If you’re a travel aficionado, we’re sure you understand the importance of a travel insurance plan. But do you know which one is better for you- Single Trip or Multi Trip? Here’s a quick read that’ll help you decide.
We're a generation of explorers. Each year, we plan trips to exotic locations and love exploring the local cuisines, scenic beauties and the culture of our destination. If not for leisure, many of us travel to various countries for work and need to ensure our trip goes hassle-free. But in all this excitement, most individuals forget to secure their trips against untoward situations that may occur during the trip. This is where travel insurance comes in handy.
A travel insurance plan protects you against financial losses that you might occur due to medical emergencies, loss of baggage or any other unexpected situation that might arise on your trip. It is vital to conduct a thorough research of the kind of travel insurance plan you would require for your trip.
Travel insurance plans are broadly divided into 2 broad categories- namely Single Trip Insurance and Multi Trip Insurance. Let’s understand the two in detail.
Single trip travel insurance
Single trip travel insurance is a policy that provides coverage for only one domestic or international trip. If an individual is on a single trip, they can visit multiple destinations or countries, and it would still be considered a single trip while you are away from your home. The policy cover would start from the time a person flies from the home country and would last until one returns to their home country from the trip.
The policy can be extended and has a quick claim resolution process. These policies usually cover hospitalisation expenses, emergency dental treatment costs, loss of luggage, etc. Single trip travel insurance policy is cost effective as it covers the individual for the exact length of the trip. Usually, a single trip plan gives cover for a period of 180 days.
Multi-trip travel insurance
Normally, Multi-trip travel insurance plans are purchased on an annual basis as the policy term begins from the date on which it is bought and shall be in force for a period of 12 months. Any trip that an individual makes during the year are covered under the same policy. Multi-trip travel insurance policies usually cover emergency medical expenses, trip cancellation and loss of passport, among other situations.
As the policy cover is set for 365 days, a person can fly abroad multiple times under the same insurance policy. This policy is best for someone who needs to travel frequently because of multiple official trips in a year or wishes to explore the world. That said, certain multi-trip travel plans have a limit on the duration of travel. This may vary from 30-70 days per trip. Another important factor to consider is that to be eligible for a multi-trip travel insurance, an individual should have a domestic health insurance policy in the country of their origin.
How to decide which is right for you?
Before you zero in on a policy, there are certain things you must cross-check. The key differentiators are when deciding are
1. Your Destination- Destination is crucial as insurance companies offer separate cover for Europe and the rest of the world. There are certain policies that even exclude the US, Canada and the Caribbean. Therefore, it is important to know that the cover and features vary from country-to-country and plan-to-plan.
2. Your duration of stay - The number of days of your trip is also a huge determinant of whether toy are going to pick a single plan or a multi-trip plan.
3. Possible medical expenses - While each policy offers a basic medical cover for unexpected injuries and illnesses, an individual must ensure that they are covered for all medical emergencies. Any existing medical condition must be declared before buying the policy, as otherwise there are chances of claim denial.
4. Handy cash and valuables - Cost of emergency items of clothing and all valuables must also be accounted for, in case the luggage is misplaced and damaged by the airline.
5. Trip cancellations in case of multi-trips – Ideally, the cover for cancellation should be enough to encompass the pre-paid cost of the trip.
6. Policy limits and exclusions
While both, single trip and multi-trip travel plans have different advantages, features and uses, the criteria to choose a plan is solely based on an individual’s requirements and policy options. A travel insurance policy surely makes your journey worthwhile by providing complete peace of mind in a foreign land.