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Aussies are being encouraged to shop around when it comes to travel insurance with big savings to be found.

Financial comparison site Mozo has just released its Travel Insurance Report for 2024, It showed we could be paying $167 less than the average cost of travel insurance just by shopping round.

The research also revealed that travel insurance costs have increased by 24% on average across essential, comprehensive, cruise and ski insurance policies in the past 12 months.

Cruise travel insurance has increased the most (31.86%), ski travel insurance was the next biggest increase (25.85%) and comprehensive travel insurance came a close third, rising by 23.23%.

Even essential travel insurance, which had the smallest cost increase, increased by 14.81% year-on-year.

“As the cost of insurance continues to rise, it’s more important than ever for consumers to understand the power that lies in comparing before you buy,” said Rachel Wastell, finance expert at Mozo.

“Choosing the right coverage isn’t the most thrilling part of planning a holiday, but Aussies could be leaving money on the table if they don’t shop around for the best deal.”

When looking at travel insurance for trips to the USA, Mozo found the biggest destination savings on offer, calculating a $232 difference in travel insurance cost for comparable policies. The average policy price was $376, the cheapest policy was $145 and the most expensive came in at $727.

Bali (Indonesia) also offered significant savings of $148 when comparing the average cost of $248 to the lowest-priced policy of $100.

In New Zealand, Mozo found Aussies could pocket an extra $101 by shopping around and switching from the average policy cost of $175 to the cheapest of $74.

Mozo compared 81 travel insurance policies from 37 different providers to find the average prices for travel cover and potential savings on offer across a range of cover levels and for the most popular global travel destinations.