Annual Travel Insurance: Premium, Coverage, and Age Restrictions

Wondering if you should purchase annual travel insurance or single trip insurance? It depends on how frequent you travel, your budget and requirements for coverage. If you often travel or go on business trips, opting for annual travel insurance may be more cost-effective!

Let’s check out our quick comparison between annual and single trip travel insurance that helps you decide which one is more suitable for you.

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Annual Travel Insurance VS Single Trip Travel Insurance

Annual Travel InsuranceSingle Trip Travel Insurance
CoverageBoth provide coverage for medical expenses, trip cancellation, trip curtailment, flight delay, and loss of personal belongings. Both provide coverage for medical expenses, trip cancellation, trip curtailment, flight delay, and loss of personal belongings.
Maximum trip duration90-100 days per trip180 days per trip
Area of Cover Worldwide Worldwide
PremiumsHK$1,000-HK$3,000~HK$100-300 (depending on coverage, lengths of travel and destination)
FrequencyOnce a yearEvery time you go traveling
Age Restrictions Lower (generally between 69-80 years old)Higher (Up to 85 years old)
Suitable for Frequent travelers Infrequent travelers

Best Travel Insurance

Travel Insurance Premiums as low as Features
MSIG iTravel Plus (Single Trip) Plan B HK$110.60
  • Travel delays coverage up to HK$3,000
  • Overseas medical expenses coverage up to HK$500,000
  • Accidental death or permanent disability coverage up to HK$500,000
BOCG Insurance Universal Voyage Travel Insurance - Gold Plan (Worldwide)HK$268.80
  • Double indemnity of personal accident, up to HK$2,400,000
  • Maximum limit for medical expenses up to HK$1,000,000
  • Protection for dangerous activities, including bungee jumping, parachuting, rafting, diving, trekking & hot-air ballooning
AXA SmartTraveller Plus Superior Plan (Single Journey)HK$221
  • No upper age limit for single journey
  • Covers luggage and personal belongings
STARR Companies TraveLead Extra PlanHK$108
  • Cover travel delays and cancellations
  • Cover luggage and personal belongings
Dah Sing Insurance JourneySure Travel Insurance - GoldHK$115.5
  • Covers insurable loss of trip cancellation or curtailment due to the issuance of Amber, Red and Black Outbound Travel Alerts, Travel Agent or the operator of the Public Common Carrier bankrupt or winding up
  • Covers follow-up medical expenses upon returning to Hong Kong
Generali Bravo Travel Protector - Classic PlanHK$188.25
  • Excess not required
  • Covers leisure sports such as skiing and scuba diving

Annual Travel Insurance VS Single Trip Travel Insurance - Age Restriction

Yearly Holiday InsuranceAge Restriction (Single Trip)Age Restriction (Annual)
AXA SmartTraveller Plus Superior Plan (Single Journey)Not applicable 75 years old, and it can be renewed to 80 years old
Generali Bravo Travel Protector - Classic Plan7972
Dah Sing Insurance JourneySure Travel Insurance - Gold8565
MSIG iTravel Plus (Single Trip) Plan B8575
BOCG Insurance Universal Voyage Travel Insurance - Gold Plan (Worldwide)8080
STARR Companies TraveLead Extra PlanNot applicable 75 years old, and it can be renewed to 80 years old

Best Annual Holiday Insurance

Medical Expenses
HK$1,000,000
Trip Cancellation
HK$20,000
Loss/Damage of Baggage
HK$15,000
Premium
PremiumHK$258020% Off
HK$2,064
Does not require excess, and the coverage includes medical expenses, leisure sports (including skiing, scuba diving, bungee jumping, etc.), natural disasters, terrorist attacks and personal belongings such as electronic communication devices and sports equipment. The plan also offers optional cruise cover, providing you and your family with more protection.
MoneySmart Exclusive
Promo code "MS202401"
MoneySmart Exclusive
Promo code "MS202401"

Dah Sing Insurance JourneySure Travel Insurance - Gold

Medical Expenses
HK$500,000
Trip Cancellation
HK$20,000
Loss/Damage of Baggage
HK$15,000
Premium
PremiumHK$175030% Off
HK$1,225

【MoneySmart Exclusive Offer】
MoneySmart customers who successfully apply for specific Travel Insurance plan during the promotional period will be entitled to:

- 1st customer who successfully submit the claim form can earn: POLAROID Now+ i-Type Instant Camera ;
- 2nd to 50th customer who successfully submit the claim form can earn: HK$20 Airsim Credit

Valid until 31 Jul 2024
Offers family plans. With the premiums for two people, the plan can provide coverage for two parents and an unlimited number of children aged below 18 years old. The plan covers personal accidents and medical expenses, with compensation amounts up to one million Hong Kong dollars. The plan covers insurable loss of trip cancellation or curtailment due to the issuance of Amber, Red and Black Outbound Travel Alerts.
MoneySmart Exclusive
Medical Expenses
HK$1,000,000
Trip Cancellation
HK$25,000
Loss/Damage of Baggage
HK$15,000
Premium
PremiumHK$51130% Off
HK$357.70

【MoneySmart Exclusive Offer】
MoneySmart customers who successfully apply for specific Travel Insurance plan during the promotional period will be entitled to:

- 1st customer who successfully submit the claim form can earn: POLAROID Now+ i-Type Instant Camera ;
- 2nd to 50th customer who successfully submit the claim form can earn: HK$20 Airsim Credit

Valid until 31 Jul 2024
Does not have age restrictions in place. Children covered under the same policy as their parents, regardless of the number, can enjoy free protection. The plan covers medical expenses incurred from illness or accidental injury, as well as the cost of follow-up treatments within 3 months after returning to Hong Kong.
Medical Coverage (Overseas)
HK$1,000,000
Trip Cancellation
HK$25,000
Loss/Damage of Baggage
HK$10,000
Premium
HK$1,690
Offers free protection for underage children, with medical coverage up to HK$1.5 million, covering amateur sports such as diving and skiing.
Medical Coverage
HK$1,000,000
Trip Cancellation
HK$40,000
Loss/Damage of Baggage
HK$15,000
Premium
PremiumHK$175620% Off
HK$1,404.80
Covers high-risk activities including zip-lining, parachuting, whitewater rafting, diving, hiking, and hot air ballooning, with double compensation for personal accidents up to HK$2,400,000. The plan also protects against travel disruptions caused by Black Outbound Travel Alerts, including delays, cancellations, and shortened trips.
MoneySmart Exclusive
Medical Expenses
HK$500,000
Trip Cancellation
HK$25,000
Loss/Damage of Baggage
HK$15,000
Premium
PremiumHK$36345% Off
HK$199.65
【MoneySmart Exclusive Offer】
Enjoy 45% off with promo code "MSIG10" (for Single Trip Travel products)
Enjoy 35% off with “MSIG15” promo code (for Annual Trip Travel products)
Enroll iTravel Plus and receive one FamilyMart 500-yen e-coupon with net premium spent reaching HK$300 or above.
Extra Offer: Input「Asia Miles」membership no. to earn HK$3 net premium spent = 1 Asia Mile

Valid until 31 Jul 2024
Offers HK$500,000 in personal accident coverage. If your mobile phone is lost or damaged during your trip, you can enjoy up to HK$2,000 in coverage. Additionally, the plan compensates for non-refundable travel and accommodation expenses, up to HK$50,000.

Things to Consider When Purchasing Annual Travel Insurance

Not Suitable for Infrequent Travelers

Single trip insurance is better suited for those who travel less frequently each year. The premiums for single trip insurance are generally cheaper, and policyholders have the flexibility to adjust their coverage based on their budget, the number of people, itinerary, and activities.

Conversely, annual travel insurance is ideal for those who frequently travel, even if it's just for weekend trips to places like Shenzhen or Macau. It is really convenient as there is no need to purchase insurance for every trip and it has lower premiums than single trip insurance.

Maximum Duration of Coverage

When purchasing annual travel insurance, it's important to pay attention to the maximum duration of coverage for each trip. While single trip insurance generally covers a period of up to 180 days, the maximum duration covered by annual travel insurance for each journey typically ranges from 90 to 100 days. This means if your trip exceeds the maximum coverage duration (i.e., 90 or 100 days), the insurance company will not accept any claims for that trip.

If you're planning a trip that exceeds the coverage period specified in the policy, you may need to purchase additional single trip insurance to cover the extra days of your journey.

The Destination Has a Significant Impact on the Premium

Some travel insurance plans charge based on the destination. Premiums for single trip insurance vary depending on the destination, with long-haul travel typically costing more than short-haul.

Annual Travel Insurance Typically Has a Lower Age Limit

While both single trip and annual travel insurance both have age restrictions, the maximum age for annual travel insurance generally ranges from 69 to 80 years old and the maximum age for single trip insurance is up to 85 years old.

Frequently Asked Questions

Is annual travel insurance or single trip insurance more suitable for me?

Single trip insurance is better for travelers who travel infrequently. In contrast, annual travel insurance is ideal for those who travel frequently, including short weekend getaways to places like Shenzhen or Macau.

How many trips per year make annual travel insurance more cost-effective?

The cost-effectiveness of annual travel insurance compared to single trip insurance depends on how often you travel and when you travel. You need to travel quite frequently within Asia to make it more cost-effective. But for trips to Europe and America, it doesn’t have to be.

What are the benefits of buying annual travel insurance?

Annual travel insurance suits frequent travelers, providing convenient and continuous coverage for multiple trips throughout the year, including short visits to nearby destinations. It saves the hassle of purchasing insurance for each trip and generally offers lower average premiums compared to single trip insurance.

Should I buy annual travel insurance or overseas student insurance if I'm going abroad for an exchange semester?

Since the coverage of each trip in an annual travel insurance policy typically ranges only from 90 to 100 days, it may not be sufficient for an exchange program that lasts for a semester. Therefore, purchasing overseas student insurance, which is specifically designed to cover longer periods abroad, would be more appropriate.