Annual Multi-Trip Travel Insurance - Pricing, Policies and What to Know

We compare annual multi-trip travel insurance policies from Southern Cross, Allianz and CoverMore - with sample quotes for solo travellers and couples aged 35 to 70 across worldwide destinations.

Updated 19 March 2026

Summary

Annual travel insurance - also called multi-trip cover - lets you pay once for 12 months of protection across every trip you take. For anyone making two or more international trips a year, it can be significantly cheaper than buying single-trip policies each time.
However, not all insurers offer annual policies, trip duration caps vary widely, and pricing differences are substantial - our quotes show CoverMore charging over three times more than Southern Cross for identical traveller profiles.
This guide compares what's available, what it costs, and when an annual policy is worth it.

To help you understand annual policies and whether or not they're right for you, our guide covers:

Pros and Cons of a Multi-Trip Policy
Comparing the Costs and Cover of Annual Travel Insurance Policies - Southern Cross Travel Insurance, CoverMore and Allianz
Frequently Asked Questions

Know This First: What Does an Annual Travel Insurance Policy Usually Cover?
A typical multi-trip travel insurance policy protects you against the following:

Medical expenses – Covering medical emergencies, the cost of any treatment, overnight stays and repatriation. Always disclose any pre-existing medical conditions to your insurer.
Cancellation – Cover if you need to cancel or cut short your holiday. For example, if you fall ill or test positive for COVID-19.
Missed departure or delays – Offering cover if your flights are delayed because of an insured event, for instance, adverse weather.
Stolen, lost or damaged luggage – There will be some item limits, but most policies will cover the cost of replacing your luggage.
Theft or loss of personal possessions – There will be some per-item limits, but this cover protects your valuables, money, travel documents, and other belongings.
Personal liability – This may cover the cost of any damage or injury you inadvertently cause while you're away.

Exclusions can vary depending on the policy. Typical exclusions (as is the case with any travel insurance policy) may include:

Medical treatment for pre-existing conditions – Extra payment is usually needed for coverage. Our guide to pre-existing conditions has more details.
High-risk sports and activities like bungee jumping and rock climbing – A specialist policy may be required.
Claims arising from travel to a place flagged as a 'do not travel' by SafeTravel (published by the New Zealand Ministry of Foreign Affairs and Trade - MFAT).
Claims resulting from being under the influence of drugs or alcohol.
Events such as terrorism, wars, natural disasters, and civil unrest.

Why MoneyHub Founder Christopher Walsh Personally Uses Southern Cross Travel Insurance - And Why It's Worth Your Attention

I've used Southern Cross Travel Insurance for every overseas trip I've taken in recent years - from the USA and Switzerland to Thailand, Spain, Japan and plenty of destinations in between. I don't use it because MoneyHub has a relationship with them. I use it because when I compared every major insurer line by line, SCTI's coverage was consistently stronger where it matters most.

As someone who travels frequently between New Zealand, the UK and destinations across Asia and Europe, I have an SCTI annual multi-trip policy which I renew every year - it eliminates the hassle of buying cover for every trip. On the rare occasion a trip goes beyond the 90-day limit, I simply buy a separate SCTI single-trip policy to cover the extra days. It takes 60 seconds and means I'm always covered, no matter how long I'm away.

For frequent travellers considering an annual multi-trip policy, three things set SCTI apart:

The longest per-trip duration in the market. SCTI's annual policy allows up to 90 days per trip, compared to 60 days from CoverMore and 45 days from Allianz. For anyone taking a longer European or Asian trip alongside regular short-haul flights, this is the difference between being covered and not.
Unlimited medical cover as standard - on every trip, all year. SCTI's annual policy includes the same unlimited medical cover as their single-trip product. A capped policy on a multi-trip plan means you're gambling on every trip you take.
Pricing that makes annual cover an easy decision. Our quotes show SCTI's annual policy costing less than half of CoverMore's across every traveller profile we tested. At that price, the breakeven point against buying single-trip policies is just two trips for most travellers.

My view: I've never had a reason to switch insurers, and I've looked. SCTI is popular with MoneyHub readers who routinely share their positive experiences. I suggest getting a SCTI quote.

Christopher Walsh
MoneyHub Founder

Pros and Cons of a Multi-Trip Policy

Key pros and cons include:

Pros

Convenience - buy once, travel all year. No need to organise insurance before every trip or risk forgetting to buy cover for a last-minute booking.
Cost savings for frequent travellers - if you take two or more international trips a year, an annual policy is almost always cheaper than buying single-trip cover each time. Our pricing tables below show exactly when the breakeven point kicks in.
Spontaneous travel is covered - book a weekend in Sydney on Thursday, fly out Friday, and you're already insured. No gaps, no admin.
Family-friendly options - some policies include dependent children at no extra cost, making annual cover particularly good value for families who travel regularly.
Same comprehensive cover as single-trip - annual policies from the major insurers include the same medical, cancellation, luggage and personal liability benefits as their single-trip equivalents. You're not giving up cover for convenience.

Cons

Every policy caps the length of each trip - this is the biggest limitation. Annual policies typically cap each trip at 30, 45, 60 or 90 days. If you exceed the limit, you're uninsured from that point. Our comparison tables show each insurer's cap.
Higher upfront cost - you're paying for a full year in advance, which can be $600-$2,000+ depending on your age and destination. If your travel plans change and you only take one trip, you may have been better off with single-trip cover.
Age limits can be stricter than single-trip - some insurers cap annual policies at 65 or 70, even when they'll sell single-trip cover to older travellers. Our pricing for the couple aged 70 shows this in practice.
Adventure sports may not be included - standard annual policies often exclude high-risk activities like skiing, diving and mountaineering. You may need to pay extra or buy a separate single-trip policy for that specific trip.
No refunds if your plans change - if you stop travelling mid-year, most insurers won't refund the unused portion. The exception is a 14-day cooling-off period at the start of the policy, provided you haven't travelled or claimed.

Comparing the Costs and Cover of Annual Travel Insurance Policies - Southern Cross Travel Insurance, CoverMore and Allianz

One size doesn't fit all when considering an annual travel insurance policy. To help you understand how much an annual policy might cost, we have crafted a few scenarios based on common types of policyholders. We aim to demonstrate how different factors can influence the pricing of annual travel insurance policies.

Please note that these examples are hypothetical and actual premiums can vary greatly depending on several factors such as the specific insurer, the coverage chosen, personal health history, and other risk factors.

Our sample pricing aims to provide a baseline understanding; getting personalised quotes from multiple insurers is always recommended.

Our Example Travellers
We've based our pricing comparisons on three traveller profiles that represent the most common annual policy buyers. All travellers are in good health with no pre-existing medical conditions, and all quotes are for comprehensive cover.

Solo Traveller, Aged 35: A frequent traveller making 4-6 trips per year - a mix of short Australian trips and longer holidays to Asia and Europe.
Solo Traveller, Aged 60: A frequent traveller making 4-6 trips per year - a mix of short Australian trips and longer holidays to Asia and Europe.
Couple, Aged 50: Two travellers making 3-4 trips per year, including regular Australian visits and at least one longer trip to Europe or the USA. This is the core annual policy buyer - established, travelling often enough that single-trip policies become a hassle, and wanting the convenience of year-round cover.
Couple, Aged 70: Two travellers planning 2-3 trips per year to Australia, the Pacific and one longer international trip. This profile is critical - some insurers cap annual policies at 65 or 70 even when they sell single-trip cover to older travellers. Where an insurer won't quote, we note it.

Important: These are just examples. It's always best to contact insurance providers directly or use online tools to get personalised quotes based on your specific circumstances and travel plans. Always read the policy documentation carefully to understand what is covered and what is not before making any decision.

1. Individual: Solo Traveller, Aged 35:

Travellers: Single traveller, 35 years old
Destinations: Australia, Asia (Singapore, Hong Kong), USA and Europe (UK and Germany). Southern Cross and Allianz offer worldwide annual policies for maximum travel flexibility; CoverMore does not offer a worldwide annual policy, so we've quoted a multi-trip policy including the countries specified.
Multi-trip quote: Comprehensive cover
Excess: Varies per insurer
Maximum days away from New Zealand: Specified below in the table

Our Winner for Benefits, Coverage and Price: Southern Cross Travel Insurance

Insurers who are also underwriters - Southern Cross, CoverMore (Zurich) and Allianz

Insurance Provider	Underwriter	Price (Annual Cover)	Excess	Policy Name	Maximum Days Away from New Zealand (Per Trip)
Southern Cross Travel Insurance	Southern Cross Travel Insurance	$664.10 (60 day maximum selected)	$200	International Comprehensive	90 days
CoverMore	Zurich (CoverMore's owner)	$1,543.00 (60 day maximum selected)	$250	International Comprehensive Premium	60 days
Allianz Travel Insurance	Allianz	TBC (45 day maximum selected)	$200	Comprehensive	45 days

2. Solo Traveller, Aged 60

Travellers: Single traveller, 60 years old
Destinations: Australia, Asia (Singapore, Hong Kong), USA and Europe (UK and Germany). Southern Cross and Allianz offer worldwide annual policies for maximum travel flexibility; CoverMore does not offer a worldwide annual policy, so we've quoted a multi-trip policy including the countries specified.
Multi-trip quote: Comprehensive cover
Excess: Varies per insurer
Maximum days away from New Zealand: Specified below in the table

Our Winner for Benefits, Coverage and Price: Southern Cross Travel Insurance

Insurers who are also underwriters - Southern Cross, CoverMore (Zurich) and Allianz

Insurance Provider	Underwriter	Price (Annual Cover)	Excess	Policy Name	Maximum Days Away from New Zealand (Per Trip)
Southern Cross Travel Insurance	Southern Cross Travel Insurance	$644.07 (60 day maximum selected)	$200	International Comprehensive	90 days
CoverMore	Zurich (CoverMore's owner)	$2,314.00 (60 day maximum selected)	$250	International Comprehensive Premium	60 days
Allianz Travel Insurance	Allianz	TBC (45 day maximum selected)	$200	Comprehensive	45 days

3. Couple, Aged 50

Travellers: Two travellers, both aged 50
Destinations: Australia, Asia (Singapore, Hong Kong), USA and Europe (UK and Germany). Southern Cross and Allianz offer worldwide annual policies for maximum travel flexibility; CoverMore does not offer a worldwide annual policy, so we've quoted a multi-trip policy including the countries specified.
Multi-trip quote: Comprehensive cover
Excess: Varies per insurer
Maximum days away from New Zealand: Specified below in the table

Our Winner for Benefits, Coverage and Price: Southern Cross Travel Insurance

Insurers who are also underwriters - Southern Cross, CoverMore (Zurich) and Allianz

Insurance Provider	Underwriter	Price (Annual Cover)	Excess	Policy Name	Maximum Days Away from New Zealand (Per Trip)
Southern Cross Travel Insurance	Southern Cross Travel Insurance	$1,177.00 (60 day maximum selected)	$200	International Comprehensive	90 days
CoverMore	Zurich (CoverMore's owner)	$2,838.00 (60 day maximum selected)	$250	International Comprehensive Premium	60 days
Allianz Travel Insurance	Allianz	TBC (45 day maximum selected)	$200	Comprehensive	45 days

4. Couple, Aged 70

Travellers: Two travellers, both aged 70
Destinations: Australia, Asia (Singapore, Hong Kong), USA and Europe (UK and Germany). Southern Cross and Allianz offer worldwide annual policies for maximum travel flexibility; CoverMore does not offer a worldwide annual policy, so we've quoted a multi-trip policy including the countries specified.
Multi-trip quote: Comprehensive cover
Excess: Varies per insurer
Maximum days away from New Zealand: Specified below in the table

Our Winner for Benefits, Coverage and Price: Southern Cross Travel Insurance

Insurers who are also underwriters - Southern Cross, CoverMore (Zurich) and Allianz

Insurance Provider	Underwriter	Price (Annual Cover)	Excess	Policy Name	Maximum Days Away from New Zealand (Per Trip)
Southern Cross Travel Insurance	Southern Cross Travel Insurance	$2,120.70 (60 day maximum selected)	$200	International Comprehensive	90 days
CoverMore	Zurich (CoverMore's owner)	$7,664.00 (60 day maximum selected)	$250	International Comprehensive Premium	60 days
Allianz Travel Insurance	Allianz	TBC (45 day maximum selected)	$200	Comprehensive	45 days

Important: Allianz Travel Insurance, CoverMore and Southern Cross Travel Insurance are the only insurers in New Zealand that offer annual multi-trip policies. No other provider - including AA, Air New Zealand, AMI, State Insurance, AMP, Tower, TINZ or 1Cover - currently sells an annual or multi-trip travel insurance product.

This means if you want annual cover, your choice is between these three insurers. They also happen to be the three companies that underwrite their own policies and manage their own claims, which we consider an advantage for any travel insurance purchase.

If you'd prefer to compare single-trip quotes from the wider market instead, the following insurers resell policies underwritten by the companies above:

AA (Allianz)
Air New Zealand (Zurich)
AMI & State Insurance (Zurich)
AMP (Allianz)
TINZ (HDI Global Specialty SE)
Tower (Allianz)
1Cover (HDI Global Specialty SE)

Web-based insurers using external underwriters include:

Mix & Match (Allianz)
Webjet (Zurich)

Our View - Southern Cross Travel Insurance (SCTI) Delivers the Best Annual Multi-Trip Cover Available in New Zealand

After comparing annual multi-trip policies from every insurer that offers them, we believe Southern Cross Travel Insurance (SCTI) is the clear leader for frequent travellers.
SCTI's annual policy includes the same unlimited medical cover, $25,000 luggage protection (2.5x the industry standard), and unlimited cancellation option that make their single-trip product our top pick - but applied across every trip you take in a 12-month period. No other annual policy in New Zealand matches this combination of benefits. SCTI also offers the longest per-trip duration at 90 days, compared to 60 days from CoverMore and 45 days from Allianz.
As part of a not-for-profit organisation serving New Zealanders since 1961, SCTI reinvests surplus into better coverage rather than shareholder profits - which shows in their generous benefits, competitive pricing and clearly worded policies.
Our pricing comparisons tell the story - SCTI's annual policy costs less than half of CoverMore's across every traveller profile we tested, while offering longer trip duration and equivalent or better cover.

Our View: If you travel internationally two or more times a year, SCTI's annual policy should be your first quote. The pricing, benefits and trip duration cap make it the strongest annual multi-trip product in the New Zealand market.

Get Your SCTI Quote in 60 Seconds

Frequently Asked Questions

What should I consider when choosing a travel insurance provider?

You should consider the insurance provider's reputation, the coverage's cost and comprehensiveness, customer service, and their claims process. Our sample pricing uses trusted insurers - we advise you to be cautious of online adverts or websites where the insurers are unknown or unproven.

Is my destination covered?

If you're purchasing worldwide coverage, almost all countries should be covered unless explicitly excluded. Ensure that the countries you plan to visit are included in your coverage. There's no point in having an annual policy for "Worldwide, excluding USA and Japan" if, for example, your plans may include a visit to either country within the year.

Does an annual policy include coverage for adventure sports?

New Zealanders love adventure, and many travel for skiing, snowboarding, or water sports. If you plan on doing any adventure sports during your travels, ensure your policy covers it. Some policies exclude high-risk activities unless you pay extra.

What about pre-existing conditions?

If you have pre-existing medical conditions, disclosing them to your insurer is important. Otherwise, you might not be covered if you need to make a claim related to your condition. Our guide to getting travel insurance for pre-existing medical conditions has more details.

How do travel alerts or warnings affect my coverage?

Some policies may not cover trips to destinations where a travel alert or warning has been issued. Check the policy for any exclusions related to travel alerts or warnings. You can check all of the latest advisories on MFAT's Safe Travel website https://www.safetravel.govt.nz/

How long can each trip be on an annual multi-trip policy?

The maximum length of each trip will depend on your specific policy. For some insurers, each trip could be limited to 30, 45 or 60 days, for example. Always check the maximum duration of your intended travel insurance policy.

Is there an age limit on annual multi-trip travel insurance?

Yes - all insurers have an upper age limit on their travel insurance policies or may charge more for older travellers. Check the age limit and the premiums for your age group.

How does the claims process work?

You need to know how to claim if something goes wrong - read the insurer's claims process, what documentation you need, and how long it typically takes to process a claim.

What isn't covered by my travel insurance?

It's just as important to understand what isn't covered by your insurance as what is. For example, some insurers might not cover certain high-risk activities, claims resulting from intoxication or non-disclosure of pre-existing conditions. It's always recommended to read the fine print carefully.

What if my travel plans change in the middle of the policy period?

Most annual travel insurance policies offer the flexibility to accommodate changes in your travel plans. However, significant changes, like travelling to a country not covered in your original policy, may require updating your coverage.

Can I cancel my annual policy if I no longer need it?

If you stop going overseas within the 12 months you prepaid your insurance, travel insurers do not typically offer refunds for unused portions of annual or multi-trip policies. This is largely due to the nature of insurance itself. When you purchase a policy, you're paying for the insurer to take on the risk associated with potential future claims during the policy period.

However, there may be certain situations where a refund or partial refund may be possible. For example, many insurance providers might offer a cooling-off period, typically around 14 days after the purchase, during which you may cancel your policy for any reason and receive a full refund, provided you haven't started your trip or made a claim.

Be aware:

Some insurers may consider a partial refund in special circumstances, such as significant medical conditions preventing you from travelling for the remainder of the policy period. This is usually assessed on a case-by-case basis.
As always, it's vital to read the terms and conditions of your specific policy to understand what is and isn't covered, including refund policies. If you're unsure, contact your insurer directly for clarification.
Travel insurance is designed to protect you against unforeseen circumstances and risks, and even if you haven't claimed during your policy period, it has provided you with peace of mind and financial protection during your trips.

How many trips can I take with an annual policy?

Typically, you can take an unlimited number of trips within the year. The limitation is usually on the length of each trip, often capped at 30, 60, or 90 days.

Can I extend the maximum trip length on my annual policy?

In most cases, no - you'll need to buy a new policy for either 12 months or the duration you need.

Our View - Southern Cross Travel Insurance (SCTI) Delivers the Best Annual Multi-Trip Cover Available in New Zealand

After comparing annual multi-trip policies from every insurer that offers them, we believe Southern Cross Travel Insurance (SCTI) is the clear leader for frequent travellers.
SCTI's annual policy includes the same unlimited medical cover, $25,000 luggage protection (2.5x the industry standard), and unlimited cancellation option that make their single-trip product our top pick - but applied across every trip you take in a 12-month period. No other annual policy in New Zealand matches this combination of benefits. SCTI also offers the longest per-trip duration at 90 days, compared to 60 days from CoverMore and 45 days from Allianz.
As part of a not-for-profit organisation serving New Zealanders since 1961, SCTI reinvests surplus into better coverage rather than shareholder profits - which shows in their generous benefits, competitive pricing and clearly worded policies.
Our pricing comparisons tell the story - SCTI's annual policy costs less than half of CoverMore's across every traveller profile we tested, while offering longer trip duration and equivalent or better cover.

Get Your SCTI Quote in 60 Seconds

Reminder: Not sure if you need travel insurance, or have specific circumstances to consider? Our dedicated guides can help:

Compare Travel Insurance - Our popular guide explains everything you need to know
Over 70s Travel Insurance – Comparing policies and pricing for older travellers, including who offers the best cover without excessive premiums
Pre-Existing Medical Conditions Travel Insurance – What's covered, who to approach first, and how the medical assessment process works
Cruise Travel Insurance - Sailing the seas? Our guide explains what you need to know
Travel Insurance for Unexpected Events – Understanding how policies protect you from cancellations, natural disasters, airline failures and other disruptions you can't predict (increasingly relevant given global events)
Do I Need Travel Insurance? – A straightforward guide to help you decide if travel insurance is worth it for your trip

Our top pick: Southern Cross Travel Insurance consistently delivers the strongest coverage across our research - unlimited medical cover, $25,000 luggage protection and an unlimited cancellation option that no other major New Zealand insurer matches. Get a quote in 60 seconds and compare it with others.

Related guides:

Roaming Costs Compared

Important: Too many New Zealanders take the risk and travel without it. We compare by country to help you make finding what you need easier:

Australia and the Pacific: Australia, Fiji and Rarotonga
Asia: Bali, China, India, Japan, Malaysia, Singapore, South Korea, Thailand and Vietnam
Americas & Africa: Canada, Peru, South Africa and USA
Europe: France, Greece, Italy and the UK

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