Travel insurance is essential if you’re going on a long trip, but if you don’t do your research you can pay over the odds. An analysis by comparison site Mozo highlights the potential for overspending: depending on who you purchase from, you could pay $177 or $756 for essentially identical cover.
Picture by Joe Shlabotnik
The Mozo team performed a mystery shopping exercise for policies for three different scenarios, covering web sites for major travel agents and airlines and also incorporating its own travel insurance comparison site. The results are telling:
A major factor in the price difference is the commission paid (the Qantas fare quoted includes a 53 per cent commission, though you have to dig into the details to find that). While another popular option is to use the free travel insurance you get if you book with specific credit cards, that won’t always cover all your needs. In particular, it won’t generally cover items lost while you’re travelling.
Check out the infographic below for some more insights into travel insurance, and share your approach in the comments.
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