Taking the sting out of travel insurance: Tips for saving on travel insurance

The $175 hidden holiday budget boost Aussies could be overlooking

13 March 2023

  • Holidaymakers could save $175 on average on their travel insurance by shopping around and comparing policies.
  • Travel insurance for New Zealand was the cheapest out of the four countries compared, while the USA was the most expensive. 
  • Mozo Expert Choice Awards recognised World2Cover as the Travel Insurance Company of the Year. Other winners include RACV, Medibank, ahm and Travel Insurance Saver.

New analysis from financial comparison site has revealed that Aussies could cash in on a hidden holiday budget boost of $175 by shopping around for a more competitive travel insurance policy. 

The analysis was part of the 2023 Mozo Experts Choice Travel Insurance Awards, where a team of expert data analysts and judges assessed 110 travel insurance policies from 43 different companies.

“With cost of living pressures being felt worldwide, Aussies need to be clever about keeping their holiday budgets in check. Our analysis revealed that comparing travel insurance could shave hundreds off their expenses before heading to the departure gates,” said Claire Frawley, Personal Finance Expert at Mozo. 

The analysis compared like-for-like comprehensive travel insurance policies for a family of four, travelling for fourteen days across four popular travel destinations. Those travelling to the USA could see the most significant holiday budget boost, with an average saving of $260. Closely followed by Bali ($166), the UK ($158) and then New Zealand ($115).

“The travel industry is only just taking off after two years of being at a standstill, so disruptions to holiday plans are not unusual. Beyond searching for a great value policy, Aussies should be setting aside some time to read the fine print so they know where they stand if things don't go to plan,” said Frawley. 

The analysis by Mozo was done as part of its 2023 Experts Choice Travel Insurance Awards which recognises companies who outperformed their competitors in delivering great value and quality travel insurance. Some of the winners of this year's awards include: 

  • World2Cover:  Travel Insurance Company of the Year 
  • RACV: Exceptional Quality Travel Insurance
  • Medibank: Exceptional Quality & Value Annual Multi-Trip Travel Insurance & Exceptional Quality Travel Insurance
  • Travel Insurance Saver: Exceptional Quality Travel Insurance & Exceptional Quality Annual Multi-Trip Travel Insurance 
  • Ahm: Exceptional Value Medical Only Travel Insurance

For further information on this year’s award winners visit: Mozo Experts Choice Awards or check out Mozo’s travel insurance comparison service. 

Travel Tips & Tricks

  • Compare policies to help ensure you get the best value cover. 
  • Read the fine print to help to make sure your policy covers all your holiday plans.
  • Know where you stand if you catch Covid and you have to pay for an extended stay, cancel your flight or quarantine.  
  • Stay across any local Government advice and regulations.