New insurance policy offers cash back
A new concept in travel insurance is making waves in the online travel industry. No Claims CashBack is offering those who purchase their insurance policy a percentage of their fee back if they make no claims on the insurance.
A few insurance companies currently promise lower annual fees for individuals who do not make claims in a year and who are renewing their insurance. In the travel industry, however, that system has been difficult to apply, particularly for those people who take out single trip insurance for one trip a year or one trip every few years.
According to No Claims CashBack, the impetus behind the new kind of insurance came from the statistic that six per cent of travelers actually make claims on their insurance.
The company allows travelers to get a quote and purchase a policy online and offers comprehensive cover while traveling including £10 million of medical cover. Those travelers who make no claims on their policy can claim for a cash back bonus between 30 to 60 days after returning home. As much as 39 per cent of what was paid for a policy could potentially be returned directly into the travelers bank account.
No Claim’s people’s representative said: “There are so many people who don’t make a claim while they’re away, and we know that an unused travel insurance policy can feel like ‘dead money’. We’ve decided to offer an alternative – the chance to get some of your cash back when you return, so that you can benefit from being a safer traveller.”
Yasmin Purnell Editorial
27/03/2008
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