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Best Travel Insurance On The Market

06 February, 2019 By Natalie Smith

How do I get the best travel insurance for my trip? This is not as simply answered as you may think! When it comes to travel insurance, finding the best for your holiday requires you to think about the type of trip you are going on and the level of cover you will need. It's about matching your needs to the various insurance policies on the market and weighing up the options.

The following will guide travellers to find the best travel insurance for their holiday adventure.

1. Determine The Type Of Cover You Need

There are different levels of cover available to suit all needs and budgets. Holidaymakers should look at the cover available and work out what you need and what you don’t need. There is no point paying top dollar for luggage cover, if you're only travelling with a backpack and fresh undies.  The best travel insurance is one that covers you for your particualr trip, whether that's a big around-the-world adventure or a domestic weekend break.  Don't pay for more cover than your trip requires!

Overseas medical cover and personal liability benefits are often considered the most essential coverage items.  These are standard in most basic travel insurance policies.  More "comprehensive" policies will include additional cover for things like trip cancellation and luggage protection.  If you have pre-paid flights, tours and accommodation a comprehensive policy, which includes cancellation cover incase you can't go is wise as you'll be protected for any holiday expenses you've paid out before you depart.

2. Compare, Compare, Compare

Comparing policies is a great way to find the right travel insurance for your needs. All insurers offer different benefits and pricing, so once you’ve identified what level of cover you need, the next step is start comparing to bag yourself a bargain!

3. Cheapest Is Not Always The Best

One of the biggest mistakes travellers make is purchasing a policy based on the cheapest price. Selecting the cheapest, might seem like a bargain, but it might mean you're missing out on valuable cover. The key is to get the right level of cover at the best price.

4. Not All Policies Are Created Equal

When shopping around for travel insurance in Australia, you may notice that many different brands are underwritten by one of a few big insurers, such as Allianz Australia Insurance Limited, Chubb Insurance Australia Limited, Great Lakes, Lloyds of London, QBE Insurance Limited and others. Whilst they look similar on first glance, they will almost certainly not be the same. Each insurer negotiates a product policy and chooses what to include or exclude. So think about your trip and planned activities that you need cover for.

5. Get The Best Bang For Your Buck

With so many travel insurers in the market, how do you really know who covers more than the other? The ideal policy is one that provides real value for money. Some insurers definately do cover more than others. Luckily we've done all the hard work for you. If you want to know who offers the best cover for expensive items, or who has the best single item limit - see who really covers more in our handy guide right here.

6. Read The Print - Small Or Not

Whilst it can be extremely boring, the fine print in any policy needs to be read and understood. Understanding the insurance exclusions and loopholes will help you to avoid placing yourself in situations that your insurer will not cover.

Some additional considerations when purchasing a policy are:

  • Is the insurer reputable? Speaking with a few travellers and reading travel insurance reviews by customers can often reveal a very different tale to testimonials featured on the insurers’ site.
  • Do they offer emergency assistance? A 24-hour medical assistance hotline will be extremely useful to you if you are having troubles overseas.
  • What is the excess? The amount you pay in the event of a claim varies between insurers and may vary depending on the claim type. For instance, you may not have to pay an excess for medical claims but pay $200 for lost belongings claim. Make sure you’re comfortable with the excess amounts. You can often remove the excess by paying an additional fee around the $25 mark.
  • Exclusions - Even the best policy won't provide cover for everything. You should pay attention to your policy's exclutions before you set off. Typically you're not covered if you put yourself in danger (e.g. some high risk activities like skydiving might not be covered); for any items that you leave unattended which are then lost or stolen; or for any medical conditions you had before you left for your trip.

The best travel insurance is out there. All travellers have to do is have a clear understanding of what they need cover for and match this to the right provider.

Compare Comprehensive travel insurance

**Please note, the following table shows the listed insurer's most comprehensive policy - international trips only **
The information provided is of a general nature only and does not take into account any particular personal objectives, financial situation or needs. Before making a decision you should consider the appropriateness of the information having regard to your personal objectives, needs and circumstances. Cover levels could change at any time.

Typical Features Of A Comprehensive Travel Insurance Policy Include:

  • Overseas emergency medical assistance: Medical expenses for injury or illness including hospital stays, surgery, dental, prescription drugs, doctor and dentist office visits
  • Cancellation fees: The cost of rearranging or cancelling your journey because of unforeseen circumstances such as illness, accidents and extreme weather conditions
  • Luggage cover: Loss, theft or damage to luggage and personal items
  • Luggage delay expenses: If your luggage is delayed or misplaced (for more than specified time) you'll be covered for any essential items of clothing and other personal items you buy, before it is returned to you
  • Travel delays: Accommodation expenses if your scheduled transport is delayed over 6 hours or there abouts
  • Personal liability: Cover in the event that you are found to be legally liable for accidental injury or damage you may have caused to another person or their property
  • Rental vehicle excess: Cover for the excess payment on your rental vehicle’s insurance if the car you are driving is involved in an accident or is stolen
  • Additional expenses: Cover for additional travel and accommodation expenses if you cannot travel because of an injury or sickness
  • Hospital Cash Allowance: A daily allowance if you are hospitalised overseas (allowance will start after a specified period of time spent in hospital)
  • Loss of Income: If you are injured overseas and cannot work when you return home, you are covered for a weekly loss of income benefit
  • Permanent Disability: If you are injured on your trip and within 12 months of the date of the accident you permanently lose sight in one or both eyes, or one or more limbs, you are covered for a permanent disability benefit.

Contributor Natalie Smith

Natalie Smith

Having travelled to over 40 countries, studied tourism management and worked as a flight attendant for over three years, Natalie knows more than a thing or two about travel! She’s an adventure-lover, whose favourite trips have been trekking Machu Picchu and volunteering in an animal shelter in the Amazon. Qualified in Tier 2 General Insurance General Advice and specialising in travel insurance for the last five years, she in passionate about helping travellers get the most out of their holiday.

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