Website Finder has announced the results of its project to find the best travel insurance provider in Australia.
But, new data released alongside the winner’s names reveal the worrying number of Australians travelling without insurance.
A staggering 7.5 million Aussies say they are priced out of overseas travel, let alone the insurance that comes with it.
The research found:
- Overseas travel has become prohibitive for more than 1 in 3 Australians
- Just 37 per cent would take out travel insurance to travel abroad
- A Finder survey of 1,079 respondents revealed travelling abroad has become unaffordable for 37 per cent of Australians – equivalent to 7.5 million people.
- The research found travelling overseas is almost out of reach for 23 per cent.
James Martin, travel insurance expert at Finder, said travel is a luxury many cannot justify right now.
“The rising cost of living is impacting everything from groceries to petrol, and flights are no exception.
“Discretionary spending is taking a back seat as many look for ways to cut back.”
There were 1,324,360 overseas departures in March – a monthly increase of 255,950 trips, and a yearly increase of 989,120 trips, according to ABS statistics.
However, February saw 1,068,410 departures, which was a monthly decrease of 308,440 trips.
Between 2017 and 2018, the average flight from Melbourne to London was sitting at $1,412 – this flight now sits at an average of $2,677 – more than double what it was.
Martin said if travelling is a priority for you, it needs to be in the budget.
“That way you can plan for the large expense even if it’s five years down the road.
“Book in advance, travel off-peak and keep tabs for airfare sales to secure the cheapest international flights.
“Using banked-up rewards points and travelling domestically are great ways to save money.”
Just 37 per cent of Australians say they would take out an insurance policy if they were to travel overseas. This includes 8 per cent who are already insured through their credit card.
Martin urged Aussies not to skimp on insurance.
“If you can’t afford to insure your trip, you can’t afford to take the holiday.
“It’s best to organise your travel cover as soon as possible after you book your trip,” Martin said.
So, what about the winners?
Best Travel Insurance – Comprehensive: Southern Cross Travel Insurance
Southern Cross Travel Insurance won the 2023 comprehensive award because it goes further than the majority of insurers. It scored highly for COVID benefits, cancellation fees, luggage damage cover and more. It’s also competitive on price compared to the other 28 international policies we analysed.
Best Travel Insurance – Value: Fast Cover Travel Insurance
Fast Cover Travel Insurance won the 2023 value award because it’s cheaper on average than the other 27 international policies we analysed. It covers you for the essentials including COVID, travel delays and luggage delays.
Best Travel Insurance – Seniors: Southern Cross Travel Insurance
Southern Cross won the 2023 senior travel insurance award because of its average price and benefits. It scored highly for its age limit cap, COVID benefits, cancellation fees and more.
Best Travel Insurance – Domestic: InsureandGo Travel Insurance
InsureandGo Travel Insurance is the 2023 domestic travel winner. Out of the 23 domestic policies we analysed, it scored highly for price, cancellation cover, rental car excess cover and more.
