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Single Trip vs Annual: Which Travel Insurance Should You Get?

Guest Contributor

Guest Contributor

Last updated 29 June, 2022

The world is opening up, so it’s time to dust off your passports and go back to your jet-setting ways! Aside from flights and accommodations, take a good look at travel insurance, as it is now a requirement for many countries. 

There are two major options you can choose from – single trip travel insurance and annual travel insurance. Which one should you get? Well, it all boils down on the length and frequency of your trips. 

First, let’s break down what each insurance plan covers. 

What is single trip travel insurance?

Single trip travel insurance plans cover trips that begin and end in Singapore, for up to 180 or 182 days overseas (depending on the insurer). This type of insurance is usually bought per trip. 

When applying for a single trip policy, you need to confirm the destination, and both the start and end date of your trip.

What is annual travel insurance?

Annual travel insurance, also known as multi-trip travel insurance, provides coverage for up to one calendar year. This type of insurance covers all your trips within that year, and all you need to do is confirm the destinations of your travels (Europe, worldwide excluding USA, worldwide including USA, ASEAN, Asia). 

Do note that annual travel insurance may cover multiple trips over a year with trip duration limits. Most annual travel insurance plans cover no more than 90 days per trip.

Single trip travel insurance vs annual travel insurance 

An important consideration for any traveller is the cost of your travel insurance. It comes as no surprise that you would want the best bang for your buck. 

Thus, we’ve collated the best travel insurance plans for your comparison. Compare cost, coverage, and special promotions to make an informed decision. 

Commonly, single trip travel insurance is more affordable compared to annual travel insurance. However, if you’ll be travelling often or going on multiple trips a year, annual travel insurance would be more cost-effective. 

Let's say you’ll be travelling to Malaysia at least eight times this year, with a trip duration of two weeks each time. Compare the cost of eight single trip insurance plans with one annual plan. For this comparison, let's look at plans with similar coverage benefits. 

Type of travel insurance Single trip (before discount) Annual travel (before discount)
Cost S$141 S$469.75 (With COVID-19 Rider Added)
Coverage S$10,000 for trip cancellation

S$500,000 of overseas medical coverage

S$5,000 for bags and belongings
S$10,000 for trip cancellation

S$500,000 of overseas medical coverage

S$5,000 for bags and belongings
Total S$141 x 8 = S$1,128
(assuming the plan costs the same throughout the year)
Accurate as of time of writing

Using the example above, the overall cost of an annual travel insurance plan turns out to be cheaper. Thus, this plan is highly recommended for frequent travellers not only due to cost-efficiency, but also due to the fact that they only need to apply for an insurance plan once a year. 

Single trip travel insurance, on the other hand, is definitely more suitable for occasional travellers. 

Pros and cons of single trip and annual travel insurance

Type of travel insurance Pros Cons
Single trip Affordable and can cost below $100. Great for budget-conscious travellers.

Higher maximum age (70 years old and above) of coverage.

Length of coverage can go up to 180-182 days, depending on the provider. Perfect for those on a sabbatical or digital nomads.
Buying multiple single trip plans per year could become quite expensive for frequent travellers. 
Annual travel Covers trips for one calendar year without the need to repurchase for every trip.

Perfect for travellers who go on many short trips every year.
Can be expensive for those who travel only on occasion. 

Covers multiple trips but limits each trip to 90 days (depending on provider)

Should you get a single trip or annual travel insurance?

How do you choose between single trip or annual travel insurance then? Here are a few examples to help you pick the right type of travel insurance for you.

Annual travel insurance: frequent flyers going on many short trips (less than 90 days each)

Annual travel insurance is the better option for those who fly in and out of Singapore more than six times a year. Taking the above example, a single trip travel insurance plan costs $70.50 while an annual plan costs $495.90. Travelling more than seven times to the same region with annual travel insurance is more cost-effective.

With an annual travel insurance, frequent travellers can plan their trips with ease. It saves them the hassle of applying for travel insurance each trip. Enjoy year-round coverage on trip cancellations, baggage loss, theft, accidents, medical emergencies, and more. 

Single trip insurance: for infrequent travellers or trips more than 90 days

If you travel less than five times a year, or are going on a trip for more than 90 days, then single trip insurance is for you. 

For travellers above the age of 70, there are only a few options for an annual travel insurance plan as most insurers only allow you to purchase one before turning the age of 70. In that case, you may renew the plan up until you turn 80. 

Remember to thoroughly read your insurer’s policy document before setting off to your travels. Furthermore, note that there are coverage add-ons for extreme sports, rental vehicles, and such. Thus, choose your plan according to your needs and trips. 

FWD Travel Insurance Promotion: Use the promo code TRAVEL25 for Single or Annual Trip to get a 25% discount on your plan! Valid till 31 March 2023. T&Cs apply.

Read these next:

What Is the Best Travel Insurance for Your Age?
Best Travel Insurance Plans With COVID-19 Coverage
Best Travel Insurance In Singapore (2022)