Annual Travel Insurance VS Single Trip Travel Insurance
Annual Travel Insurance | Single Trip Travel Insurance | |
---|---|---|
Coverage | Both 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 duration | 90-100 days per trip | 180 days per trip |
Area of Cover | Worldwide | Worldwide |
Premiums | HK$1,000-HK$3,000 | ~HK$100-300 (depending on coverage, lengths of travel and destination) |
Frequency | Once a year | Every 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 |
|
BOCG Insurance Universal Voyage Travel Insurance - Gold Plan (Worldwide) | HK$268.80 |
|
AXA SmartTraveller Plus Superior Plan (Single Journey) | HK$221 |
|
STARR Companies TraveLead Extra Plan | HK$108 |
|
Dah Sing Insurance JourneySure Travel Insurance - Gold | HK$115.5 |
|
Generali Bravo Travel Protector - Classic Plan | HK$188.25 |
|
Annual Travel Insurance VS Single Trip Travel Insurance - Age Restriction
Yearly Holiday Insurance | Age 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 Plan | 79 | 72 |
Dah Sing Insurance JourneySure Travel Insurance - Gold | 85 | 65 |
MSIG iTravel Plus (Single Trip) Plan B | 85 | 75 |
BOCG Insurance Universal Voyage Travel Insurance - Gold Plan (Worldwide) | 80 | 80 |
STARR Companies TraveLead Extra Plan | Not applicable | 75 years old, and it can be renewed to 80 years old |
Best Annual Holiday Insurance
Generali Bravo Travel Protector - Classic Plan
- Medical Expenses
- HK$1,000,000
- Trip Cancellation
- HK$20,000
- Loss/Damage of Baggage
- HK$15,000
- PremiumPremium
HK$258020% Off - HK$2,064
【MoneySmart Exclusive Offer】
From September 23 to November 30, 2024, customers who successfully apply for a specific travel insurance policy can receive an Eskimo Global E-sim (1GB) redemption code (Value USD$7) within 14 days of submitting their redemption form.
Dah Sing Insurance JourneySure Travel Insurance - Gold
- Medical Expenses
- HK$500,000
- Trip Cancellation
- HK$20,000
- Loss/Damage of Baggage
- HK$15,000
- PremiumPremium
HK$175030% Off - HK$1,225
Get a 30% premium discount with promo code 'MS202403'!
AXA SmartTraveller Plus Privilege Plan
- Medical Expenses
- HK$1,000,000
- Trip Cancellation
- HK$25,000
- Loss/Damage of Baggage
- HK$15,000
- PremiumPremium
HK$51115% Off - HK$434.35
【MoneySmart Exclusive Offer】
From September 23 to November 30, 2024, customers who successfully apply for a specific travel insurance policy can receive an Eskimo Global E-sim (1GB) redemption code (Value USD$7) within 14 days of submitting their redemption form.
STARR Companies TraveLead Extra Plan
- Medical Coverage (Overseas)
- HK$1,000,000
- Trip Cancellation
- HK$25,000
- Loss/Damage of Baggage
- HK$10,000
- Premium
- HK$1,700
【MoneySmart Exclusive Offer】
From now until November 15, 2024, enjoy 20% premium discount using promo code “MSHK20” upon successful application !
⠀⠀
From September 23 to November 30, 2024, customers who successfully apply for a specific travel insurance policy can receive an Eskimo Global E-sim (1GB) redemption code (Value USD$7) within 14 days of submitting their redemption form.
BOCG Insurance Universal Voyage Travel Insurance - Gold Plan (Worldwide)
- Medical Coverage
- HK$1,000,000
- Trip Cancellation
- HK$40,000
- Loss/Damage of Baggage
- HK$15,000
- PremiumPremium
HK$201920% Off - HK$1,615.20
【MoneySmart Exclusive Offer】
From September 23 to November 30, 2024, customers who successfully apply for a specific travel insurance policy can receive an Eskimo Global E-sim (1GB) redemption code (Value USD$7) within 14 days of submitting their redemption form.
MSIG iTravel Plus (Single Trip) Plan B
- Medical Expenses
- HK$500,000
- Trip Cancellation
- HK$25,000
- Loss/Damage of Baggage
- HK$15,000
- PremiumPremium
HK$36345% Off - HK$199.65
【MSIG 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 1 x FamilyMart 500-yen e-coupon with net premium spent reaching HK$300 or above
Or choose to earn HK$3 net premium spent = 1 Asia Mile
【MoneySmart Exclusive Offer】
From September 23 to November 30, 2024, customers who successfully apply for a specific travel insurance policy can receive an Eskimo Global E-sim (1GB) redemption code (Value USD$7) within 14 days of submitting their redemption form.
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.