My travel insurance hack saved me $856
Travel insurance is one of those nasty little expenses that always seem to take a big bite out of the holiday budget. And that annoyance is only amplified for frequent flyers who must dive into the bank account every time they bon voyage to secure a policy that prevents costs skyrocketing should something go wrong while on the road.
But there's a way for those that regularly flit to far-away places - and by that I mean more than about 300km from home - to reduce travel insurance costs and that's buying an annual policy providing 12 months cover.
To give you an example, I purchased a multi-trip policy from one of Australia's big-name insurers in April 2018 and so far it's saved me $856.
While the year isn't out it looks like I will do 11 domestic and international trips, ranging from a weekend in Brisbane to three weeks in Europe, under that policy with the cost of covering each trip ranging from $61 to $145 and adding up to $1187.
Multi-travel insurance isn't right for folks that only head away on holidays once or twice a year but should be in the mix for business and leisure travellers who depart home to work or play at least three times in 12 months.
To run the numbers a 64-year-old grandmother visiting family interstate four times a year, staying a week at a time, and escaping to Bali for a 14-day break in the middle of winter would pay $417 for five individual policies or $339 for an annual account which promises a $78 saving.
It's a similar bonus for the 30-something spending two weeks in Canada before Christmas, 10 days in Thailand during winter, a week in Japan to see the cherry blossoms bloom, and a long weekend interstate for a friend's wedding with four individual policies priced at $407 and annual cover set at $331.
There's always fine print to consider - cruise cover must be nominated, no single leisure trip can exceed 30 days, and some activities are excluded - but it's worth running the numbers to see if annual insurance will keep some money in your pocket.