Do You Travel Frequently? Consider An Annual Travel Insurance Plan!

By BankBazaar | April 29, 2019

While you’re probably already familiar with Travel Insurance, if you happen to be a frequent traveller then getting an Annual Travel Insurance plan is something you should consider.

Should You Get An Annual Travel Insurance Plan

There’s no denying that travelling and vacationing has become increasingly affordable over the years. An increase in people’s spending power, especially with the aid of Credit Cards, combined with inexpensive airfare, has certainly contributed more than ever towards the steady rise of Indians travelling all over the country as well as the rest of the world.

In fact, in this day and age, people tend to travel as much as they possibly can. Gone are the days when you would plan for a vacation or two every year. Nowadays, packing your bags and heading out into the sunset is as commonplace as taking a cab to work.

Whether for pleasure or business, travelling has become the norm for people from all walks of life and all financial backgrounds. If you’re someone who travels every now and then you’re probably already familiar with Travel Insurance, especially if you travel abroad.

And so you should be since Travel Insurance protects you against any loss suffered due to flight cancellations or delays, accidents, misplaced baggage, etc. However, if you travel frequently, then you should certainly consider getting an Annual Travel Insurance plan, which will cover you for multiple trips over a year, saving you from the hassle of getting insurance for each of your trips.

Additional Reading: Travelling Abroad? Check Out These Credit Cards

What Are The Benefits Of An Annual Travel Insurance Plan?

That’s a good question and you’ll be delighted to know that an Annual Travel Insurance plan provides frequent travellers with an incredible number of advantages.

  • As we mentioned previously, with an Annual Travel Insurance Plan you get coverage for all trips you undertake during the given year. This means you won’t have to get insurance every time you go on a trip since you’ll be covered throughout the year.
  • As you can imagine, it works out cheaper even you make only a few trips in a year.
  • It’s incredibly convenient since you won’t have to keep purchasing insurance for every trip. All you have to do is buy a suitable Annual Travel Insurance plan and you’re covered for the entire year.
  • An Annual Travel Insurance plan gives you the same benefits and protection that regular Travel Insurance plans give you, so you don’t have to worry about missing out on anything.

What Is The Eligibility Criteria For An Annual Travel Insurance Plan?

While the eligibility criteria for Annual Travel Insurance plans differ from one insurance provider to another, in general travellers need to be between the ages of 3 months to 70 years to be eligible for an Annual Travel Insurance plan.

However, these eligibility criteria also depend on the destination you’re travelling to. Schengen countries only allow travellers aged up to 50 years to hold an Annual Travel Insurance plan, so if you’re above 50 you’ll have to get a Travel Insurance plan for that particular trip if you plan on visiting any of the Schengen countries.

Additional Reading: Buying Travel Insurance – A Handy Guide

What Does An Annual Travel Insurance Plan Not Cover?

We’re glad you asked. While an Annual Travel Insurance Plan certainly has a ton of benefits, there are some things it doesn’t cover. Here are a few:

  • No pre-existing medical conditions are covered under this plan
  • Any expenses that arise as a result of self-harm or mental issues
  • Expenses related to substance abuse, such as alcohol, drugs, etc.
  • Homeopathic and Ayruverdic treatment
  • Outbreak of war in the country you are visiting
  • Any sporting activity

What Is The Claim Process For Annual Travel Insurance Plans?

If you have suffered any sort of loss or incurred any expenses due to a medical emergency while travelling that is covered under your policy, the first thing you need to do is get in touch with your insurance company immediately. You can even send your insurance provider an email through which you can file your claim. In fact, certain insurance companies are tied up with foreign firms to settle claims abroad.

When you get in touch with your insurance company a representative will require information about the incident that occurred. You will also be required to fill a claims form. Make sure you fill the form accurately and honestly and provide as many documents as possible that can support your claim. If you’re claiming for loss due to theft then you will be required to provide a police report copy.

Once you submit the form and the relevant documents the insurance company will start processing your claim, which could take up to two weeks and you will be notified of your claim’s status.

Additional Reading: Does Travel Insurance Cover Terrorist Attacks?

So all you frequent travellers out there, rejoice. Get yourself an Annual Travel Insurance plan at once for enhanced peace of mind while travelling. Bon voyage!

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