The Great Travel Insurance Rort
We've all heard tales of great travel rip offs… the foreign taxi driver who drove miles out of the way, or overpriced 'tourist' tickets for an amateur theatre performance.
But it turns out that Australians shouldn't just be worried about being taken for a ride when overseas, if youâ€™ve bought travel insurance direct from a travel agent or an airline, chances are youâ€™ve also been had.
We've has just launched a new travel insurance
We compared quotes from some of the biggest Australian players: Qantas, Virgin Australia, Flight Centre, Jetset Travel and Harvey World Travel against the most competitive quotes available through Mozoâ€™s new travel insurance whizz-bang.
Here's what we found out…
Family trip to the USA
For our family of four travelling to the USA for 15 days, Qantas Travel Insurance came in at a staggering $756. The cheapest provider in Mozoâ€™s travel insurance comparison service was Fast Cover at $177 – thatâ€™s a $579 difference!
(Both policies were required to have: $100 excess or less, unlimited medical coverage, at least $10,000 cover for personal effects and $10,000 cover for cancellation costs.)
Couple in Europe
A thirtysomething couple spending a fortnight in Europe who doesnâ€™t take advantage of Mozoâ€™s new service could be paying up to $350 for travel insurance from Jetset Travel. A quick check on Mozo finds the same cover for $196 less from Fast Cover. Thatâ€™s enough for dinner at the Eiffel Tower Restaurant!
(Policy requirements: $100 excess or less, unlimited medical cover, and at least $10,000 cover for personal effects and $5,000 cover for cancellation costs)
For our 21-year-old backpacker heading to Thailand and Europe for 2 months, Jetset Travel is again the most expensive option at $495 compared to Down Under (DU) Insure which comes at less than half that price at $246.
It is important to note that many cheaper online travel insurance providers are often underwritten by the same companies as airlines and travel agents but the savings you see come from not paying huge commissions. The Mozo travel insurance comparison service includes travel insurance policies underwritten by QBE, Alliance, Chartis and Lloydâ€™s to name a few.
Compare up to 117 travel insurance policies with Australia's most comprehensive database of travel insurance providers. Compare travel insurance now.