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As travel begins to pick up after two years of being at a standstill, Aussies are urged to be clever about keeping their holiday budgets in check. According to the latest analysis from financial comparison site Mozo.com.au, travellers could cash in on a hidden holiday budget boost of $175 by shopping around for a more competitive travel insurance policy.

The analysis was part of the 2023 Mozo Experts Choice Travel Insurance Awards, where a team of expert data analysts and judges assessed 110 travel insurance policies from 43 different companies. Like-for-like comprehensive travel insurance policies for a family of four travelling for 14 days across four popular travel destinations were compared. The analysis revealed that comparing travel insurance policies could shave hundreds off travellers’ expenses before heading to the departure gates.

The study found that travel insurance for New Zealand was the cheapest of the four countries, while the USA was the most expensive. Those travelling to the USA could see the most significant holiday budget boost, with an average saving of $260. Closely followed by Bali ($166), the UK ($158) and then New Zealand ($115).

“With cost of living pressures being felt worldwide, Aussies need to be clever about keeping their holiday budgets in check. Our analysis revealed that comparing travel insurance could shave hundreds off their expenses before heading to the departure gates,” said Claire Frawley, Personal Finance Expert at Mozo.

Beyond searching for an excellent value policy, Frawley added that Aussies should set aside some time to read the fine print to know where they stand if things don’t go to plan. Disruptions to holiday plans are not unusual, particularly in the current environment. So, it’s essential to know what your policy covers and where you stand if you catch Covid, have to pay for an extended stay or cancel your flight or quarantine.

Mozo’s 2023 Experts Choice Travel Insurance Awards recognises companies outperforming their competitors in delivering outstanding value and quality travel insurance. This year’s winners include World2Cover for Travel Insurance Company of the Year, RACV for Exceptional Quality Travel Insurance, Medibank for Exceptional Quality & Value Annual Multi-Trip Travel Insurance & Exceptional Quality Travel Insurance, Travel Insurance Saver for Exceptional Quality Travel Insurance & Exceptional Quality Annual Multi-Trip Travel Insurance, and Ahm for Exceptional Value Medical Only Travel Insurance.

To help ensure you get the best value cover, compare policies, and read the fine print to ensure your policy covers all your holiday plans. Stay across any local government advice and regulations to keep yourself updated. By following these tips and tricks, you can take the sting out of travel insurance and enjoy your holiday with peace of mind.