Discount Travel Insurance Guide

There are many providers of discount travel insurance these days and a savvy consumer can cover their travels easily with just a bit of online research.

S Knowing what to look for in a discount travel insurance policy is the key to making sure you get the kind of cover you need, without all the fluff you don’t.

The hidden traps and delightful surprises of discount travel cover

The first thing to know about reducing the cost of any insurance policy is refining the list of regions you will travel to. Insurers like Sure Save provide a wider range of regions to choose from, so you can reduce the costs of your premium by not including areas you may not be going to.
What you will be doing when you’re away also governs the cost of your policy. For instance, if you’re an adventurous soul who can’t have a holiday without risking life and limb on a wakeboard, snowboard or mountain bike, then World Nomad’s policy is probably better for you. It doesn’t have unlimited medical, as other policies do, but up to $5 million with an extra $500,000 for extraction expenses should cover most mishaps.

What about domestic trips?

This has been an interesting and important development in travel insurance. 1cover has even come up with a discount insurance package in conjunction with Thredbo and Perisher Blue that specifically covers mishaps on the mountains of Australia. Medical expenses, loss of income and helicopter extraction are all covered, and can be a welcome relief if something goes wrong.

STA Travel has an extensive range of policies available for people travelling within our shores, and even one package for people over 70 years old. As many insurance policies won’t cover older people unless extra cover is taken out (and even then sometimes that option is unavailable), this is a great way for elderly people to still get out and about and have some fun, knowing that they are covered.

Frequent Fliers

For people who regularly jet off, insurance policies that allow you to come and go within a 12 month period can be one of the most cost effective and convenient ways to stay covered. For instance, a two week trip to anywhere in the world will cost around $100 to insure, give or take, but if you buy a frequent traveller package from an insurer such as Travel Insurance Direct, you will only pay $200 to $350, depending upon the insurer. It also saves you the hassle of having to sign up to a policy each time you go travelling within the 12 month period.

What about company reputation?

This point is a very big deal. Going with a company that has a solid record in insurance, such as ING, brings a lot of peace of mind. But it’s not just the insurer, but also the company that underwrites the policy that you need to be aware of. For instance, ING is underwritten by QBE insurance, and Travel Insurance Direct by Allianz.
Just because a policy is discounted, doesn’t mean it has to be cheap on reputation. Today’s travel insurance market is highly competitive, and as more people travel more frequently, it has become a consumer’s market. The trick is to always read the Policy Disclosure Booklet carefully, and don’t be afraid to ask questions.