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
CoverageAnnual Travel InsuranceBoth provide coverage for medical expenses, trip cancellation, trip curtailment, flight delay, and loss of personal belongings. Single Trip Travel InsuranceBoth provide coverage for medical expenses, trip cancellation, trip curtailment, flight delay, and loss of personal belongings.
Maximum trip durationAnnual Travel Insurance90-100 days per tripSingle Trip Travel Insurance180 days per trip
Area of Cover Annual Travel InsuranceWorldwide Single Trip Travel InsuranceWorldwide
PremiumsAnnual Travel InsuranceHK$1,000-HK$3,000Single Trip Travel Insurance~HK$100-300 (depending on coverage, lengths of travel and destination)
FrequencyAnnual Travel InsuranceOnce a yearSingle Trip Travel InsuranceEvery time you go traveling
Age Restrictions Annual Travel InsuranceLower (generally between 69-80 years old)Single Trip Travel InsuranceHigher (Up to 85 years old)
Suitable for Annual Travel InsuranceFrequent travelers Single Trip Travel InsuranceInfrequent travelers

Best Travel Insurance

Travel Insurance Premiums as low as Features
Travel Insurance MSIG iTravel Plus (Single Trip) Plan BPremiums as low as HK$110.60Features
  • 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
Travel Insurance BOCG Insurance Universal Voyage Travel Insurance - Gold Plan (Worldwide)Premiums as low as HK$268.80Features
  • 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
Travel Insurance AXA SmartTraveller Plus Superior Plan (Single Journey)Premiums as low as HK$221Features
  • No upper age limit for single journey
  • Covers luggage and personal belongings
Travel Insurance STARR Companies TraveLead Extra PlanPremiums as low as HK$108Features
  • Cover travel delays and cancellations
  • Cover luggage and personal belongings
Travel Insurance Dah Sing Insurance JourneySure Travel Insurance - GoldPremiums as low as HK$115.5Features
  • 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
Travel Insurance Generali Bravo Travel Protector - Classic PlanPremiums as low as HK$188.25Features
  • 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)
Yearly Holiday InsuranceAXA SmartTraveller Plus Superior Plan (Single Journey)Age Restriction (Single Trip)Not applicable Age Restriction (Annual)75 years old, and it can be renewed to 80 years old
Yearly Holiday InsuranceGenerali Bravo Travel Protector - Classic PlanAge Restriction (Single Trip)79Age Restriction (Annual)72
Yearly Holiday InsuranceDah Sing Insurance JourneySure Travel Insurance - GoldAge Restriction (Single Trip)85Age Restriction (Annual)65
Yearly Holiday InsuranceMSIG iTravel Plus (Single Trip) Plan BAge Restriction (Single Trip)85Age Restriction (Annual)75
Yearly Holiday InsuranceBOCG Insurance Universal Voyage Travel Insurance - Gold Plan (Worldwide)Age Restriction (Single Trip)80Age Restriction (Annual)80
Yearly Holiday InsuranceSTARR Companies TraveLead Extra PlanAge Restriction (Single Trip)Not applicable Age Restriction (Annual)75 years old, and it can be renewed to 80 years old

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 travel 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.