Single-Trip vs Multi-Trip Travel Insurance (2024)

What is single-trip travel insurance?

Single trip travel insurance covers you for one domestic or international trip, whether you visit one destination or several. As soon as you purchase a single trip policy, you are covered for unexpected pre-departure events, for example, trip cancellation, and you remain protected for the duration of your trip until you return home. Coverage benefits typically found in a single-trip travel insurance plan include trip cancellation, interruption and delay, baggage loss and delay, treatment for emergency medical, medical evacuation and 24/7 travel assistance.

How much is single-trip travel insurance?

The cost of single-trip travel insurance varies and depends on various risk factors such as the number of travellers on a policy, the age of the travellers, the total trip cost and trip length. Additional cost risk factors can include trip destination, for example, if your destination is high-risk or remote and add-on coverages, for example, the pre-existing conditions benefit. Some providers even evaluate risk factors such as the possibility of falling ill with COVID-19 and vaccination statuses. On average, travel insurance will cost approximately 4%-10% of your total prepaid, nonrefundable trip cost.

What is multi-trip travel insurance?

Multi-trip travel insurance, commonly known as annual travel insurance, covers multiple worldwide trips you plan to take throughout the year. It’s best for frequent travellers who intend to travel more than twice a year because you only need to purchase coverage once instead of for every trip you plan to take. Coverage benefits typically found in multi-trip travel insurance include emergency medical, medical evacuation, travel delay, baggage loss and delay. Sometimes, COVID-19, trip cancellation and interruption benefits are included. However, you can opt for different options and add-on benefits for a more comprehensive policy so your plan meets your travel needs.

How does multi-trip travel insurance work?

Multi-trip travel insurance is coverage you purchase once for unlimited trips within 12 months. With multi-trip coverage, you are limited to a certain number of days per trip, as indicated in a policy; therefore, when you buy a policy, you must know the maximum duration for your most extended trip. Although you will not need to know the number of trips you plan to take for the year or the exact destinations when purchasing a policy, you will need to know the region you plan to travel to. Multi-trip coverage will protect you until the policy expires or you reach the maximum coverage limit for the benefits. Unfortunately, coverage will not reset for each of your trips. Ensure you read your policy thoroughly to understand the terms, conditions, limitations, and exclusions.

Can I cancel multi-trip travel insurance?

You can cancel multi-trip travel insurance before you purchase a plan during the review stage if offered by a provider. Some providers allow this, and it’s known as the free-look period. It’s when you can review plan details for approximately 10-15 days free of charge to decide whether you need more coverage or less coverage. If you want to change your coverage, you can cancel your existing policy during that timeframe for a refund and purchase a new one that better suits your travel needs if you haven’t already filed a claim.

What is the difference between single and multi-trip travel insurance?

The difference between single-trip and multi-trip travel insurance is that single-trip travel insurance covers you for one round trip within Canada or abroad. In contrast, multi-trip travel insurance covers multiple trips in twelve months, and you only purchase coverage once for all your planned trips. Another difference between single trip vs multi-trip travel insurance is that single trip covers a broader range of risk factors when compared to multi-trip, which tends to cover mainly medical risk factors.

Why is multi-trip travel insurance cheaper than single trip?

Is annual travel insurance the same as multi-trip?

Yes, annual travel insurance is also called multi-trip travel insurance.