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Optional extras you can add to your travel insurance
Ski/winter sports cover
Standard policies may not cover skiing and other winter sports as there is a higher chance of injury. But you may be able to add it to your policy if required, for an additional cost. This higher premium may also mean your skiing equipment is covered if you’re taking it with you.
Cruise cover
As well as being available as a standalone policy type with some providers, you may have the option to add cruise cover to your standard travel insurance policy. This may then cover you for cruise-specific risks, like if you need to be transported to a hospital from the ship if you become ill or injured.
Adventure activities
Activities seen as being risky by insurers (think bungee jumping and diving) are excluded as standard by a lot of policies, but if you pay a bit extra, you may be able to add cover for selected activities to suit your trip.
Motorcycle/moped riding cover
Because of the associated risk, many policies exclude claims related to riding a motorcycle or moped overseas. But if you plan to do this while you’re travelling and want to be covered you may be able to add it, with a higher premium applying.
Increased cover for individual items
Standard policies generally have limits on how much you can claim if a specific item is lost or damaged. But if you’re travelling with high value items, you can ask to have these insured for a higher amount to reflect the extra cost of replacing them
Rental vehicle insurance excess
This comes as standard on some policies, but you may need to opt in for it on others. It’s designed to cover the cost of the excess that generally applies (generally to the tune of thousands of dollars) to the basic cover you get from your car rental company when you hire a car.
How much does travel insurance cost?
Analysis by Money.com.au shows the cost of travel insurance generally ranges from $200 up to $1,000, and can be higher in some cases. This is big cost range and what you will actually end up paying will depend on factors, including:
- Where you’re travelling to Insurers will consider the level of risk associated with your travel destination, including crime rates, the likelihood of weather disruption and other events that might lead to a claim. For example, when travelling to Bali, factors like the region's tropical climate, potential for natural disasters (such as volcanic eruptions), and higher crime rates in some areas can affect your travel insurance costs. Broadly speaking the safer the country you're visiting is (think moderate climate and low crime levels), the cheaper your travel insurance will be.
- The duration of your trip Naturally if you’re away for longer this increases the likelihood that you will be making a claim. Expect to pay more for a longer holiday.
- Your age Because medical costs are one of the primary risks insured under an overseas travel insurance policy, insurers tend to charge higher premiums to older policyholders. That’s simply because your risk of having health issues generally increases as you age.
- The level of cover you choose The more risks you choose to have insured under your policy, the more expensive it will be. For example, Money.com.au’s analysis found that for international cover, comprehensive policies cost between 75 and 180% more than basic policies for the same trip. If you choose to add cover beyond the standard inclusion this will also push up the price.
- Whether you’re travelling alone or with others Again not surprisingly, your travel insurance premium will generally cost more if you are travelling with others (e.g. a partner and children) versus what you would pay travelling alone. The extra premium will vary based on the ages of those you’re travelling with.
- Whether you have any pre-existing conditions If you want your policy to cover you for any pre-existing health conditions, you will need to disclose these and you may pay a higher premium. That’s if the insurer agrees to cover the conditions.
“Travel insurance is priced not just on risk, but on reassurance," says Shaun, CEO of Travel Insurance. "It’s about giving travellers the confidence to explore, knowing their investment is protected. The real value isn’t in what you pay, but in what it saves you when the unexpected happens.”
Travel insurance cost example
The table below compares the cost of international and domestic travel insurance policies from a selection of leading providers in Australia. While we have done our best to compare the same levels of cover, some price variations may reflect varying levels of cover.
Insurer | 1cover |
|---|---|
Comprehensive international | $298.33 (includes online discount) |
Basic international | $218.62 (medical only, includes online discount) |
Domestic | $191.32 |
Insurer | Allianz |
Comprehensive international | $336.82 |
Basic international | $191.30 |
Domestic | $302.46 |
Insurer | Budget Direct |
Comprehensive international | $301.30 (includes online discount) |
Basic international | $174.72 |
Domestic | $201.17 |
Insurer | FastCover |
Comprehensive international | $419.99 |
Basic international | $159.99 |
Domestic | $299.99 |
Insurer | World2Cover |
Comprehensive international | $259.82 |
Basic international | $127.14 |
Domestic | $185.87 |
| Insurer | Comprehensive international | Basic international | Domestic |
|---|---|---|---|
1cover | $298.33 (includes online discount) | $218.62 (medical only, includes online discount) | $191.32 |
Allianz | $336.82 | $191.30 | $302.46 |
Budget Direct | $301.30 (includes online discount) | $174.72 | $201.17 |
FastCover | $419.99 | $159.99 | $299.99 |
World2Cover | $259.82 | $127.14 | $185.87 |
How to get the best travel insurance deal
1
Shop around
The cost of travel insurance can vary significantly between providers. But when comparing travel insurance make sure the policies have the same inclusions and level of cover. You don’t want to pick a cheap travel insurance policy, only to discover it’s missing crucial inclusions.
2
Take out cover well in advance of your trip
Some of the value in getting travel insurance is that you may be covered if you need to cancel your trip. But this will only be useful if you have the policy far enough in advance of any unexpected events that mean you need to change your plans. If you’ve booked a trip, it’s a good idea to consider travel insurance at the same time.
3
Only pay for what you need
Most insurers offer various tiers of travel insurance. Look carefully at what’s covered by each and choose the one that’s the best fit. You may find that a lower level of cover will offer enough protection at a reduced cost.
4
Check if your credit card has travel insurance
The best travel insurance policy may be one you already have. Some credit cards offer credit insurance as a complimentary extra. This is generally standardised cover, meaning you won’t be able to adjust the limits and inclusions, but it’s worth checking if you have it and whether it will be suitable for your trip. Just bean in mind you generally need to book the trip using your card for the cover to apply.
5
Consider an annual policy if you’ll be travelling frequently
If you plan to make multiple trips within a 12 month period, check if you’ll save any money by getting an annual policy that will cover you each time you’re away.
6
Look for special offers and discounts
Insurers regularly have special offers and discounts to make their policies more competitive. For example, you might get a small discount for buying the policy online (as opposed to over the phone) or a multi-policy discount if you also have home and contents insurance or car insurance from the same provider.
“Shop for travel insurance with your own needs and trip in mind,” says Glenn, CEO of Travel Protect. “Your policy will only represent good value if it actually covers you for the risks you’re likely to encounter.”
