The Canadian guide to annual multi-trip travel insurance

Do you ever feel like some people know all the tricks to make travelling a breeze? They have packing cubes and luggage trackers. They collect travel points and know about ticket sales. They can always find a good restaurant, a SIM card, and all sorts of insider secrets.

There’s a very good chance that these savvy travellers have an annual multi-trip travel insurance policy. Well-seasoned travellers know that this kind of policy provides coverage on multiple trips throughout the year and is friendlier on their wallets than a single-trip policy.

Below, we’ll dig into what annual multi-trip travel insurance is and why it could be a good fit for you.

What is travel insurance?

Travel insurance offers a wide range of protection for travellers when they’re away from home. It can provide emergency medical coverage and some measure of protection in case of a delayed or cancelled trip. Some types of travel insurance even cover baggage loss or rental cars. And specialized super visa insurance helps cover medical emergencies for the visiting parents or grandparents of Canadian citizens and residents.

Those with travel insurance can feel safe knowing they’re protected in the event of any sort of travel hiccup. Some of the most common types of travel insurance include:

Why should I buy travel insurance?

Travel insurance lets you enjoy that exciting trip to Mexico without having to worry about what will happen if there’s an emergency.

While we’d all like to hope that an upcoming trip will be nothing but smooth sailing, the reality is that sometimes unexpected and unfortunate things can happen. Luggage can get lost. Flights can be delayed, forcing you to change plans. Or someone can end up in the hospital.

All of these things can cost thousands of dollars that you didn’t plan on spending. Travel insurance gives you peace of mind knowing that if something happens, you won’t be stuck footing a foreign medical bill or a last-minute hotel booking.

What is annual multi-trip travel insurance?

Annual multi-trip travel insurance is an insurance policy that is valid for a 12-month period of time and covers multiple trips within that timeframe.

With this type of policy, you don’t need to purchase a new policy prior to every trip. It’s a great type of travel insurance for people who travel more than a few times a year.

Multi-trip insurance spares you the hassle of buying travel insurance every single time you book a flight. This spares you from the awful last-minute panic of realizing you forgot to buy travel insurance when you’re already on the plane!

Plus, annual travel plans usually end up being cheaper than buying single-trip insurance if you take a lot of trips in one year. All in all, it’s the most convenient, affordable coverage option for those frequently on the go!

How does annual multi-trip travel insurance work?

Annual multi-trip travel insurance works by providing you coverage for multiple trips you may take in a given year. When purchasing a policy, you’ll select how long you think your trips will be. In addition, you can choose the type of coverage you want as well as any add-on options (typically known as “riders“). It’s as simple as that.

You can pick an annual plan that covers just medical treatment, or go for a multi-trip premium travel plan that gives more comprehensive coverage, including trip cancellation, baggage loss, etc. Plus, optional deductibles can help you lock in lower rates. For instance, choosing a deductible where you pay some costs upfront and the insurance provider takes care of the rest will usually lower the overall price of an annual multi-trip travel insurance policy.

There are tons of options available, so you can customize your plan based on your exact needs.

What does annual multi-trip travel insurance cover?

Your multi trip travel insurance coverage depends on the type of policy you chose to purchase and if your policy has any optional add-ons.

The most popular and comprehensive policies will cover:

• Emergency medical expenses
• Trip cancellation and interruption
• Baggage loss, damage, or delay
• Travel accident insurance

However, you can find policies for multi-trip travel medical, for multi-trip travel interruption, and other combinations. The coverage you have comes down to the policy you choose.

How much does annual multi-trip travel insurance cost?

The cost of your annual multi-trip insurance is based on what kind of coverage you buy and your average trip duration. Some bare-bones policies can cost less than $50, while other, more comprehensive coverage can run upwards of $500. It completely depends on what you choose for your specific needs and expectations.

Is multi-trip travel insurance cheaper than single-trip?

If you travel more than a few times a year, purchasing a multi-trip travel insurance policy as opposed to multiple single-trip plans is a great way to save money.

For example, CAA emergency medical coverage for a single four-day trip is $22.50 and annual four-day multi-trip coverage is $45.81. So, for this coverage, if you’re planning on taking more than two four-day trips in a year, annual multi-trip coverage is cheaper.

You can expect a similar trend from most insurance providers. As a rule of thumb, you can expect single-trip travel insurance to cost 5% of your trip. Add that up several times a year and it becomes easy to see why a multi-trip plan might be easier on your wallet than individual policies.