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Death, illness, last minute unforeseen events are never to be ruled out when you go abroad. In this case, should you take out annual travel insurance to deal with any eventuality? As with any blanket, there are pros and cons.
What is annual travel insurance? Annual travel insurance covers all your trips for a period of one year. Annual insurance of this type covers all private travel, risks (medical reasons, family administrative reasons), compensation for lost luggage or even in the event of a significant flight delay.
When should you take out annual cancellation insurance? In an interview granted in ForbesStan Sandberg, co-founder of the TravelInsurance.com platform, recommends purchasing annual travel insurance for 2021 for people who travel more than four times a year. ‘Most annual plans cost more than a standard one-trip plan, so these contracts won’t pay off for travelers who only make one or two trips a year,’ he says.
How does an annual cancellation insurance policy work? A policy of this type generally includes the same benefits offered in a policy for a single trip.
- Compensation for lost or delayed baggage
- The risks (cancellation for medical, professional reasons, etc.)
- Significant compensation without excess.
- Compensation for late flights to and from Europe
According to the site TopCompare, the cheapest annual covers are those offered by Allianz Assistance, Qover-me, Ethias, VAB, Touring and Europ assistance. Of course, it remains to be seen which one best suits your needs, because each company offers several types of cover at very different prices. Be careful though, many coverages only cover private trips. If you often have to travel abroad for business reasons, it is best to make sure that this type of travel is covered.
Am I covered in the event of an epidemic?
“A person looking for coverage because of the outbreak shouldn’t take it,” Dan Drennen, director of sales and marketing at the Travel Insurance Center, told Forbes magazine.
In Belgium, cancellations due to Covid are generally not covered. ‘ We only intervene if you are sick and detected positive for Covid-19 before your departure ‘, an employee from Europ Assistance told us.
With this in mind, take out cancellation insurance ‘for all justified causes’, coverage offered in several European countries, such as France, seems preferable. These contracts guarantee the reimbursement of cancellation fees for any exceptional, sudden and unforeseeable event, beyond your control and justified.
But, there is a but… In Belgium, this type of cover does not exist… or no longer. ‘Until now, in Belgium, only Alianz Insurance used to offer this type of coverage, but this is no longer the case, ‘says Maarten Liebert, insurance broker at Liebert and Partners.
If you travel less than four times a year, it is better to assess the situation on a case-by-case basis and think of an individual policy according to the health situation at the time to avoid unpleasant surprises …
Source: BusinessAM
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