If you’re a frequent traveler for work or fun, there’s no reason to purchase travel insurance each time you take a trip. Instead, an annual travel insurance plan covers an entire year of trips. These plans can save you money even if you only travel two or three times a year. One of the major benefits is that you’ll know you’re covered — so it’s one less thing to think about as you’re planning your trip. Come along as we share the basics of how annual travel insurance plans work, including looking at what a plan costs and what is included in the coverage. We'll also talk about some of the advantages of having this policy in place — and how to determine if it’s right for you.
So, what is travel insurance? Travel insurance is a relatively low-cost way to protect yourself from various risks and unexpected expenses when traveling. And you can save money on travel insurance by purchasing coverage for an entire year instead of purchasing it each time you travel. If you're a frequent traveler, you'll benefit especially from an annual travel insurance policy since it may be the most cost-effective option. But even if you don’t travel often, you should always try to purchase travel insurance for your individual trips. The process of traveling can present a variety of challenges and concerns, but you deserve to feel protected and secure when traveling. Travel insurance protects you from loss for certain events that could disrupt your travel. Travel is defined as going to a location that is at least 100 miles from your home. Coverage differs by travel insurance plan but generally includes some protection from trip delays, loss of luggage, and even some medical expenses. Nationwide offers three different plans so that you can choose the level of protection that best suits your travel investment. Each includes the coverages listed below but varies on limits and covered events such as weather or illness. Some plans also offer flight cancellation or interruption coverage. You can protect your travel investment with Nationwide for as low as $59 annually. This is a fraction of the cost of additional nights at a hotel, unplanned meals, or replacing the necessities if your luggage is lost. If you sprain your ankle while traveling, those costs add up quickly. If you have travel cancellation/interruption coverage, this helps if you are unable to travel or need to reschedule your trip. The average cost of travel insurance is 5% to 6% of your trip, so depending on the frequency of your travel, it may make more financial sense to purchase an annual coverage plan.1 You can decide on your own which type of plan would make more sense based on your travel habits. An annual travel insurance plan might be cost effective, but there are other reasons to consider this option: When choosing a plan, be sure to understand the levels of coverage provided and what the plan defines. Make sure to review how to place a travel insurance claim so that you’re prepared if something happens. Traveling can be stressful enough on its own; stay protected by considering purchasing travel insurance for your next trip. Reach out to Nationwide to learn more about which annual trip insurance plan is best for you. [1] "Average Cost Of Travel Insurance 2022," https://www.forbes.com/advisor/travel-insurance/average-travel-insurance-cost/ (April 11, 2022).Travel insurance 101
What does travel insurance cover?
Cost of travel insurance
Things to consider when buying travel insurance
