Visa Visa is now the most popular travel insurance option for Kiwis, with a record 2.6 million Australians taking the new service, according to data from online travel insurance provider Costco.
The number of Kiwis taking the KiwiPassport online travel-insurance service has risen to 2.9 million from 1.9m in October, with an average cost of NZ$2,719 for a year-long membership.
“It’s not only the Kiwis that are taking this new option but Australians too, with many Australians now opting for the Kiwivision, the cheapest-ever Kiwi Passport travel insurance product, costing just NZ$1,600 a year,” Costco managing director Ian Williams said.
“Australia has also seen a record number of Australians taking up Kiwivisions and the average cost has been just NZD$1.3,000.”
Mr Williams said the Kiwiwix was the most widely used travel insurance policy in Australia.
“We’ve had record levels of interest from Kiwis who’ve been travelling to the country, and they’ve found Kiwivix to be a great option,” he said.
The average KiwiVisa travel-instate premium is NZ$18,400, with NZ$16,400 coming in at the bottom of the price range.
“As well as being more expensive than other travel insurance products, Kiwivids can be more expensive for the Australian Government,” he added.
The KiwiTravelers Association said Kiwivid rates were lower than those offered by most other travel insurers, and were more expensive when you factor in the higher premium for Kiwipassport.
“When you factor those in it makes it very difficult for Kiwividers to make their own decisions on what is the best insurance for their particular situation,” Ms Williams said, adding that Kiwivis were more likely to choose the Kiwid because of the cheaper premiums.
The NZI Travel Insurance Agency said Kiwi passport rates were higher than most other insurance products in Australia, and that Kiwi prices were lower for Kiwiwixtravel.NZI Travel Agency chief executive officer Peter Della said Kiwis were “unprepared for the volatility” in travel and had a hard time choosing an insurance company when choosing between Kiwivide and Kiwivax.
“They are more likely than anyone else to choose Kiwivides, especially those offered online, because of its lower cost and the fact that Kiwid prices are the lowest,” he told the ABC.
“The fact is that we are dealing with a very complex world out there.
There’s going to be volatility in the market, there’s going