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Choosing the Right Annual Travel Insurance Plan

Choosing the right annual travel insurance plan comes down to what the traveler prioritizes most. If you need travel medical or coverage for pre-existing conditions, check out IMG; for the lowest cost, try GeoBlue; for trip cancellation and baggage protection, go to Allianz Travel. 

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This article is written for travelers who are interested in annual travel insurance but aren’t sure who to buy from or if it would be worth it. Are you on the fence about buying travel insurance at all? Are you unsure which provider can grant you the best deal?

As you keep reading, we’ll address each of those questions. We’ll start with a comprehensive comparison of the best annual travel insurance plans and what they specialize in.

Then we’ll dive into an introduction of what multi-trip travel insurance is, what it covers, when you should buy it, and its pros and cons. We’ll close up with a cost comparison between multi-trip and single-trip plans, and a brief FAQ section.

If you still have questions after reading this article, reach out to our travel insurance experts to get their experienced advice about how to find the annual travel insurance policy that’s right for you. We’re here to help!

You can also compare travel insurance quotes on your own.

Note: All monetary values in this article are in USD.

Best Annual Travel Insurance Plans in 2024

Daytime Boat Ride, Phi Phi Islands, Thailand

The best annual travel insurance plans in 2024 are offered by GeoBlue, IMG Global, Allianz Travel, Trawick, and Seven Corners. Each plan shines for either its travel medical benefits, affordable cost, basic trip cancellation benefits, pre-existing conditions coverage, or baggage protection.

It is difficult to subjectively define the “best” insurance plan since the right plan for you depends on what type of benefits are most important to you. The following sections will introduce several plans that stand out for the specific benefits they include.

We encourage you to consider what coverage you need the most while weighing which plan is right for you. If you would like more ideas of plans than are listed below, message our insurance experts, and we’ll help you compare plans based on your individual trip needs.

Best Annual Travel Insurance for Travel Medical

GeoBlue’s Trekker Choice and IMG’s Patriot Multi-Trip International are annual travel insurance plans with the best travel medical benefits you’ll find on the market. They offer comprehensive travel medical benefits for inpatient hospitalization, medical evacuation and repatriation, and more.

If it’s medical coverage you need for your trip, there’s no need to look further than GeoBlue and IMG.

GeoBlue – Trekker Choice

GeoBlue’s Trekker Choice plan has annual coverage for an unlimited number of trips. The first 70 days of each trip are covered. This plan includes two medical maximum options: $500,000 and $1,000,000. Each option is per insured person per policy period.

IMG Global – Patriot Multi-Trip International

IMG’s Patriot Multi-Trip International plan has annual coverage for an unlimited number of trips. You can choose to insure trips that are 30 days or 45 days in length. The medical maximum is $1,000,000 no matter the length of trips selected.

Here’s a breakdown of the travel medical benefits offered by these two multi-trip plans:

Best Annual Travel Medical Insurance Plans

Benefits Trekker Choice Coverage Patriot Multi-Trip Coverage
Maximum Medical Benefit Per Person $500,000 or $1,000,000

($100,000 for individuals aged 70-95)

$1,000,000

($50,000 for travelers age 70-75)

In-Hospital Doctor Visits 100% 100%
Surgery & Anesthesia 100% 100%
Diagnostic X-Ray and Lab 100% 100%
Office Visits, X-Rays and Lab Work 100% 100%
Inpatient Medical Emergency 100% 100%
Ambulatory Surgical Center 100% 100%
Ambulance Services 100% up to $1,000 100%
Outpatient Prescription Drugs 100% of Reasonable Charges up to $2,500 100%
Physical Therapy 6 Visits per Period of Insurance, $50 Maximum per Visit 100%
Occupational Therapy 6 Visits per Period of Insurance, $50 Maximum per Visit Excluded
Dental Care Required Due to an Injury 100% of Reasonable Charges with a Maximum Benefit of $200 per Trip Period Up to $100 for necessary treatments
Dental Care for Relief of Pain 100% of Reasonable Charges with a Maximum Benefit of $100 per Trip Period Excluded
Medical Evacuation Up to $250,000 Up to maximum amount (not subject to deductible)
Repatriation of Remains Up to $15,000 Up to $50,000
Pre-Existing Medical Conditions Coverage for any Pre-Existing Condition Up to $5,000 per period of coverage
COVID-19 Coverage Included Included

Contact Pacific Prime or get a quote online to see how much this plan will cost.

Best Annual Travel Insurance for Cost

Millennium Park, Chicago, USA

The cheapest multi-trip travel insurance plan costs $125. This is the Trekker Choice plan by GeoBlue. This same plan has a $175 cost option if you’d like to double your medical maximum to $1,000,000. Other affordable plans cost $138 by Allianz Travel, $155 by Trawick, and $200 by IMG Global.

GeoBlue – Trekker Choice

GeoBlue’s annual travel insurance plan, Trekker Choice, has two cost options: $125 or $175. Because these are travel medical insurance plans they include deductible costs which affect the premium cost, and they also have varying maximum medical benefits.

GeoBlue Multi-Trip Travel Medical Plan Cost Options

Cost Option Premium Cost Deductible Medical Maximum
Option 1 $125 $200 $500,000
Option 2 $175 $100 $1,000,000

Allianz Travel – AllTrips Basic

Allianz Travel’s AllTrips Basic plan costs $138. This is an incredibly affordable price for a travel insurance plan with all the minimum essential benefits. The AllTrips Prime plan by Allianz Travel, one step above basic coverage, is also a great price at $280.

Trawick – Safe Travels Basic Annual

The annual travel insurance plan by Trawick is called Safe Travels Basic Annual, and it costs $155.

IMG Global – Patriot Multi-Trip International

People In Boat, Parque Del Buen Retiro, Madrid

IMG Global’s Patriot Multi-Trip International plan costs $200 for trips that are 30 days per trip or $245 for trips that are 45 days each. Each plan has a deductible of $250 and a medical maximum amount of $1,000,000.

IMG Global Multi-Trip Travel Medical Plan Cost Options

Cost Option Premium Cost Deductible Medical Maximum Trip Length Per Trip
Option 1 $200 $250 $1,000,000 30 days
Option 2 $245 $250 $1,000,000 45 days

The following chart includes cost estimates for the above-mentioned annual travel insurance plans.

Annual Travel Insurance Plans With the Best Cost

Provider Plan Name Plan Cost Options
GeoBlue Trekker Choice $125

$175

Allianz Travel AllTrips Basic $138
Trawick Safe Travels Basic Annual $155
IMG Global Patriot Multi-Trip International $200

$245

Allianz Travel All Trips Prime $280

Contact Pacific Prime or get a quote online to see how much these plans will cost your trip specifically.

Best Annual Travel Insurance for Basic Trip Cancellation

Taj Mahal, India Landmark

Multi-trip travel insurance plans with the best trip cancellation benefits come from Trawick International and Allianz Travel. Depending on what you need, these benefits can include trip cancellation coverage for $2,000, $3,000, $5,000, $7,500, $10,000, $15,000, or 100% of the trip cost.

If finding a plan with basic trip cancellation coverage is essential to your needs, these are the plans to review.

Trawick International

Safe Travels Basic Annual plan by Trawick includes these benefits: 100% of the trip cost for trip cancellation ($2,500 max per year), 100% of the trip cost for trip interruption ($2,500 max per year), and $200 per trip for trip delay (12 hours/$100 per day).

Allianz Travel – AllTrips Prime

AllTrips Prime by Allianz Travel includes the following basic benefits: $3,000 for trip cancellation, $3,000 for trip interruption, and $600 for travel delay (daily limit of $200).

If you want more than basic coverage, consider Allianz Travel’s AllTrips Premier plan. It includes trip cancellation and trip interruption options each at either $2,000, $5,000, $10,000, or $15,000. Travel delay is $1,500 with a daily limit of $300.

You can also consider AllTrips Executive which has trip cancellation and trip interruption options each at either $5,000, $7,500, or $10,000. Travel delay is $1,600 with a daily limit of $200.

The following chart compares the trip cancellation benefits side by side with each of these providers.

Travel Insurance Plans With the Best Basic Trip Cancellation

Provider Plan Name Trip Cancellation Trip Interruption Travel Delay
Trawick Safe Travels Annual Basic 100% of Trip Cost ($2,500 max per year) 100% of Trip Cost ($2,500 max per year) $200 per trip
Allianz Travel AllTrips Prime $3,000 $3,000 $600 (daily limit $200)
Allianz Travel AllTrips Premier $2,000, $5,000, $10,000, or $15,000 $2,000, $5,000, $10,000, or $15,000 $1,500 (daily limit of $300)
Allianz Travel AllTrips Executive $5,000, $7,500, or $10,000 $5,000, $7,500, or $10,000 $1,600 (daily limit of $200)

Contact Pacific Prime or get a quote online to see how much these plans will cost your trip specifically.

IMG Global – iTravelInsured LX

Seville's Plaza De España: Ornate Architecture Under Blue Sky

If you’ll consider a single-trip plan instead of an annual plan, IMG Global’s iTravelInsured LX annual travel insurance plan has the following cancellation benefits: up to 100% of non-refundable trip cost for trip cancellation, and up to 150% of non-refundable trip cost for trip interruption.

It also has up to $250 per day per person for trip delay ($2,500 max per person).

You can also consider the iTravelInsured SE plan which has up to 100% of non-refundable trip cost for trip cancellation, up to 150% of non-refundable trip cost for trip interruption, and up to $125 per day per person for trip delay ($2,000 max per person).

Lastly, there’s the iTravelInsured Lite plan with benefits of up to 100% of non-refundable trip cost for trip cancellation, up to 125% of non-refundable trip cost for trip interruption, and up to $125 per day per person for trip delay ($500 max per person).

Best Annual Travel Insurance for Pre-Existing Conditions

Three of the best annual travel insurance plans for pre-existing medical conditions are from providers Seven Corners, GeoBlue, and IMG Global. GeoBlue includes coverage for any pre-existing medical condition, while the others over an acute onset of pre-existing conditions

It’s important to always consult an insurance specialist before purchasing a plan to verify that your medical condition has coverage.

Seven Corners – Travel Medical

Seven Corners Travel Medical plan covers an acute onset of pre-existing conditions. This means the condition is sudden, unexpected, or a medical emergency, it occurs during the period of coverage, and you obtained treatment within 24 hours of the occurrence.

GeoBlue – Trekker Choice

Geoblue’s Trekker Choice annual travel insurance plan includes coverage for any pre-existing medical condition you may have.

IMG Global – Patriot International Platinum

IMG Global’s Patriot Platinum travel medical insurance plan covers an acute onset of pre-existing medical conditions. This isn’t specifically an annual plan, but it can have coverage from 5 days up to 12 months.

Best Annual Travel Insurance for Baggage Protection

Gdańsk, Poland: Ferry At Dock

Allianz Travel’s AllTrips Premier annual travel insurance plan has $2,000 of baggage protection. AllTrips Executive, AllTrips Prime, and AllTrips Basic by Allianz Travel have $1,000 of baggage protection. If having your luggage insured is a top priority for you, consider these multi-trip plans.

Allianz Travel – AllTrips Premier

AllTrips Premier by Allianz Travel is an annual travel insurance plan with the ultimate baggage protection. It includes $2,000 for baggage loss/damage and $2,000 for baggage delay

AllTrips Executive by Allianz Travel is an excellent second option with $1,000 for baggage loss/damage and $1,000 for baggage delay.

If you want less coverage, consider Allianz Travel’s AllTrips Prime and AllTrips Basic plans which include these benefits: $1,000 for lost/damaged baggage and $200 for baggage delay.

Travel Insurance Plans With the Best Baggage Protection

Provider Plan Name Lost/Damaged Baggage Baggage Delay
Allianz Travel AllTrips Premier $2,000 $2,000
Allianz Travel AllTrips Executive $1,000 $1,000
Allianz Travel AllTrips Prime $1,000 $200
Allianz Travel AllTrips Basic $1,000 $200

Contact Pacific Prime or get a quote online to see how much these plans will cost your trip specifically.

What is Annual Multi-Trip Travel Insurance?

Neuschwanstein Castle, Germany: Snowy Mountain Backdrop

Annual travel insurance is a type of plan that is designed to cover multiple trips within the same year. It can save you money to insure your trips this way compared to purchasing multiple single-trip plans for each trip you have scheduled in a 12-month period.

Annual travel insurance is also sometimes called multi-trip travel insurance.

Often there are limits to the length of time each trip will be insured. This could be 30 days, 45 days, 70 days, 90 days, or anything in between. If you plan to have trips for longer than these amounts of time, you may need long-term insurance instead of short-term.

What Annual Travel Insurance Covers

Here are some common types of annual travel insurance benefits:

  • Travel health 
  • Lost luggage 
  • Trip cancellation 
  • Accidental death 
  • Rental car 
  • Trip interruption 
  • Cancel for any reason 
  • Emergency evacuation 
  • Pre-existing conditions 
  • Delayed luggage 
  • Epidemic 
  • Emergency medical and transportation 
  • Travel delay
  • Travel accident
  • Concierge
  • Business and/or sports equipment
  • Business equipment rental

When Do You Need Annual Travel Insurance?

Auckland Skyline Across Water On Clear Day

You need to buy annual travel insurance when the risk of not purchasing insurance outweighs the investment in the plan. This will be different for everyone. To help you figure out when you need to secure a plan for your own needs, consider the following questions.

1. How Often Will You Travel?

If you plan to have more than 3 trips in the same year, you are likely investing several thousand dollars total in traveling expenses, at least. It could cost less than $200 to have every trip in the year insured. And that includes all the traveling expenses you’ve already put down.

Are you willing to lose all the money you’ve already spent?

2. What Kinds of Trips Are You Taking?

Are your trips budget-tight backpacking trips? Or are they luxurious excursions with expensive travel, activities, and accommodations reserved? Your answer may affect whether or not your trip cost should be insured.

Also, what kinds of activities will you be doing? Have you planned hazardous sports activities that would benefit from medical coverage in case you have a serious accident?

3. Does Your Credit Card Provide Travel Insurance?

It is always worth checking if your credit card already includes travel insurance before purchasing an additional plan. Some travel rewards cards include travel coverage. If yours does, is the coverage sufficient to protect what you would lose if your trip was interrupted or canceled?

Would your credit card coverage be enough to protect you from costly medical expenses if you were to encounter a serious emergency while traveling?

4. Do You Have Any Pre-Existing Conditions?

If you have pre-existing conditions, you may be at a higher risk of having an unexpected medical emergency while traveling. If this is the case, you’ll want to make sure that you have enough travel medical insurance to cover the high cost of emergency treatment and care.

Even if you don’t have a pre-existing condition, is it likely for your body or mind to have a medical emergency while abroad? If your situation deems it so, having coverage may be a higher priority for you.

Pros and Cons of Multi-Trip Travel Insurance

Ski Lift Over Snowy Schilthorn Mountains, Switzerland

Following are two lists of some pros and cons of multi-trip travel insurance:

Pros

  • Some countries require travelers to have travel insurance before they can enter
  • Some group tours require travelers to have travel insurance to participate
  • You get emergency medical and evacuation coverage which can save you thousands of dollars or hundreds of thousands of dollars, depending on the severity of your condition
  • You get reimbursed when unforeseen obstacles out of your control interrupt or cancel your trip
  • You can have 24/7 trip assistance wherever you are in the world
  • You get coverage for unlimited trips in a year
  • You save money on a single plan instead of paying for multiple single-trip plans
  • A calmer mindset going into your trip, since you know you have coverage for the worst

Cons

  • You may pay for it and then not need it
  • You may feel the cost is too high
  • You often have to buy coverage before your trip starts
  • Many plans charge more for individuals 60 years old or higher
  • Many plans don’t have coverage for pre-existing medical conditions
  • There are many exclusions, so you need to know your benefits carefully
  • Travelers often purchase insufficient coverage (you need to know the value of your trip and belongings and buy coverage that actually covers their full expense)

Cost of Annual Trip Travel Insurance vs. Single-Trip

Grimentz, Switzerland: Wooden Houses Near Mountain

A basic annual travel insurance plan from Allianz Travel costs $138 while a comparable basic single-trip plan costs $81. An annual travel medical travel insurance plan from GeoBlue costs $125 while a comparable single-trip travel medical plan costs $39.

If you plan to go on 3 trips in a year, three basic single-trip plans from Allianz Travel would cost you a total of $243. An expense much higher than purchasing an annual trip plan instead.

In this section, we will compare the cost of annual insurance plans with single-trip plans so you can gauge which one is the right fit for you.

Each of the cost examples in the chart below is designed for a 30-year-old traveling to Mexico for 30 days with a total trip cost of $2,000. These prices will change as you adjust the elements of the trip. The plans designed for travel medical benefits include a deductible.

Note: The annual trips will cover more than a single trip, but quote generators require the length of one of your trips to grant you an estimate, so we selected 30 days to make the comparison to single trips more aligned.

Travel Insurance Cost Comparison: Annual vs. Single-Trip

Provider Plan Name Annual or Single Plan Cost Deductible
GeoBlue Trekker Choice Annual $125

$175

$200

$100

GeoBlue Voyager Choice Single $39.00

$61.50

$500

$0

Allianz Travel AllTrips Basic Annual $138 N/A
Allianz Travel OneTrip Basic Single $81 N/A
IMG Global Patriot Multi-Trip Annual $200 $250
IMG Global iTravelInsured SE Single $68.77 N/A

Contact Pacific Prime to get a quote specific to your trip.

Frequently Asked Questions

Swiss Houses By Tranquil Waters

Do I need to know how many trips I’ll have and my destinations?

You typically shouldn’t need to know how many trips you’ll take in a year or all your destinations when purchasing multi-trip travel insurance. Coverage isn’t specific to a destination or number of trips, rather, it covers all trips taken within the 12-month period of the policy.

Are annual travel insurance plans worth it?

Annual travel insurance plans are worth it if you decide the investment of paying for the plan outweighs the risk of losing all your pre-spent traveling expenses and potential medical fees you could incur after an unexpected medical emergency.

Can I buy travel insurance for multiple trips at once?

You can buy travel insurance for multiple trips at once in a type of plan called multi-trip or annual travel insurance. These types of plans cover all of your travels that occur within a 12-month period. There aren’t limits on how many trips, but there are limits to how long each trip can be.

Conclusion

We’ve now discussed several of the best travel insurance plans available based on their characteristics. It is now up to you to decide which plan is best for your trips according to your situation and needs.

If you found value in this article, you’ll also want to read our articles Finding the Cheapest Travel Insurance That Covers Your Needs and How to Compare Travel Insurance Plans Effectively.

When you’re ready to explore quotes, visit this page with our free insurance quote generators or contact a Pacific Prime representative to speak in person.

Senior Content Creator at Pacific Prime
Serena Fung is a Senior Content Creator at Pacific Prime, a global insurance brokerage and employee specialist serving over 1.5 million clients in 15 offices across the world. With 2+ years of experience writing about the subject, she aims to demystify the world of insurance for readers with the latest updates, guides and articles on the blog.

Serena earned her Bachelor’s Degree in Psychology from the University of British Columbia, Canada. As such, she is an avid advocate of mental health and is fascinated by all things psychology (especially if it’s cognitive psychology!).

Her previous work experience includes teaching toddlers to read, writing for a travel/wellness online magazine, and then a business news blog. These combined experiences give her the skills and insights she needs to explain complex ideas in a succinct way. Being the daughter of an immigrant and a traveler herself, she is passionate about educating expats and digital nomads on travel and international health insurance.
Serena Fung