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What is annual travel insurance?

Annual travel insurance is a year-long insurance package offered to people who frequently go to trips abroad or in the Philippines. In other words, one plan is offered regardless of how many times a person travels, subject to some restrictions. This kind of plan is understandably pricier compared to single travel insurance, because more trips are covered.

To make the most of the pricier annual travel insurance option, it’s a wise plan to look into the fine print of these plans, especially through an unbiased comparison tool like GoBear.

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Which companies offer annual travel insurance?

Among all the insurance companies that you can compare with GoBear, only two companies offer annual travel insurance plans: Pioneer Insurance and Standard Insurance. Pioneer Insurance has two annual plans, differentiated by the area of coverage, while Standard Insurance also has two such plans, both for local destinations, only contrasted by their prices and coverage amounts. The two Standard Insurance plans cover frequent trips of up to 90 days per year, while Pioneer Insurance plans don’t have that limit. GoBear calculated what you can get and how much you will spend for annual travel insurance plans from the two companies.

Standard Insurance (Travel Protect Local Plan A)

The Travel Protect Local Plan A from Standard Insurance is an annual travel insurance plan intended for trips within the Philippines. This plan is suitable for the typical backpacker who wants to make every peso count. The plan costs ₱1,512 per year.

This annual travel insurance plan from Standard Insurance offers up to ₱500,000 of personal accident coverage and up to ₱250,000 for medical expenses coverage, in addition to various compensation allotted for travel inconvenience scenarios (such as ₱10,000 for loss of baggage and ₱20,000 for trip cancellation).

Standard Insurance (Travel Protect Local Plan B)

The Travel Protect Local Plan B from Standard Insurance is also for domestic trips. This annual travel insurance plan is suitable for people who don’t mind paying an extra thousand pesos for a bigger amount of coverage. The plan costs ₱2,568 per year.

This plan from Standard Insurance offers up to ₱750,000 of personal accident coverage and up to ₱500,000 for medical expenses coverage, in addition to various compensation allotted for travel inconvenience scenarios (such as ₱15,000 for loss of baggage and ₱30,000 for trip cancellation).

Pioneer Insurance (Travel Light - Schengen Plan)

The Travel Light - Schengen Plan from Pioneer Insurance is an annual travel insurance plan specialized for trips to most European countries, especially those within the Schengen area, where insurance coverage requirements are more stringent. The plan costs ₱14,805 yearly.

This annual travel insurance plan from Pioneer Insurance offers up to ₱2.35 million of personal accident coverage and a similar maximum coverage for medical expenses, in addition to ₱470,000 for personal liability coverage and various compensation allotted for travel inconvenience scenarios (such as ₱9,400 for loss of baggage, ₱23,500 for loss of personal money, and ₱47,000 for trip cancellation).
 

Pioneer Insurance (Travel Light – Worldwide Plan)/

The Travel Light - Worldwide Plan from Pioneer Insurance is a travel insurance plan specialized for trips anywhere in the world, whether it be as near as Hong Kong or as far as the USA. The plan costs ₱20,539 yearly.

This annual travel insurance plan from Pioneer Insurance offers up to ₱2.35 million of personal accident coverage and a similar maximum coverage for medical expenses, in addition to ₱1,565,100 for personal liability coverage and various compensation allotted for travel inconvenience scenarios (such as ₱58,755 for loss of baggage, ₱19,505 for loss of personal money, and ₱117,500 for trip cancellation).

Need access to annual travel insurance anywhere in the world? Compare travel insurance with GoBear Philippines and find out which plan is best for frequent flyers like you.

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