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

[mel-world]

I'm diving into the PDS's to see the cover levels and inclusions of a number of options for an annual multi-trip travel insurance.

On my list for companies to go through are now 1Cover, Allianz, CoverMore, NIB, RACQ, Southern Cross, and TID (and BankWest MC 'upgraded benefits', as they call it). Any other companies I ought to check while at it?

Please let us know your findings. I guess cost will be an point of comparison as well.

 

[tdimdad]

Here we go, an Excel workbook(1) with the cover levels of eight different annual policies side by side and scored in two different ways. It's a rudimentary one but I tried to make it a little neater = legible so that it can be used by others.
(1) Uploaded as a ZIP file because the AFF platform allows only certain file formats.

First caveat is the difficulty of comparing policies against each other. Each company writes them differently, placing items in different orders, using different terminology, etc. But I've tried to uncover the essential from them all but there are plenty of details and nuances that would need a closer inspection, if we wanted to show them, too.

If you want to add policy items, add rows in the middle (after the first and before the last) so that you can easily copy the formulas across to the new rows. The same with columns, if you want to add more companies to your own comparisons.

The pricing allows for a single trip and annual pricing. The annual policies seem to be at the highest / most comprehensive single policy level = if you are after a single-trip policy and choose the highest cover level, it usually matches the covers listed for the annual policies. the prices I have there are for my own parametres and you'll get different pricing based on your age, etc. I have left all kinds of extra packs out (cruise, snow, moped, etc).

Observations​

1. The inclusions & exclusions vary a lot between companies. I started the whole comparison because my current provider excludes an activity which I've booked to do in June. Some companies offer it in an add-on pack, one as a standard inclusion. The same goes with e.g. the cost of essential medication in case of travel delays or loss of luggage, return of rental cars, and many other things. With medical evacuation, some bring you to Australia only, some may also choose another country.
   --> Read your policies carefully so that you know what to expect.
2. The clarity of the policy texts varies from easy to awful. E.g. CoverMore and Allianz I can follow easily, NIB & TID need more reading and 1Cover I found sometimes difficult to parse together (which is why their policy lacks data points). This may unnecessarily favour or punish some policies but I go with a strict'ish "if it's not written there, it does not exist" view, though I've made some assumptions (which are shown in comments in the respective cells).
3. Geographical areas covered vary. Some policies force you to name individual countries, some can go by regions (e.g. 'All of Europe'), some are either worldwide or worldwide except for A/B/C.
   1. Notice also that connections and stopovers are covered differently. The most limited version I came across was 24h at the airport (airside) only, the most generous a 72 h stopover without needing to list the country in the policy.

How to read the workbook​

The policy cover levels are in columns B to I, rows 10-55. If your cover looks different, edit the figures there.
The prices go to rows 5-6.
You can add weighting for any item you want to (the workbook I uploaded has some marked). The multiplier you use is up to you. It's a simple multiplier for the first set of scores (but not the second - it could be added but I wanted to release this into the wild instead of tinkering more).
Grey cell = policy exclusion or omission, white cell without data = couldn't confirm the detail from the PDS.

Results are presented in two ways: ranking and points. They are far from any science but give you an indication of which policies to check out more closely. You will also notice that the different methods produce slightly different results but the big picture remains (good policies float to the top in both methods, weaker ones score low both ways).

Ranking scores the policies against each other as a relative measure. The scores you see in the area K10:R55 show which company has the "best" vs "worst" cover for each item (high vs low score, respectively). Tied/shared placements happen when several policies offer the the same cover (e.g. $1,000 for dental work). The total score on row 7 is the sum of all ranking points given.
Points use the level of cover compared to the highest for that item and uses the %-scores for that. The total score on row 7 is the average of all individual %-figures.

Rows 5-6 show the "how many points does a dollar buy?" score. This compares the results against the price if you want to seek value for money instead of high points only.

You are free to use, edit and share the workbook as you please, if it provides any value to you.
Bankwest MasterCard insurance add-on I have not been able to confirm fully and get the price for it. If it's of interest to you, send me a message and I'll reply when I have those details in.

 

[tassie6]

Here we go, an Excel workbook(1) with the cover levels of eight different annual policies side by side and scored in two different ways. It's a rudimentary one but I tried to make it a little neater = legible so that it can be used by others.
(1) Uploaded as a ZIP file because the AFF platform allows only certain file formats.

Wow what a resource! Thanks so much for sharing your hard work putting that together. Now just need to sit down and digest it all...

 

[albatross710]

A big shout out to tdimdad. I did peruse the spreadsheet a few months ago.

Now I'm in the process of buying two annual policies. I'm tossing up whether to get a fully featured policy for me to carry all the rental car excess, extra items and to get a reduced premium policy for Mrs Albatross OR just get the same policy for both. Currently my renewal is not until October so they are offset by 4 months anyway.

 

[NM]

I have been looking at TI options for a 3.5 week trip to the USA. Checked Medibank this evening and with their current discount offer for members (20% off with code PRIORITY20), and of course based on my travel plans (2 adults), its $8 more to get an annual policy for trips up to 30 days duration. Seems to have all the cover we are seeking from a comprehensive policy at very competitive cost. And at half the cost of Qantas policy (but o bonus QFF points), I think I'll put the savings towards buying some Qantas points that come with a free case of wine. Get travel insurance and wine thrown in for the same or better cost and bonus points earning - that's what I call a win-win.

 

[JohnK]

My current annual policy with SCTI expires September. I've been very happy with this policy and this is my 2nd year with them. Not travelling again until December which is when my next annual policy will commence.

This will be my first annual policy at 60+ years old.

Looking at quick quote with $0 excess and 30 day max duration to Thailand only the quote is $460. Still need to add 2 pre-existing conditions which usually increase premium by $60-$100 so still a fantastic deal. And at the moment 7% cashback with cashrewards which can increase to 11%-12% cashback?

Is there anything else better out there? By the way totally happy with claims process last year with VA cancelled flight and TR lengthy delay losing 2 hotel nights.

 

[albatross710]

Getting deeper into Mrs Albatross's Annual policy which I need to buy in the next two week. I hit up ChatGPT 4o. My shortlist 'was' Covermore & SCTI. As I started exploring questions I had to add some more policies. TID, Allianz & even Qantas.

Process:

1. Used tdimdad spreadsheet and re-weighted the coverages for us.
2. Downloaded all the PDS.
3. In the chat prompt window attached the 4 PDS.

Then started asking questions like:

Compare the cancellation coverage when parents are both > 85 years old. (A few dropped off on this)
What is the lost baggage coverage for 12 hour baggage delay, 24 and 36 hours? (Qantas and TiD side by side)
What is the coverage for rising motorbikes? (Covermore extra cost, so I dropped them from here)
what is standard car excess coverage?

Here is an example of the type of responses I was getting:

Me: how much coverage is there if return home flights need to be rebooked because of typhoon?

Here is a summary of the coverage for rebooking return home flights due to a typhoon under each policy:

1. QTI AU - Annual Multi Trip PDS (01-Nov-2023)
   • The policy covers additional transportation expenses to catch up on your itinerary or shorten your trip to return home due to unexpected events outside your control, such as a typhoon.
   • The amount payable is up to the limit specified in the Table of Benefits for reasonable and necessary scheduled transportation expenses incurred to get you to your original trip itinerary or return home.
2. PassportCard Leisure International Travel Insurance
   • The policy covers extra accommodation and travel costs at the same fare class and accommodation standard as originally booked if your journey must be altered due to a natural disaster like a typhoon.
   • The policy will pay for you to return home and resume your journey within 60 days of returning to Australia, provided you do so within the specified limit shown in your schedule.
3. TID International Travel Insurance
   • The policy covers additional transportation expenses to return home if your journey is disrupted due to severe weather or a natural disaster such as a typhoon.
   • Coverage includes the reasonable additional travel and accommodation expenses necessary to catch up on your itinerary or return home, subject to the limits specified in the Schedule of Benefits.

Each policy outlines specific conditions and limits for claims related to rebooking return home flights due to a typhoon, ensuring some compensation for the additional expenses incurred during such disruptions.



more technology to keep us interested.

 

[DC3]

Interesting. I don’t recall ever having delved into typhoon (cyclone) coverage

 

[albatross710]

Interesting. I don’t recall ever having delved into typhoon (cyclone) coverage

please put a few Philippines trips on your agenda.

 

[SeatBackForward]

So many sites suck when trying to get Annual Multi-Trip cover, they end up quoting as a single trip for a year worldwide, costing thousands of dollars!

Last year I took out cover with Medibank for about $290, this year (over the phone) they are quoting me the same cover for $370! My search was basically, worldwide coverage for trips less than 30days.

By Comparison:

• Qantas Travel Insurance was about $770 (or just over 100k points)
• Covermore was coming out at $550
• Australiapost (covermore in disguise) was coming at $615 once including cancellation and luggage item cover
• Zoom Travel at $415 (for trips of 15days)
• Fastcover $890 (for trips of 15days)
• TravelInsurance Save $539

The range in different pricing, obviously makes me want to dive into the details of each. Which I will do another day!

 

[Lynda2475]

I find pricing between companies varies widely and there is no one best insurer for all trips.

Once USA, Latin America or Africa are in the mix at some point within the year I've always found it cheaper to buy separate polices for each trip rather than an annual multi-trip, possibly because I tend to have one long trip (35-45 days) and then a couple of shorter 4-6 day trips (most annuals like each trip to be under 30 days and penalize you even if duration in the USA is much shorter). YMMV of course.

Funnily enough the insurer with best offer for me for my Hawaii trip was one of the most expensive for Pacific trip so I shop around each time.

 

[Pushka]

We took out an annual trip insurance with BUPA. Much cheaper than the usuals even before the 10-15% discount for membership. Cost of the year policy was the same as just one trip policy we took out a few months earlier. This one will cover us for three trips. Excluded USA.

 

[RSD]

I've kept my annual policy with TID for quite a few years, this year was the first time that I have had to make a claim (was due to delays caused by the great Dubai flood in April), and the whole process was pleasantly quick and easy - a quick explanation as to why, and the receipts and they paid about four days later. With service like that I don't intend to switch to save a few dollars.

 

[RooFlyer]

I just took out a NIB Annual multi trip policy incl USA via my Travel agent (10% discount). Main influencing factor was that it had basic 45 day trip duration (one of my coming trips will be 37 days) and cruise auto included and rate for $20K cancellation was OK. Compared Covermore and Go cover and pricing - NIB well out in front for me.

TID is NIB, but slightly different coverage - I think trip length 35 days. I had to call to get a PDF of their PDS (only on-line at their web site) - and that was a bigger drama than it should have been.

 

[Flyfrequently]

TID is NIB, but slightly different coverage - I think trip length 35 days

Not that I have used it @RooFlyer but I believe NIB is also Qantas insurance.

 

[SYD]

Not that I have used it @RooFlyer but I believe NIB is also Qantas insurance.

AIG

So many sites suck when trying to get Annual Multi-Trip cover, they end up quoting as a single trip for a year worldwide, costing thousands of dollars!

Last year I took out cover with Medibank for about $290, this year (over the phone) they are quoting me the same cover for $370! My search was basically, worldwide coverage for trips less than 30days.

By Comparison:

• Qantas Travel Insurance was about $770 (or just over 100k points)
• Covermore was coming out at $550
• Australiapost (covermore in disguise) was coming at $615 once including cancellation and luggage item cover
• Zoom Travel at $415 (for trips of 15days)
• Fastcover $890 (for trips of 15days)
• TravelInsurance Save $539

The range in different pricing, obviously makes me want to dive into the details of each. Which I will do another day!

$370 for annual sounds quite good (and probably comes with a max trip of 45 days - for those playing at home).

 

[Flyfrequently]

AIG

$370 for annual sounds quite good (and probably comes with a max trip of 45 days - for those playing at home).

Thanks for that information @SYD , NIB is for Qantas health insurance

 

[RooFlyer]

$370 for annual sounds quite good (and probably comes with a max trip of 45 days - for those playing at home).

The amount of cancellation cover can add quite a lot to the premium. Taking cruises I get cancellation cover of $20,000 which can double the premium over basic.

 

[SeatBackForward]

AIG

$370 for annual sounds quite good (and probably comes with a max trip of 45 days - for those playing at home).

The amount of cancellation cover can add quite a lot to the premium. Taking cruises I get cancellation cover of $20,000 which can double the premium over basic.

Yes, I'll have to check the details of what exactly is covered, when the price is THAT much different I become suspicious. I am a Medibank Health insurance customer also, so perhaps that discount explains some of the difference, but can't be the entire amount. I held this cover for nearly the last 12months, but made no claims on it at all, so haven't gone over it in detail for sometime.

 

[SYD]

The amount of cancellation cover can add quite a lot to the premium. Taking cruises I get cancellation cover of $20,000 which can double the premium over basic.

TBH, health cover is the main factor for most of us - especially travelling to the US of A!

“Cancellation” risks can be mitigated to some extent with flexible bookings or the knowledge that you might be able to rebook (for a fee). But if there’s a big ticket item that can’t be refunded or used for a future credit, then maybe worthwhile doing the sums on a seperate policy for that specific cruise? I can imagine your Antarctic cruise was a very big number and all matter of things could have interfered with getting onboard on time and I’d be equally concerned.