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Is annual travel insurance a good fit for me?

Annual travel insurance, also called multi-trip insurance, can be an excellent option for a trip of a specific duration. It’s an especially interesting choice if you make more than one trip within a 12-month period, even if it’s just a few days at a time. This type of insurance not only covers your month-long stay in Florida but also a week-long vacation at an all-inclusive resort, a weekend escape just south of the border or to Quebec or New Brunswick, for example.  

women friends enjoy sightseeing while travel in temple of the emerald buddha in Thailand
interstid | iStock

What are the benefits of annual travel insurance?

It’s often less expensive than buying two separate policies. You’ll only have one contract to settle, so less paperwork and more time for everything else. Also, since you’re covered for a full year, you can travel when and as you please, shuttle between your home in Ontario and your destination (perfect for students, overseas workers and snowbirds, especially during the holiday season). 

What exactly does annual travel insurance cover?

Annual policies typically offer the usual travel protections like emergency medical care, trip cancellation, trip interruption, and lost or stolen baggage. The key difference here is that you must select a maximum duration for each of your trips. Several choices are available. Good to know: It’s often cheaper to select a shorter duration for any long trip and buy an extension to cover any extra days for that particular stay. Even if you’ve given up any long-trip plans, it’s an ideal option for you if:  

  • you travel to the United States one or two weekends a year to shop or attend a hockey or ball game; • you make several business trips every year or telework outside Ontario; 
  • you never know when you’ll travel or for how long; 
  • you go to Europe every summer and regularly visit your family outside Ontario. 

But since each traveller is different, it’s best to talk things over with your travel agent or insurance advisor. 

CarlosBarquero | iStock

Who needs annual travel insurance?

You think annual travel insurance is only for people who travel a lot? Not true! It can be useful to almost anyone.  

  • Do you go to the States to shop once or twice a year and like to spend a week down South in the winter? It’s for you! 
  • You go on a number of business trips outside Ontario every year? It’s for you! 
  • Do you like to take three- or four-day trips outside the province to attend football or basketball games? It’s for you! 
  • You go to Europe every summer and often visit family members in Ontario? It’s for you! 

This type of insurance is also perfect for people who tend to wait till the last minute to decide when and where they’re going. With annual travel insurance, they can go whenever they like. 

Even if you only travel in Canada, annual travel insurance can be very handy. Why? Because healthcare costs are not fully covered by OHIP outside the province, especially prescription drugs, ambulance fees, and emergency dental care.  

To sum up, you should consider taking out annual travel insurance if you leave the province at least twice a year, even for short trips. 

CAA Travel Insurance is underwritten by Orion Travel Insurance Company, a CAA Company. Certain exclusions, limitations and restrictions apply. Subject to change without notice. A Medical Questionnaire is required if you are 60 years of age and older. Quotes are valid for 30 days.   

®CAA trademarks are owned by, and use is authorized by, the Canadian Automobile Association.   

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