Annual travel insurance

Cheap annual travel insurance

Cheap comprehensive: Frequent Traveller Saver

• It can cover you for up to 45 days per trip. The average is around 30 days.
• It comes with COVID-19 cover. This includes unlimited medical expenses and rearrangement costs if you or someone you are travelling with catches the virus.
• It comes with fairly high limits, most likely enough for multiple trips e.g. up to $12,000 for luggage, $10,000 for cancellations, $5,000 rental car excess insurance and unlimited travel delay expenses.

• Frequent Traveller Saver has a $10,000 limit for cancellation cover.
• There are more comprehensive options, if you're willing to pay more. For example, Fast Cover and CoverMore have annual policies that all come with higher limits. These could be better for trips over $10,000.

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Why we picked Frequent Traveller Saver

Finder's insurance and innovations editor looked at 45 annual travel insurance policies available on the Finder engine and a handful of other well known brands including CoverMore and Medibank. Frequent Traveller Saver offered the cheapest comprehensive policy for 5 different annual multi trips:

• Bali, USA, New Zealand
• Bali, Japan, New Zealand
• Bali, Japan, South Korea, New Zealand
• Bali, Italy, France, New Zealand
• Bali, Thailand, New Zealand

Cheap basic: Insure4Less Annual Multi Trip Essentials

• It's good if you want a very cheap policy covering medical only, including if you catch COVID-19.
• Out of 45 annual multi trip policies, it was the cheapest available on Finder.

• It really is a bare bones policy. It only covers medical expenses. It's no help if you need to cancel, rearrange or your luggage is delayed or lost.
• It can cover you for up to 31 days per trip. If you have a longer trip planned, you should look elsewhere.

Why we picked Insure4less

Our insurance and innovations editor picked Insure4less because it's typically the cheapest annual multi trip policy in the Finder database. Insure4less offered the cheapest basic policy for 5 different annual multi trips:

• Bali, USA, New Zealand
• Bali, Japan, New Zealand
• Bali, Japan, South Korea, New Zealand
• Bali, Italy, France, New Zealand
• Bali, Thailand, New Zealand

Is it cheaper to buy annual travel insurance?

It's typically only cheaper to buy an annual travel insurance policy if you plan to go on a few big trips in the next 12 months. If you're only going away for around 2 weeks per trip, multiple single travel insurance policies are often cheaper.

Here's a table showing the prices if you were to take out multiple single travel insurance policies, as opposed to taking out a multi trip travel insurance policy.

"I saved $500 getting an annual multi-trip policy. I had two big overseas trips planned, one a ski trip, and it was cheaper to get an annual policy instead of individual cover (this was for 2 people). And now I'm covered for the rest of the year too, including on domestic trips. "

Tim Bennett

Insurance expert

It is important to note that the true value of an annual policy often depends on trip length. A 2024 CHOICE analysis found that if you plan three or four overseas holidays, single trip policies are generally cheaper if your trips average two weeks or less. However, once your trips stretch beyond three weeks, multi trip insurance tends to offer better value. For those planning five trips, a multi trip policy becomes a better option for journeys exceeding 16 days (Source: CHOICE 2024).

What does annual travel insurance cover?

Multi trip travel insurance covers all the same things as a single-trip policy. This means you can expect cover for:

• 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 that 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.
• Cruise and Ski cover. Some annual travel insurance policies include cruise cover and ski cover in their policies. Benefits include onboard medical expenses, missed ports, cabin confinement and more.
• Personal liability. This pays your legal fees and penalties if you accidentally injure someone or damage their property while travelling.

When comparing high level plans, you will often encounter the term unlimited overseas emergency medical cover. This is a critical inclusion for frequent travellers because it ensures that there is no financial cap on necessary hospital stays, surgeries or emergency medical evacuations while abroad. Major providers like 1Cover, Allianz, and Fast Cover typically include this as a standard feature in their comprehensive annual plans, providing peace of mind for those visiting regions with high healthcare costs like North America or Europe.

Our expert says

"At first annual travel insurance might seem like a bit of an upfront cost, but if you have a couple of big trips planned in the next 12 months (it looks like many of us do – there's been a 50% increase in departures compared to this time last year) then it's often cheaper than buying multiple individual policies."

Gary Ross Hunter

Journalist

Compare providers

Choosing the right annual policy depends on your specific travel habits and existing memberships. Below is an analysis of how four major Australian providers stack up:

1Cover: Frequently recognised for its outstanding value, 1Cover is a strong choice for those who want flexible cancellation limits. Unlike many competitors, they allow you to choose your specific cancellation cover amount, which then applies to all covered medical conditions equally (Source: 1Cover 2025).

Medibank: This provider offers a significant advantage for existing health insurance members. Medibank and ahm health members can save 15% to 20% on their travel insurance premiums. They are also highly regarded for their specialised assessment process for travellers with pre-existing health conditions (Source: Medibank 2024).

Fast Cover: A standout feature for this provider is their Frequent Traveller Saver policy, which includes automatic cruise cover at no additional cost. This is particularly beneficial for travellers who plan to mix land based holidays with ocean or river cruises throughout the year (Source: Fast Cover 2025).

Allianz: Known for a vast global assistance network, Allianz is often recommended for families and those travelling to Europe. Their multi trip policies provide a robust safety net with 24/7 access to a worldwide team of medical specialists and multilingual assistance staff (Source: Allianz Australia).

Regional coverage and trip duration

When selecting an annual multi trip policy, you must consider regional variations and trip limits. Most insurers require you to select a coverage region, such as "Asia Pacific" or "Worldwide." If your year includes a mix of domestic and international travel, a worldwide policy will typically cover you for trips within Australia as well, provided you are a set distance from home (usually 100km to 250km) (Source: Cover-More).

It is also vital to check the maximum duration for any single journey. While the policy lasts 12 months, individual trips are usually capped at 15, 30, 45 or 60 days. If you plan one long adventure alongside several short ones, ensure your chosen plan accommodates your longest intended stay.

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. These include if:

• You're travelling somewhere there's a travel warning. The Australian Government issues advisories for a reason. If you travel to a 'Do not travel' destination, claims related to the reason for that warning generally won't be paid. Claims unrelated to the warning are usually still covered — check your PDS.
• 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 it finds 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 you if you're pregnant at around 30 weeks. However, they will cover all unrelated medical conditions like a broken wrist for the duration of the trip.

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Frequently asked questions about annual travel insurance

• Does annual multi-trip travel insurance cover domestic trips within Australia

  Yes, many annual multi-trip policies provide cover for domestic trips within Australia. Typically this cover applies when you are a certain distance from your home often between 100km and 250km. Always check your specific PDS to confirm domestic trip cover, the required travel distance and any exclusions that may apply.

• Are there age limits for annual multi-trip travel insurance

  Yes, most annual multi-trip travel insurance policies have age limits. The maximum age for eligibility can vary significantly between insurers, with some capping cover at 65 or 70 years of age, while others may offer policies for travellers up to 80 or 85 years old. Travellers over a certain age, for example 60 or 65, may face higher premiums or specific exclusions. It is always best to compare quotes from various providers to double check their age criteria.

• How do pre-existing medical conditions affect annual multi-trip travel insurance

  Pre-existing medical conditions can affect your annual multi-trip travel insurance. You generally need to declare all pre-existing conditions during the application process. Some conditions may be automatically covered, some may require a medical assessment and additional premium or some may be excluded from cover entirely. Failure to disclose conditions could invalidate your policy so it is important to be honest and thorough. Some insurers specialise in assessing pre-existing conditions so it is worth comparing options.

• How do I make a claim on my annual multi-trip travel insurance policy

  To make a claim on your annual multi-trip travel insurance policy you typically need to contact your insurer as soon as possible, ideally while still travelling for emergencies. You will need to complete a claim form and provide supporting documentation such as police reports for theft, medical reports for illness or injury, original receipts for lost or damaged items and booking confirmations for cancelled trips. It's also a good idea to hang on to all relevant documents including flight tickets, accommodation details and medical records as evidence.

• Can I extend a single trip beyond the maximum duration allowed by my annual policy

  No, you generally cannot extend a single trip beyond the maximum duration specified in your annual multi-trip policy. If you plan to travel for longer than the per-trip limit, such as 30, 45 or 60 days, you will need to purchase a separate single trip travel insurance policy to cover the entire duration of that longer journey. Your annual policy's individual trip limit applies strictly to each separate overseas excursion.

• Does an annual multi-trip travel insurance policy cover my family or children

  Many annual multi-trip policies offer options to cover your family or children, often referred to as a family policy. This typically covers two adults and their dependent children, usually under a certain age like 21 or 25, travelling together or sometimes independently. It's important to confirm the specific definitions of a "family" or "dependent child" in your PDS and whether children are covered when travelling alone.

• What is the difference between annual multi-trip and long term travel insurance

  Annual multi-trip insurance covers an unlimited number of shorter trips, each usually lasting up to 30, 45 or 60 days, within a 12 month period. Long term travel insurance on the other hand is a single policy designed to cover one continuous journey that extends for a much longer period, often from three months up to two years or more. Annual policies are for frequent short breaks, while long term policies are for extended travels like a sabbatical or backpacking trip.

Written by

Gary Ross Hunter

Journalist

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Gary Ross Hunter has over 6 years of expertise writing about insurance, including life, health, home, and car insurance. Having reviewed hundreds of product disclosure statements and published over 800 articles, he loves simplifying complex insurance topics for everyday readers. Gary has contributed to major outlets like Yahoo Finance, The Sydney Morning Herald, and news.com.au, and holds a Bachelor of Arts (Honours) in English Literature from the University of Glasgow, along with a Tier 2 General Advice certification, ensuring his work adheres to ASIC’s RG146 standards. See full bio

Gary Ross's expertise

Gary Ross has written 519 Finder guides across topics including:

• Health, home, life, car, pet and travel insurance
• Managing the cost of living