Travel insurance myth 1: Annual cover will save you money

Watch the animation to find out why single trip policies could work out better value than annual travel insurance.

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• All types of medical conditions can be covered
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Travel insurance myth 1: Annual cover will save you money: The transcript

If you want to find out why annual travel insurance doesn't always work out cheaper, but don't want to, or can't watch the video we have reproduced the transcript below

Travel insurance myth: Annual travel insurance will save you money

If you are over 65 or have existing medical conditions buying single trip travel insurance policies for specific holidays will often work out better value.

A common myth about travel insurance is that buying an annual policy will save you money, but this isn't always the case, particularly if you are over 65 or have existing medical conditions.

When you buy an annual policy your insurer doesn't know where you will be travelling, how many times you will be travelling or for how long, which means they are unable to accurately calculate the likelihood of you making a claim or the potential cost of that claim.

With an annual policy, you could be travelling every month, for 2 to 3 weeks at a time, to a country where medical treatment is very expensive and your insurance will be priced accordingly.

The result is, if you are over 65 or have existing medical conditions you need to be taking more than 4 or 5 holidays a year before an annual travel insurance policy becomes a cheaper option.

Therefore buying individual single trip policies which are specifically tailored to the trips you are taking could well save you money.