I always have epic trips, according to Mr MK that is code for dangerous and risky. As such it makes sense to buy travel insurance every time I travel. The IEC WH visa requires travel insurance for the duration of my intended stay.

One year options for my age including extra cover for my iPhone and macbook, winter sports and no excess. NB. world nomads didn't have a no excess option.

Insurance provider	Standard excess	Price for 1 year	Extra for iphone	Extra for macbook	Extra for no excess	Extra for winter sports	Discounts available	Final price
World Nomads	$100	1160.5	80	80	No option	1160.50		$2481*
Covermore	$100	1367	40	40	426	165		$2038
Medibank private	$250	1328	37	37	299.2	166.5	200	$1763.75
1 Cover	$100	909.85	40	40	25	721.55		$1736.4
Travel insurance direct	$100	1049	40	40	100	681.85	191.08	$1719.69
Insure and go	$100	1183.47	20	20	295.87	69.91	309.85	$1277.95
Down Under	$100	871.87	60	60	30	185.96		$1209

Obviously each cover is slightly different, some cover more some cover less, but for the sake of just meeting visa requirements, Down under insurance and Insure and Go are quite close in price. Both have backpacker designed insurance, but I had to choose the comprehensive options to include winter sports and adequate cover for cancellations etc. For an extra $500, a more well known company can be chosen.

Given my previous experience, I was tossing up between Down Under Travel insurance ($1209) and Travel Insurance direct ($1719.69).

Down under travel insurance
+ Designed for backpackers
- pretty average reviews
- website design doesn't really give me confidence (I know, I know, it's not just all looks)

Travel insurance direct
+ unlimited medical, accidents, and repatriation
+ cover for stolen passports
+ no depreciation for name items (e.g. my 3 year old macbook and 1 year old iPhone)
+ 14 day refund
+ Australian owned
+ Can extend online for 12 months (however, IEC team won't be happy with this as your visa length will be the length of cover you enter the country with)
- Some pretty negative reviews

Summary
$500 can go a long way for a backpacker travelling, and it's very attractive that the company also has the option to do 2 year policies for Australians, I will blog about this after I give them a call later next week about inclusions.