More travellers with less insurance

A new report published by a prominent financial research company, Defaqto, urged consumers to seriously reconsider the way they buy travel insurance.

The report was based on an analysis of the company's database containing 986 travel insurance policies. Travel insurance in the UK  is rarely better, was the result of the research.

Of the 986 policies analysed, there were 30 single trip policies charging up to £10 for a week of travel in Europe. With the cost of the cover so low, analysts at Defaqto worry that the insurer may not be able to pay out claims.

The report highlighted some 10 million international travellers who leave their homes every year without insurance of any kind. An increasing number of travellers are becoming so accustomed to international travel that they have come to believe insurance is unnecessary.

Whether these travellers are ignorant about insurance, unwilling to pay the cost or because they are unable to get insured due to medical conditions, Defaqto urges the government to help them. Both the government and the insurance companies should be doing more to educate consumers, the report says.

Brian Brown was the author of the report and Defaqtos head of insight. He said, "The insurance industry and the Government must to do more to ensure that all consumers are aware that when it comes to travel insurance, cheapest is not always best.

Brown says the two things that worry him the most are: "That consumers do not understand how baggage cover works and we believe that there needs to be more clarity with regards to insurers requiring original receipts for even minor claims."



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Jennifer JonesEditorial


28/05/2007


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