Taking out travel insurance is a must whether you’re planning an international sojourn or a domestic getaway. However, you may want to know the average cost of purchasing coverage if you’re looking to save some money for your trip. If you do, Savvy can help.
You can see what factors influence the cost of your insurance and learn how to spot the best deal, not just the cheapest. Take the guesswork out of your travel insurance homework and compare a range of options with Savvy today.
Regarding the cost of your travel insurance, there is no ‘one size fits all’. Travel insurance premiums are calculated based on a range of unique variables, including the level of coverage you want, your circumstances and your trip. This means it can be hard to determine the average price of a policy. Some examples of how variables can change the cost of your travel insurance include:
(All quotes correct as of 19 September, 2022)
Numerous factors can affect the cost of travel insurance in Australia, so one person's coverage for a trip may be more or less than the person next to them on their flight. This is why the average cost can differ so widely for different people.
Travel insurance premiums are affected by the following variables:
How old you are will affect the cost of your travel insurance. In most cases, coverage for seniors over 65 years old normally costs more and the price continues to climb as you age. Not all companies will be able to offer you coverage in this age range, although some can offer policies to those aged over 100.
Pre-existing conditions may increase your premium or may not be covered by your insurance provider at all. If you have a pre-existing ailment and want travel insurance, compare policies to find the best deal.
Travel insurance premiums vary depending on your destination. This is because companies weigh the various risks of different regions when calculating their price. For example, it costs more to travel to America than to Europe, as the US doesn't have universal healthcare.
Your policy’s benefits
The cost of your policy is largely down to what you're covered for on your holiday. For example, medical-only or basic cover will be considerably cheaper than policies requiring you to take out the extra cover for higher-risk activities such as bungee jumping, rock climbing or scuba diving.
The length of your stay
You're more likely to file a travel insurance claim the longer you are overseas, so long-term travel plans are often more expensive to insure than shorter stays.
Your level of cover
Travel insurance usually has two options: basic or comprehensive. Basic cover offers less coverage but is cheaper, while comprehensive provides a broader range at an increased premium. Choosing the more affordable option may save you money if you don't have to file a claim, but it's better to be safe than sorry and not risk being caught short if something goes wrong.
Travel insurance providers offer various products that suit a diverse range of travellers. It's important to compare these when searching for a policy, as one may serve you better than another, saving you both money and time.
Some of the options you have available include:
We do not compare all travel insurance brands currently operating in the market. Any advice presented above or on other pages is general in nature and does not consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.
Savvy earns a commission from our partners each time a customer buys a travel insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via their websites.
Before purchasing your policy, we recommend you refer to the provider’s PDS for any further information on the terms, inclusions and exclusions.