Single-Trip vs. Multi-Trip Travel Insurance

Author: Melissa A.

Published: February 6th, 2024 | Updated: February 6th, 2024
Read time: 5 mins

When planning a yearly trip or multiple trips over the course of a year, no matter the destination(s), travel insurance is essential to consider. Single-trip or multi-trip travel insurance coverage offers financial protection when something you don’t plan for and that’s out of your control happens before or during your trip. Unpredictable events can include changing or cancelling your trip, your trip being cut short, cancelled or delayed flights, lost or delayed luggage, a medical emergency and more.

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?

Multi-trip travel insurance is a money-saving option if you take more than two trips annually. This is because coverage costs less per trip than purchasing a single-trip policy for every trip within a year. On average, travel insurance will cost approximately 4%-10% of your total prepaid, nonrefundable trip cost and depends on the type of coverage you purchase and risk factors. Risk factors that affect trip cost include age, the duration of your most extended trip, medical limitations, deductible, and the options and add-ons you choose. An additional risk factor can be destination if the destination happens to be high-risk or remote.

Multi-trip travel insurance is also cost-effective for your family because everyone living in your household can be covered under one policy for an entire year if you go on more than two family trips. The primary policyholder will cost the most, and a spouse/domestic partner and other members will increase the cost, but often, children are free. Every provider and plan defines “family” differently, so it’s essential to read a policy closely to understand which family members are covered.

The simplest way to find out how much you can save with multi-trip travel insurance is to get a quote online from us and compare plans.

Is annual travel insurance the same as multi-trip?

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