How Much Does Travel Insurance Cost?

It’s right up there with that piece of string question – but that doesn’t help you much. So, how much does travel insurance cost?

Unlike the piece of string question, using a certain amount of research logic and a bit of Internet browsing time you can come up with a pretty fair answer in your quest to find high-value, discount travel insurance.

How to get started? You start with who you are. Are you a group or a solo traveller, a backpacker or a young family or a retired couple? Is money ultra tight or is it not a major consideration. This will all help you to know what words to type in to conduct your search.

For example, a backpacker might search under “backpackers travel insurance” and “cheap travel insurance” or a group might search under “medical travel insurance” or you could simply search under terms such as “compare travel insurance” or “best travel insurance”. Don’t forget those quotation marks as they really hone your search.

Where are you going? This divides into the local market and the rest of the world. Where you’re going on a global scale can have a big impact on the cost of your overseas travel insurance. While accidents and illness happen anywhere, there are certain countries that are more high risk.

How long are you going for? Depending how long you’ll be gone, or if you will be travelling a couple of times within the year, options include single trip travel insurance, multi trip and annual travel insurance. Naturally, each will impact on the final price.

What does the policy include? There are aspects you need to compare in the various policies that may or may not effect the premium but will dramatically effect you should you have to claim, aspects such as excess on certain claims, the amount of cover you receive i.e. is it unlimited or capped at $15,000 or $5,000 – a big difference. What about pre-existing medical conditions?

Who are you buying from? Travel agents and tour companies also offer travel insurance. You’ll get a lower premium if you buy travel insurance direct from the insurer and online.

Some companies that specialise in a certain interest or age group, such as iTrek.com.au who have an 18 to 25 year backpacker/student focus, are able to refine their rates even more and often provide further low cost travel insurance options.

All this may not have answered, “How much does travel insurance cost?” but you’ve now got some great tools to help you find the answer that fits you.

Paul Stanley is Marketing Manager for iTrek. iTrek target backpackers and low cost travel insurance. For more info on travel insurance costs