A must-have before embarking on a journey, travel insurance gives you the financial cushion against unpleasant situations and surprises that might crop up during your trip. Now, travel insurance comes into two broad variants – single-trip and multi-trip. Let’s learn more about them and see when to opt for what.

Single-trip travel insurance

As the name suggests, a single-trip travel insurance policy is valid only for one journey. That is the coverage offered by the policy is applicable from the day your journey starts until the day it ends. To put it simply, the inclusions of a single-trip travel insurance plan are applicable only for the number of days you are undertaking the trip. Once your trip is over, your insurance policy gets expired.

The general coverages offered by a single-trip travel insurance policy are:
  • Losses suffered due to loss of baggage, trip cancellation, delay in flight, etc.

  • Costs incurred due to medical contingencies

  • Damages suffered due to loss of crucial documents such as passport
A single-trip travel insurance plan is a viable solution if you aren’t a frequent traveller and undertake a trip once or twice in a few years.

Multi-trip travel insurance

If you are an avid traveller or need to travel frequently due to personal or business commitments, you need a multi-trip travel insurance plan. This type of insurance, unlike a single-trip insurance plan, covers you for multiple trips. This policy doesn’t have any fixed tenure. However, such policies offer coverage for a year from the date of purchase.

For instance, if you buy a multi-trip travel insurance policy on 15th August 2019, the policy is valid for the next one year, ending on 15th August 2020. It is important to note that a multi-trip travel insurance policy may offer coverage in case you stay in a place for a certain number of days. While some multi-trip insurance plans may provide coverage for unlimited trips undertaken in a year from the date of policy purchase, some of them may cap the number of trips.

Just like a single-trip insurance policy, a multi-trip travel insurance plan offers coverage against damages suffered due to loss of baggage, cancellation of trip, medical contingency, etc.

How to buy either of these policies and the essential checklist?

Depending on your need, you can avail either of the above policies online or offline. Today, there are many aggregator portals from where you can buy single or multi-trip insurance policies. Before buying, do check the terms and conditions of the plan and the applicable exclusions. In case of any doubt, it’s better to clarify with your insurer.

Also, compare quotes from different insurers to make an informed choice. Aggregator portals list offerings from multiple insurers that help in easy comparison.

Click here to know more about travel insurance.

DISCLAIMER

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.



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