Skipping travel insurance could cost you $1,426
Not to mention that you're potentially missing out on points.
Travel insurance is rather like a pair of toenail clippers: few people would claim it's sexy, but it's definitely essential.
New survey data from ING underscores that point. In Australia, more than half of us (53%) have experienced a problem or accident while on holidays. The average cost of those incidents? A whopping $1,426.
Despite that, many travellers don't opt for insurance. The same survey found that 69% of Australian travellers rarely or never take out insurance for their trips. To be blunt, that's really stupid. If you're spending hundreds or thousands of dollars on flights and accommodation, it makes sense to cover yourself with travel insurance.
For frequent flyer obsessives like myself, there's also the possibility of earning extra points. I wouldn't pick a travel insurance policy solely because of the points on offer; after all, if you pay for the policy using a reward credit card, you'll earn points no matter who is offering it. But there are points-heavy options available from both Qantas (via QBE) and Virgin (via CoverMore).
And as I've pointed out before, you should take out travel insurance as soon as you book your trip. That way you'll have cancellation cover if something goes drastically wrong and you have to change your plans. So compare your options and get that insurance.
Angus Kidman's Findings column looks at new developments and research that help you save money, make wise decisions and enjoy your life more. It appears regularly on Finder.
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Picture: Getty Images