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Flying High: Experts Reveals Which Travel Insurers Offer The Best Coverage In 2024

World2cover & NRMA Soar Above The Competition As The Mozo Experts Choice Award Winners Are Revealed

18 January 2024

Two holiday makers enjoying their holiday covered by travel insurance

Today, leading financial comparison site Mozo.com.au has announced the winners of the Mozo Experts Choice Awards for Travel Insurance 2024, revealing which insurers offer the best value and highest quality policies for Aussie travellers.

"Planning your finances for a trip abroad can be tiring, especially when it comes to comparing flights, hotels, and tours. This often means the least exciting expenses, like insurance, are left till last,” says Mozo money expert Rachel Wastell. 

“The Mozo Experts Choice Awards for Travel Insurance were launched in 2015 to make it easier for Australians to find the best travel insurance policy, without having to compare dozens of quotes.” 

“The winners list is a great starting point for Aussie travellers who might otherwise rip themselves off by choosing the first policy they see at the end of a tiring planning process.”

World2Cover was awarded the prestigious title of Travel Insurance Company of the Year, as the only insurer to win the Exceptional Value Comprehensive Travel Insurance award and the Exceptional Quality Travel Insurance award. 

NRMA is also worthy of recognition, snagging a win for Exceptional Value and two for Exceptional Quality coverage. Though they were the only provider to win three awards across categories, the wins were specifically for their annual multi-trip policies, tailored to regular and frequent travellers. As such World2Cover boasted more accessible policies for the majority of Aussie Travellers.

Southern Cross Travel Insurance and Freely also won multiple awards across the value categories, and Tick Travel Insurance was found to offer the cheapest policies on the market that included COVID coverage, for trips to Italy, the UK, Japan and New Zealand.

To determine the winners, Mozo experts analysed 81 international travel insurance policies from 37 different insurance companies, to find the cheapest and the best quality policies for a family of four, couples and singles, across a range of different categories.

“The awards have been around for ten years now, so our experts know exactly what to look for when it comes to travel cover,” Wastell continued.

“Medical expenses while travelling can be the most costly, so only those insurers with sufficient medical and COVID coverage were considered in the 2024 awards.”

For essential, comprehensive, and ski insurance policies, experts based cost comparisons on a family of four. For cruise travel insurance the calculations were based on couples, and for multi-trip policies, experts based costs on single travellers.

“As the cost of living continues to rise and inflationary pressures stretch household budgets, insurance can be seen as a “nice-to-have”, but holiday makers should be mindful that it's the memories that are meant to last a lifetime, not the financial burden of something going wrong.”

“When it comes to the Mozo Experts Choice Awards, Australians can trust that these policies are among the best in the market, as winners are chosen independently, without any consideration of existing business affiliations with Mozo.”

MOZO EXPERTS CHOICE AWARD WINNERS 

Travel Insurance Company of the Year

Exceptional Quality Travel Insurance

Exceptional Quality Annual Multi-Trip Travel Insurance

Exceptional Value Medical Only Travel Insurance

Exceptional Value Essential Travel Insurance

Exceptional Value Ski Travel Insurance

Exceptional Value Cruise Travel Insurance

Exceptional Value Annual Multi-Trip Travel Insurance

To see the full list of winners, how Mozo manages conflicts of interest and details on how the winners were chosen, you can read the methodology report here.