Cancelled flights, medical emergencies abroad, lost luggage, stolen passport… These are a few of the worst nightmares of just about any traveler. Armed with our perfectly planned travel itineraries, we always hope that everything falls into place. But what if it doesn’t? That’s where travel insurance comes in.

And when it comes to applying for travel insurance, keep in mind – One size does not fit all! Here’s a look at the different variants available in the market, to help you pick the one that best suits your requirements.

Single or multi-trip travel insurance?

Single trip travel insurance, as the name suggests, covers you for an individual trip. You can customize this policy based on the type of holiday you’re planning to go on, making the cover as comprehensive as you want.

Multi-trip insurance, on the other hand, is purchased on an annual basis, and covers you for multiple trips that you take over the course of the year.

If you travel frequently for business, or are one of the lucky few who get to travel to beautiful destinations all around the year, multi-trip travel insurance would suit you best. This type of policy will offer you better value for money, when compared to buying travel insurance for every individual trip. Moreover, it also eliminates the need to apply for a policy every time you travel.

If you’ve decided to go for multi-trip travel insurance, make sure you check the policy terms for any limitations or restrictions such as the following:

  • The limit on number of days a single trip can take up
  • Geographic coverage within the policy, for example some countries like the US and Canada may be excluded in the basic variant
  • Coverage for adventure sports (Also check with the insurer if you can add optional covers in the policy at a later date)

[Related: Don’t think you need travel insurance? Think again!]

Individual or family plan?

Going on a holiday with your parents? Planning to jet off on a vacation with your spouse and children? A family plan would work best in such cases. A family travel insurance policy could end up being a cheaper alternative, compared to buying a separate policy for all family members who are travelling.

This type of policy will cover the entire family, including young children and elderly parents. There are many plans in the market that will only charge a nominal premium for children under the age of 16 or even include them within the plan for no extra cost, so make sure you compare all the options in the market.

Basic plan or an advanced one with add-ons?

The same insurance provider will most likely offer different grades of travel insurance cover, for example, silver, gold and platinum variants. And a higher premium will translate into higher coverage. Over and above the standard policies, you may also be able to choose from optional add-ons, albeit at a premium.

Are you an adrenaline junkie? Do your holidays revolve around adventure? If yes, consider opting for add-ons that will cover you for various risks involved in winter sports, water sports and a range of hazardous sporting activities.

Many insurers also offer you other optional add-ons like terrorism extension, golf cover, worldwide coverage and more. So you can pick and choose based on what you need.

[Related: 5 travel insurance covers you probably didn’t know about]