Cost of multi-trip insurance versus single trip????

[bazzaw]

Does anybody KNOW why the cost of a yearly multi-trip travel insurance policy ( Worldwide) is less cost than a 40 day single trip (Worldwide)?????

[Fletch1]

Sorry, can't answer that question, but I can tell you that I do take out annual travel insurance every year (have for the past 6-7 years). Only stipulation is I can't be away for more than 90 days at a time! And all I have to pay is an extra $300 on top of the usual policy fee for my "pre exitsing condition". 

 

I recommend it. 

[angelwingsflys]

2 hours ago, Fletch1 said:

Sorry, can't answer that question, but I can tell you that I do take out annual travel insurance every year (have for the past 6-7 years). Only stipulation is I can't be away for more than 90 days at a time! And all I have to pay is an extra $300 on top of the usual policy fee for my "pre exitsing condition". 

 

I recommend it. 

What company is that?

[The_Big_M]

Only actuaries can tell you.

 

Assuming the maximum duration of each trip is the same, or at least not less on the multi trip policy, my guess would be there are statistically fewer claims on the multi-policy than the long term policy. This could be due for example to multi trip holders mostly taking shorter trips on them, which are statistically safer as they go/do less 'adventurous' things, or holders being more experienced travellers and not having as many claims as a result.

[bazzaw]

Since making my post, I have discovered that this varies. For example, this is the case for  ALLIANZ  but not the case for INSUREANDGO. 

[Russell21]

27 minutes ago, bazzaw said:

Since making my post, I have discovered that this varies. For example, this is the case for  ALLIANZ  but not the case for INSUREANDGO. 

When I enquired at InsureandGo about an annual policy instead of the two we normally get , they told me it was only economical if we were doing 3 or more cruises a year.

[qbay46]

I have been using Travel Insurance Direct for a few years now getting an annual policy and so far I haven’t had to claim so I keep using them.

[qbay46]

Sorry just remembered I claimed quiet a few years back and had no worries with them

[mr walker]

current example with Medibank TI. Last year we had annual policy that cost for us (2A) around $500. In that period we had 2 weeks in NZ, NZ to Sydney cruise & 2 weeks in Fiji.

To 'renew' for this year was $530. As we have just 2 OS trips this year, got a quote just this week for single trip (Sth Pacific cruise) - $180. We have a similar cruise in Oct, so should be another ~$180. 2 X$180 is well less than $530

[Fletch1]

10 hours ago, angelwingsflys said:

What company is that?

 

1Cover. 

[valantine80]

13 hours ago, mr walker said:

current example with Medibank TI. Last year we had annual policy that cost for us (2A) around $500. In that period we had 2 weeks in NZ, NZ to Sydney cruise & 2 weeks in Fiji.

To 'renew' for this year was $530. As we have just 2 OS trips this year, got a quote just this week for single trip (Sth Pacific cruise) - $180. We have a similar cruise in Oct, so should be another ~$180. 2 X$180 is well less than $530

That seems awfully cheap. We paid almost as much for two week cruise to NZ as your annual policy, not with Medibank but have looked at them previously and don't get a price anywhere near that.

[mr walker]

11 hours ago, valantine80 said:

That seems awfully cheap. We paid almost as much for two week cruise to NZ as your annual policy, not with Medibank but have looked at them previously and don't get a price anywhere near that.

 

Quote 7166557 effective: 18/12/2019             summary             Travel dates: 11/01/2020 to 10/01/2021 Area: Worldwide excluding the Americas and Africa Age of travellers: 62,59       Excess: $250 Maximum trip duration: 30 days (Applies to Annual Multi-Trip Plans)                                             Multi-Trip             Comprehensive   $523.60           Overseas Medical and Hospital Expenses $Unlimited           Cancellation and Amendment Fees $Unlimited           Additional Expenses $Unlimited           Missed Connections $3,000           Luggage and Personal Effects $8,000           Item Limit ~ Camera $3,500           Item Limit ~ Laptops $3,000           Item Limit ~ Other Items $500           Travel Documents, Credit Card & Travellers Cheques $5,000           Delayed Luggage Allowance $750           Theft of Cash $250           Rental Car Insurance Excess $4,000           Travel Delay Expenses $2,000           Alternative Transport Expenses $5,000           Resumption Of Journey $3,000           Hospital Cash Allowance $5,000           Loss Of Income $10,000           Permanent Disability $25,000           Accidental Death $25,000           Personal Liability $5,000,000           Cruise Cover Add-on Cover for cruising is specifically excluded unless this Cruise add-on is selected and additional premium is paid. In addition to the above benefits the following Cruise Cover benefits will also apply           Onboard Medical and Dental Cover $Unlimited           Ship to Shore Medical Cover $Unlimited           Sea Sickness Cover $Unlimited           Cabin Confinement $100 per day - Up to a maximum of $1,500           Missed Port $1,000           Missed Shore Excursions $1,000                     variation in cover         Snow-skiing and snowboarding cover selected:   No       Cruise Cover selected:   Yes       Existing medical conditions/Pregnancy cover selected:   No       Luggage item limit increase selected:   No       Increased rental car insurance excess cover selected:   No       Motorcycle cover selected:   No                             This was our quote - it was offered as renewal of our existing one that expired 11-Jan.

[rkmw]

On 2/6/2020 at 8:01 PM, Fletch1 said:

Sorry, can't answer that question, but I can tell you that I do take out annual travel insurance every year (have for the past 6-7 years). Only stipulation is I can't be away for more than 90 days at a time! And all I have to pay is an extra $300 on top of the usual policy fee for my "pre exitsing condition". 

 

I recommend it. 

we're with insure & go and my partner has a 30 day annual policy and we wanted to upgrade to include a 60 day WC and she had to take out another policy for one trip so we changed to the   the NRMA for one trip which was much the same price as insure & go but we get cover from door to door where as insure & go only cover you once you leave Australia

 

[valantine80]

3 hours ago, mr walker said:

 

 

Quote 7166557   effective: 18/12/2019                 summary               Travel dates: 11/01/2020 to 10/01/2021   Area: Worldwide excluding the Americas and Africa   Age of travellers: 62,59         Excess: $250   Maximum trip duration: 30 days (Applies to Annual Multi-Trip Plans)                                                     Multi-Trip                 Comprehensive       $523.60             Overseas Medical and Hospital Expenses   $Unlimited             Cancellation and Amendment Fees   $Unlimited             Additional Expenses   $Unlimited             Missed Connections   $3,000             Luggage and Personal Effects   $8,000             Item Limit ~ Camera   $3,500             Item Limit ~ Laptops   $3,000             Item Limit ~ Other Items   $500             Travel Documents, Credit Card & Travellers Cheques   $5,000             Delayed Luggage Allowance   $750             Theft of Cash   $250             Rental Car Insurance Excess   $4,000             Travel Delay Expenses   $2,000             Alternative Transport Expenses   $5,000             Resumption Of Journey   $3,000             Hospital Cash Allowance   $5,000             Loss Of Income   $10,000             Permanent Disability   $25,000             Accidental Death   $25,000             Personal Liability   $5,000,000             Cruise Cover Add-on   Cover for cruising is specifically excluded unless this Cruise add-on is selected and additional premium is paid. In addition to the above benefits the following Cruise Cover benefits will also apply             Onboard Medical and Dental Cover   $Unlimited             Ship to Shore Medical Cover   $Unlimited             Sea Sickness Cover   $Unlimited             Cabin Confinement   $100 per day - Up to a maximum of $1,500             Missed Port   $1,000             Missed Shore Excursions   $1,000                         variation in cover           Snow-skiing and snowboarding cover selected:     No         Cruise Cover selected:     Yes         Existing medical conditions/Pregnancy cover selected:     No         Luggage item limit increase selected:     No         Increased rental car insurance excess cover selected:     No         Motorcycle cover selected:     No                                 This was our quote - it was offered as renewal of our existing one that expired 11-Jan.

Thank you for that detailed information. Of course there are a number of factors influencing costs, age being one of them and that can increase  premiums dramatically.

 

As rmkw says it pays to read the PDS well for comparison of when you are covered and what for.

 

RACQ has previously allowed us to change from a single trip to annual multi trip and the cover started from the change over date which was some months from the date we originally took out the policy. My husband also had a birthday in between times but they left his age as it was when we took out the original policy, though I queried this.

 

 

[jland]

As others have mentioned age is a big factor in travel insurance but the biggest factor is pre existing conditions. The Medibank quote mentioned would escalate greatly if pre existing conditions were added. Any mention of a heart condition the price would go off the planet.

[RosieCanberra]

We paid $760 for our yearly policy, with a pre existing condition, with NRMA. The previous 12 months it was around $860 I think. Note that we have no travel in US or Africa in this policy. We have trips in May 2021 and November 2021 to the US, so expect to pay more for our next policy. 

[possum52]

6 hours ago, rkmw said:

we're with insure & go and my partner has a 30 day annual policy and we wanted to upgrade to include a 60 day WC and she had to take out another policy for one trip so we changed to the   the NRMA for one trip which was much the same price as insure & go but we get cover from door to door where as insure & go only cover you once you leave Australia

 

Sorry, I don't believe that is correct that Insure and Go only cover you once you leave Australia. We have insured with them for the past few years and certainly have never seen that condition in the PDS. Of course they will only cover you for medical once you leave the country as Medicare and private health cover take care of that in Australia and I think but may be incorrect no travel insurance will cover Australian citizens for medical claims. But delays in travel can be covered in Australia. If you travel from another city to say Sydney and your flight is delayed and you can't make your cruise in time Insure and Go will cover you. I believe it does differ in the various levels of cover. We always take the top cover - Gold.

This is from the PDS -

SECTION C3 - MISSED CRUISE DEPARTURE What you are covered for We will pay up to the amount shown in the Table of benefits for your reasonable and necessary additional travelling expenses incurred after you leave your home address in Australia, that are over and above what you had originally budgeted to pay and are needed to continue with your original itinerary, if you missed the scheduled departure of your pre-booked cruise from Australia due to:  an accident involving your means of transport;  the cancellation, delay or diversion of your scheduled transport but only those expenses that you cannot claim from someone else and where you haven’t been offered alternatives.  a natural disaster. (This is only applicable if you have purchased the Natural disaster upgrade option and this is shown on your policy schedule. This does not include those which were known at the time of purchasing this insurance.) In these events the airfare will be at a class of our discretion and will not be Business Class or First Class. In these events You may be also entitled to claim additional meals and accommodation expenses under Section D.

 

Leigh

[rkmw]

15 minutes ago, possum52 said:

Sorry, I don't believe that is correct that Insure and Go only cover you once you leave Australia. We have insured with them for the past few years and certainly have never seen that condition in the PDS. Of course they will only cover you for medical once you leave the country as Medicare and private health cover take care of that in Australia and I think but may be incorrect no travel insurance will cover Australian citizens for medical claims. But delays in travel can be covered in Australia. If you travel from another city to say Sydney and your flight is delayed and you can't make your cruise in time Insure and Go will cover you. I believe it does differ in the various levels of cover. We always take the top cover - Gold.

This is from the PDS -

SECTION C3 - MISSED CRUISE DEPARTURE What you are covered for We will pay up to the amount shown in the Table of benefits for your reasonable and necessary additional travelling expenses incurred after you leave your home address in Australia, that are over and above what you had originally budgeted to pay and are needed to continue with your original itinerary, if you missed the scheduled departure of your pre-booked cruise from Australia due to:  an accident involving your means of transport;  the cancellation, delay or diversion of your scheduled transport but only those expenses that you cannot claim from someone else and where you haven’t been offered alternatives.  a natural disaster. (This is only applicable if you have purchased the Natural disaster upgrade option and this is shown on your policy schedule. This does not include those which were known at the time of purchasing this insurance.) In these events the airfare will be at a class of our discretion and will not be Business Class or First Class. In these events You may be also entitled to claim additional meals and accommodation expenses under Section D.

 

Leigh

Hi Leigh I have been with Insure & Go for quite a few years and was told when I first booked I was told if you are flying domestic to go on a cruise you need to purchase another policy to be covered... not sure if it’s been changed but doubt it very much

 

You could ring and confirm just to make sure

[Aus Traveller]

28 minutes ago, rkmw said:

Hi Leigh I have been with Insure & Go for quite a few years and was told when I first booked I was told if you are flying domestic to go on a cruise you need to purchase another policy to be covered... not sure if it’s been changed but doubt it very much

 

You could ring and confirm just to make sure

I know it is a different company, but Travel Insurance Direct covers you from when you leave home until you return. As Leigh said, medical is only overseas (or on a cruise ship)

[MicCanberra]

On 2/6/2020 at 4:52 PM, bazzaw said:

Does anybody KNOW why the cost of a yearly multi-trip travel insurance policy ( Worldwide) is less cost than a 40 day single trip (Worldwide)?????

I do not know why, ours certainly isn't but it is cheaper than if we insured trips individually, which is why we have an annual policy.

[valantine80]

It obviously pays to be young and healthy in the matter of travel insurance.

[MicCanberra]

29 minutes ago, valantine80 said:

It obviously pays to be young and healthy in the matter of travel insurance.

That is how they make their money, by only insuring the low risk travellers or charging high premiums for those with a higher risk.

[possum52]

15 hours ago, rkmw said:

Hi Leigh I have been with Insure & Go for quite a few years and was told when I first booked I was told if you are flying domestic to go on a cruise you need to purchase another policy to be covered... not sure if it’s been changed but doubt it very much

 

You could ring and confirm just to make sure

Hi rmkw, we booked a cruise for March 2017 from Sydney and I had bought our travel insurance, which had a start date of the day before our cruise. We had the opportunity to meet up with family who were also visitng Sydney at the same time so we decided to travel a day earlier than planned. I emailed Insure and Go and asked if it was possible to change our insurance policy to start a day earlier so we would be covered for travel on that day. I received an email back saying that was fine and that the policy start date was now a day earlier for travel from Melbourne to Sydney.

 

I found on the Insure and Go website that if you only travel in Australia, the Annual Multi Trip Policy does not cover your travelling domestically. 

 

Leigh

Edited February 8, 2020 by possum52

[mr walker]

13 hours ago, valantine80 said:

It obviously pays to be young and healthy in the matter of travel insurance.

ah, but car insurance is the opposite - more expensive for the young. Life is all swings & roundabouts.

[joll]

On two occasions, we were told by Insure & Go, that they only cover for a period of up to 24 hours before departure for a cruise from an Australian port.  As we wanted to fly interstate for a few nights before boarding, we would have to take out a short domestic policy AND a separate 'cruise' policy.

As we hadn't pre-paid any accommodation etc., we took the risk of only losing the cost of the plane tickets and just insured for the cruise dates.  Unfortunately we missed  ports during both cruises and had to make claims which were successful.