Travel insurance costs are soaring – here’s how to save hundreds

Travel insurance has soared by almost 25% in a year – and among the hardest hit are cruise passengers, a new survey shows.

Mozo’s travel insurance report for 2024 has revealed how even for a holiday as short as two weeks, quick comparisons of travel insurance sites can save you hundreds of dollars.

The report shows travel insurance has increased 24% over the last 12 months. The average daily cost for cruise insurance was shown to be $199 but this can of course vary greatly depending your age, travel location, pre-existing conditions and more. 

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

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

Quick savings

Using the example of a two-week trip to the USA, by comparing policies travellers can save up to $232 just by switching from an average policy to the cheapest policy, while still receiving comparable cover. These savings will only increase when also factoring in for cruise cover. 

Savings may be even greater if you are a cruiser with factors that may lead to higher premiums such as being of an older age, having pre existing medical conditions or taking a longer cruise. Getting into the habit of comparing across multiple policies instead of simply accepting the first quote your offered can see savings going into the thousands for many cruisers.

The big three 

Mozo advises that the three things to look out for in your travel insurance are medical, luggage and cancellation cover. This covers all the essentials and from here you should only add cover for what else you may particularly need or want. This ensures you won’t pay for more than you’ll actually need. 

Who does Mozo recommend? 

For Mozo’s 2024 travel insurance awards they compared 81 policies across 37 companies, then awarding nine awards for different categories of insurance. 

For cruise insurance, Mozo highlighted four different insurers.

Mozo wrote: “Not all travel insurance policies will cover you if you’re on the open ocean so you’ll need to get cruise cover for peace of mind. The criteria for this award included unlimited medical cover, $7500 luggage cover and $15,000 cancellation cover and in case of Covid claims unlimited medical cover, at least $2500 of additional expenses cover and $2500 cancellation cover.”

The policies are the World Nomads Explorer Plan, Qantas Insurance International Comprehensive, Chubb Prestige Single Trip and AllClear Travel Insurance Gold Plus.

A breakdown of what is offered in each policy can be seen here.