Helping you make sense of your travel insurance policy
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Important:Travel insurance rules continue to change as a result of the coronavirus pandemic. We’re working hard to keep up and make sure our guides are up to date, however some information may not be accurate during the pandemic. It’s even more important to double-check all details that matter to you before taking out cover. Please know that some policies may not be available through Finder at this time. Here are some helpful tips:
- If you're buying a policy today, it's unlikely that you'll be covered for border closures
- If your travel plans go against government advice, your policy will most likely be voided and you won't be covered
What's a Finder Rating?
The Finder Rating is an algorithm that ranks travel insurance policies available on Finder based on their comprehensiveness.
This is how it works:
The Finder Rating system evaluates all of the travel insurance policies available in our database for your search, and gives them a score out of 10. The higher the score, the more comprehensive the policy. Essentially, the closer the number is to 10, the more cover it provides. We've factored in the cover that would be important if something went wrong during your travels, such as cover for overseas emergency medical expenses, lost luggage, cancellations, personal liability, travel delays and more.
These ratings are live, which means that at any given time, you're looking at policies relative to one another so that you can make an informed decision. We don't upweight policies based on our commercial arrangement with any partner.
While we have tried to factor in the most important benefits, keep in mind that the finder rating doesn't consider your own personal circumstances such as age and pre-existing medical conditions.
Why did we come up with Finder Ratings?
Comparing travel insurance is hard work.
You could find yourself sifting through hundreds of policies. We thought that there should be an easier and more objective way to make sense of all the options we compare.
While it can be tempting to just select a cheap policy and call it a day, selecting a policy based on price alone isn't a good idea. According to a 2016 survey conducted by DFAT, many Australians tend to buy travel insurance based mainly on price, which can leave them underinsured.
We want to help Australians easily compare policies against one another based on how much cover they actually offer, so we came up with the Finder Ratings.
How we calculate Finder Ratings
Brace yourself, here comes some maths:
A Finder Rating is a number between 0.1 and 10 that expresses each policy's comprehensiveness. To calculate the score, we take the maximum possible cover score for a given search and see what percentage of the maximum an individual policy offers. So for instance, if a policy offers 80% of the maximum cover, the rating will be 80% of the 0.1 to 10 range, or 8.02. Finally, we round the rating down to the closest 0.1. So in this case, 8.02 will be rounded to 8.0.
In real terms, what this means is that a policy that offers unlimited cover for overseas medical expenses will have a higher Finder Rating than one that offers a maximum amount of $500,000. A policy that offers $15,000 of trip cancellation cover will have a higher rating than one that offers $10,000 worth of cover. Each factor is weighted based on its relative importance. For example, cover for medical expenses will have a higher impact on the score than cover for delayed luggage or dental expenses.
Why should you trust Finder Ratings?
Finder Ratings is a unique system because it factors in features that matter. Coupled with the policy's price, these ratings can help you quickly decide which policy on Finder is right for you. Instead of ranking policies alphabetically, by price or by their commercial value, we've decided to rank them in order of their actual value to you as a customer.
Got any feedback for us? We'd love to know how we can make these ratings more useful for you.
Let us know what you think.
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