Travel Insurance: Single vs. Multi-Trip (Short List)

As I’m getting older and more responsible about my travels, I’m realizing I need to get travel insurance. I carry valuables with my camera and tech equipment, and I won’t be able to afford to replace all of them if they get stolen. I also am constantly worried about trip cancelation coverage. My parents are getting older and if I have to cancel a trip to be with them, I don’t want to lose all that money. Also, I can save a lot of money if I have travel insurance that covers rental cars. I won’t have to pay for the companies own insurance which is much more expensive. At the same time, I’ll have that reassurance that I’m covered if something goes wrong.

Medical, I also want to be covered in case of an incident. Travel Insurence will cover your hospitalization and emergency repatriation if necessary. If it doesn’t I’m not going to pay much for it. Some insure against terrorist attacks, while some even include therapy once you return home to help overcome the ordeal.

Looking at all of the info I had collected in my search, I decided to share it with you all.

If you do one trip a year or one or two weeks try looking for single trip insurance. It’s often much more extensive and worth paying a little more for the extras on a short trip.

Here are World Nomad’s prices for a two week trip to Spain:

Screen Shot 2018-10-03 at 12.03.34 AM

 

Here is a similar Trip on TravelGuard.com:

Screen Shot 2018-10-02 at 11.52.57 PM

Sounds pretty cheap until you think about taking multiple trips per year. That’s going to add up real fast. If you plan on taking 3 or more trips a year though? I have found that it’s much cheaper to get annual travel insurance which covers you for the whole year.

Check out the prices for annual plans over at www.AllianzTraveIinsurance.com:

Screen Shot 2018-10-03 at 12.09.05 AM

I really like this one for the coverage of a rental car, which is something very important to me. For me, I’d probably go with the Prime for $249 a year.

Nationwide also has some plans to choose from:

Screen Shot 2018-10-03 at 12.09.43 AM

Nationwide does not offer car insurance in this package.

To compare the two cheapest programs for annual insurance, I made a little chart:

Screen Shot 2018-10-03 at 12.08.20 AM

The Nationwide package here is cheaper than buying a single trip plan. If you want to go on just a few trips this may be the one for you. It doesn’t offer auto renters insurance though, which to me is important. The Allianz package is the next cheapest package I found that seems to really cover a lot. This is the package I really should have gotten back in my early days of travel when I risked it.

For me personally, I think I’m going to start off my next trip with the Allianz Prime for $249 a year. If it seems like I dont need it I can always change to the Basic later on. Better to be safe than sorry!

 

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