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Research
shows that single trip travel insurance could be many times
cheaper than annual cover
Independent
financial research company Defaqto’s latest
travel insurance report suggests that consumers who
take one holiday this year would be better off buying
a single trip travel insurance policy than an annual
policy.
According to Defaqto Head of Research Brian Brown,
“…it makes sense to buy a policy to cover
what you actually need and by so doing, if you’re
only going to take one holiday in a year then a single
trip travel insurance policy could work out up to
147%* cheaper than an annual policy.”
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The table below
shows the average cost of single trip and annual travel insurance
policies:
| Travel
insurance type |
Average
cost of single trip travel insurance policy for 17 days
cover |
Average
cost of annual travel insurance policy |
Average
additional cost of an annual policy |
| Europe
- individual |
£18.65 |
£46.05 |
£27.40
(+147%) |
| Europe
– family of 4 |
£40.14 |
£82.87
|
£42.73
(+106%) |
| USA - individual
|
£40.89
|
£67.74
|
£26.85
(+66%) |
| USA –
family of 4 |
£88.05 |
£119.66
|
£31.61
(+36%) |
More information
is available via www.defaqto.com/stars
Always check with the insurance company
that the insurance you are paying for covers all the activities
you anticipate to participate in are covered in your policy.It
is essential to buy the right travel insurance before you
go on holiday. You need to make sure you have the right
travel insurance for where you are going, and know exactly
what is in your travel insurance policy.
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Otherwise
you could pay a huge financial penalty if things go
horribly wrong. When choosing your service provider,
compare more than just the price. You will need to
take into consideration other benefits like the cover
itself, the exclusions on the cover and other product
features. |
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