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Is travel insurance a rip-off?
Travel insurance is as
important as
sunglasses, a sun hat or sunscreen lotion and is
strongly advised if you're planning a trip abroad.
If you don't have a policy already set up - which is possible,
especially if you're booking a last minute holiday - it can
seem tempting to simply to take the cover offered by the
travel agent.
But they are often vastly more expensive, sometimes costing
between £100-£200 for the same cover you might find elsewhere
for £25-£50.
Take the following actual experience of a married couple
aged 65+
booking a 1 week holiday to a EU destination.
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Having found the best flight prices
offered by Thomas Cook they proceeded with the booking process
ticking the insurance required box as the premium of £48.40
seemed reasonable.
However, when they downloaded the
booking confirmation they noticed the insurance cover was for
just 1 person, despite throughout the booking process
everything else was shown for 2 people.
They contacted Thomas Cook direct who
confirmed that the insurance premium quoted was for just one
person and, to cover both travellers would cost twice as much
£96.80p.
As they considered a premium of £96.80p
to cover two people for just 1 week unreasonable they
requested the insurance cover be cancelled, only to be
informed that this was not possible. However after a
conversation with a supervisor it was agreed the cover could
be cancelled for a fee of £15.
As the insurance company shown shown on
the insurance confirmation was Axa they obtained a quote
online direct from the insurance company which came out
at £42.45p for 2 people for 1 week.
(Less than half the cost
Thomas Cook was charging for the same cover)
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They then decided to check
out a comparison site and found the same
level of of cover for just £35.16p a saving
of £61.64 on the quotation from Thomas Cook. |
The message being:
Finding the right single trip or annual family
holiday insurance is important and you don't have to
pay through the nose for it.
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Research shows travel agents as being the most expensive place
to go for travel insurance policies, followed by banks and
high street retailers with the
best premiums
being available from insurance brokers, buying direct or
through online
comparison sites.
The Which? buying guide advises:
Declare any information that could lead to a claim, especially
any pre-existing medical conditions affecting you or someone
else on whom your travel may depend ~ Check cover limits and
exclusions ~ Watch out for excesses ~ Read the small print
thoroughly and ask questions about anything you don't
understand ~ Your travel insurance policy should meet these
minimum criteria: at least £1 million of medical cover in
Europe, and £2 million in the USA and the rest of the world.
This includes an air ambulance to get you home, if necessary
at least £1,500 baggage and belongings cover ~ Policies often
have a single item limit ~ At least £3,000 cancellation or
curtailment cover, including prepaid excursions and the costs
of getting you home (for example, if a close relative falls
ill) ~ Personal liability cover of at least £1 million. This
covers any costs as a result of you injuring someone, or
damaging their property ~ A 24-hour emergency line and cover
for legal expenses membership of the Financial Ombudsman
Service. If you have a dispute that you can't settle with the
insurer, you can complain to the ombudsman for free. They can
force the insurer to settle claims and pay compensation ~
Don't buy insurance from a travel agent ~ It might seem
convenient to buy your travel insurance cover when you book
your holiday, but you're likely to pay over the odds if you do
~ You also get less protection if you're sold an inappropriate
policy by a travel agent, and research shows travel agents
aren't good at advising on insurance.
Q. Is travel insurance a rip-off?
A.
We don't believe so, as
failure to safeguard your hard-earned holiday savings is
surely short sighted when the process of securing travel
insurance is so simple, fast and cheap and is the one
thing you should never think about leaving home without.
.
In short, travel insurance is your
Safety Net and just a few clicks away.
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