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Best Annual Travel Insurance 2024 [Multi-Trip Insurance]

When traveling abroad, get a policy from one of the best travel insurance companies. You can get a 15% discount on Heymondo, the only insurance that pays medical bills upfront for you, HERE! (ONLY TIL JUNE 30TH)

Annual travel insurance is the most convenient option for frequent travelers who want to travel stress-free and save some money at the same time. However, it is not the same as long-term travel insurance, which provides coverage for every day of a long-term trip that can last a year or longer.

Yearly travel insurance covers the multiple, shorter-term trips you take within 365 days so that you don’t have to waste time and money buying travel insurance for each individual trip. It’s not necessarily useful for every traveler, since you won’t need it if you only take a trip or two per year.

Grand Canyon, annual travel insurance policy

Best Annual Travel Insurance 2024 [Multi-Trip Insurance]

In my case, however, there is no doubt that I need annual holiday insurance since I have to travel to South America for work at least once a month, so I can save a ton by buying annual multi-trip travel insurance.

As you can see, I’m a frequent traveler, so eight months ago, I decided to buy multi-trip annual travel insurance and stop spending money on insurance for each individual trip.

If like me, you know that annual travel insurance is the right choice for you, then you shouldn’t settle for any less than the best annual travel insurance 2024, Heymondo. Not only is Heymondo the best COVID-19 travel insurance, but it is also the only travel insurance annual company that pays travelers’ medical expenses upfront for them instead of making them file a claim.

Keep reading to find out more about what annual travel insurance is, how much travel annual insurance costs, and what different annual holiday insurance plans cover.

What is annual multi-trip travel insurance and how does it work?

Annual travel insurance is a type of travel insurance that covers each and every one of the trips you take within one year. During that year, you can take as many trips as you like, but there is a maximum number of days you will be covered per trip (30, 45, 60, or 90 days, depending on the annual travel insurance you choose).

The 365 days that your annual travel insurance policy covers will start from the start date of your first trip, so you can easily buy yearly travel insurance as soon as you start planning a trip.

When you leave your home country for your next destination, the day counter is reset, and your covered days start to run out. That doesn’t mean you can’t take a trip that is longer than what is stated in your policy, just that you will only be covered for the number of days specified in your policy.

Cuba sunset, annual travel insurance

What is annual multi-trip travel insurance and how does it work?

For example, my Heymondo annual multi-trip insurance covers trips of up to 60 days, but if I travel for 68 days, the last eight won’t be covered by the policy. I would have to come back home and leave again for the maximum days counter to reset to zero.

To make sure you’re covered for all of your trips, every time you use your annual travel insurance coverage, you need to show a supporting document, such as a plane ticket, that proves the start date of your last trip.

However, keep in mind that you don’t have to notify your insurance provider every time you take a trip. You only have to show the proof of departure date when you need assistance from your annual travel insurance company.

Annual travel insurance vs. single trip

So what’s the difference between annual travel insurance vs. single trip insurance? Annual multi-trip insurance is for people who travel frequently and know they will be traveling multiple times throughout the year. For instance, if you travel nationally or internationally once every two months or more, you should definitely consider multi-trip annual travel insurance.

On the other hand, single trip insurance is travel insurance for one trip at a time. If you know you won’t be traveling much or you only take one trip in a year, you need single trip insurance.

You may also be wondering, why is annual travel insurance cheaper than single trip? Annual holiday insurance is more affordable for frequent travelers because it is cheaper to buy a 12-month travel insurance policy than it is to buy individual policies for each trip.

Who is multi-trip annual travel insurance for?

The following types of travelers often discover great benefits from purchasing annual travel insurance:

  • Travel addicts who travel every chance they get.
  • Couples in long-distance relationships who travel often to see each other.
  • Sales team members that visit clients from time to time or attend fairs and shows in different countries.
  • Athletes participating in international events.
  • Members of associations that attend events periodically throughout the year.
  • Photographers, international journalists, travel bloggers, and the like.
  • International students, ex-pats, or international workers who return home at least every two months.

If you’re an ex-pat or international worker, or are looking for international student insurance, annual travel insurance can save you a lot of money. However, you should keep in mind that you will have to return home from time to time to extend your coverage. It may be more beneficial for you to buy long-term travel insurance instead.

In other words, don’t plan to use yearly travel insurance to take a gap year and travel the world or work abroad and not go home for a long time.

Cost of annual travel insurance

Your yearly travel insurance cost will depend on several factors, including your age, your nationality, the state you live in (if you live in the US), and the number of people who are covered by your annual travel insurance plan.

If you’re looking for cheap multi-trip insurance, just know that the younger you are and the fewer the people covered by your travel insurance annual plan, the more affordable your 1-year travel insurance worldwide will be.

Annual travel insurance comparison

To generate an annual multi-trip travel insurance comparison, I have used the example of a 30-year-old American citizen from Pennsylvania who is buying an annual travel insurance policy.

Heymondo Annual Multitrip

Allianz Alltrips Prime

IMG Patriot Multi-Trip International

AIG TravelGuard Annual Travel Plan






COVID Coverage





Maximum Days per Trip

60 days

45 days

30 days

90 days

Emergency Medical





Medical Evacuation and Repatriation





Trip Cancellation



Trip Interruption




100% of trip cost up to $2,500

Baggage Loss







Best annual travel insurance plans

Now that you’ve seen an annual travel insurance comparison, I’m sure you’ll understand why I decided to buy Heymondo’s annual multi-trip insurance: it has some of the highest coverage and maximum number of days per trip, and its price is lower than all the other annual multi-trip insurance plans.

Of course, all of these travel insurance annual plans are some of the best, so below I’ll get into the highlights of each of the best annual travel insurance plans.

1. Heymondo, the best annual travel insurance 2024

In search of the best annual travel insurance 2024? Look no further than Heymondo. Their Annual Multi-trip plan is the most affordable travel insurance annual plan but still offers some of the highest coverage and highest annual travel insurance maximum trip length.

The Annual Multitrip plan is available for travelers up to age 69, and travelers can take trips of up to 60 days. Heymondo provides the highest amount of coverage for trip cancellation and baggage loss, and their coverage in all other categories, including COVID-19, is excellent and comprehensive. You can even add Adventure Sports or Electronics coverage if you need it.

Heymondo, yearly travel insurance

Best of all, you will never have to go through the tedious process of filing a claim to get reimbursed for medical expenses. Heymondo pays your medical expenses directly and upfront for you so that you don’t have to wait to get reimbursed.

Speaking of medical expenses, Heymondo’s only drawback is that there is a $100 deductible per claim for medical expenses and baggage loss. That means you will have to pay $100 per medical or baggage claim before Heymondo will start to pay for you.

  • Lowest-priced annual travel insurance
  • Company pays medical expenses upfront for you instead of making you file a claim
  • Can add Adventure Sports or Electronics coverage
  • Highest amount of Trip Cancellation and Baggage Loss coverage
  • Good coverage in all other categories
  • Good maximum trip length of 60 days
  • COVID-19 coverage
  • $100 deductible per claim for medical expenses and baggage loss

I think that all of Heymondo’s amazing pros outweigh the cons, that is why this is the policy we have purchased for ourselves. Also, you can save 5% on Heymondo annual travel insurance with the annual travel insurance promo code link below.

2. Allianz, the best multi-trip annual travel insurance for seniors

Allianz is easily one of the best annual travel insurance for seniors since it covers travelers up to the age of 99. Travelers can travel for up to 45 days and still receive yearly travel insurance coverage.

Allianz, multi-trip annual travel insurance

Allianz’s AllTrips Prime plan provides great trip cancellation, trip interruption, and baggage loss coverage. Even better, there is no deductible for medical expenses, so if you get sick or injured, Allianz will cover everything for you.

With that being said, the AllTrips Prime plan offers the lowest amount of emergency medical expense and evacuation and repatriation coverage. It is also the most expensive annual travel insurance plan of the plans I compared. If you want to save money and get similar or better coverage for a lower price, Heymondo is a better option for you.

  • No deductible
  • Good Trip Cancellation, Trip Interruption, and Baggage Loss coverage
  • Good maximum trip length of 45 days
  • COVID-19 coverage
  • For travelers up to age 99
  • Lowest Emergency Medical Expenses and Evacuation and Repatriation coverage
  • Most expensive annual travel insurance plan
  • Have to file a claim and then get reimbursed for medical expenses

3. IMG, a cheap annual travel insurance

IMG offers one of the most affordably priced annual travel insurance plans, combined with excellent medical-related coverage. Its Patriot Multi-Trip International plan offers the highest amount of coverage for emergency medical expenses, trip interruption, and evacuation and repatriation.

The Patriot Multi-Trip International plan is intended for travelers under the age of 76 and is highly customizable since you can add Adventure Sports Rider or Evacuation Plus Rider coverage to your plan.

IMG, annual holiday insurance

You can also choose between setting 30 days or 45 days as the maximum length for your trips, although choosing 45 days will add about $50 to your annual travel insurance price.

However, since IMG’s travel insurance annual plan offers low baggage coverage and no trip cancellation coverage, it is best for travelers who just want annual multi-trip travel medical insurance. It also has a very high deductible of $250 per covered illness, so that means every time you fall ill, you will have to pay $250 before IMG starts to cover your medical expenses.

If you want a lower deductible, similar coverage for a lower price, and direct medical expense payments, choose Heymondo’s annual travel insurance plan instead.

  • Affordably priced annual travel insurance
  • Highest amount of Emergency Medical Expenses, Trip Interruption, and Medical Evacuation and Repatriation coverage
  • Can add Adventure Sports and Evacuation Plus coverage
  • Can choose between 30 days or 45 days for maximum length of trip (although 45 days is more expensive)
  • COVID-19 coverage
  • For travelers under the age of 76
  • $250 deductible per covered illness
  • No Trip Cancellation coverage
  • Low Baggage Loss coverage
  • Have to file a claim and then get reimbursed for medical expenses

4. AIG, the best annual holiday insurance for long trips

If you’re looking to go on longer trips, AIG’s Travel Guard Annual Travel Plan is perfect for you, since your annual holiday insurance cover will extend to trips of up to 90 days. AIG’s annual travel insurance is also perfect for seniors because there is no age limit for travelers to be able to purchase a plan.

AIG Travel Guard, best annual travel insurance 2021

The Travel Guard Annual Travel plan offers solid baggage loss and evacuation and repatriation coverage. There is also no deductible for emergency medical expenses, so you won’t have to pay anything out of pocket to get covered.

Still, a big limitation of AIG’s annual travel insurance plan is the travel-related coverage. The Travel Guard plan offers no trip cancellation coverage and the lowest trip interruption coverage out of all the travel insurance annual plans I compared. Considering how expensive AIG’s yearly travel insurance plan is, particularly compared to its coverage, there’s no question that you’ll get more bang for your buck with a plan like Heymondo’s.

  • No deductible
  • Highest maximum trip length (90 days)
  • Great Baggage Loss and Medical Evacuation and Repatriation coverage
  • COVID-19 coverage
  • No age limit for travelers
  • No Trip Cancellation coverage
  • Lowest Trip Interruption coverage
  • Relatively expensive plan
  • Have to file a claim and then get reimbursed for medical expenses

What does annual travel insurance cover?

Whichever travel insurance annual plan you end up choosing, you need to make sure that you’re getting enough coverage for medical- and travel-related situations. Annual travel insurance coverage should include:

  • Emergency medical expenses – medical coverage is an absolute requirement for the best annual holiday insurance. Make sure yours covers important medical expenses such as sudden illness, accidental injury, emergency dental treatment, hospitalization, and prescription drugs.
  • Evacuation and repatriation – this type of coverage is crucial if you fall ill in a remote area and need to be transported to a faraway hospital or are so sick that you need to be transported back to your home country for treatment.
  • Trip delays, interruptions, and cancellations – any sudden, unexpected event – serious illness, inclement weather, jury duty, unexpected job loss – can interrupt or change your travel plans, but trip delay, interruption, and cancellation coverage ensure that you will still get reimbursed for covered travel costs.
  • Lost/damaged/stolen luggage – if anything happens to your belongings while you’re traveling, luggage coverage will allow you to get reimbursed so you can easily buy new toiletries and clothes.

You can also purchase travel annual insurance with sports coverage, cruise coverage, or even electronics coverage if you have more specific coverage needs.

One coverage aspect to note is that it can be more difficult for older travelers to find a multi-trip travel insurance policy since age limits tend to be lower for annual trip insurance than for single trip insurance. If you are an older traveler interested in buying an annual travel insurance plan, make sure to compare the price and coverage of annual travel insurance plans with the price and coverage of single trip insurance plans to see which works best for you.

Is annual travel insurance worth it?

Ultimately, yes, having annual travel insurance is worth it if you travel frequently and want to save time and money on purchasing travel insurance for every trip. If you only take a couple of trips a year, stick to single trip insurance.

For example, imagine that you are a US citizen who is going to take several trips over the next 365 days and buy individual travel insurance plans from Heymondo:

  • Indonesia (2 weeks) – $ 70.75
  • Iceland (4 days) – $ 26.04
  • Spain (1 week) – $ 38.17
  • Morocco (3 days) – $ 17.74
  • United Kingdom (5 days) – $ 26.04
  • Norway (4 days) – $ 26.04
  • Brazil (1 week) – $ 38.17
  • Mexico (1 week) – $ 38.17
  • Argentina (1 week) – $ 38.17

If you paid for these policies individually, it would cost you $319.29.

If you bought an annual travel insurance plan from Heymondo to cover those same trips, you would pay $197.96. In other words, you would have all those trips covered by one policy, and you could take even more trips without paying any other travel insurance fees.

Of course, buying annual travel insurance only works out to be more affordable if you travel frequently enough within a year. Don’t bother buying annual multi-trip holiday insurance if you only plan on traveling once or twice a year.

If you’re still unsure about whether you need annual multi-trip travel insurance, get quotes for single trip insurance for all the trips you will take over the next 365 days and compare that total to your annual holiday insurance quote. If your single trip insurance total is greater than the annual travel insurance price, yearly travel insurance is the best option for you.

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Hey there, I'm Ascen, your personal trip planner on a mission to help you craft the most incredible adventure of your life. While I'm based in Las Vegas, you won't find me there often. As a full-time traveler, I'm always on the go, exploring new destinations and capturing the world through my lens. From the enchanting shores of Almeria, Spain, where I grew up, to the far reaches of the globe, I'm here to provide you with detailed travel guides and practical tips to make your trip planning a breeze. Find out more about me here.
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One thought on “Best Annual Travel Insurance 2024 [Multi-Trip Insurance]

  1. BJ BOLTAUZER says:

    Hey there,
    we are interested to purchase annual multitrip medical emergency travel insurance with specific COVID-19 cover rider. We are seniors, my DOB is April 20, 1946 and my wife’s is October 23, 1950. We reside in Canada and woud like to travel to Costa Rica in October 2020 and to Europe in 2021, if COVID-19 pandemic situation will permit.
    Your advice would be much appreciated.

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