Compare Travel Insurance

Travelling locally or abroad? Compare travel insurance with Savvy.

Last updated on August 4th, 2022 at 03:58 pm by Kurtis Eichler

Compare travel insurance policies with Savvy

Whether you’re jetting overseas or cruising across them, travel insurance can be a welcome safety net when you’re on a much-needed holiday. If you’re looking for the right coverage to suit you, take the guesswork out of shopping around and compare with Savvy.

By considering your provider options with Savvy, you can easily find a travel insurance deal which best suits you and your holiday plans, leaving you with more money for your trip. Start the process today and get the right cover before you know it.

What is travel insurance?

Travel insurance is designed to cover you for financial costs incurred on a holiday which are unexpected and out of your control, such as losing your luggage or valuables, suffering a medical episode or the cancellation of your flights or other bookings. When you choose to take out travel insurance before a highly-anticipated holiday, you’ll generally get two choices: basic or comprehensive insurance.

  • Basic travel insurance: Tailored to those travellers sticking to a tight budget or backpacking internationally, the basic option is the cheaper form of travel insurance. This level of coverage comes with a high excess and may only protect you in the event of a medical emergency. However, you often won’t be covered if you lose your luggage or your flights get cancelled.
  • Comprehensive insurance: While it’s the more expensive option, comprehensive insurance covers you for a wide range of unexpected events, such as legal issues, medical maladies, flight cancellations and lost or stolen property. Comprehensive insurance often comes with around-the-clock customer service and allows you to choose optional extras that cover you for high-risk activities such as sky diving, ballooning and rock climbing.

While travel insurance is usually associated with international travel, you can also get coverage if you’re planning a getaway in your own backyard. While you won’t have to worry about medical coverage (Medicare or private health will cover that in Australia), domestic travel insurance will usually cover you for rental car excesses, cancellations and lost luggage, while international insurance protects you in the event of a wide range of emergencies, especially if you experience a health issue.

If you’re a bit of a jet setter or love travailing the open road, you can get annual holiday insurance which can cover you for multiple trips across 12 months. Where single-trip policies cover you for one holiday, some of these annual deals allow you to make claims for multiple holidays of up to 90 days. You’ll be able to get annual travel insurance for domestic or international travel.

How should I compare travel insurance policies?

You’ll need to consider several factors when you start comparing which holiday insurance deal is the right one for you. Some of the key variables you’ll need to weigh up include:

Types of policies

Weigh up whether you need comprehensive insurance or basic coverage. If you’re likely to be travelling light and not carrying a lot of valuable items, basic coverage may suit you. However, if you want the peace of mind that you’ll be protected if something does go awry, comprehensive coverage may be the option for you.

Premium costs

When you take out travel insurance, you’ll pay a premium which covers you for the travel dates you’ve picked. This premium is determined by a range of factors including your age, holiday destination and the length of your trip. By comparing insurance quotes, you’ll be able to more confidently strike the perfect balance between the cost of your policy and the coverage you need.

Countries serviced

Make sure the countries you’re visiting are covered by your travel insurance, especially those you’re stopping over in. Even if you only need to wait a few hours for a connecting flight in another country, getting coverage can protect you in the event something does occur.

Inclusions and exclusions

It’s best to triple-check that you’re getting what you need out of your travel insurance. While insurance companies cover you for medical episodes and lost luggage, there are also some restrictions. Travelling against government warnings, breaking road rules or losing your baggage after leaving it unattended won’t be covered by most insurance companies. Compare what’s included, and what isn’t, between deals so you get the coverage you need.

Excess

You’ll have to pay a fixed amount, known as your excess, when making a claim on your travel insurance. Usually, your insurer will let you choose your excess (usually up to $500) which will determine how much you pay on your premium. You should always choose an excess which is affordable for you, so if something does happen, it won’t cause too much financial stress or stretch your budget too thinly while you’re overseas or after you return.

What factors can impact the cost of my travel insurance?

How much you pay for your travel insurance will come down to a mix of factors. Insurers will consider the following when assessing the price of your premium:

Age

The older you are, the more you’ll pay for travel insurance. Insurance is usually more expensive for mature travellers, as they’re seen as being at greater risk of suffering a medical incident. Most insurers have age limits anywhere from 65 to 99 years old on their policies, so it’s a good idea to compare providers and quotes to make sure you can get the coverage you need if you’re older.

Pre-existing conditions

Some insurers make those suffering from pre-existing conditions, such as asthma, cancer or diabetes, pay a small fee to cover them if they suffer a medical episode related to their condition while on their travels. Insurers usually deem a pre-existing condition as a medical issue you’ve been treated for within two to five years. By comparing providers, you can find one who covers your conditions.

Your destination

Whether you’re heading over to Chicago or Shenzhen, each holiday destination has its own element of risk attached to it. The price of your premium usually comes down to the cost of medical treatment in the country you want to visit. For example, your premium may be more expensive if you’re travelling to the US, Turkey and Switzerland, as healthcare is costly in these countries.

Level of cover

The more security you want when you’re travelling, the more you should expect to pay. As mentioned, choosing comprehensive travel insurance will mean you’ll pay a larger premium than you would if you chose basic insurance.

Number of travellers

If you’re heading off on your honeymoon or planning a family getaway, how many people you’re travelling with will impact the cost of your coverage. Most insurers allow you to cover up to 25 people on the same policy, whether they be members of your family, your partner or spouse or a group of friends. Rolling your squad into one policy instead of taking out travel insurance for each person can save you money overall, although it may be worth looking at separate policies if some travellers need more cover than others.

Length of your trip

Whether you’re heading off on a quick two-week trip to the UK or planning a three-month stay in Dubai, the time you’re away from home will determine how much you pay for your insurance. Longer trips tend to be more expensive and include more non-refundable costs such as flights and accommodation, meaning you’re likely to pay more the longer you’re away.

Activities covered

If you want to indulge in some bungee jumping, rock climbing or scuba diving on your trip, you may need to pay extra so you’re covered. These types of more extreme activities aren’t usually covered in your standard insurance coverage, which is why insurers make you pay more or take out specialised coverage if you want insurance for them. Comparing insurers allows you to find a provider who can cover these at a reasonable cost.

Top tips for saving money on your travel insurance

Compare with Savvy

You wouldn’t take out a mortgage or car loan without shopping around first and the same applies when you want travel insurance. Using Savvy to help find the best travel insurance for you takes the guesswork out of the decision-making process. Comparing with us allows you to find the most affordable policies and the right coverage so you keep more money in your pocket.

Consider your destination

Your holiday destination is a major factor in how much you pay for your travel insurance. If you’re travelling to a country with high-cost health services, you’ll pay more in your premium. Countries within the Reciprocal Health Care Agreement tend to be cheaper to travel to as you’ll receive free or subsided medical treatment when and if you need it. Countries covered by this agreement include Italy, New Zealand, Ireland, Sweden and the United Kingdom.

Don’t pay for options you don’t need

When you take out travel insurance, you get the choice of additional extras which can increase the cost of your premium. These include coverage for golf equipment and highly-valuable possessions. If you don’t need these, don’t roll them into your coverage. Watch out for policies that cost more because they include these in the main coverage, as you may be able to save money by going with another provider.

Increase your excess

You’ll pay less for your travel insurance if you agree to pay a heftier excess if you make a claim. Because you’re willing to pay a greater gap if you do have to make a claim, the premium you pay upfront will be lower, as you’re relieving your insurer of a greater proportion of the financial burden. Remember to consider how this excess would impact your finances if you do need to make a claim.

Frequently asked travel insurance questions

Do I need travel insurance to go on a cruise?

Most cruise ship companies won’t let you board without some form of travel insurance. However, this won’t always be the case, so it pays to double-check that your travel insurance covers cruises. If it does cover domestic and international cruises, it’s worth ensuring your policy includes any countries you’re visiting, onshore activities you’re partaking in and medical evacuation if you need to leave the ship while out to sea.

If you need medical attention in international waters, it won’t be covered by Medicare or private health, while doctors aboard domestic cruises may not always be registered with Medicare. Also, if you need to be airlifted from a cruise ship via helicopter during a medical episode, it can come with a price tag in the tens of thousands of dollars, so comparing to find the right coverage can avoid being lumped with a hefty medical bill.

Does travel insurance have a cooling-off period?

Yes – most policies have cooling-off periods of anywhere between 14 and 30 days. This allows you to get a full refund if you change your mind and want to cancel your insurance. However, you won’t be able to cancel your policy within the cooling-off period if you’ve already made a claim or you’re already on your holiday.

Is travel insurance mandatory in some countries?

Yes – you won’t be able to enter Antarctica, Cuba, Thailand and the United Arab Emirates unless you are covered by travel insurance. This also applies to the 26 European countries in the Schengen area, such as Austria, France, Italy, Malta and Sweden.

Does travel insurance cover accidental death?

Yes – most comprehensive travel insurance policies will include coverage for accidental death. Most insurers will cover you if you die overseas or succumb to injuries sustained overseas within 12 months. In the event you do die overseas, your insurance company can work with your next of kin to organise the repatriation of your body back to Australia and cover any related costs. Some insurers will also cover you in the event the transport you’re on disappears and you are presumed dead.

If cash is stolen, how much will my insurance company cover?

Most comprehensive travel insurance policies will let you claim up to $250 if you have cash stolen while on holiday. This covers you for the theft of bank notes, money orders or currency notes. You must have filed a report with local authorities within 24 hours of the money being stolen to claim for the lost money. Theft from credit or debit cards likely won’t be covered.

Will pregnancy impact my travel insurance policy?

Most insurers will cover you for medical treatment or evacuations if you’re up to 26 and 30 weeks pregnant, although some can cover you up to 36 weeks. When you take out your insurance, you may need to disclose whether you’ve had complications during your current or a past pregnancy, if you used IVF to conceive and if you’re expecting multiple children such as twins or triplets.