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Also known as annual multi trip travel insurance this is a kind of policy that covers you for several trips or holidays in any given twelve month period. If there's a likelihood that you will take more than two trips over 12 months then annual travel insurance is likely to be your cheapest option.
Be careful not to buy just on the basis of price, it's important that your annual travel insurance policy covers your needs fully. Make sure you compare a number of policies to get the best cover. It's often well worth paying a few extra pounds to get peace of mind.