Is taking annual multi-trip travel insurance plan cost-effective?
Annual multi-trip travel plans seem to be bit pricey when compared to the common one-trip plans. But for those who take many trips in a year, does taking an annual multi-trip plan makes economic sense? Check out our article to see the comparison that we do for those who take single trip plans and those who take annual multi-trip plans.
Travelling is the best way to unwind yourself from the daily stress, as it breaks the daily monotonous schedule and adds liveliness to your spirit. The entire experience is extremely fulfilling. However, travelling can be an expensive affair. Starting from high-cost air tickets to overpriced hotel bookings to exploring the places it has become one of the most challenging tasks to do on a shoestring budget. More often than not we end up cancelling our travel plans rather than thinking about the alternate solution. However, a travel insurance policy can help you to enjoy the vacation to the fullest while keeping in mind value for money factor.
What does travel insurance encompass?
With vacation bells ringing, travelling is on everyone's mind. We don't forget to pack our clothes, medicines and other itineraries, but travel insurance is something that we choose to ignore deliberately. However, buying travel insurance is important just like any other insurance. The travel insurance policy secures you from any medical emergency, delay or cancellation of flights and provides you with a cushion against theft of luggage or passport, a good travel insurance policy entails it and a lot more. There are various travel insurance companies that not only protect the customer from the travel mishap but also lets you compare and select the plans based on your location and requirements.
What kind of travel insurance policy is available in the market?
There are two kinds of travel insurance prevalent in the market both have their own pros and cons.
Now, let's answer the question is taking annual multi-trip travel plan cost-effective?
Annual Travel or Multi Trip Insurance is an apt solution for an individual who likes to travel multiple times in a year. The travel insurance policy covers all your trips including business or leisure trip and this comprehensive insurance policy comes with a package of benefits. It is a worthwhile insurance policy even if you plan to travel a couple of times in a year or on the frequent basis, especially if you have the family members. Another benefit of annual travel insurance policy is it covers the last minute bookings too for a weekend trip or a lifetime adventure trip.
Pros of having a multi-travel insurance policy
Check each policy cautiously because not all the insurance companies will cover the entire expenses. Here's an example that showcases the reason why multiple travel insurance scheme is more effective
Annual Policy - Rs.4,035
Single Policy(Aug) - Rs.1,840
Single Trip(Jan) - Rs.1,533
Single Trip (Nov) - Rs.1,719
If we study, this example carefully, you will observe that a single trip policy is better if you plan to travel once or a twice in a year
Single Trip Policy-Rs 1840+ Rs 1533 = Rs 3373, there would be a saving of Rs 404 in contrast to the annual policy
But on the other, if you wish to go for three times in a 12 month period, an annual policy is better than a single policy.
Calculation of single trip policies = Rs 1840 + Rs 1533 + Rs 1791 = Rs 5164 - Rs 4035= Rs 1129, it turns out to be more expensive than an annual policy
The kind of travel insurance policy that you select depends upon the number of trips, insurance cover for uncertainties and a lot more. But in the end, we would like to say that the travel insurance policies make your travel plans more secure and safe without incurring a lot of money.