Table of contents
Annual Travel Insurance vs. Single Trip Travel InsuranceWho Should Buy Single Trip Travel Insurance?What Does Travel Insurance Cover?Travel Insurance: Premiums and Coverage AmountsTravel Insurance: Age Limits
【買旅遊保險】全年/單次邊類人啱買?|解構保障盲點|點解去一次都要買全年?

[Buying Travel Insurance] Should You Get an Annual or Single Trip Plan? | Unveiling Coverage Pitfalls | Why Buy an Annual Plan for a Single Trip?

When planning a trip, booking flights and hotels isn't the only important task; purchasing travel insurance is equally crucial. Travel insurance provides protection from the moment you purchase it, covering you even if your flight is canceled or delayed. However, with so many types of travel insurance available, choosing the right one can be overwhelming. The Consumer Council once compared 26 single-trip travel insurance plans and found significant differences in premiums and coverage. So, under what circumstances should you opt for annual travel insurance versus single-trip travel insurance? And can the coverage meet your needs? Today, Kwiksure will share some key points about purchasing travel insurance.

Kwiksure offers varying levels of travel insurance, comprehensively covering medical, accident, trip cancellation, and personal property loss protection, to ensure you travel with peace of mind.

Annual Travel Insurance vs. Single Trip Travel Insurance

【買旅遊保險】全年/單次邊類人啱買?|解構保障盲點|點解去一次都要買全年?

For the same travel insurance plan, whether it’s annual or single-trip, the coverage is generally the same. The main difference lies in the coverage period, as detailed in the table below:

 

Annual Travel Insurance

Single Trip Travel Insurance

Premium Calculation

Calculated Annually

Calculated Per Trip

Premium Cost

HK$1,000 to HK$3,000

Depends on the number of days

Coverage Period

One Year

Covers the days of the trip

Coverage Frequency

Unlimited Trips in a Year

Covers a Single Trip

Maximum Coverage Duration per Trip

Typically 90 to 100 Days

Maximum 180 Days

Suitable for

Frequent travelers, long trips, or extended travel (e.g., one month or longer)

Short trips or infrequent travelers

Who Should Buy Single Trip Travel Insurance?

If you don’t travel often, and only take short trips occasionally, single-trip travel insurance is more suitable. It’s less expensive, and you can select a plan based on your budget, the number of family members, itinerary, and activities.

### Who Should Buy Annual Travel Insurance?

Annual travel insurance is ideal for frequent travelers. By purchasing it once, you are covered for all your trips throughout the year. Additionally, if you plan to go on an extended trip, such as one lasting a month or longer, we recommend annual travel insurance, as the premiums for both options are similar. Should you decide to travel again during the insured year, you won’t need to buy additional coverage.

Kwiksure offers a variety of travel insurance plans, providing comprehensive coverage for medical expenses, accidents, trip cancellations, and loss of personal belongings, allowing you to travel with peace of mind.

What Does Travel Insurance Cover?

The adequacy of travel insurance coverage isn’t solely determined by the premium. Different insurance companies offer varying levels of coverage, but most basic travel insurance plans typically include four main categories: "Trip Coverage," "Medical Coverage," "Personal Accident Coverage," and "Other Coverage" (Note: these categories may have different names depending on the insurance provider).

Trip Coverage

This includes losses related to your trip, such as lost or damaged luggage and personal belongings. For example, flight delays are common. It’s important to note that compensation is usually calculated based on the number of hours of delay, and it must meet the minimum delay period specified in the policy (e.g., HK$300 compensation for every 6 hours of delay). Some travel insurance plans even cover transportation costs to and from the hotel if your flight is canceled. If this happens, remember to keep all relevant receipts and documents as proof.

Medical Coverage

Medical coverage refers to expenses incurred due to medical needs, such as hospitalization and medical fees. A common blind spot when purchasing insurance is the daily hospitalization limit. For example, a policy might have a daily limit of HK$500, with a total limit of HK$5,000, meaning it covers a maximum of 10 days of hospitalization. If another policy has a daily limit of HK$1,000 with the same total limit of HK$5,000, it only covers up to 5 days of hospitalization.

Additionally, medical coverage in travel insurance usually includes benefits like repatriation of remains, emergency travel arrangements, and child escort services. It’s important to check whether these benefits are fully covered or have a limit.

Personal Accident Coverage

This involves coverage for personal accidents, such as injuries, disabilities, or even death caused by accidents while using public transportation. Special attention should be paid to whether activities like self-driving tours or high-risk activities such as skydiving, diving, or skiing are covered.

Other Coverage

Some travel insurance plans offer special coverage, such as personal liability coverage, compensation for lost frequent flyer miles due to trip cancellation, free coverage for children under the same policy, and even compensation for canceled overseas wedding photoshoots, weddings, or sports events. Policyholders can choose coverage based on their personal needs.

As an example, let’s look at Allianz Travel Insurance (Silver Plan):

Trip Coverage

Medical Coverage

Personal Accident Coverage

Other Coverage

Maximum Compensation for Trip Delay

Overseas Hospitalization Fees

Accidents While Using Public Transportation

Personal Liability Coverage

Trip Cancellation

Daily Cash Benefit for Overseas Hospitalization

Other Accidents

Coverage for Scuba Diving

Baggage Delay

Follow-up Medical Expenses 

Skiing Coverage

 

Lost/Damaged Baggage and Personal Belongings

24-Hour Global Emergency Assistance

   

Trip Curtailment 

Chinese Medicine Follow-up Expenses

   

Lost Travel Documents

Repatriation of Remains

   

Personal Money Loss

Emergency Travel Arrangements

   

Trip Changes

Return of Companions

   

Credit Card Coverage

Return of Unattended Children

 

 

From the above travel insurance example, although the coverage includes the four main categories, it doesn’t cover mobile phones. Additionally, if your trip includes self-driving tours or participation in high-risk activities such as skydiving, these are also not covered under this travel insurance. Therefore, you should carefully read the policy before purchasing to ensure that it meets all your travel needs.

Kwiksure offers various travel insurance plans that provide comprehensive coverage for medical expenses, accidents, trip cancellations, and loss of personal belongings, allowing you to travel with peace of mind.

Kwiksure offers varying levels of travel insurance, comprehensively covering medical, accident, trip cancellation, and personal property loss protection, to ensure you travel with peace of mind.

Travel Insurance: Premiums and Coverage Amounts

【買旅遊保險】全年/單次邊類人啱買?|解構保障盲點|點解去一次都要買全年?

Many people habitually purchase travel insurance just before boarding, focusing only on the premium. However, the Consumer Council compared 26 single-trip travel insurance plans and found that medical coverage amounts ranged from HK$100,000 to HK$1,200,000, a significant disparity.

In terms of premiums, the Consumer Council noted that for the same destination and travel duration, individual premiums ranged from HK$79 to HK$263, a twofold difference. For a family of four, premiums ranged from HK$157 to HK$1,052, a sixfold difference. It’s advised that consumers understand whether the plan meets their needs and itinerary before purchasing, and carefully review the policy terms and coverage.

Travel Insurance: Age Limits

Like other types of insurance, travel insurance has age restrictions. Some policies specify the insured age. Additionally, the maximum insured age for annual travel insurance is lower than that for single-trip travel insurance. Generally, the maximum insured age for annual travel insurance ranges from 69 to 80 years, while for single-trip travel insurance, it is 85 years. Although some insurance companies do not impose age restrictions, the coverage amount is typically reduced to 50%.

Source: Consumer Council

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Contact Kwiksure to get travel insurance

Kwiksure has over 20 years of experience in the travel insurance industry, comparing quotes from over 60 insurers in Hong Kong. Start purchasing your travel insurance plan now!

The above information is for reference only. Kwiksure takes no responsibility for the accuracy and timeliness of the information. For the coverage, mode of compensation, benefit limit and premium levels of any specific insurance plan, please refer to the relevant policy terms.
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Author Kwiksure Team

Kwiksure is a licensed motor insurance brokerage company with over 20 years of experience in insurance. The company strives to simplify insurance and select the best insurance plans for customers that fit their budget and coverage needs.

Kwiksure provides a range of insurance products, including car insurance, motorcycle insurance, cross-border insurance between Hong Kong and Mainland China, home insurance, travel insurance, domestic helper insurance, and voluntary medical insurance. The team has been named "Best Car Insurance Broker" and "Outstanding Leadership Award" by various media outlets over the years.

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