What is travel insurance?

Travel insurance is a specific type of insurance that helps cover several costs and disruptions when travelling both domestically and overseas. Levels of cover differ per plan; however, travel insurance typically protects against trip cancellation, delays, lost luggage and personal belongings, overseas medical expenses and repatriation, and personal liability.

Most travel insurance providers offer single or multi-trip policies, which can cover multiple countries within a specific timeframe. Things like the destination, length of trip, optional additional cover for specific activities and pre-existing medical conditions all help determine the cost of a travel insurance policy.

How much does travel insurance cost?

The cost of a travel insurance policy varies from traveller to traveller because various factors affect the amount payable.

At Cover-More, we consider a number of factors when calculating the total amount payable. The following is a guide on these key factors, how they combine and how they may impact the assessment of risk and therefore the premium paid:

• Area: higher risk areas cost more.

• Departure date and trip duration: the longer the period until you depart and the longer your trip duration, the higher the cost may be.

• Age: higher risk age groups cost more.

• Plan: International Comprehensive+, which provides more cover, costs more than International Comprehensive or Domestic.

• Excess: the higher the excess the lower the cost.

• Cruise cover: additional premium applies.

• Cancellation cover: on some policies you can choose your own level of cancellation cover. The more cancellation cover you require, the higher the cost may be.

• Adding cover for Existing Medical Conditions and pregnancy (where available): additional premium may apply if a medical assessment is completed and cover is accepted by us.

• Options to vary cover (where available): additional premium applies.

While a cheaper policy cost upfront may seem appealing, always read the Product Disclosure Statement to ensure your needs are adequately covered should an incident occur.