Travel insurance safeguards travellers against unforeseen events during their journeys. It covers medical emergencies, trip cancellations, lost belongings, and other unexpected incidents. Australians' adventurous spirit often leads them to engage in high-risk activities abroad, increasing the need for comprehensive insurance.
The Australian travel insurance market was valued at approximately $2 billion in 2024, reflecting a significant increase from the previous year. However, recent accidents and the rise of dark tourism highlight the need for strong coverage to recover from emergencies and high-risk destination problems.
The travel insurance industry is changing quickly due to global events, new technology, and shifting traveller needs. Geopolitical issues, cyber threats, and health crises are also affecting coverage demands.
Brokers must update policies to meet client needs and reduce potential risks while focusing on other key concerns, such as:
The recent volcanic eruption in Bali also caused major disruptions, leaving many Australians stranded and raising another concern about travel risks. Brokers should recommend tailored protection that covers delays, cancellations, and extra accommodation.
Determining the ‘best’ company for this insurance depends on individual needs, including destination, trip duration, and personal health. In Australia, providers like Fast Cover offer comprehensive plans. Take into account the following factors when comparing policies:
By evaluating these factors, travellers can select a policy that best suits their specific requirements.
Yes, domestic travelling insurance typically covers trips within Australia and focuses on issues like cancellations and lost luggage. International travelling insurance offers broader coverage, including overseas medical expenses and repatriation.
The average price of travel insurance for Australians is about $235. Prices can be as low as $20 for short domestic trips or higher for international travel.
Insurers consider several factors when determining premiums:
Yes, insurance for group or family travel is often cheaper than buying individual policies. It combines coverage for everyone under one policy, saving money and simplifying management. Insurers also provide discounts for families or groups travelling together.
It can be purchased up to 12 months before your trip. Early purchase provides peace of mind by securing coverage well before your travel date.
Yes, travel insurance can still be bought after booking, but it’s best to purchase it as soon as you start planning your trip. This ensures protection against unexpected disruptions.
Providers like Cover-More offer comprehensive plans personalised for seniors. The best coverage for seniors covers medical needs, trip cancellations, and emergencies.
Yes, premiums generally increase with age due to higher health risks associated with older travellers. Older adults are more likely to need medical care while travelling.
Yes, it can cover cancellations caused by unexpected events like illness or natural disasters. However, coverage varies by policy and may exclude certain situations.
Yes, many travel insurance policies cover flight cancellation costs if the cancellation is due to unforeseen events beyond one's control. It is important to review the policy to understand the specific coverage and any exclusions.