Understanding Travel Insurance Quotes

If you find understanding travel insurance quotes is a bit like a chat with the March Hare, then this brief overview should help.

To provide an accurate travel insurance quote, companies will focus on much the same questions: domestic or international travel insurance; what destination; how many are travelling; duration of travel; age; pre existing medical conditions; adventure sports.

Domestic or International travel: Naturally differences are significant. There is no need for emergency hospital cover or medical evacuation, trip resumption and many other options for domestic travel.

Planned destinations: Your answers here can make a major impact to your travel insurance quotes:

• Worldwide cover: Covers everywhere but will not cover any country or region declared unsafe by the Department of Foreign Affairs and Trade (DFAT). Warnings are posted on smarttraveller.gov.au.
• Worldwide excluding U.S.A., Canada and Japan: These countries have the highest medical and hospital costs. By specifying you will not be travelling in these countries, your premium, which is calculated to include medical, hospital and evacuation charges, will reduce.
• South East Asia, or Pacific, region: Includes New Zealand, the South Pacific, French Polynesia, Bali. Being closer to Australia travel distances are reduced and evacuation costs decreased. Also, medical treatment is not as costly as in many countries.

Number travelling: More than one traveller, including family, sporting or other interest groups, can result in a cheap rate.

Length of travel: Rates vary for short or long term stay. The longer you are away the more likelihood there is of illness, accident or theft or the need to return home. With this increased likelihood comes a corresponding adjustment to the premium.

Age: While health and age don't absolutely go hand in hand, with age can come an increase in a number of conditions. Premiums can be based on statistics for set age groups.

Pre existing medical conditions: Some travel insurance companies cover only a minimum of conditions, while others may address a more expansive range. Pre-existing conditions are always subject to stipulations and increased premiums.

Extreme or adventure sports: Some companies specify what activities they cover, while others are open to negotiation plus a significant premium increase to cover extreme activities. The increased fee takes in the far greater chance or injury or death, location and degree of difficulty in rescue or recovery.

In addition, purchasing online rather than over the phone or in person can make a significant difference. Companies vary and you need to compare.

Hopefully, this brief overview assisted in you understanding travel insurance quotes and gave more insight into how your premium is estimated.