It also generally works out better value financially than buying two or three single trip policies a year.Depending on the number of foreign trips that a traveller makes every year, they can opt for a single trip insurance plan or a multitrip insurance policy. The advantages of a frequent travelling opting for an Annual Insurance policy is:
- It is more economical that purchasing a single trip policy each time they travel
- It offers peace of mind to the traveller who need not worry about purchasing an insurance plan for each trip.
- An Annual Multi Trip plan is normally a worldwide policy and hence the traveller is covered irrespective of the destination of travel.
So how does annual travel insurance work?An Annual Multi Trip (AMT) travel insurance plan is suited best for travellers who frequently travel for their business/leisure purposes. An AMT plan is typically issued for 1 year (365 days) and has options of capping each trip to 30/45/60 days. This means that if the traveller opts for an annual policy with a 45 day trip capping, they will remain covered for each trip during the year upto a maximum period of 45 days. Once the applicable premium is paid by the traveller, an annual policy is issued and this covers the insured traveller for the entire period of 365 days irrespective of the number of single trips that he/she makes during this one year period.