The cheapest travel insurance policies are specialty plans, often called single-trip travel insurance, according to Travel Guard. This type of trip, explains IMT Services Corporation, is defined as a single occurrence of leaving home, visiting one or multiple locations, and returning home. The cheapest travel insurance for multiple trip coverage would involve the purchase of an annual plan.
Single-trip specialty plans are intended to supply travelers with necessary insurance plans on their travels that they already have at home, according to Travel Insurance Review. These plans often cover such things as corporate kidnapping, ransom, extortion, car rental collision, road trips, term life insurance and medical tourism.
Multiple-trip annual insurance plans limit the length of travel coverage for the year and require consumers to possess primary health insurance plans in the United States. Coverage can range from 30 to 75 days out of the year, depending on the insurance provider, as reported by IMT Services Corporation. The cheaper plans simply cover accidental death and dismemberment, claims Travel Insurance Review, and prices increase with the addition of further services, such as medical evacuation and travel medical coverage. More comprehensive package plans include coverage for unforeseen expenses due to trip interruption or cancellation.