Money hack: Travel with a friend and save
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
Pay less for travel insurance when you book as a duo.
While travelling by yourself can be fun, you'll almost always have a better time when travelling with a friend. You'll have someone to banter with, see the sites with or, at the very least, someone to watch your luggage when you're in the bathroom.
But did you know that aside from acting as your luggage's bodyguard, travelling with a mate can also help you save on travel insurance?
The hack
If you're travelling with a friend, be on the lookout for duo or couples cover. Joint travel insurance policies are great for people travelling on their honeymoon, on business or just for fun. They allow you to save time, meaning you've only got to carry one policy document and, best of all, you can save money by getting a couples policy.
Let's say you and a mate (both of you aged 25) are heading to Bali for two weeks. If you were to both buying a Budget Direct Comprehensive policy separately, you'd each pay $91.65*. However, if you were to buy the same policy but as a couple, you'd only be paying $120.75. By booking your cover together, you've saved $62.55.
Budget Direct isn't the only travel insurer that offers savings to couples travelling together. Below is a table of some of the other travel insurers in the finder.com.au panel and how much you could save using the same example from above of two friends going to Bali.
| Policy | Single | Couple | Saving |
|---|---|---|---|
| Budget Direct Comprehensive | $91.65 | $120.75 | $62.55 |
| Fast Cover Comprehensive | $57.90 | $109.90 | $5.90 |
| Zoom Travel Insurance Comprehensive | $58.07 | $110.33 | $5.81 |
| Travel Insurance Saver International Comprehensive | $111.52 | $217.46 | $5.58 |
| World2Cover Top Cover | $68.60 | $123.47 | $13.73 |
| Southern Cross TravelCare | $74.00 | $144.00 | $4.00 |
| Travel Insuranz Deluxe | $67.95 | $129.11 | $6.79 |
| American Express Ultimate | $105.00 | $199.50 | $10.50 |
| Travel Insurance Direct The Works | $74.53 | $142.35 | $6.71 |
| No Worries Insurance Comprehensive | $80.20 | $157.19 | $3.21 |
| WorldCare Comprehensive | $81.26 | $138.14 | $24.38 |
| Online Travel Insurance Comprehensive | $60.30 | $96.48 | $24.12 |
| Virgin Money Comprehensive | $67.10 | $117.42 | $16.78 |
| InsureandGo Gold Policy | $68.64 | $123.56 | $13.72 |
*Quotes retrieved on 22 May 2018 and are subject to change.
Before taking out a couples policy be sure to check the terms and conditions. Some insurers will require that you and your travel partner travel together for the duration of the trip, while with others you only need to be together for a percentage of it.
finder money hacks is a bi-weekly roundup of the latest tips and tricks to improve your finances. Check back every Wednesday and Saturday for new hacks.
Compare the couples price difference for yourself
Finally, some good news! Domestic travel is picking up, so some insurers have started offering cover again 🦘 Just remember, you won't be covered for any pandemic related claims if you do take out domestic travel insurance.
International travel insurance is limited and sometimes unavailable at this point.
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