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Important:Travel insurance rules continue to change as a result of the coronavirus pandemic. We’re working hard to keep up and make sure our guides are up to date, however some information may not be accurate during the pandemic. It’s even more important to double-check all details that matter to you before taking out cover. Please know that some policies may not be available through Finder at this time. Here are some helpful tips:
- If you're buying a policy today, it's unlikely that you'll be covered for border closures
- If your travel plans go against government advice, your policy will most likely be voided and you won't be covered
What is annual travel insurance?
Annual travel insurance is a type of policy that can cover you for multiple trips within a 12 month period. It's also known as a multi-trip policy. Annual travel insurance shouldn't be mistaken for long term travel insurance which gives you cover if your travelling continuously for +6 months without returning home.
A multi-trip policy is different to a single trip policy because you can travel as many times as you want but trip durations are typically capped off at 90 days. This can vary across different brands.
3 benefits of annual travel insurance
- Cheaper than buying single trip policies. An annual policy can usually save you money if you're taking three or more trips per year but depending on where you are going, it's possible to save even if you only travel twice.
- Time saver. You don't have to fill out new forms for every new trip. If you get a worldwide policy, you can be covered for domestic trips too.
- Automatic coverage. Have one less thing to think about when you're preparing for your trip. With an annual policy, you just have to buy it once and you'll be covered for the rest of your trips for the next 12 months (as long as you
Looking for the best annual travel insurance?
Based on popularity, here are the top 5 brands that people choose from Finder for their annual travel insurance.
|Brand||Maximum trip duration options||Maximum age limit||Overseas medical expenses||Cancellation expenses||Apply|
|Under 74||$5,000,000||Chosen cover|
|Budget Direct||Under 75||Unlimited||Unlimited|
|Online Travel Insurance||74 years and under||Unlimited||Chosen cover|
*These are the top 5 brands for annual multi-trip policies on Finder between October 2018 - 2019. Limits are for their top level of cover.
How to compare annual travel insurance
Before you start comparing, there are some critical points to consider such as destinations, trip durations and age limits.
- Destinations. Just like normal travel insurance, the price you pay will depend on where you intend ongoing. If you're trying to save money, you can list out specific destinations and get a premium for those places only. If you're going for convenience, select "Worldwide" and you'll be covered for all destinations - including domestic travel, and it's really not that much more expensive for most insurers.
- Trip duration. Annual multi-trip policies will only cover you for the maximum trip duration that you choose at the time you buy the policy. It can vary amongst different brands but it can range from 15 days up to 90 days.
- Age limits. Most brands have an age limit on who can take out an annual policy which is usually around the mid-70s. If you're older you can still get cover but it might be limited to only a few brands.
Now that you've made all the important considerations, you can start comparing! Using our comparison tool:
- Enter your destination
- Enter the departure date of your first trip
- Enter your age
- Then get your quote
- Use the sorting tool to choose a trip duration that's suitable for you
- Use the finder rating to help you choose a level of cover
- Choose a price that suits your budget
This is how your annual travel insurance comparison will appear.
How much does it cost?
Say you take three trips over the course of the year - one week in Bali, three weeks in the US and three weeks in the UK. If you purchase a comprehensive single trip policy with Budget Direct (Finder's top-rated travel insurance policy) for each trip, you're looking at a combined cost of $261.09*. However, Budget Direct's Annual Multi-Trip policy costs $167.40* - meaning you're looking at savings of $93.69.
Better yet, if you opt for a Worldwide annual multi-trip policy from Budget Direct, it's only $21.22 more. Then you won't have to restricted by countries and you'll be covered for trips that weren't expected at the time you bought your policy.
*Prices are based on 30 year old traveller with an excess of $200, as of October 2019.
Before choosing your policy, consider the maximum duration of each of your trips. Some brands will let you travel for up to 90 days while others will only let you travel up to 30 days. Check out the comparison of annual travel insurance policies from Finder partners below.
|Brand||International individual trip duration options||Domestic individual trip duration options||Maximum Age||Apply|
|AllClear||70 and 70+|
|Medibank||Not stated on the PDS|
Multi-trip travel insurance covers all the same things as a single-trip policy. This means you can expect cover for:
- Cruise and Ski cover. Some annual travel insurance policies automatically include cruise and ski cover in their policies. If you plan to go on a cruise or ski during one of your trips, go for a policy that includes these services.
- Medical expenses including evacuation. If you get sick or injured while overseas, your policy will cover the cost of your ambulance, hospital bed, surgery fees and evacuation to the nearest hospital (or back to Australia if necessary). Most annual policies offer unlimited medical for international trips, which helps with peace of mind knowing you're covered no matter where you go.
- Additional emergency expenses. This covers the additional travel and accommodation expenses related to emergencies outside of your control, like becoming medically unfit to travel or the unexpected death of a close relative back home. Most policies will also pay for someone in Australia to travel to you if you're hospitalised overseas.
- Cancellation fees and lost deposits. This covers your non-refundable pre-paid travel expenses and any cancellation fees if you have to cancel your trip due to unexpected events outside of your control.
- Luggage and personal belongings. Covers the repair or replacement costs for luggage and personal items are lost, stolen or damaged during your trip. Some policies will pay you an emergency allowance to help you purchase essential clothing and toiletries if an airline temporarily misplaces your luggage.
- Travel delay. This pays for unexpected meal and accommodation costs when your flight or other prepaid transportation is rescheduled or delayed for a significant amount of time.
- Rental vehicle excess insurance. This brings down the unreasonably high excess car rental companies charge if you damage one of their cars. Some policies offer this for free. Others charge extra for it.
- Personal liability. This pays your legal fees and penalties if you accidentally injure someone or damage their property while travelling.
What's not included?
All policies have a list of exclusions, which outlines what your policy won't cover and what situations will void your policy. You can check out our guide to travel insurance exclusions for a thorough rundown, but here are some of the most common exclusions you'll find:
- You're travelling somewhere there's a travel warning. The Australian Government issues advisories for a reason. If you choose to travel to these countries and ignore these warnings, your insurance will be invalid.
- You don't take care of your belongings. Your insurer won't pay for lost items if you weren't careful with them. This includes leaving your luggage or valuables unattended or leaving your hotel room unlocked.
- You're taking part in extreme or dangerous activities. Most policies won't cover extreme sports or other dangerous activities such as base jumping or mountaineering.
- You were acting recklessly. Your insurer can deny your claim if they find you were acting recklessly at the time. This can include being drunk, being high, breaking the law or putting yourself in harm's way.
- Illness or injury from pre-existing conditions. If you fail to disclose any pre-existing conditions, your insurer could deny medical claims if they think the new injury or illness is related.
- You're pregnant. Most policies will not cover childbirth at all and they'll stop covering pregnancy-related complications up to a certain point in the pregnancy (varies from insurer to insurer). However, they will cover all unrelated medical conditions like a broken wrist for the duration of the trip.
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