Single-trip travel insurance is likely what most people think of when they start shopping for a policy to protect their vacation. But, like other kinds of insurance, multiple types of travel insurance policies are available.

It’s important to research your options before buying a travel insurance policy. While single-trip travel insurance meets the needs of many travelers, some people might find more benefits and savings in an insurance product that covers more than one trip.

Here’s what you should know about single-trip travel insurance to determine whether it’s the right coverage for your needs.

What is single-trip travel insurance?

As the name illustrates, single-trip travel insurance provides coverage for just one trip. A single-trip policy typically covers certain medical expenses while you travel and specific events that could cause cancellation, interruption, or delay of your trip.

Because it covers just one journey, single-trip travel insurance tends to be cheaper than policies that protect multiple trips.

Single-trip vs. multi-trip travel insurance

Multi-trip travel insurance provides coverage for more than one trip. A multi-trip policy can be either for a specific number of trips or for all trips you take in an entire year.

While the up-front cost of multi-trip policies is typically more than the cost of a single-trip policy, they can save you money in the long run. Instead of paying a premium for each trip you take in a year, a multi-trip policy charges just one premium — which typically costs less than the total premiums for several single-trip policies.

What single-trip travel insurance covers

You’ll likely have the option to customize your single-trip travel insurance plan with add-ons like cancel-for-any-reason coverage. But most single-trip travel insurance policies will cover:

• Trip cancellation: If you need to cancel your trip for a covered reason, like an illness or injury that prevents you from traveling, trip cancellation reimburses you for prepaid, non-refundable trip costs.

• Trip interruption: This coverage can reimburse you — in some cases more than your total trip cost — if you start your trip but have to end it early due to a covered reason. Trip interruption pays your prepaid and non-refundable trip costs and may add transportation expenses to get you home. Covered reasons typically include illness, injury, death, serious weather events like hurricanes, and more.

• Trip delay: A delay in travel is more than just an inconvenience — it could cost you money for meals, local transportation, and accommodations. Trip delay insurance reimburses you up to a set amount to cover those costs. The policy will usually stipulate the number of hours you must be delayed before this coverage kicks in.

• Baggage loss or delay: Delayed or lost luggage can also be a financial inconvenience. Baggage coverages usually kick in after your bags are missing for more than a set number of hours. Your travel insurance policy will typically pay a set amount per day, up to the policy maximum, to cover expenses stemming from lost or delayed bags.

• Travel medical expenses: This benefit can reimburse you up to your policy’s limits for emergency medical expenses while you’re traveling. Travel medical insurance will pay for injuries or illnesses you suffer during your trip but usually won’t cover pre-existing medical conditions. The coverage also usually comes with a deductible and may or may not include coverage for dental emergencies.

• Emergency evacuation: If you fall sick or get injured while traveling, this coverage pays to transport you to the nearest medical facility or back home. The medical emergency will have to arise from a covered event before this insurance kicks in and pays up to your policy limit.

Depending on the insurance company, you may be able to add optional coverages to your single-trip insurance policy, such as:

• Rental vehicle damage

• Vacation rental damage

• Adventure activities

• Cancel for any reason

• Pre-existing medical conditions

• Accidental death and dismemberment

What single-trip travel insurance excludes

Just like any type of insurance, your single-trip travel insurance policy will have some exclusions — situations it won’t pay for. Common exclusions are:

• Pre-existing health conditions

• War and civil unrest

• High-risk sports and activities

• Terrorism

• Natural disasters

It’s important to read your policy thoroughly so you know what it covers and what it excludes.

Cost of single-trip travel insurance

Travel insurance premiums can vary widely, but you can generally expect to pay between 4% and 8% of your total trip cost. But your costs could be higher based on factors like your age, the length of your trip, and more.

Factors that affect the cost of single-trip travel insurance

Travel insurance companies consider multiple factors to determine the cost of single-trip travel insurance policies, including:

• The total cost of your trip

• Your age (and the age of anyone else the policy will cover)

• The duration of your trip

• The coverages you choose

Pros and cons of single-trip travel insurance

Every financial product has advantages and disadvantages that make it perfect for some people and not right for others. Before you decide on a single-trip travel insurance policy, it’s important to weigh all the factors that will affect your trip.

How to save on single-trip travel insurance

While the events that make travel insurance necessary are out of your control, you can take steps to get the best price available to you for the coverage you need. Here’s how: