Cheapest travel insurance in Australia June 2026
Cheap travel insurance shouldn't mean cheap cover. From $2.85/day you can get medical, baggage and cancellation cover that actually pays out.
What affects the cost of travel insurance?
A few key things determine how much you'll pay for a policy:
- Where you're going: The US is one of the most expensive destinations to insure because of the cost of healthcare there. Countries with reciprocal healthcare agreements are generally cheaper to cover.
- How long you're away: The longer the trip, the more you'll pay. A week in Bali costs less to insure than a month in Europe.
- Your age: Premiums go up with age, particularly once you're over 60, as the likelihood of a medical claim increases.
- The level of cover you choose: A basic policy covering just medical and cancellation will cost less than a comprehensive one that also includes baggage, dental, rental car excess, and more.
- How many people are travelling: Insuring a family or group costs more than a solo policy, though some insurers offer combined policies that work out cheaper per person than buying individually.
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5 ways to save money on travel insurance
1. Don't buy through your airline or travel agent
It's convenient, but you'll pay more for the same cover. Insurers add commission when policies are sold through third parties, so buying direct through a website like Finder almost always works out cheaper.
2. Only pay for the cover you actually need
Optional add-ons like ski cover, adventure sports, or high-value item cover all push your premium up. If you're going on a beach holiday and leaving your laptop at home, skip them. Read what's included as standard and only add what's relevant to your trip.
3. Raise your excess to lower your premium
Opting for a higher excess reduces what you pay upfront. It means smaller claims probably won't be worth making, but you're still protected if something serious and expensive happens. It is always worth getting a quote both ways to see how much you'd save.
4. Look for discount codes before you buy
Many insurers offer promo codes, online purchase discounts, or loyalty discounts for existing customers. A few minutes searching before you buy can knock 10%–15% off your premium.
5. Consider an annual policy if you travel more than twice a year
Buying a separate policy for every trip adds up. An annual multi-trip policy covers all your travel for a 12-month period and usually works out cheaper overall once you've taken two or more trips.
"I recently booked a trip to Noosa where we were hiring a rental car. To hire it with an adequate level of insurance protection, we were going to have to pay $150 extra. I knew that a travel insurance policy could cover rental car excesses in the event of an accident, so I looked at how much a policy would cost. It came in at just $120 for both me and my husband. Given this included way more coverage than just the rental car and was ultimately cheaper too, we went with this option and were able to drive the rental car carefree. It was great knowing we’d also be covered for any flight cancellations (I’ve been burned before) and luggage woes too."
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