Are you falling into this travel insurance trap?
Many Aussies understand the importance of booking travel insurance before their next holiday away. But according to a recent Mozo analysis, travellers could be paying more than double the price for travel insurance policies offering the same level of cover.
A comparison of 271 international travel insurance policies from 71 insurers for our Mozo Experts Travel Insurance Awards revealed a 142% price difference between policies with a comparable level of cover.
“Our analysis has uncovered price differences of hundreds of dollars between travel insurance policies with virtually identical standards of cover when travelling to some of the most popular getaways for Aussie travellers,” said Mozo Director, Kirsty Lamont.
“If you haven’t put in the time to compare travel insurance policies before jetting off, there’s a good chance you have been caught out by this all too familiar travel money leak.”
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Our experts looked at the average cost of travel insurance for a family of four travelling for 14 days over four popular destinations - the US, the UK, Bali and Thailand.
Travel insurance policies with similar cover limits, like luggage and cancellation, were then grouped together and compare on a price by price basis.
The biggest price difference revelation was for a family heading to the US at $250 between two like-for-like travel insurance policies.
“You don’t want to put in the hard yards searching for the best deals on flights and accommodation only to see these savings fall by the wayside on an expensive travel insurance policy. If you allocate some time to shopping around for travel insurance, you won’t be left wondering if there is a cheaper policy out there,” said Lamont.
RELATED: Mozo’s 2018 Experts Choice Travel Insurance Awards reveal the best value policies to help Aussies save
“Many travellers treat insurance as an afterthought because it’s not as exciting as booking flights, accommodation and activities. Our Mozo Experts Choice Awards are designed to take the difficulty out of this process, helping holidaymakers choose a well-priced policy for their travel needs.”
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And if you just so happened to miss this year’s award winners, we’ll give you a quick rundown of the insurers our experts thought were the best.
World2Cover was crowned Travel Insurer of the Year along with scoring massive wins in all seven award categories.
Budget Direct, Travel Insurance Saver, Southern Cross Travel Insurance, Cover-More Travel Insurance and Qantas were also recipients in multiple award categories.
So if you are about to start your search for a great value travel insurance policy, why not start with our full list of award winners.
Or, if you’d like to compare more policy options, head over to our travel insurance comparison tool.