After recently rating Australia’s best travel insurance policies, Mozo has lifted the lid on the scandalous difference in cost between policies with similar cover.
Comparing 271 international travel insurance products from 71 insurers, the financial advice site revealed a whopping 142% price differential between policies with “comparable” inclusions. For the mathematically challenged among us, that’s almost two and half times what consumers could be paying.
As a yardstick, Mozo’s experts weighed up the average cost of insurance for a family of four travelling for two weeks in four destinations - US, UK, Bali and Thailand - comparing policies with similar cover limits.
It found the biggest price discrepancy on a policy for the States that showed a $250 difference in premiums.
Mozo director Kirsty Lamont said many travellers saw insurance as “an afterthought because it’s not as exciting as booking flights, accommodation and activities”.
So to avoid falling into an insurance trap, Ms Lamont urged Aussie holidaymakers to do their research before travelling.
“If you haven’t, there’s a good chance you have been caught out by this all too familiar travel money leak,” she said.
“If you allocate some time to shopping around for travel insurance, you won’t be left wondering if there is a cheaper policy out there.”