For peace of mind, it's worth the cost. I had it and needed it last year, I'd never go overseas without it. That way if you do something stupid or someone does something stupid to you and you get injured or if you get sick you're covered. Remember accidents can happen anywhere.
What insurance company did you go with aussieBabe, all my mates want to get it in australia and we were wondering which is the best
I'm probably a bit late for this now (have been MIA) when through travelinsurancedirect.com.au last year which is kinda a part of Allianz (like how Just Car is part of AAMI).