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Buy Now Pay Later Travel Insurance

Travel is one of life’s greatest adventures, but it can sometimes come with a hefty price tag. That’s why Fast Cover offers Buy Now, Pay Later (BNPL) options to help you spread out the cost of your travel insurance, making it easier on your wallet.

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. 

Buy Now Pay Later Services offered by Fast Cover 

The below options may be available to you depending on your circumstances.  

Zip Pay Logo
Zip Pay

Zip Pay is a fast, secure and easy way to get what you need today and repay it on a schedule that suits you.

  • Up to $1,000 credit limit
  • Pay nothing today
  • Spread repayments over a month or longer
  • No interest^. A $9.95 monthly account fee applies, Zip will waive the fee if you pay your statement closing balance in full, by the due date. If you miss a payment, a one time late payment fee of $5 will apply. A customer will be charged an additional late fee where they have caught up on all repayments and then miss another repayment at a later date.

See here for more information and Zip Pay’s terms and conditions.

Zip Money Logo
Zip Money

Zip Money makes it easier to pay for big purchases and manage large upfront costs associated with traveling. 

  • Apply for $1,000 - $5,000 credit limit
  • Pay nothing today
  • One off establishment fee up to $99 may apply
  • Up to 6 months interest free* with Fast Cover purchases
  • $9.95/mth account fee or $0 if nothing owing

See here for more information.

PayPal Pay in 4 logo
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. 

  • No interest charged: 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.

See here for PayPal's Pay in 4 terms and conditions.  

Popular Buy Now Pay Later Services for Travel Insurance 

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

afterpay

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

  • No Interest charged, but fees may apply: 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. 

Afterpay is not currently available as a payment method for Fast Cover policies. 

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 

  • 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:  

^Zip Pay. Minimum monthly repayments are required. A monthly account fee of $9.95 applies and is subject to change. Pay your closing balance in full by the due date each month and we’ll waive the fee. Available to approved applicants only and subject to completion of satisfactory credit check. Other charges may be payable. Fees and charges subject to change. T&Cs apply.

*Zip Money. Interest free term subject to minimum spend and promotional partner offer. Available to approved applicants only and subject to completion of satisfactory credit check. The repayment advertised will repay the transaction balance within the advertised interest free period. A monthly account fee of $9.95 applies and a one off establishment fee may apply for new customers. Under the contract, minimum monthly repayments are required and will vary depending on your credit limit. Instalment plans split eligible purchases of $300 and above into equal repayments within the interest free period. If you turn off instalments, transactions will be reverted to the minimum monthly repayment. Paying only the minimum monthly repayment may not necessarily repay a purchase within the interest free period. Any balance outstanding at the expiry of the interest free period will be charged at the standard variable interest rate, 25.9% per annum, as at 1 June 2023. Other charges may be payable, see T&Cs. Interest, fees and charges are subject to change. Terms & Conditions apply and are available on application. See your contract for further details. Credit provided by ZipMoney Payments Pty Ltd (ABN 58 164 440 993), Australian Credit Licence Number 441878).

~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

^ Price as at 27/10/2024 compared to the price calculated today for this policy.

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

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