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A guide to travel insurance
Updated 29 October 2024
Expert tips for choosing travel insurance for you
Our travel insurance expert, Adrian Taylor, has some top tips on how to search for the best travel insurance policy for your personal circumstances.
Adrian Taylor
Executive General Manager – General Insurance
Consider optional extras
Depending on your trip, a comprehensive policy may not cover all your planned activities. Consider purchasing optional extras for an additional premium to suit your needs. These extras may include cruise cover, adventure sports cover, car rental excess cover and more.
Get a policy early to have cancellation cover
To get the most value out of your cancellation cover, you should compare and purchase travel insurance with comprehensive cover as soon as you make a booking and pay any deposits in case you need to cancel your trip before you even depart.
Search for cheap travel insurance policies
If you’re looking for budget-friendly travel insurance that meets the needs of your trip, our travel insurance comparison tool can provide a range of travel insurance quotes from different providers in just a few minutes. Compare now to search for the right policy for you.
Travel insurance explained
Learn about travel insurance with Catriona Rowntree, host of the popular Australian travel show, Getaway.
Catriona Rowntree
Travel Expert
Transcript
Hello there. I’m Catriona Rowntree, host of Australia’s longest-running travel and lifestyle show, Getaway.
I have visited more destinations than I can count, so I know what a difference good travel insurance can make.
There’s no worse feeling than having your trip ruined by the unexpected costs that come along with plans going awry.
But that is where travel insurance comes in.
Travel insurance is designed to financially protect you from those unexpected events like illness or injury, while overseas lost or stolen baggage and personal effects
like your laptop, cameras or phones, last-minute cancellations and natural disasters.
So with all the big changes COVID-19 has brought to the way we travel, it pays to be organised before you take off.
Arming yourself with a travel insurance policy that covers your needs.
So when it comes to picking a policy, these are my top tips:
Make sure you purchase your travel insurance with cancellation cover the minute that you make a booking.
So if your trip is cancelled due to unforeseen circumstances, you will be able to claim back any cancellation fees.
Want to lower your premium? Well, consider a higher excess in exchange.
If you travel more than once throughout the year, you may find greater value in purchasing annual cover.
That’s travel insurance for a full year of trips up to a maximum amount of travel days per trip.
Be sure to check the product disclosure statement, the PDS, as you may need to be a certain distance from your home before cover comes into effect.
Consider your travel insurance must-haves and find a policy that meets your needs.
Do you need a cover for medical expenses, cancellation fees, luggage losses, rental vehicle excesses? Maybe additional coverage for cruises or ski holidays?
Oh, and if you have pre-existing medical conditions, make sure you are comparing products that allow you to declare these conditions as part of your application.
The insurer will then decide whether to cover these conditions or not.
So navigating what travel insurance is right for you doesn’t have to be difficult, and you have come to the right place.
Compare the Market can help you compare travel insurance policies online in minutes.
So you can travel with confidence.
Find out more about travel insurance
About travel insurance
What is travel insurance?
Travel insurance is designed to protect you against unexpected events when you’re travelling domestically or internationally.
Depending on the type of policy and its level of protection, you can be covered for a range of events that could bring your travel plans to a halt, like illnesses (including COVID-19) and injuries while you’re overseas, lost or stolen luggage and personal effects, cancellations and flight delays.
How does travel insurance work?
Travel insurance works by providing a financial safety net in case unforeseen events, from severe weather to injury or theft, impact your trip and create unexpected expenses. The exact inclusions of your policy will vary depending on the travel insurance company and your level of cover.
If you do suffer a loss, you can submit a travel insurance claim and may receive a partial, or complete, reimbursement if your claim is accepted and covered.
Why get travel insurance?
Depending on your level of cover, your travel insurance plan can financially safeguard your international and domestic trips from circumstances beyond your control that are covered by your policy.
Here are three reasons why you should consider travel insurance every time you travel.
- To protect yourself (and loved ones) from huge expenses
If you travel to a country that doesn’t have a Reciprocal Health Care Agreement (RHCA) with Australia, you could owe thousands of dollars in medical bills if you get sick or injured. - Compensation if you need to cancel
While it isn’t a feature in every travel insurance policy, you can get covered for cancellation fees and lost deposits if you need to cancel all or parts of your trip. - Peace of mind
It’s nice to take your time, explore your new environment and relax safe in the knowledge that you won’t have to dig deep into your savings if you get into trouble and have cover for that kind of loss.
Why compare travel insurance?
Before you buy travel insurance, it’s a good idea to compare policies from several travel insurance providers to find a product that meets your needs and fits your budget. You’ll want to consider what your policy covers before you apply. Using our travel insurance comparison service, you can compare travel insurance quotes within minutes and search for a policy that meets your needs.
All inclusions, exclusions, limits and sub-limits of your policy can be found in the Product Disclosure Statement (PDS). Check your insurer’s Target Market Determination (TMD) to see if the policy is suitable for you.
What does overseas travel insurance cover?
Travel insurance inclusions
Travel insurance can protect you against financial losses that can come from unforeseen scenarios and medical emergencies if they are covered by your policy. Typical examples of these instances include (but aren’t limited to):
- Illness or injury while overseas (some policies also cover pre-existing medical conditions)
- Medical evacuation and repatriation
- Stolen, damaged or lost luggage, valuables and personal effects (e.g. travel documents or credit cards)
- Cancellation costs
- Cancelled flights and travel delays and additional expenses
- Rental car excess
- Personal liability if you’re legally responsible for damages to another person or their property
- 24/7 overseas emergency assistance.
Depending on where you’re travelling to and how much cover you need, you can choose from a range of policies offering basic right through to comprehensive cover, with add-on cover options.
Keep in mind that you won’t be covered for financial loss due to a declared event (such as a natural disaster) that was known or could be reasonably predicted before you took out a policy. All policies come with exclusions and limits, so be sure to read the PDS before purchasing your policy.
Medical cover
Depending on the type of policy you buy, your overseas travel insurance can cover your medical expenses.
Injuries or illnesses are some of the most important reasons to get travel insurance, as the cost of medical treatment overseas can be very expensive.
Domestic policies won’t include medical cover, as you’ll still be covered by Medicare and your private health insurance while travelling around Australia. However, many travel insurance policies won’t include medical cover for cruises as standard, so it’s vital you add this option to your policy or get cruise-specific insurance before you embark.
COVID-19
A comprehensive travel insurance policy may cover you for COVID-19 related expenses, including:
- Medical cover. Cover for medical or hospital expenses if you test positive while overseas and require medical treatment.
- Pre-trip cancellations. Cover if you test positive before your trip starts and you need to cancel, as long as you’ve already purchased travel insurance with COVID-19 cover.
- Overseas cancellations. Cover for cancellations when you’re already overseas, test positive and cancel the rest of your trip to return to Australia.
- Additional Expenses. Cover for accommodation or travel expenses related to COVID-19, including quarantine expenses.
Cover is subject to limits, exclusions and restrictions. Check your policy’s PDS to understand the cover available to you, and check out our COVID-19 FAQ page for further information on COVID-19 cover.
Important to know
Types of travel insurance
There are different types of travel insurance to fit different travellers. Depending on your circumstances, you might want to know more about:
Groups
You could be eligible for discounts if you’re travelling in a group of up to 25 people. A group policy may also be cheaper and more convenient for groups of students requiring the same cover. On top of this, it can save time taking out a single group travel insurance policy, as opposed to buying many individual policies.
Family
Family cover helps protect your loved ones under one policy. This type of travel insurance cover can feature higher limits due to the number of travellers on the one policy. Most insurers can cover dependents travelling with one or more adults at no additional cost. Check the policy’s PDS to make sure all dependents are covered, as the definition of a dependent may not be consistent across insurers.
Couples
Travel insurance for couples is intended for two people seeking cover under one policy. Despite the name, two travelling companions who aren’t a couple may also purchase couples cover if they have the same itinerary.
Cruise cover
Cruise cover is usually offered as an optional extra with international travel insurance that may cover you for a range of scenarios, including:
- Medical expenses for accidents or illnesses while on board
- Cancellations (except if the cruise is cancelled by the operator)
- A benefit if you’re confined to your cabin due to illness.
Ski cover
Winter sports cover provides additional cover if you’re skiing or snowboarding on-piste (and sometimes off-piste) during your trip. Most travel insurance policies don’t automatically cover winter sports, so it’s important you select it as an add-on option to your policy (if available) before you hit the slopes.
Some top-line ski features can include (but aren’t limited to):
- Weather-related cancellations
- Ski hire equipment cover
- Emergency medical assistance if you’re injured on-piste.
Motorbike and scooter cover
If you plan on driving a two-wheeled vehicle (e.g. motorbike, scooter or moped), a regular policy may not cover your medical costs if you’re in an accident unless you purchase this cover as an optional extra.
Annual cover
Otherwise known as an annual multi-trip policy, annual travel insurance may offer more value than single-trip policies and can be more convenient for frequent travellers. All multi-trip plans impose a maximum duration for each trip – anywhere from 15 to 90 days. You’ll be required to return home before your trip duration lapses, otherwise any losses you incur will not be covered.
How much does travel insurance cost?
Getting cheap travel insurance that matches your budget will depend on a range of factors. Some of the factors that impact the cost of your travel insurance include:
- Your destination
- Your age and the age of other travellers
- The number of travellers on your policy
- Any pre-existing health conditions of all travellers
- The activities you include on your trip (e.g. snow sports, cruises or other adventurous activities)
- How long you’re travelling for
- The level of cover you’ve taken out (e.g. the amount of medical cover, cancellation cover and luggage cover you need, and whether you need cover for rental vehicle excess).
On top of this, the cost of your travel insurance policy will also greatly depend on which insurer you go through. As each trip is unique, it’s important you compare from a range of insurers to ensure you’re getting the cover you need at a suitable price.
What is travel insurance excess?
A travel insurance excess refers to the amount you’ll contribute if suffer a loss and then claim on your policy. Most insurers offer a range of excesses for you to choose between when you buy insurance cover. When you make a claim, you’ll pay this amount or have it deducted from your settlement, and your insurer will pay the rest of your costs up to your policy’s benefit limit.
Travel advice for every stage of your trip
Before you travel
While impromptu trips may be fun, a well-planned adventure is the best way to keep yourself and your belongings safe while overseas.
- Purchase comprehensive travel insurance as soon as you book your trip or make any deposits to be covered for cancellation before your trip commences.
- Stay aware of travel alerts and warnings from Smartraveller or your destination’s government leading up to your trip. These warnings can also impact your insurance coverage.
- Leave copies of your travel documents with someone at home in case they’re lost or stolen overseas.
While travelling
It’s time to enjoy your holiday! However, protecting what’s waiting for you back home is also important.
- Keep your car safe in a garage, at a family member’s house or in a reserved car park at the airport while you’re away and have your friends or neighbours keep an eye on your house.
- Keep the 24/7 emergency assistance phone number from your travel insurance provider close in case you suffer a loss or need assistance in an emergency.
- Keep receipts for any medical treatments, accommodation or tours so you can be reimbursed if something goes wrong and you need to make a claim.
After you travel
At the end of a holiday, it can be hard to get back into everyday life, but you can do a few things to ease yourself back into your regular routine.
- Unpack your suitcase right away so you’re aware of any losses immediately.
- If you need to claim on your insurance policy, do so without delay when you return home.
- Your holiday may be over but now it’s time to start researching new destinations and planning your next trip abroad!
Meet our travel insurance expert, Adrian Taylor
As our resident expert in travel insurance, Adrian believes in educating customers about this product so that anyone can kick back and make the most of their time away from home.
As an Executive General Manager of General Insurance, Adrian Taylor has over 13 years’ experience in the financial services industry. Adrian specialises in customer experience and is dedicated to helping customers better understand insurance products so they can save money.
