Why you shouldn’t wait to book your travel insurance
Article by Ben Tosi
Heading abroad for the family holiday is becoming an increasingly popular end-of-year option for Aussie households, so why then do we wait so long to organise one of the most important ingredients for a successful overseas holiday - travel insurance?
One possible reason, put forward by insurance provider, 1Cover is that we simply don’t know of the added benefits of booking our travel insurance early.
In fact according to a survey conducted earlier this year, 46% of travellers believe a travel insurance policy only begins once they board their flight or touchdown in a foreign land, meaning they’re missing out on some of their policy’s best benefits.
“Waiting to book travel insurance until just before you depart is an easy mistake made by many. But it’s one that can end up costing thousands if plans go awry in the lead up to the trip. As soon as you’ve locked in the travel dates, you should be booking travel insurance,” said Chief Operating Officer of 1Cover, Richard Warburton.
Whether you’re currently planning a big overseas adventure or are eagerly awaiting your day of departure, here are a few reasons to book your travel insurance ASAP.
Cancellation cover is king
While medical or luggage cover only gets going once your actual holiday does, cancellation cover starts working for you even before your first flight lifts off the tarmac and covers the non-refundable costs of your trip if you have to cancel.
For example, if you’re heading to New York for a white Christmas this December, but your partner falls ill just days before departure, cancellation cover will reimburse the non-refundable costs of your flights and accommodation, potentially saving you thousands.
You can usually claim on cancellation cover if you’re unexpectedly made redundant from your job, if you or a relative gets sick or you fall pregnant, but check out your PDS to find out exactly when you’ll be able to make a claim.
You can always adjust your cover
If you’re putting your trip together one piece at a time, it’s a good idea to take out travel insurance from the moment the first flight or hotel is booked and a deposit is made.
While you can always update your provider on new destinations and tourist activities as you plan your trip more and more, you’re not able to claim cancellation cover on a travel insurance policy you take out after you’ve cancelled your big holiday plans.
You’ll have time to do your research
The days leading up to any big holiday are always a little frantic with all the last minute must-do’s to tick off your list, so the last thing you want is to have to spend a few hours doing the research needed to nab an adequate travel insurance policy.
Fortunately, if you turn to taking out a travel insurance policy as soon as you make that first holiday deposit, you’ll have plenty of time to do the research needed with tools like Mozo’s travel insurance comparison tables.
And while price is a pretty important factor when deciding which policy to go with, Mozo Director Kirsty Lamont says it’s important you don’t skimp out on necessary levels of coverage.
“Holidaymakers should do due diligence before taking out an insurance policy and check the coverage levels and policy features to select the policy that best matches their needs while still being at an affordable price point,” she said.
In fact, a recent Mozo mystery shop revealed that the average Aussie could save close to $4,000 by doing the proper research, ahead of time and selecting a great value policy.
“Our analysis shows that big savings are on offer for travellers heading overseas this holiday season who are willing to do some research beforehand and compare travel insurance quotes online,” said Lamont.
If you want to kickstart your travel insurance research, check out some commonly asked questions about travel insurance or start comparing today by visiting our tailored, travel insurance comparison tool.