The travel industry is in the midst of a sale frenzy, and Aussies are taking full advantage by getting in early to grab a bargain. But while people have been quick to book their cheap flights and travel packages well in advance, the same can’t be said for travel insurance.
According to a recent study by 1Cover Travel Insurance*, 46 per cent of all travellers believe a travel insurance policy only begins once their holiday starts. As a result, many travellers are holding off on booking cover until just before they depart.
So, is it really worth booking travel insurance early? According to Richard Warburton, Chief Operating Officer of 1Cover Travel Insurance, it should actually be one of the first things people book when planning their next holiday.
“Waiting to book travel insurance until just before you depart is an easy mistake made by many. But it’s one that can end up costing thousands if plans go awry in the lead up to the trip. As soon as you’ve locked in the travel dates, you should be booking travel insurance,” Warburton said. “There’s no extra cost for booking early, yet you’re covered for so much more than just that period of time you are on holidays.”
“1Cover’s travel insurance policies start the moment the policy booking is confirmed. If your trip plans are disrupted due to a natural unforeseen disaster, or if you become unfit to travel or are made redundant, you’ll be covered under 1Cover’s cancellation policy. In certain circumstances, it will also cover you if you’re forced to cancel your entire holiday due to an immediate family member being sick or passing away.”
1Cover’s study revealed that 12 per cent of Australian travellers claimed for cancellation costs in the last year.
“Recently, 1Cover helped a family who, due to illness, were forced to cancel their entire trip to the USA a few weeks out from their departure date. Without travel insurance, they would have been out of pocket tens of thousands of dollars.”
So, why are people putting off booking? There are numerous reasons, Warburton said. “A lot of people just aren’t aware of the benefits of booking early. There’s also a perception that travel insurance is expensive. The truth is, travel insurance is likely to be one of the cheapest items you’ll book when going on a trip.”
So, what advice does Warburton have for travellers looking to buy travel insurance? “Firstly, go with a provider you can trust,” Warburton said. “Don’t simply focus on price; the test of a good travel insurer is one that has a first-class 24-hour emergency assistance and claims team based in Australia, one that you’re able to rely upon if you’re ever in trouble.
“Secondly, understand your cover, and ensure it’s the right policy for you. Think about the types of activities you’ll be doing while you’re on holidays, where you’ll be going, what you’ll be taking with you, as well as your own personal situation and health conditions. It’s so important to read and understand the policy terms and exclusions, and ensure that policy is the right one for you.”
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Esha Thaper, Content Marketing Specialist.
PH: +612 8252 0639 | E: [email protected] | URL https://www.1cover.com.au/
About 1Cover Travel Insurance
1Cover Travel Insurance was founded in 2003. Today, it is one of Australia’s largest providers of online travel insurance. At 1Cover, we’re dedicated to providing all customers with exceptional cover and support. We provide cover to more than 1.5 million customers in both Australia and NZ.
1Cover ® is a registered trademark of 1Cover Pty Ltd. 1Cover Pty Ltd ABN 91 105 954 265, is an authorised representative of Coffre-Fort Pty Limited ABN 66 125 358 518, AFS Licence No. 472457. Before you buy, please read the Product Disclosure Statement and Target Market Determination. Any information contained on this website is general advice only and has been prepared without taking into account your objectives, financial situation or needs. You should consider these having regard to the Product Disclosure Statement (‘PDS’). Before you purchase, please note in particular, the eligibility criteria, travel warnings in place and limitations to claim under multiple policy sections.
This insurance is underwritten by HDI Global Specialty SE – Australia, principal place of business at Level 19, 20 Martin Place, Sydney NSW, 2000. 1Cover's postal address is PO Box 6798, Baulkham Hills, NSW 2153, Australia.
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