Fast Cover Travel Insurance’s ‘Buy Now Pay Later’ Options

Why Choose BNPL for Travel Insurance?

Travel experiences can be pricey, with holidays sometimes costing upwards of $20,000. Whether you’re planning a year-long working holiday or a luxury cruise, Buy Now Pay Later options are becoming increasingly popular, especially among 25 to 34-year-olds.

For instance, a 12-month Working Holiday travel insurance policy as of July 2024 can start at $639.99, and adding cover for adventure activities or snow sports or other extras can also increase the cost. Similarly, booking a cruise 12 months in advance means you might want to manage your expenses without draining your savings.

Convenient Buy Now Pay Later Options

Not everyone has a credit card, and that’s where Buy Now Pay Later services come in handy. With a steady income to cover repayments, you can take advantage of these services to manage your travel costs in a flexible way.

Top 3 Reasons to Use Buy Now Pay Later for Your Next Holiday

Spread the Cost

Holidays can be a big expense. As of July 2024, return flights to Europe can cost around $1,500, and 2-3 weeks of accommodation can add up to several thousand dollars. Buy Now Pay Later allows you to spread the payment of these parts of your trip over several weeks rather than paying in full upfront.

Manage Cash Flow

You may be booking your holiday 3 months before you go. Paying for it so long before you get on the plane may not seem possible, so spreading the payment out in the lead-up to your holiday can help with your cash flow.

Affording Adventure

Some travel insurance policies can rise significantly depending on the type of policy chosen, for example, a 1-year worldwide backpacker policy that covers snow sports can start at over $1,500 as of July 2024. You may want to spread this cost over a few pay periods leading up to your departure. Buy Now Pay Later options can be an excellent choice, especially if you’re buying for long-term travel or taking part in more adventurous activities that will likely increase policy price.

Popular Buy Now Pay Later Services for Travel Insurance

Here’s a quick look at some popular Buy Now Pay Later options:

PayPal Pay in 4

PayPal Pay in 4 is another convenient Buy Now Pay Later option available at Fast Cover. It allows you to split your purchase into four interest-free payments, providing flexibility and ease.

Interest-Free: Split your travel insurance purchase into four equal, interest-free payments.

Quick Approval: Fast and easy approval process.

Global Acceptance: Use PayPal Pay in 4 at thousands of online stores worldwide.

Afterpay

Afterpay is a widely recognised Buy Now Pay Later option that allows you to split your purchase into four fortnightly payments without interest.

Interest-Free Payments: Four equal, interest-free instalments.

No Credit Check: No need for a credit card to use Afterpay.

User-Friendly App: Track your spending, payments, and upcoming bills with the Afterpay app.

Accepted Widely: Available at thousands of retailers, including travel and insurance providers.

Example: How Buy Now Pay Later Can Help

Anna is heading to Canada on an IEC (International Experience Canada) Visa. She needs travel insurance that includes snow sports coverage, costing around $1,879.99. With half the money currently available, she uses Buy Now Pay Later for the rest. This way, she can manage her cash flow better and still get the cover she needs.*

#FastTips for Using BNPL Wisely

Avoid Fees: Pay at least $40 per month with BNPL to dodge monthly fees.

No Early Repayment Penalties: Pay off your Buy Now Pay Later balance early without extra charges.

Be Aware of Late Fees: Make timely payments to avoid late fees from Buy Now Pay Later providers.

How to Use Buy Now Pay Later Options with Fast Cover

Fast Cover has partnered with ZIP to help you spread the cost of your trip over several weeks and is now a possibility for you to buy your policy for your next trip. But of course, we also accept Credit Card, Apple Pay, G Pay and PayPal.

Using Buy Now Pay Later options at Fast Cover is simple. During checkout, select your preferred Buy Now Pay Later service. Follow the prompts to set up your payment plan and complete your purchase. Enjoy the flexibility of spreading your travel insurance costs over time and travel with ease.

Any advice is general only and does not take into account your personal objectives, financial situation or needs. Eligibility criteria, policy terms, conditions, exclusions and limits apply to all Fast Cover policies. Consider the PDS prior to deciding on which product is right for you.

Important Notice:

*The “Buy Now Pay Later” (BNPL) option is provided to assist customers in managing their payments for travel insurance. Any examples or figures provided on this website related to the BNPL option are for illustrative purposes only and do not constitute an offer, guarantee or recommendation.

The BNPL service is offered through the Linked Services which are separate entities from Fast Cover. Approval for the BNPL service is subject to the provider’s terms and conditions, which may include a credit assessment.

Customers should carefully read and understand the terms of the BNPL service which can be found on the provider’s website, including any applicable fees, interest, repayment schedules and potential impacts on credit ratings.

Access to the BNPL service is not guaranteed and is subject to BNPL’s provider’s approval process. Fast Cover does not influence the approval decision and is not responsible for any decisions may by the BNPL provider.

Things you need to know

^* See Product Disclosure Statement for full terms and conditions and exclusions and limits that apply.

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Buy Now Pay Later Travel Insurance