How much travel insurance costs in 2024
How much travel insurance costs in 2024

How much travel insurance costs in 2024

Conclusion: Is travel insurance worth it?

In a world of pandemics, flight cancellations, and lost luggage, travel insurance has become an important expense for travellers – if not always glamorous.

Travel insurance is designed to financially protect travellers from unexpected costs, such as medical evacuations and treatment, damaged belongings, or even rental car excess. 

Instead of the traveller paying completely out of pocket, they can make eligible claims on their travel insurance to get some or all of their money back.

For travellers on a budget, the right policy could make a huge financial difference.

However, many Australians may avoid considering travel insurance simply because they don’t know how much it costs in the first place.

Travel insurance costs depend on many things (such as destination, length of stay, and activities), so comparing travel insurance providers can help Aussies save where they can.

According to Mozo’s research, opting from an average premium to a cheaper one could save Aussie travellers over $100 per trip. 

“Mozo’s research shows Aussies could be paying hundreds of dollars more than they need to if they’re not comparing travel insurance policies,” says Mozo money expert Rachel Wastell.

“Travel insurance might not be the most exciting expense to organise when planning a holiday, but it’s critical Aussies don’t rip themselves off by choosing the first policy they see.”

The figures above are based on the cost of a comprehensive travel insurance policy for a family of four (two adults and two children), travelling to and from that destination for 14 days. The costs were then divided by two, as with family travel insurance policies, dependents are included for free.

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