Annual Travel Insurance Definition
At its basic sense, travel insurance is a product that protects the insured traveler from financial losses caused by various risks during a trip. For a deep dive understanding on what travel insurance is, read our article about What is travel insurance?
What is Annual Travel Insurance?
An Annual travel insurance policy has a contract period of 1 year. Like most non-life insurance policies, it is renewable yearly.
More often than not, Annual policies are "multi-trip" policies. These are designed for frequent travelers, which are further discussed below:
Need an annual travel insurance? Request an annual travel insurance quote
Annual vs Multi-trip Travel Insurance Policy
Annual travel insurance is generally known as multi-trip travel insurance. This is a type of travel insurance policy that provides coverage for unlimited number of trips within a policy contract. Usually, it is a one-year policy, hence the word “annual”.
This is the opposite to “single-trip” travel insurance policies, where the policy contract can be a few days to months only. Single-trip travel insurance policies are commonly purchased here in the Philippines.
Things you need to know about annual travel insurance plans
Most annual policies cannot cover extra long trips
There is a misconcepcion that an annual policy can cover long-term travels (for example, a trip to Europe for a long term stay of 6 months or more). There are available single-trip travel insurance plans that can cover 365 straight days, but generally these types of plans are much more expensive.
For instance, if you are staying in Europe for 4 months and your annual travel insurance policy can cover up to 90 days only, you will no longer have coverage on the 91st day onwards, unless you return to the Philippines, that will give you a fresh, 90-day coverage again.
Check if there are limitations in the destinations
Most tourist destinations can be covered by annual travel insurance policies, except certain restricted countries like Afghanistan, North Korea, Iraq, Russia, Syria and other high-risk countries.
Also, some insurers charge higher if your travels include US, Canada or even Hong Kong.
If you're planning to travel to Europe, note that not all annual travel insurance plans are valid for Schengen visa requirements.
Why get an Annual (multi-trip) Travel Insurance Policy
One travel insurance policy for all your trips
Having an annual travel insurance policy means you no longer need to apply for a travel insurance plan each time you have an upcoming trip, making it more convenient for you
Increased Benefit Limits
In comparison to short term or single-trip travel insurance policies, maximum benefit limits are higher for most annual policies.
Eliminates the risk of forgetting to buy insurance
Having an annual travel insurance policy ensures all your trips are covered during the policy period.
Cost-effective for frequent travelers
Especially those who have more than 4 international trips in a span of 1 year, having an annual policy can be more affordable in the long run
Choosing the Right Annual Travel Insurance Plan
Be aware of the maximum days it can cover per trip
Having an "annual" travel insurance policy does not automatically mean it can cover your 1 year travel abroad. Check how long it can cover (typically 90 days or 60 days per trip) and choose the best option based on the duration of your trips.
Consider your possible destinations
Annual travel insurance policies have different variations.
If you are a Philippine passport holder and you plan to travel to Europe, make sure that your policy has medical expense coverage of at least EUR 30,000 or the PHP equivalent. Normally, peso policies that are Schengen-ready have coverage of Php 2,500,000 for medical expenses.
Annual Travel Insurance Cost Comparison
Below are our most recommended annual travel insurance plans, compared side by side. All of these have COVID-19 medical coverage:
Insurer |
Product Name |
Number of trips covered |
Maximum duration of coverage per trip |
Policy Period |
Age eligiblity |
1 year PremiumAnnual Multi-trip policy starts at: |
 |
TraveLead - Annual | Unlimited | Up to 90 days | 1 year, renewable | up to 70 years old | Php 8,826 |
 |
Assist Card Multi-trip 30 | Unlimited | Up to 30 days | 1 year, renewable | up to 80 years old | US$ 164 |
|
Assist Card Multi-trip 60 | Unlimited | Up to 60 days | 1 year, renewable | up to 80 years old | US$ 246 |
 |
Pacific Cross Travel Safe Worldwide Elite Dollar | Unlimited | Up to 90 days | 1 year, renewable | up to 70 years old | US$ 296 |
 |
Pioneer Safe Trip Annual | Unlimited | Up to 90 days | 1 year, renewable | up to 75 years old | Php 11,999 |
Get an annual travel insurance quote
Interested to receive our recommended annual multi-trip travel insurance plans for you? Check-out your options. Inquire and get a quote:
