Fast Cover awarded Best Travel Insurance – Value award

Fast Cover is proud to to have been awarded the “Best Travel Insurance – Value Award”. The below article has been provided by James Martin, Finder’s† insurance editor.

Fast Cover is proud to to have been awarded the Best Travel Insurance – Value Award”The below article has been provided by James Martin, Finder’s insurance editor. 

Fast Cover has been recognised for its commitment to cost-effective travel insurance at this year’s Finder Awards.   

The travel insurance company won the Best Travel Insurance - Value award owing to its low pricing and innovative broad  insurance product. 

Fast Cover’s award came after Finder’s detailed analysis of 28 travel insurers in Australia, which spanned more than 100 hours of research in total. 

Why Fast Cover took the award for Best Travel Insurance - Value 

Put simply, Fast Cover Travel Insurance won the 2023 award for Value because it's cheaper on average than 27 other policies analysed by Finder.  

Fast Cover’s first place is a fantastic achievement. It comes at a time when stubbornly high inflation is seeing millions of Australians keep a close eye on their spending. 

Recent Finder research has found the cost of overseas travel has become prohibitive for more than 1 in 3 (37%) Australians – with some 7.5 million priced out of overseas journeys.  

A further 23% said international travel costs were in danger of becoming too expensive for them. 

High insurance costs are likely to play a big part in this – not least if prospective travellers follow the travel insurance adage: “If you can’t afford to insure the trip, you can’t afford to take the holiday”. 

According to Finder: This year, Finder Awards analysis found a difference of $906 between the cheapest and most expensive international policies.  

Fast Cover’s win is testimony to its ability to offer consistently low premiums and, in turn, help consumers make their longed-for trip away. 

More on how the winners of the Finder Awards are selected 

Finder sourced 312 travel quotes across 13 traveller profiles as part of its comprehensive analysis in 2023. 

Finder got quotes for dozens of popular destinations. The highest-scoring policies were those which offered the lowest prices without losing sight of the importance of quality policy features. 

In total, more than 900+ features were compared in the Awards process in 2023. The Value category included a weighted price and feature split of 70/30.  

Let’s take a closer look at how Finder calculated its price score for travel insurance:  

To work out how much each provider charges for a travel insurance policy, Finder got prices for 13 travel profiles. 

Finder sourced quotes for both the 30-year-old and 79-year-old age groups. Our quotes were for a 2-week trip to much-loved Aussie destinations including: 

  • New Zealand 

  • Indonesia 

  • USA 

  • Europe 

  • Domestic trips within Australia 

Finder then worked out the average price for international and domestic trips.  

A separate category for seniors was also part of Finder’s research. To get this price, Finder calculated the average cost of an international policy for a 79-year-old. 

Fast Cover scored highly on policy features  

Overall, 18 features were analysed – Fast Cover’s wide-range of policies met all the key inclusions including COVID coverage, trip cancellations and luggage delays.  

Its offer of unlimited cover for overseas medical expenses and cancellation costs may bring much-needed comfort to some travellers. 

Finder focused on policies that they consider comprehensive. But our experts noted that Fast Cover offers more options to lower upfront policy costs through its Standard Saver and its Frequent Traveller Saver policies. 

Finder’s judges were also impressed with the flexibility of Fast Cover’s travel insurance.  

The travel insurance company offers a long cooling-off period of 25 days.  

Customers can opt to pay an additional premium and reduce their policy excess to either $100 or zero. There’s also Instant Cancellation Cover, which means customers’ trip cancellation insurance is activated right away. However, there is a 72 hour no cover period from time of pruchase for COVID-19 Benefits. 

And the provider’s 48-hour price guarantee will only provide further buying confidence for consumers. Another plus in this regard is the insurer’s round-the-clock Emergency Medical Assistance hotline. 

Meanwhile, its COVID-19 Benefits and Refund Policy lets customers extend their money-back guarantee for certain COVID-related trip cancellations.  

In fact, Fast Cover’s COVID coverage is excellent. It pays for some added travel expenses related to COVID. For example, it covers holidaymakers who catch the virus and need to delay their flights home, including costs for staying in accommodation longer than expected.  

Similarly, its COVID coverage extends to cover medical evacuation and childcare costs, making it a family-friendly option. It was noted that many other travel insurance providers don't offer this. 

Finally, Fast Cover has a range of additional options that can help travellers to shape a policy to their individual needs. This includes cover for skiing and snowboarding, an adventure pack, a motorcycle pack and a bicycle pack.  

A summary of Fast Cover awards in recent years 

 Last year, Fast Cover was one of only 3 travel insurance companies to be shortlisted for Best Insurance Innovation at the Finder Innovation Awards. 

In 2023 Fast Cover has gone a step further – we congratulate Fast Cover on its very well-deserved recognition at the 2023 Awards.

 Fast Cover has a referral arrangement with this company.

 

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