schools that organize trips for sporting events, etc. Family packages are limited to immediate members and for groups of non-family members, look for policies designed for extended groups. Comprehensive group insurance policies are cheaper and cover every member of the group at the same time.
In summary, if you are a frequent traveler, you should check the Annual Travel Policy and the Group Travel Policy if you are traveling in groups of more than 10. All policies have limitations and vary from company to company. It would do you good to take a closer look at the terms and conditions and read the fine print with a magnifying glass. If you enjoy sports and/or engage in risky activities, you may want to consider a sports travel policy or golf travel insurance, depending on your needs.
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