Online Travel Insurance Guide

So all of this sounds great, but how do I actually purchase my travel insurance plan?

Travel insurance has come a long way over the last few years, and is not only cheaper and more comprehensive in what it covers, but is also ridiculously easy to sign up to, thanks to the boom of online insurance brokers. An insurance broker usually provides insurance from a number of sources, so they’re not tied to one insurance provider, but instead find the best insurance policy to suit your needs.

Purchasing travel insurance: online or in store?

In the past, many people purchased their travel insurance through their travel agent at the same time as their tickets for flights, boats or buses. The travel agents would take their commission, and then the insurance company would get their cut.
These travel agent commissions often made policies more expensive for the traveller. Along with the growth of the travel insurance business, which has made insuring your holiday more affordable, online travel insurance has made getting covered cheaper again, because they don’t usually charge a commission.

Who is online?

Australia has some great online insurance providers, with easy to use websites. What’s also great about online insurers is that you can take the time to really sort through the Policy Disclosure Booklets of each policy, making sure you’re not going to miss out on cover that you need.
Being an informed consumer is vital to getting the right cover. 1cover, for instance, has a very easy to use website that is colour coded according to the different policy areas: red for medical only, green for single cover, purple for multi trips, etc. Each of the policies also has a comprehensive list of what each policy will cover you for and for how much. 1cover also provide some specialist insurance packages, such as the Ski Package for Australian slopes and a budget backpacking policy.

Travel Insurance Direct also has a great site, which is easy to navigate. It also provides a lot of extra information on what is the best policy to use, and what you should look for in travel insurance. Their policies are very competitive too, at just $1064 for single worldwide cover for 12 months, which includes unlimited medical, cancellation and additional costs.

What’s important in a Travel Insurance policy?

The biggest expense, by far, that uninsured travellers can run into is for medical care, especially in Europe or the United States. The Australian government estimates that around 700 Australians will be hospitalised while overseas each year, and many of those end up with bills totaling tens of thousands of dollars. It’s not just covering the cost of care you can get, but making sure you can be evacuated in case you’re in a place where the medical services are well below par.

The most comprehensive travel insurance policies should include unlimited or extensive medical expenses, as well as medical extraction. World Nomads has a very cost effective policy that not only provides up to $5 million in medical cover, but will also insure you for more adventurous sports, such as caving, bungee jumping, angling, wakeboarding and snow rafting, among others.
For some, such comprehensive sports cover won’t be necessary, but ensuring that you can extend your cover for pre-existing medical conditions or pregnancy, such as Cover More’s policy, will be more important.
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 that you don’t plan to travel to.
The best way to find a policy that suits you is to read the fine print, so that you know if something does go wrong on your travels, you’re covered.