Frequent traveller? Consider annual travel insurance for comprehensive protection!
Lifestyle2024-03-22
6 Mins Read
Hong Kong people have always shown a keen interest in travelling worldwide, particularly during holidays and breaks. According to data from the Immigration Department, an estimated 1.66 million outbound trips were recorded during the 2024 Lunar New Year holiday alone. For those jetting off frequently, having comprehensive travel insurance is a must. If you find yourself frequently on the move and wish to avoid the hassle of purchasing travel insurance each time, then investing in annual travel insurance might just be the perfect solution for you.
Annual travel insurance VS Single trip insurance
Understanding the distinction between annual and single-trip coverage is paramount when deliberating on travel insurance options. Here's a breakdown of the main differences:
- Coverage: Both annual and single-trip insurance typically offer similar coverage, encompassing essentials like overseas medical care, trip cancellation or delay, and loss of personal belongings.
- Premium: While single-trip insurance premiums are based on trip duration and destination, annual travel insurance premiums may be higher initially but offer unlimited protection throughout the year.
- Coverage period: Single-trip insurance spans the duration of each individual trip, up to 360 days, whereas annual travel insurance provides 12 months of coverage with a maximum trip duration of 90 days per journey.
- Number of trips: Single-trip insurance covers one trip at a time, while annual travel insurance allows for unlimited trips within the policy period.
- Maximum trip duration: With AXA SmartTraveller Plus, single-trip insurance covers trips of up to 360 days, while each trip under the annual policy is capped at 90 days.
- Premium calculation: Single-trip insurance premiums are based on trip duration and destination, whereas annual insurance premiums consider factors like the number of insured individuals and coverage.
- Premium payment frequency: Single-trip insurance requires purchase before each departure, while annual travel insurance is bought just once a year.
Advantages of annual plan
- Unlimited coverage: Ideal for frequent travellers, annual travel insurance offers unlimited usage throughout the policy period.
- Cost-effectiveness: Despite potentially higher premiums, the overall cost of annual travel insurance is likely lower than multiple single-trip coverage purchases.
- Convenience: Purchase annual travel insurance once a year and enjoy coverage for all your trips, eliminating the need for separate policies each time.
Who should opt for annual travel insurance?
- Frequent travellers: If you find yourself frequently jetting off abroad, annual travel insurance is tailored to your needs.
- Diverse travel destinations: For those exploring various destinations, annual travel insurance offers flexibility.
- Budget and needs: Choose coverage and premium calculation methods that align with your budget and requirements.
My Best Travel Insurance
AXA travel insurance is the all-round ‘My Best Travel Insurance’ for your trips!
Key considerations for annual travel insurance
1. Maximum trip coverage period: Every trip covered by annual travel insurance comes with a finite coverage period. It's vital to ensure that your travel plans fit within this timeframe to avoid finding yourself unprotected in the event of an unexpected incident.
2. Regional restrictions: Keep in mind that different regions may carry varying premiums under annual travel insurance. Pay close attention to your chosen travel destination, as areas classified as high-risk may incur relatively higher premiums.
3. Age limit: Annual plan typically sets an age limit. It's crucial to confirm whether your age meets the insurance requirements. Some insurers may impose age restrictions for senior citizens, potentially affecting their eligibility for annual travel insurance. For AXA SmartTraveller Plus, individuals must be 75 years old or younger before the policy's initial effective date, with the option to renew up to the age of 80.
4. Coverage: Take the time to carefully assess the coverage provided by different annual travel insurance plans to ensure they suit your specific travel needs. For instance, AXA SmartTraveller Plus offers coverage for non-professional sports activities overseas, such as scuba diving, skiing, and bungee jumping, providing additional peace of mind.
My Best Travel Insurance
AXA travel insurance is the all-round ‘My Best Travel Insurance’ for your trips!
5. Amount of protection: Understand that the protection offered by annual travel insurance may have its limitations. Confirm whether the coverage amount adequately addresses potential accidents and losses. Some plans may impose upper limits on coverage, meaning amounts exceeding these limits may not be compensated.
6. Evaluation of insurance company: In addition to reviewing the features of the insurance plan, consider the reputation and reviews of the insurance company itself. Being Hong Kong’s largest general insurer#, AXA pays meticulous attention to your requirements, ensuring you can make the most of each journey with our comprehensive support.
7. Insurance claims procedures: Familiarise yourself with the claims procedures and requirements of the insurance company before purchasing annual travel insurance. In the event of an accident or loss, ensure you provide the necessary certificates and documents as per the insurer's guidelines to facilitate a successful claims process. Customers with AXA SmartTraveller Plus can conveniently submit claims for travel delay, baggage delay, and loss of personal property through the EMMA BY AXA mobile app, offering a seamless and efficient process.
My Best Travel Insurance
AXA travel insurance is the all-round ‘My Best Travel Insurance’ for your trips!
AXA SmartTraveller Plus: Annual plan highlights
- Generous age range: Our annual protection welcomes applicants aged between 30 days and 75 years old right from the onset of the insurance period, with the option for renewals available up to the age of 80.
- Family coverage for ease of policy management and cost saving: Our annual protection offers a family plan, ensuring that parents and all their children* are covered under a single policy, requiring only one total premium payment.
- Flexible trip duration: With AXA SmartTraveller Plus, each trip covered throughout the year spans up to 90 days, allowing for extensive travel opportunities. Moreover, there's no limit on the number of trips within each policy year, providing unmatched flexibility.
- Enhanced services: Our annual travel insurance now includes a newly introduced virtual medical consultation service. This feature is particularly beneficial when travelling to select overseas destinations in Japan, Thailand, Vietnam, Singapore, and the Philippines. It offers free virtual medical consultation and cover costs for medicine delivery to your door twice per policy year^.
* Children must be between 30 days and under 18 years old, named in the same policy schedule as their parent(s), and travelling together with their parent(s) for the entire trip; the benefit limits on medical expenses and personal accident for them is lower under this coverage, however there is an option to upgrade if desired.
#Insurance Authority Provisional Statistics on Hong Kong General Insurance Business in 2021.
^Only applicable to Annual Plan and designated cities. For details, please refer to the policy wording.
The plan is subject to the terms, conditions and exclusions of the relevant policy contract. AXA reserves the final right to approve any application. For detailed terms, conditions and exclusions of the plan, please refer to the relevant policy contract.
No warranty or responsibility is assumed by AXA Hong Kong and our related or holding companies regarding non-infringement, security, accuracy, completeness, adequacy, reasonableness, fitness for a purpose or free from computer viruses in connection with the information and materials provided. AXA Hong Kong and our related companies and holding companies do not accept any liability for any loss, damage, cost or other expense, whether wholly or partially, directly or indirectly, arising from any error, inaccuracy or omission of the information and materials to the extent that such liability is not excluded by law.
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