By Patrick Chong
If you're planning a trip abroad in the near future, chances are you've been advised to purchase appropriate cover for the trip in case anything goes wrong. Travel, like life, is an adventure and therefore at times surprising and unpredictable. A good policy protects you against various possible trip-related financial and property losses, and helps ensure you receive the necessary services and assistance in case of accidents or medical emergencies. In short, having a policy, whether annual or single trip travel insurance, gives you greater peace of mind, enabling you to fully concentrate on your trip, whether it be for business or pleasure.
As with every other investment, however, there are many things to consider before purchasing your policy. If it is your first time purchasing a policy you could easily become confused or overwhelmed by the choices. One of the first decisions you need to make is whether to choose annual or single trip travel insurance. Both have advantages so considering your plans and your needs is the best way to make the right decision. Listed below are two instances where purchasing a single trip travel insurance makes more sense than purchasing an annual plan.
You are planning to take only one trip in the foreseeable future
If this is your first time travelling abroad and aren't sure if you're going to take another one any time soon, choose a single policy. After all, why pay for trips that may never happen? This may seem like a no-brainer, but some disreputable agents are very good at talking clients into purchasing policies or extras they don't really need. This is why choosing a reputable provider is crucial. Although an annual policy gives you a lower wholesale price for multiple trips, a single policy is definitely more the cost-effective option in this case. Not only are you just paying for one trip, if you do decide to take another you are not tied to an annual plan in the event you discover that it is not the right fit.
You want to keep your future options open
If the travel bug bites you you'll likely want to go to many different places and have diverse experiences. Logically, your coverage needs for a tropical location such as the Caribbean would be vastly different than your needs would be for the French Alps. Even if you go back to the same place, your needs on the second trip may be different. With single trip travel insurance, you can configure the policy to fit the specific needs of each trip and each location. It also frees you to make better-informed decisions for your next trip. For example, if you regret not opting for the 'adventure' package that includes potentially risky activities such as paragliding or snowboarding in the French Alps, you can always get a new policy that covers such events on your next trip!
Patrick Chong is the Managing Director of Insuremore. We provide low cost travel insurance and offer a range of policies including single trip travel insurance, annual, multi-trip and family cover. For all your travel cover needs, Insuremore can help you in the quickest and most cost-efficient way.
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