How much does travel insurance cost?

Travel insurance can cost anywhere between $2 and $6/day depending on your age, travel destination, cover level and if you have any pre-existing health conditions.

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Important:

Travel insurance rules continue to change as a result of the pandemic. Some information may not be accurate at this time. It’s even more important to double-check all details that matter to you before taking out cover. Please note:
    • Some policies may not be available through Finder at this time
    • It’s unlikely that your policy will cover expenses from border closures

    Apart from a few defining factors like your age, destination and general health, travel insurance can be adjusted to suit both budget travellers or those who prefer the security of comprehensive cover.

    Let's take a closer look at the details.

    So, how much does travel insurance cost?

    The cost of travel insurance varies based on your travel destination, the duration of your trip and your own personal characteristics, such as your age and the kind of cover you'd like.

    Case study. We looked at the policies available on our site on 4 October 2019 for a 25-year-old travelling to Bali for 10 days. Out of the 55 travel insurance policies available, the average cost was $50.35. The cheapest policy was $21.76, but only covered basic benefits, whereas the most expensive policy was $115, which included comprehensive coverage.

    For instance, let's look at a ten-day trip to Bali for a 25-year-old**. We looked at all the policies available on our site on the 4th of October 2019. Out of 55 travel insurance policies available, the average cost was $50.35. The prices varied quite a bit - the cheapest policy was $21.76 and the most expensive was $115.

    Average Travel insurance cost
    **Prices are based on the average cost of travel insurance for a two-week trip to Bali for a 25-year-old. Quotes were made in October 2019

    Cost of travel insurance

    To give you a better idea of what you might pay, we did some research into basic and comprehensive policy costs for different age groups heading to Bali or the USA.

    Price examples for travellers taking a single trip for 10 days

    AgeDestinationCover TypePrice*
    25BaliBasic$41.55
    25BaliComprehensive$60.86
    65BaliBasic$61.67
    65BaliComprehensive$83.83
    25USABasic$71.30
    25USAComprehensive$102.04
    65USABasic$101.14
    65USAComprehensive$137.65

    *These prices are not indicative of all policies, and intended to be a rough guide. Prices are correct as of July 2019 and are subject to change. For a more accurate price, enter your trip details in the engine above to compare quotes.

    Price examples for annual travel insurance with Worldwide cover

    Our research team also looked into the average price of annual travel insurance for different age groups. This is what they found:

    AgeCover TypeMax Duration of Single TripsAnnual Price*
    25Annual Basic30 days$187.87
    25Annual Comprehensive90 days$443.52
    65Annual Basic30 days$612.72
    65Annual Comprehensive90 days$584.90

    *These prices are not indicative of all policies, and intended to be a rough guide. Prices are correct as of July 2019 and are subject to change. For a more accurate price, enter your trip details in the engine above to compare quotes.

    What impacts the cost of travel insurance?

    Like all insurance, the cost of travel insurance is calculated based on the amount of risk to the insurer; the more likely you are to make a claim, the more risk you pose and therefore the more you pay for your insurance.
    The price of your travel insurance can depend on:
      • Where you're going: Each country or region has different levels of risk determined by insurance companies.
      • How long you're going for: The longer you are away, the longer the policy and the higher the premium.
      • How old you are: Like most types of insurance, the premiums you pay usually increase with age. If you're an older traveller, search for brands that specialise in senior travel insurance.
      • Pre-existing medical conditions: Some insurers won't cover your pre-existing medical condition, while others will increase the premiums to compensate for the risk. Compare travel insurance for pre-existing medical conditions here.
      • Level of cover: Each insurer will offer different levels of cover that may impact your policy. Most will offer Comprehensive, Essentials and Basic levels of cover with different features. The more comprehensive the cover, the higher the limits, and the higher your premiums.
      • Activities: Some insurers will let you pay an additional premium to include cover for high-risk activities, such as scuba diving or rock climbing.
      • Any additional cover: Most insurers will let you purchase additional cover for:
      • Cruise trips (if not covered automatically)
      • Expensive items where the value exceeds that automatically provided.

    What can increase the price of travel insurance?

    Adding optional extras to your policy also affects the cost of your premium. Examples of optional extras include:

    • Cover for adventurous activities such as hang gliding, scuba diving, skiing and hot air ballooning.
    • Rental car insurance excess to pay the large excess charged by rental car companies in the event of a claim.
    • High value items cover for things like expensive laptops or cameras that you take with you.

    How do I get travel insurance at the best price?

    When it comes to finding the best travel insurance at the right price, it's important to do the following:

    • Shop around. Get a number of quotes from different insurance providers and make sure you compare policies thoroughly.
    • Be wary of travel agents and airlines, who can charge hefty commissions and consider buying your travel insurance direct from the insurer.
    • Policy choice. If you travel more than once a year, take out an annual multi-trip policy, rather than purchasing a single-trip policy every time.
    • Destination. If the destination is not important to you, consider taking your holiday somewhere that needs less insurance cover (i.e. Bali rather than the USA).
    • Joint policy. If travelling with others such as your family, take out a joint policy or a group travel insurance plan rather than individual coverage.
    • Excess. If you can afford it, increase your excess (the amount you must contribute when making a claim), which reduce your premium.
    • Other insurance. Use other insurances you may have, such as credit card travel insurance, or home and contents insurance, to supplement your cover.

    What level of cover do I need?

    Deciding on the level of cover you need is a personal choice. It depends on things like how much you want to spend on premiums, how much risk you're willing to take on and how valuable the items you're taking with you are.

    Here are a few things to consider when you're choosing between basic, standard and comprehensive cover:

    • Medical. It's important to consider your own health and the healthcare system in the country you're travelling to. If you're heading to the USA for instance, where healthcare is expensive, it's wise to take out travel insurance that has unlimited medical and hospital cover.
    • Personal belongings. If you're taking expensive items with you on your trip such as cameras, electronics or jewellery, it's worth having insurance with per-item limits that are high enough to cover replacement of those items if lost or stolen.
    • Trip cancellation. If you have pre-booked and paid for your entire holiday before you leave home, you should make sure you have sufficient cover to ensure that you're fully reimbursed, should your holiday be called off for any reason.

    Specialist types of travel insurance

    One of best ways to find the right travel insurance for your trip, at the best price, is to consider specialist travel insurance, which will only cover you for the things you need:

    • Backpackers insurance. Unlike normal travel insurance, which usually covers a traveller for up to 31 days, backpackers or 'gap year' insurance, as it is sometimes known, provides extended cover for up to 18 months and can include a number of different countries and activities.
    • Family insurance. Family insurance is designed for parents travelling with kids and offers group discounts and even free cover for younger children.
    • Winter sports insurance. Tailor-made for those holidaying in the snow, you can get specialised ski travel insurance as well as snowboarding cover. It usually covers ski accidents and medical evacuations, along with expensive equipment against loss or damage and cancellation of prepaid ski passes.
    • Over 65s insurance. While still more expensive than normal travel insurance seniors travel cover often covers a wider range of pre-existing medical conditions and offers generous limits for medical claims.
    • Business insurance. Unlike standard policies, business travel insurance covers travellers who work while they are overseas and usually includes more generous cover for phones, laptops and other business-related equipment. Learn more about business travel insurance.

    Compare travel insurance quotes online

    A tried-and-tested way of getting the best price for your travel insurance is to compare quotes and benefits from a number of different companies. Use the form below with the details of your trip and get a selection of quotes in seconds.

    warning 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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    **Quotes taken from the brands available on finder.com.au's comparison engine on 19 July 2019 for a ten-day trip to Bali for a 25-year old. Prices are subject to change - please use the engine above for the most accurate pricing.

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    2 Responses

      Default Gravatar
      BeverleybeggDecember 6, 2016

      Iwantalnsurancefora43and47yearoldstotasmania

        Avatarfinder Customer Care
        RichardDecember 7, 2016Staff

        Hi Beverley,

        Thanks for getting in touch. To receive quote from the brands in our panel, please head over to our domestic travel insurance page.

        All the best,
        Richard

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