Learn How to Save on Travel Insurance Policies

By Brianna Danielson

You’re spending hours searching for the cheapest airline ticket, but you probably don’t think twice about forking out your hard-earned cash for this other common travel expense.

It turns out Australians are unwittingly paying up to triple what they should for travel insurance by booking directly with airlines or travel agents.

That’s according to comparison site Mozo.com.au, which gathered quotes from 57 travel insurance providers for 133 international policies in order to find the best — and worst — options.

Common scenarios were used, such as singles or families of four visiting the popular destinations of New Zealand, the US, UK and Thailand for a fortnight. The policy inclusions were similar.

The key lesson from their research? Shop around and you could save heaps.

In one example of a sky-high fee, a family would have to fork out a whopping $504 when booking a comprehensive policy via Qantas for a trip to the US. However, by comparing quotes online, they could score a similar policy for as little as $164.

That’s a saving of $340; money that could have made their holiday that bit more special, via a nicer hotel room, or some extra activities.

save-a-bundle-traveling

Overall, the comprehensive travel insurance policies with the best value were found at Southern Cross Travel Insurance and Travelcare, while the top basic policies were at Insure&Go and One Trip Bare Essentials.

Mozo Director Kirsty Lamont says it’s clear travellers are paying through the nose for the convenience of a quick booking.

“Our research clearly shows that to avoid paying too much, travellers should shop around and compare travel insurance quotes online to make sure they are getting the best policy for their needs at the best price,” Ms Lamont said.

“It might be convenient to add in extra options like travel insurance when booking flights and holiday packages, but it’s certainly not cheap. Travel operators receive huge commissions on insurance.”

Article originally published at News.com.au.

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