Top 7 Best Travel Insurance In Australia

This article will provide the necessary information on travel insurance in Australia, choosing the right travel insurance, things to look out for and the best travel insurance in Australia for you.

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Travel insurance protects people’s investment for a trip if they have to cancel or cut their journey short for many reasons, including government shutdowns, weather, illness, and more. Many policies provide benefits for medical services received when abroad and lost luggage.

KEY TAKEAWAYS

  • You will learn what travel insurance is and how it works 
  • Ways on how to choose the best travel insurance for you
  • Things to look out for when selecting the right travel insurance for you
  • List the best travel insurance for you and answer frequently asked questions on travel insurance.
best travel insurance in Australia
Credit:/insurancemarket.sg

What is Travel Insurance?

Travel insurance is insurance that covers the losses and costs associated with travelling. Insurance is valuable protection for those travelling abroad or domestically. 

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Many companies selling travel packages or tickets allow people to purchase travel insurance, also called travellers insurance. Many travel policies cover damage to rented equipment, personal property, such as rental cars, or even the cost of paying a ransom. 

Travel insurance includes several types of coverage. The main categories of travel insurance include baggage and personal effects coverage, trip cancellation or interruption coverage, medical expense coverage, and flight accident or accidental death coverage.

The insurance coverage often includes 24/7 emergency services, such as cash wire assistance, replacing lost passports, and re-booking cancelled flights. Also, travel insurance policies may offer protection for costs that are refundable by other means or may duplicate existing coverage from other providers. 

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How to Choose the Right Travel Insurance?

Travel insurance varies, but policies generally provide coverage for 3 things:

  • Protection for your well-being
  • Protection for your financial expenses
  • Protection for your personal belongings

When shopping for a travel insurance policy, look for the benefits listed below:

  • Trip cancellation coverage 

People’s travel insurance policies can reimburse them for prepaid, non-refundable trip deposits if a trip is cancelled for a covered reason. These outlays include hotel rooms, rental cars, airline tickets, tours and cruises.

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Examples of acceptable ways or reasons to cancel a trip include:

  • Injury, illness, or death of the traveller, a travelling companion or a close family member.
  • Military deployment or civil unrest.
  • Even unplanned jury duty.
  • A severe family emergency, e.t.c.

People typically can’t cancel their trip for any reason and expect to be reimbursed because they have travel insurance. If people want the highest level of flexibility to make changes to their trip, they should consider adding “cancel for any coverage” to their policy. 

  • Trip delay coverage 

Should people experience a hiccup in their travel itinerary, their travel insurance policy can provide some financial relief. “Travel delay coverage provides reimbursement if a person or a traveller is delayed for one of the policy’s covered reasons.

“This benefit will reimburse expenses such as lodging, food, and local transportation incurred during the delay.”

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  • Trip interruption coverage

Should people need to cut their trip short due to injury or illness they experience during their trip, or if there’s a family emergency back home, their policy may reimburse non-refundable expenses they forfeit if they return home early.

Their policy may also cover the cost of a one-way economy airline ticket home. 

  • Medical expenses and emergency-evacuation benefits

Suppose a person is travelling within the United States. Their health insurance should cover any injury or illness they sustain while on a trip.

But if they travel to a foreign country, their U.S.-based health plan will provide very little or zero coverage, and Medicare isn’t accepted abroad, so it’s good to sign up for additional coverage. 

Reasons why it is Important to have a Travel Insurance 

Travel Insurance covers risks during travel such as loss of personal belonging and passport cover, loss of checked-in baggage etc. Having these risks covered ensures an extra layer of protection against financial loss.

3 Things you should look out for when buying travel insurance

Below are things to look out for when buying travel insurance.

  • Ensure All Destinations Are Covered

If people visit more than one country, they should ensure that every country they visit is included in the policy they intend to visit.

Usually, when people book, they are asked which country they will spend the most time in. Not always are they asked for every country. If in doubt, the person should call the insurance provider and ask before booking online.

  • Get the Duration Right

It might sound simple, but when people are calculating how many days they will be away, they should make sure they get this right.

If they miss calculating and are away for one or more days than their policy covers, this automatically makes it invalid. Attention to detail is crucial here.

Many insurance websites will allow people to put in the date they leave and the date they return so they can avoid this mistake. People should ensure they input the actual date they land at home. If they are flying over time zones, they may arrive home a day after they leave.

  • Are All of The Belongings Cover?

In most cases, everything people take with them on their trip is covered. However, if they travel with expensive jewellery or camera equipment, it may not be covered unless they declare it to the insurer.

Sometimes, people may need to pay extra to cover these expensive items.

Some policies will show them an amount they can claim for their belongings. If they calculate that their belongings are worth more, they may need to keep looking for a policy to cover them.

The Average Cost of Travel Insurance in Australia 

According to the analysis from Forbes Advisor, the average cost of travel insurance is 5 per cent to 6 per cent of the trip costs. For a $5,000 trip, the average travel insurance cost around $228, and the range of rates is around $154 for a basic policy and up to $437 for generous coverage.

Top 7 Best Travel Insurance In Australia

With so many different travel insurance policies available, it can be difficult to know which one is right for you. To help you make an informed decision, we’ve compiled a list of Australia’s 7 best travel insurance policies.

So, whether you’re looking for comprehensive cover or basic protection, there’s an insurance policy on this list that suits your needs.

1. Allianz Travel Insurance

The insurance company gets the runner-up spot because of its extensive coverage for frequent travellers with a low cost per trip. The companies get the best coverage from the AllTrips Executive plan. Availability of Individual trip coverage.

Pros:

  • Single or annual trip plans available
  • Many policy types fit different needs
  • Cover people and their households all year, even if they are not travelling together

Cons:

  • The company does not cover extended travel periods
  • Some annual plans have annual limits, while others have per-trip limits.
  • Limit emergency medical transportation coverage to only $250,000

2. InsureMyTrip

Compare policies from over 20 travel insurance providers with one form so people know they are getting a good deal for the coverage they need. People can find low-cost trip coverage or customize a plan to meet their needs so they don’t overpay for coverage they won’t use.

Pros:

  • Search for quotes from different reputable insurers
  • Shop around with one application for various trip types
  • Other View plans from eligible insurers for their planned trip

Cons:

  • Initial listing pages don’t show policy limits
  • Includes policies with low coverage limits

3. HTH Travel Insurance

The company’s high levels of medical coverage may be necessary and crucial to senior travellers who need good protection with flexible options while on a budget.

Pros:

  • High levels of medical coverage for senior travellers
  • Up to $1,500 allowance for people to visit you in the hospital

Cons:

  • It May be expensive depending on the person’s needs
  • The best plan for seniors requires health insurance
  • The lowest policy has a $50,000 maximum benefit for each person

4. Nationwide

The company’s multiple options protect people’s cruise vacations with tailored coverage for common cruise trip issues. Ensure you review the benefit levels to pick the best one for your needs.

Pros:

  • Large insurer with a good reputation
  • 3 different cruise insurance plans to choose from
  • Coverage for common cruise issues like itinerary changes and missed connections

Cons:

  • Pre-existing conditions may not be covered
  • Benefit limits are low for a trip interruption for any reason

5. Travelex

Travelex insurance offers people extensive coverage for themselves or their whole family at a competitive price, and the kids are included at no extra charge. The company offer a relatively low price for the high levels of coverage.

Pros:

  • Different plan options with customizable features
  • Competitive pricing for comprehensive coverage
  • Children younger than 21 covered at no extra cost

Cons:

  • The company has no annual plan
  • Basic coverage plan features minimal coverage

6. World Nomads

Digital nomads and Adventure travellers are well protected by this plan, which offers extensive coverage for some of the most extreme adventures.

Pros:

  • Extensive coverage with high limits for emergency and medical evacuation
  • Protects computers, bags, and sports equipment when travelling
  • Explorer plan covers adventure sports

Cons:

  • It only has single-trip plans available
  • Most pre-existing conditions are not covered
  • Not all the policies cover adventure sports

7. GeoBlue

The company offers multiple options to buy travel medical insurance coverage for less than a full travel insurance package. The company offers medical coverage on its own if people don’t want or need additional travel coverage.

Pros:

  • Coverage for medical needs when travelling.
  • Different policies allow people to cover various needs and pre-existing conditions
  • Gives a la carte medical coverage when other trip costs are already covered

Cons:

  • Primarily covers medical costs
  • Additional primary medical coverage required

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Conclusion

There are many options to choose from regarding travel insurance policies. It can give people peace of mind and save them thousands of dollars if their travel plans are interrupted or cancelled at the last minute.

With world events like natural disasters, pandemics, and wars that could easily throw an unexpected wrench in people’s travel plans, travel insurance helps them to stay prepared.

FAQS

Will travel insurance cover you for COVID-19?

Travel insurance policies cover unexpected expenses if people have to quarantine in another country. But for these benefits to apply for most of these plans, people must test positive for Covid-19, and their travel insurance plan must cover Covid-related expenses.

What is not covered by travel insurance?

Travel insurance policies exclude pandemics and epidemics. According to Allianz Global Assistance, a travel insurance provider, “Trip interruptions and cancellations due to known, expected events or foreseeable events, epidemics, or fear of travel are generally not covered.”

What is usually covered by travel insurance?

Some travel insurance plans cover trip interruption, medical emergencies, cancellation, delays, medical evacuation, and lost, damaged, or stolen luggage.

You can learn more from the video below:

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