Best Annual Multi-Trip Travel Insurance in the new COVID World?

[SYD]

For me, the price of three single policies (priced as if each was 3 weeks away) was less than the price of an annual multi, IIRC by a couple of hundred dollars and I have the option of changing provider if at the time they are better, and I can exclude USA on some trips, thus reducing the premium, too.

But presumably you don’t get cancellation cover for something booked months in advance? Which is still important for many. I guess you can mitigate that with CC insurance.

I personally would never solely rely on CC insurance (I know many here do) but I’ll keep those observations in mind when our current annual policy expires.

 

[RooFlyer]

But presumably you don’t get cancellation cover for something booked months in advance?

Yes you do, at least with the CoverMore my TA priced as a single trip Antarctica cruise next December. It was $40K on that one. As I mentioned, it was 3x the price of the same trip priced as if it left in a month's time. For that trip, I'll revisit when I have to pay the balance of the monies due and recalculate singles Vs multis.

 

[SYD]

Yes you do, at least with the CoverMore my TA priced as a single trip Antarctica cruise next December. It was $40K on that one. As I mentioned, it was 3x the price of the same trip priced as if it left in a month's time. For that trip, I'll revisit when I have to pay the balance of the monies due and recalculate singles Vs multis.

Yep, I was just flagging to others that delaying taking out TI for while they’re actually away means they’re taking the risk on cancellation cover.

Sounds like you have interesting options. A bit like booking a flex hotel room and checking non-refundable rates closer to the stay.

 

[JohnK]

I took out an annual multi-trip policy with SCTI last year as they appeared to be best travelling to Thailand with the Covid requirements at the time.

We had a VA cancelled flight in March and lost 1 nights accommodation in Sydney and another lengthy Scoot delay the next night losing a night accommodation in Pattaya.

I only got around to submitting claim early July and provided limited information like flight booking and hotel booking.

Received email Friday night that both claims were paid even though they could have asked for more information. Money in bank account 2 days later last night.

Now if only AirAsia refunds the money they stole from me for 3 bookings on same flight.

 

[JohnK]

I'm looking at multi trip policy again in a few weeks and declaring type 2 diabetes or high cholesterol in the past excludes me getting a quote from some providers.

Looks like SCTI is the best option by far. If I declare type 2 diabetes it adds $15 to premium and high cholesterol another $45 to premium.

There's also the option to declare both but exclude cover for either. Is that a reasonable risk to exclude? I'm struggling to work out what can possibly happen in 3 weeks for either of these conditions that will require treatment and not wait until back in Australia.

Anyone with experience with these conditions overseas? Not looking for free medical advice but just an idea on potential dangers from either of these conditions while overseas for 3 weeks? @Quickstatus @drron

 

[Mwenenzi]

$15 & $45 is the cost of a few beers/coffees/meals/golf balls/green fees.
Insurance companies look for reason *not* to pay out.

 

[There'sOnlyOneJimmy]

I wonder what an insurer might say to a person who’d declared but excluded high cholesterol, and who then suffered a cardiac event brought on (at least in part) by high cholesterol?

 

[sanne]

I'm looking at multi trip policy again in a few weeks and declaring type 2 diabetes or high cholesterol in the past excludes me getting a quote from some providers.

Looks like SCTI is the best option by far. If I declare type 2 diabetes it adds $15 to premium and high cholesterol another $45 to premium.

There's also the option to declare both but exclude cover for either. Is that a reasonable risk to exclude? I'm struggling to work out what can possibly happen in 3 weeks for either of these conditions that will require treatment and not wait until back in Australia.

Anyone with experience with these conditions overseas? Not looking for free medical advice but just an idea on potential dangers from either of these conditions while overseas for 3 weeks? @Quickstatus @drron

I looked at the SCTI multi trip insurance in detail recently as they were $1000s cheaper than any other that I researched ( we have age issues!) Please look carefully at the T& C if you develop any other medical problem once you are insured with them. Plus the look back period was 3 years, longer than any other insurance I looked at.

I wasn’t confident enough to take out their insurance.

 

[drron]

I'm looking at multi trip policy again in a few weeks and declaring type 2 diabetes or high cholesterol in the past excludes me getting a quote from some providers.

Looks like SCTI is the best option by far. If I declare type 2 diabetes it adds $15 to premium and high cholesterol another $45 to premium.

There's also the option to declare both but exclude cover for either. Is that a reasonable risk to exclude? I'm struggling to work out what can possibly happen in 3 weeks for either of these conditions that will require treatment and not wait until back in Australia.

Anyone with experience with these conditions overseas? Not looking for free medical advice but just an idea on potential dangers from either of these conditions while overseas for 3 weeks? @Quickstatus @drron

It's actually the risk in the next 12 months with a multi trip policy.
And males over 50, ex smokers, obese with high cholesterol and type 2 diabetes certainly at risk of a heart attack in the next 12 months.
You can look up the heart foundations annual heart attack calculator and use that to find your own risk.

 

[JohnK]

It's actually the risk in the next 12 months with a multi trip policy.
And males over 50, ex smokers, obese with high cholesterol and type 2 diabetes certainly at risk of a heart attack in the next 12 months.
You can look up the heart foundations annual heart attack calculator and use that to find your own risk.

Ok that's enough for me thanks @drron. I'll declare and pay the extra $60 premium.

Note I thought the danger years for an adult male, European, was 55-60 years old. I guess I have another 18 months in this age bracket.

I wonder what an insurer might say to a person who’d declared but excluded high cholesterol, and who then suffered a cardiac event brought on (at least in part) by high cholesterol?

This is the thing with insurance companies. Both type 2 diabetes and high cholesterol have been under control for well over 10 years. So you have a heart attack and immediately blame one of those conditions even if not one of those conditions? Cop-out.

So I'm assuming that declaring and paying the premium then I'm fully covered?

Also as I'm just under 60 years old the annual SCTI premium is ~$515 with the above conditions and excess reduced to $0. Some other policies do not have the reduction to $0 excess. The next cheapest is $900 or so.

 

[jxv]

….and excess reduced to $0. Some other policies do not have the reduction to $0 excess.

IMHO excess reduction is not worth it. You pay say $50 extra to reduce the excess from $200 to $0. You pay that $50 every time you take out insurance, but you save the $200 only if you have a claim.

How often do you have a claim? I claimed in 2008 for a cancellation when Mrs jxv broke her arm shortly before departure and for damage to a rental car in 2018.

Much better to have paid 2x $200 and have saved $50 many, many times!

 

[JohnK]

IMHO excess reduction is not worth it. You pay say $50 extra to reduce the excess from $200 to $0. You pay that $50 every time you take out insurance, but you save the $200 only if you have a claim.

I have claimed a few times as luck isn't always the best.

In March we had cancellation/delay 2 days in a row. We got back $171 $ 70 for those 2 nights. If I'd left excess at $100 I would have been out of pocket $100 less premium for excess.

On the same policy I should have claimed about $150 for hospital treatment last August in Thailand but didn't bother claiminh as I thought I didn't reduce excess from $100 and now don't have receipts. I've also claimed for golf clubs in the past.

And from memory most policies have $200 excess? SCTI looks to be one of the better ones and I was happy with their claims processing although for something more serious they may try not to pay out.

 

[VPS]

IMHO excess reduction is not worth it. You pay say $50 extra to reduce the excess from $200 to $0. You pay that $50 every time you take out insurance, but you save the $200 only if you have a claim.

How often do you have a claim? I claimed in 2008 for a cancellation when Mrs jxv broke her arm shortly before departure and for damage to a rental car in 2018.

Much better to have paid 2x $200 and have saved $50 many, many times!

I paid an extra $200 or so to reduce my excess to zero when I was away for four months. I saved that amount of money several times over because I had several small claims and one very large one when I got sick. COTA insurance was great after a bit of hiccup at first

 

[Quickstatus]

I'm struggling to work out what can possibly happen in 3 weeks for either of these conditions that will require treatment and not wait until back in Australia.

Don't we wish we had a crystal ball?. People buy Lotto tickets with very remote chances of winning. But someone wins all the time.

With TI, someone loses all the time. Look at all the GoFund posts after no TI or TI declined cover

It is obviously a low risk as per the quantum of the additional premium. It's similar to Lotto/powerball game prices, but the point is - someone wins nearly every week.

A patient told me once the risk of something bad happening is 50:50 - it's either going to happen or it's not going to happen. How is your luck @JohnK. I remember you like playing the lotteries or whatever. Obviously you think it's worth the risk of losing some $$$. Same with TI....

 

[stm1sydney]

Also as I'm just under 60 years old the annual SCTI premium is ~$515 with the above conditions and excess reduced to $0. Some other policies do not have the reduction to $0 excess. The next cheapest is $900 or so.

$515 seems really cheap. I just checked and it came out to $2000 but I selected Worldwide as we (couple) will be doing quite a few countries including US (work and private travel) in the next year. That's with a $250 excess.

Did you limit it to just Thailand, or what was your trick otherwise? Thanks.

(Cover-more quoted about $900.)

 

[JohnK]

A patient told me once the risk of something bad happening is 50:50 - it's either going to happen or it's not going to happen. How is your luck @JohnK. I remember you like playing the lotteries or whatever. Obviously you think it's worth the risk of losing some $$$. Same with TI....

Luck is terrible. Gambling is designed to keep people poor and not achieve their goals in life. The sad thing is that if people kept the money they wasted gambling they'd had a very comfortable retirement and live longer.

I'm not an actuary and don't quite understand how risk is assessed or how they adjust premiums.

Had a blood test last week and my Hba1c is 5.5% which if I'm not mistaken is normal and no sign of diabetes.

Cholesterol is 4.0 which again is very normal.

Why would me knowing that my Hba1c was 6.5% for any length of time in the past increase my chances of heart attack? All things we measure can go up and down often. Someone may have had high readings at some point in time but not tested or not known about them.

 

[Quickstatus]

Hba1c

It's a measure of how well your diabetes is controlled.
That test is effectively a measure of the average blood glucose over the last 120 days 120 days because that the average life of a red blood cell. 5.5 means your diabetes control is good. Well done.

Luck is terrible.

If your luck is terrible suggest definitely buy the best TI you can afford.

 

[JohnK]

It's a measure of how well your diabetes is controlled.
That test is effectively a measure of the average blood glucose over the last 120 days 120 days because that the average life of a red blood cell. 5.5 means your diabetes control is good. Well done.


If your luck is terrible suggest definitely buy the best TI you can afford.

Yes diabetes control is good and I don't even take Diaformin every day. In fact I don't take Diaformin much at all these days. Same with Crosuva. Cholesterol also under control.

The best travel insurance I can afford is the cheapest policy out there. Assuming that I declare diabetes/cholesterol then I'm covered for heart attack. There's nothing else that I can see when going through the questions for SCTI that I won't be covered.

SCTI covers car rental insurance excess up to $4000 and some cancellation costs and medical. Forget credit card travel insurance. I'm not sure Medibank or Qantas would be any better and they're almost double for the annual policy. Some of the others I cannot even get quote for diabetes/cholesterol which leaves some very expensive travel insurance policies.

 

[drron]

There is one side effect of diaformin that would benefit you @JohnK . You tend to lose weight when taking it. I believe it is part of my success with weight loss.

 

[JohnK]

There is one side effect of diaformin that would benefit you @JohnK . You tend to lose weight when taking it. I believe it is part of my success with weight loss.

Thanks @drron but I've been on Diaformin for a long time and I struggle to lose weight. Apparently there's a new drug for weight loss and in theory I qualify.