The average cost of travel insurance for Australians in September 2023 is $235.37. But keep in mind, this is going to be different for everyone since the price is based on so many factors like your destination, length of your trip, your age and if you have any pre-existing medical conditions.
Finder has helped thousands of Aussies get peace of mind on their next trip.
How has the average price of travel insurance changed over time?
The average price of travel insurance has fluctuated drastically over time. According to our unique research, we can see the cost of travel insurance shift from June 2016. It starts high, but drops significantly and steadies throughout 2016 to 2019.
We then start to see the effects of the pandemic come through with travel insurance sales ceasing across the board. International borders had closed and leisure travel for most Australians was off the cards for more than a year.
When international borders opened and we started feeling more comfortable to travel, you can see that the average travel insurance premiums from January to September 2023 has been above $230 consistently.
Why is it more expensive now?
Since travel has resumed, policies are noticeably more expensive and the reason is simply because there's more financial risk when travelling now. This includes things like:
- Increased number of airline cancellations/delays which has resulted in travellers missing events and losing prepaid accommodation
- Increased incidents of airlines losing/delaying luggage, forcing travellers to re-buy essentials and claim the expense on travel insurance
- Travellers getting diagnosed with COVID-19 before or during their travels which forces them to isolate and miss out on prepaid expenses
Then versus now
We have historical data from 3 popular travel insurers in Australia, for a 2-week trip to Bali for a 30-year-old with a $200 excess back in April 2019. Using the same trip details, we've compared the price of travel insurance from then to October 2023.
This is 2019
|Cost||Policy type||Finder rating|
|Budget Direct Travel Insurance||$84.10||Comprehensive||9.3|
|Zoom Travel Insurance||$58.65||Comprehensive||9|
This is 2023
|Cost||Policy type||Finder rating|
|Budget Direct Travel Insurance||$142.04||Comprehensive||n/a|
|Zoom Travel Insurance||$92.71||Comprehensive||4.5|
*Please note that the methodology for the Finder rating has changed between then and now. The quotes shown on the 2023 table were last updated in October 2023.
What impacts the cost of travel insurance premiums?
Travel insurers determine the cost of your premium based on your individual level of risk. Are you elderly? Or maybe someone who craves adventure? Perhaps even both. These factors play out in the cost of your travel insurance policy, but remember, there are ways to save and get better value – you just have to compare travel insurance.
Here are some things that can impact your travel insurance cost:
Do you need travel insurance?
Well, of course we're going to say yes, but we're not the only ones. Smartraveller's signature line is "If you can't afford travel insurance, you can't afford to travel".
That being said, only a few countries have mandated travel insurance as an entry requirement to enter the country. But if you're travelling with a private tour company, travel insurance is usually compulsory to join the tour.
How can I keep the cost of travel insurance down?
If you're trying to get more bang for your buck, there are a few things that you can do to get more value out of your travel insurance.
- Compare travel insurance. We've got a nifty tool that can help you compare different travel insurers side-by-side so you can understand what benefits you're getting and at what cost.
- Look for discount codes. Travel insurers frequently offer discounts between 5% and 15% off their policies. This can really make a difference if you're someone who's high risk or if you're travelling for a long time.
- Play with your excess amounts. Have a think about how likely you are to make a claim on your policy. If it's very unlikely, opt for a higher excess – usually between $200 and $300. This will often give you a cheaper policy.
- Get last-minute travel insurance. This is riskier. Some insurers will automatically cover you for pre-departure cancellation, which means they could be covering you for longer than you need and charging you for it. But remember, this option leaves you at risk of not being covered if you do need that pre-departure cancellation.
What is the cost of travel insurance for seniors?
As part of the 2023 Finder Awards, we collected data on almost 200 quotes for seniors. We had a look at a single 79-year-old travelling for 2 weeks in Australia (domestic) and a few other destinations like New Zealand, Bali, Europe and the US (international).
We found the average cost of a seniors domestic policy was $510 and an international policy was steeper at $786.
Frequently asked questions
Why you can trust Finder's travel insurance experts
Our travel insurance engine is completely free to use. You pay the same as buying directly from the insurer. Better still, we regularly run exclusive deals that you won't find on any other site.
Unlike other comparison sites, we're not owned by an insurer. That means our opinions are our own and we work with lots of travel insurance brands, making it easier for you to find a good deal.
Since 2014, we've helped over one million people find travel insurance by explaining your options simply. We'll never ask for your number or email to see prices. We're here to help you make a decision.
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