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The AK found major differences in the premiums and benefits of travel insurance. However, the premiums can only be compared with one another to a very limited extent, since the services included also differ greatly. AK Tip: Before you travel, think carefully about what is important when it comes to travel insurance and use a list of priorities to compare tariffs. This is shown by a current AK analysis of eight travel insurers.
Between March and May 2023, the AK examined the travel insurance products of eight travel insurers: Allianz Travel, Europäische Reiseversicherung, HanseMerkur, Uniqa, Grazer Wechselseitiger, LTA Lifecard, Wiener Städtische, Axa Assistance. These are "packages" or complete tariffs with various components: trip cancellation, trip interruption, travel liability, luggage, travel accident and travel health insurance. Some tariffs include special additional coverage.
AK has designed three models: A complete package for a family with two children who book a cheap 14-day holiday in Europe - travel price 3.500 euros. The range of travel insurances stretches from around 90 euros (Uniqa) to 278 euros (LTA).
The travel insurance for a traveler for a 10-day vacation in Europe (trip price 1.250 euros) also shows significant differences - from almost 32 (Uniqa) to 162 euros (LTA). And also the Matura trip for one person, one week in Turkey (trip price 1.000 euros), costs around 30 (Uniqa) to 152 euros (LTA).
The tariffs and premiums have become more expensive compared to 2017 (last AK survey). “With the same model assumptions and comparable tariffs, the premiums have increased by up to 23 percent. The average increase was almost 14 percent. Comparing pays off in times of rising prices,” advises AK consumer advocate Christian Prantner. Travelers who want to take out travel insurance should not only pay attention to the premium, but also to the sums insured in the individual modules, exclusions and restrictions as well as the local (Europe, worldwide) and period of validity (for the trip itself, annual contract) of the travel insurance policy. There are individual, single parent, family or group tariffs, tariffs with or without deductible provisions. The terms of the travel insurance policy can be limited to the duration of the trip or can be concluded on an annual basis ("annual contracts"), whereby it often pays off to take out annual travel insurance for two or more trips per year, because the premium difference compared to a single trip is often only slightly higher.
This is what you should know about travel insurance – three tips:
- Focus on travel protection: Make it clear which travel insurance is particularly important to you. Obtain multiple bids and be mindful of side conditions (deadlines), exclusions, and limitations when making your selection.
- Pay attention to achievements: Do not just take out the first tariff you find on the Internet or on travel portal sites, but make sure you know exactly what is insured and what is not.
- View product information sheets: Study the statutory product information sheets that you must receive before concluding the contract - they list the most important cornerstones of the insurance product. Also make a note of the contact details for the insurance company's 24-hour hotline.
