Top Annual Travel Insurance Plans
If you travel frequently, an annual trip insurance policy can save you both time and money. The following plans are popular among Squaremouth users because they provide strong year-round medical coverage and come from top-rated providers.
What is Annual Travel Insurance?
Annual travel insurance, also known as multi-trip insurance, is a type of coverage that protects multiple trips within a 12-month period. They allow you to leave and return home, and leave again while maintaining travel coverage across all of your trips. These plans are a great option if you plan to travel frequently over the next year and don’t want the hassle of buying a new policy for each trip.
The benefits of purchasing multi-trip coverage include:
-
Peace of Mind: Annual plans often cover the most important travel scenarios like medical emergencies, evacuations, trip delays, and baggage loss.
-
Year-Long Travel Protection: These plans provide financial protection for 12 months, with most policies covering unlimited trips during the coverage period.
-
Potential Savings: Annual coverage is often more affordable than purchasing several single-trip insurance plans, especially if you travel more than three times a year.
-
Convenience: Having a single plan means less paperwork and stress than buying and managing a new insurance policy each time you travel.
Annual Travel Insurance vs. Single Trip Travel Insurance
Both annual coverage and single-trip travel insurance offer financial protection from unexpected disruptions you face while away from home. The right type of travel insurance plan for you will depend on how often you travel, how long your trips last, and the level of coverage you need.
Generally, annual multi-trip travel insurance coverage offers more long-term protection, but typically includes fewer travel insurance benefits. Single-trip plans, however, offer more robust coverage for a more limited period of time.
Below is a more in-depth look at how these policies differ:
| Annual Travel Insurance | Single Trip Travel Insurance | |
|---|---|---|
| Convenience | Purchase one policy that lasts 12 months, regardless of how often you travel | Purchase a new policy each time you travel |
| Coverage | Mostly medical-only policies. A few plans offer limited coverage for trip cancellations | Typically offer more robust protection. Often includes Trip Cancellation and Trip Interruption coverage |
| Cost | Higher upfront cost, but are cheaper overall if you travel frequently. | Lower upfront costs, but prices can quickly add up over multiple trips. |
| Coverage Period | Coverage lasts 364 days starting from the day your policy goes into effect. Trips are generally limited to 30-90 days. | Coverage begins when you leave home and ends when you return |
| Best For | Frequent travelers, retirees, digital nomads, business travelers | Casual vacationers and travelers who want customizable, comprehensive coverage for each trip |
Pros & Cons of Annual Travel Insurance Plans
While yearly travel insurance policies are a great option if you plan to travel frequently over the next 12 months, it does have some drawbacks. Here is a look at the advantages and disadvantages of annual multi-trip insurance policies.
Pros of Annual Travel Insurance
- Unlimited Trips: Most annual travel insurance plans cover any number of trips you take during the 12-month coverage period.
- Less Hassle: Many travelers prefer the simplicity of managing one plan per year rather than a new policy for each trip.
- More Cost-Effective: Squaremouth data shows that purchasing annual coverage is cheaper than buying several travel medical insurance policies.
Cons of Annual Travel Insurance
- Limited Cancellation Coverage: Very few annual plans include Trip Cancellation and Trip Interruption benefits.
- Strict Trip Length Guidelines: Annual multi-trip travel insurance plans have maximum trip length requirements and will not cover extended trips.
- High Premiums: Annual insurance is one of the most expensive forms of travel protection. Learn more about annual travel insurance costs.
What Should I Look for in an Annual Travel Insurance Policy?
When choosing annual travel insurance, look for plans that offer well-rounded protection against common disruptions like medical emergencies, delays, and baggage loss. Consider your future travel plans and habits as you compare plans.
Here are the most important factors to keep in mind:
Some annual travel insurance policies have geographic limits and may exclude coverage within the US or abroad. Before you purchase an annual policy, double-check that it covers every region you plan to visit.
Annual multi-trip plans are intended for multiple trips throughout a year as opposed to a single year-long trip. Most policies place trip length restrictions, usually 30-90 days, that limit how long you will be covered for a single trip. When comparing annual plans, make sure the longest trip you plan to take falls within your policy’s maximum trip length requirements.
Yearly insurance can be a great investment if you find the right policy. Squaremouth makes it easy to sort annual policies by price and popularity, as well as apply filters to results so you can quickly identify plans that offer the benefits you need at a price point that fits your budget. Before deciding on a policy, confirm it includes coverage for all of your future travel destinations and itineraries. A plan that doesn’t provide adequate protection may not be worth the cost.
If you’re planning to travel outside of your home country, it’s important to remember that U.S. health insurance isn’t widely accepted abroad. Look for an annual plan that includes at least $50,000 in Emergency Medical coverage and $100,000 in Emergency Medical Evacuation coverage.
Annual trip insurance premiums vary by provider and policy. We recommend you compare plans from multiple providers to make sure you’re getting the best coverage at the lowest possible price.
How Much Does Annual Travel Insurance Cost?
Squaremouth's annual travel insurance cost data shows that travelers spend an average of $357 on annual travel insurance policies. These convenient and cost-effective plans ultimately allow travelers to get year-round trip protection for less than $1 per day.
While industry-wide reports estimate the average cost of annual travel insurance between $100 - $500, proprietary Squaremouth data based on all annual policy sales for the last 12 months reveals annual travel insurance premiums vary greatly, ranging from as low as $100 all the way to $1,780 on the high end.
Like all coverage, the cost of annual travel insurance is dependent on a wide range of factors, including your age, plan type, and the depth of coverage offered by your policy.
Here is a look at how different annual travel insurance plan types may impact the cost:
| Policy Type | Avg. Annual Insurance Price |
|---|---|
| Annual Travel Medical | $310 |
| Annual Comprehensive (Medical + Cancellation) | $533 |
Methodology: This analysis is based on anonymized purchase data from Squaremouth’s proprietary travel insurance quote and booking engine from Dec 1, 2024 - Dec 1, 2025. Premium amounts reflect finalized purchase prices, segmented by policy type. All sales included in this data set are for annual travel insurance policies.
What Does Annual Travel Insurance Cover?
Annual travel insurance is mainly designed to cover medical emergencies that occur while you’re away from home. Most plans cover you for 364 days, starting from the day your policy goes into effect. This is due to the way insurers structure effective dates and helps avoid overlapping coverage when it comes time to renew.
Annual medical travel insurance coverage can reimburse you for unexpected medical expenses, like hospital stays and doctor visits, if you get ill or injured while traveling. Exclusions and medical deductibles may apply. If you plan to travel overseas during your coverage period, look for annual plans with at least $50,000 in Emergency Medical coverage. This coverage typically resets after each trip.
Annual medical travel insurance coverage can cover the cost of emergency transportation to the nearest adequate hospital in the event of a medical emergency during a covered trip. Given the high cost of emergency medical transport, we usually recommend choosing annual plans with at least $100,00 in Medical Evacuation coverage. This coverage typically resets after each trip.
If your medical condition requires you to be sent back to the United States for treatment, annual travel insurance policies can cover the cost of an emergency medical escort and transportation back to the USA for further medical care. This also applies to repatriating the remains of deceased travelers. This protection is especially important if you plan to travel abroad or to remote destinations throughout your 364-day coverage period.
All travel insurance companies on Squaremouth include 24-hour Emergency Assistance services to support you throughout your trip. These services can assist with everything from medical referrals to emergency cash transfers. 24/7 travel assistance is available during each of your trips and can be reached from anywhere in the world.
If you experience significant trip delays while traveling, annual travel insurance can reimburse you for unexpected food, accommodation, and transportation expenses. To qualify for coverage, you must meet your policy’s minimum delay requirement, which is typically 3-12 hours, depending on the plan you choose. To increase your odds of being covered for a delay, opt for annual plans with low minimum delay requirements, such as 3-5 hours.
If your baggage and personal items are delayed en route to your destination, travel insurance can reimburse you for toiletries, clothes, and other necessities. To be eligible for this protection, you must experience a baggage delay of 6-24 hours, depending on the annual policy you choose. The shorter the delay threshold, the more likely you are to be covered if your luggage is delayed during one of your trips.
Is Annual Coverage Right for Me?
According to a recent Squaremouth survey, roughly 30% of travelers take three or more international trips per year. When traveling this often, it can make practical and financial sense to consider annual coverage. However, this type of plan may not be for everyone.
We recommend annual coverage if you:
- Travel Frequently: Annual travel insurance can be a budget-friendly option if you take at least three leisure or business trips per year.
- Take Spontaneous Trips: Having an annual plan means that you are always protected, which can come in handy when planning last-minute trips.
- Work Remotely: If you’re a digital nomad and have the flexibility to work from anywhere, getting annual travel insurance for multiple trips can ensure you’re protected at each destination.
- Already Have Cancellation Coverage: Few annual plans include Trip Cancellation benefits, but they can be a good choice if you already have cancellation coverage through a travel credit card or another source.
We don’t recommend annual coverage if you:
- Travel Less Than Three Times a Year: Annual plans may not be worth the higher premium if you don’t plan on traveling much over the next 12 months.
- Take Extended Vacations: Annual plans often place limits on the duration of individual trips, typically 30-90 days, depending on the plan.
- Want to Protect Your Travel Expenses: Single-trip plans often offer better cancellation coverage with higher reimbursement rates.
- Have Unique Coverage Needs: Very few annual plans offer policy upgrades or add-ons like Cancel for Any Reason (CFAR) or Interruption for Any Reason (IFAR).
Browse our other policy types:
Is Annual Travel Insurance Worth It?
Yes, annual travel insurance may be worth it if you plan to take more than three trips per year and you don’t mind compromising on the amount of coverage you get.
Annual plans are primarily built to provide basic medical protection for multiple trips over 12 months, and coverage for cancellations, trip interruptions, trip delays, and baggage is lower than on single-trip plans or may not be offered by some providers.
That said, at an average cost of less than $1 per day, annual multi-trip travel insurance can end up being much more affordable if you are a frequent traveler.
Ultimately, these plans are a great option if you’re prioritizing convenience and affordability, but may not be ideal if you want a robust plan with all the bells and whistles. If you are an occasional traveler or someone looking for high coverage limits for things like cancellations, trip interruptions, trip delays, and baggage, then single-trip insurance may be worth considering.
FAQs: Annual Multi-Trip Travel Insurance
Although purchasing annual travel insurance for multiple trips has a high upfront cost, it often works out to be more cost-effective in the long run. Based on average cost data from Squaremouth sales, annual travel insurance costs roughly $0.86 per day, which is extremely affordable when you consider that the average cost of travel insurance for Squaremouth users is $20.50/day.
Based on this cost example, it’s easy to see that annual travel insurance is much more affordable in the long run. That said, given the high up-front cost of annual travel insurance, it’s only likely to be better value if you take more than three trips per year.
Yes, some annual travel insurance plans do include Trip Cancellation coverage, which can reimburse your prepaid, non-refundable trip costs if you’re forced to cancel one of your trips due to a covered reason.
However, most annual plans prioritize strong medical coverage over cancellation benefits. Therefore, cancellation coverage is usually limited.
Yes, annual travel insurance can cover you during your cruise vacation as long as your cruise falls within your coverage period and doesn’t exceed your policy’s maximum trip length requirements. Annual plans can be a great option if you take multiple cruises per year.
However, if you’re looking for coverage specifically tailored to a cruise vacation, we recommend considering single-trip cruise insurance policies offered by top-rated providers. These policies offer cruise-specific benefits such as high medical evacuation coverage and reimbursement for a missed cruise departure.
Not all travel insurance plans include coverage for pre-existing conditions, and that applies to annual travel insurance, too. The coverage is found in select plans and is only available if you meet the plan’s specific eligibility requirements. See our list of the best travel insurance for pre-existing conditions for more information.
Yes, many annual travel insurance policies allow you to add up to 10 people to one policy, and all travelers are not required to travel together on every trip.
90 days is typically the longest trip that can be covered by an annual plan. However, this can vary by policy and provider. Refer to your policy’s Certificate of Insurance to find the maximum trip length covered by your plan.
When getting a quote for annual travel insurance, you will be asked how many trips you plan on taking over the next 12 months. However, if you don’t know the exact number of trips, simply give your best estimate. The number of trips you take generally does not impact annual travel insurance premiums.
While the majority of plans allow for unlimited trips, some providers may place limits on the number of trips you can take during your coverage period.
You do not need to enter your travel destinations when buying an annual plan. Most multi-trip plans provide worldwide coverage to protect you both domestically and abroad.
To renew your policy, contact your travel insurance company before your existing coverage expires. Typically, plans that offer renewals can be extended for 12-24 months.