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Consumers urged to check travel insurance cover

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Rachel Springall, Press Officer
Rachel Springall, Press Officer / Finance Expert T: 01603 476210 E: Email Rachel
01/08/2022

Consumers urged to check travel insurance cover

Holidaymakers looking to take out annual travel insurance will find most policies will cover them for cancellation, delay, or lost baggage. Moneyfacts.co.uk investigates these features because, as wait times and the level of cover varies, the unprepared may have to pay out of their own pockets.

Consumers urged to check travel insurance cover

Holidaymakers looking to take out annual travel insurance will find most policies will cover them for cancellation, delay, or lost baggage. Moneyfacts.co.uk investigates these features because, as wait times and the level of cover varies, the unprepared may have to pay out of their own pockets.

  • Travel delay cover: Included on 94% of standard plans, average cover is £269 (cover ranges between £75 and £1,500). Average wait time is 11.5 hours (between four and 24) and average excess is £3 (excess ranges between £0 and £195).
  • Cancellation/Curtailment cover: Included on 99% of standard plans, average cover is £4,007 (cover ranges between £500 and £15,000). Average excess is £75 (excess ranges from £0 to £300).
  • Baggage cover: Included on 97% of standard plans, average cover is £2,030 (cover ranges between £200 and £10,000). Average excess is £72 (excess ranges between £0 and £250).
  • Travel delay cover: Included on 94% of standard plans, average cover is £269 (cover ranges between £75 and £1,500). Average wait time is 11.5 hours (between four and 24) and average excess is £3 (excess ranges between £0 and £195).
  • Cancellation/Curtailment cover: Included on 99% of standard plans, average cover is £4,007 (cover ranges between £500 and £15,000). Average excess is £75 (excess ranges from £0 to £300).
  • Baggage cover: Included on 97% of standard plans, average cover is £2,030 (cover ranges between £200 and £10,000). Average excess is £72 (excess ranges between £0 and £250).

Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“Holidaymakers preparing to take a flight for a trip over the school holidays may find peace of mind by taking out a travel insurance policy that provides them with a comprehensive level of cover. As flight cancellations, delays and baggage loss dominate the headlines it’s a good time to scrutinise the terms and excess when comparing plans and pick one with a suitable package of cover, not just the cheapest plan.

“Consumers may be surprised to know that not every standard annual policy will cover travel delay (6% don’t) but for those that do (94%), the average wait time for holidaymakers is 11.5 hours and could be as much as 24 hours before someone can claim. Waiting a whole day to claim will be less than ideal, particularly for an individual or family with no place to stay for free nearby while they await their next flight. Footing the bill for an overnight stay and food expenses may be beyond the average cover of £269, so it’s important consumers carefully consider their level of cover instead of the cheapest premium.

“Baggage loss can be a huge nightmare for holidaymakers, and while most standard annual policies have this feature (97%), the value of cover varies considerably. Some possessions could be irreplaceable, and a summer wardrobe could be expensive to replace, but for others their baggage for a short trip may not have enormous value. Having an appropriate level of cover for any loss is wise and because each person’s luggage varies, it’s not too surprising that the average cover for baggage loss has a massive range from £200 up to £10,000 and most plans require an excess to be paid.

“Consumers would be wise to take a credit card with them for any trip, along with any travel insurance policy, just in case they have to cover unexpected expenses. As a financial safety net, a credit card is wise, as it also offers consumers protection under Section 75 of the Consumer Credit Act. As with any trip, holidaymakers would be wise to check their cover and rights before they travel, particularly if they have booked their flights direct.”

Data collected by Moneyfacts for annual travel insurance plans during May 2022.

Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“Holidaymakers preparing to take a flight for a trip over the school holidays may find peace of mind by taking out a travel insurance policy that provides them with a comprehensive level of cover. As flight cancellations, delays and baggage loss dominate the headlines it’s a good time to scrutinise the terms and excess when comparing plans and pick one with a suitable package of cover, not just the cheapest plan.

“Consumers may be surprised to know that not every standard annual policy will cover travel delay (6% don’t) but for those that do (94%), the average wait time for holidaymakers is 11.5 hours and could be as much as 24 hours before someone can claim. Waiting a whole day to claim will be less than ideal, particularly for an individual or family with no place to stay for free nearby while they await their next flight. Footing the bill for an overnight stay and food expenses may be beyond the average cover of £269, so it’s important consumers carefully consider their level of cover instead of the cheapest premium.

“Baggage loss can be a huge nightmare for holidaymakers, and while most standard annual policies have this feature (97%), the value of cover varies considerably. Some possessions could be irreplaceable, and a summer wardrobe could be expensive to replace, but for others their baggage for a short trip may not have enormous value. Having an appropriate level of cover for any loss is wise and because each person’s luggage varies, it’s not too surprising that the average cover for baggage loss has a massive range from £200 up to £10,000 and most plans require an excess to be paid.

“Consumers would be wise to take a credit card with them for any trip, along with any travel insurance policy, just in case they have to cover unexpected expenses. As a financial safety net, a credit card is wise, as it also offers consumers protection under Section 75 of the Consumer Credit Act. As with any trip, holidaymakers would be wise to check their cover and rights before they travel, particularly if they have booked their flights direct.”

Data collected by Moneyfacts for annual travel insurance plans during May 2022.

Notes to editors

Pioneering financial comparison technology for over 30 years.

Moneyfacts Group plc is the UK’s leading provider of retail financial product data. Used by virtually every bank and building society in the UK, and supplied to the Bank of England, Financial Conduct Authority, Financial Ombudsman Service, HM Treasury, Prudential Regulatory Authority and UK Finance.

Our expert research team monitors the thousands of mortgages, savings, credit card, personal loan, business banking, life, pension and investment products in the UK.

Moneyfacts.co.uk is a financial product price comparison site, launched in 2000, which helps consumers compare thousands of financial products, including credit cards, savings, mortgages and many more. Unlike other comparison sites, Moneyfacts.co.uk shows whole of market data regardless of commercial bias, showing consumers a true picture of the best products based on the criteria they select.

We hope you find this press release insightful. We would appreciate a link back to Moneyfacts.co.uk if you decide to source this information.

For more information about us please see our key facts.

Broadcast

Our broadcast suite enables our finance experts to appear in-vision for television, and we regularly comment live on national and regional radio.

To arrange an interview for radio or television, please contact our press department. We have an in-house broadcast room.

 

Notes to editors

Pioneering financial comparison technology for over 30 years.

Moneyfacts Group plc is the UK’s leading provider of retail financial product data. Used by virtually every bank and building society in the UK, and supplied to the Bank of England, Financial Conduct Authority, Financial Ombudsman Service, HM Treasury, Prudential Regulatory Authority and UK Finance.

Our expert research team monitors the thousands of mortgages, savings, credit card, personal loan, business banking, life, pension and investment products in the UK.

Moneyfacts.co.uk is a financial product price comparison site, launched in 2000, which helps consumers compare thousands of financial products, including credit cards, savings, mortgages and many more. Unlike other comparison sites, Moneyfacts.co.uk shows whole of market data regardless of commercial bias, showing consumers a true picture of the best products based on the criteria they select.

We hope you find this press release insightful. We would appreciate a link back to Moneyfacts.co.uk if you decide to source this information.

For more information about us please see our key facts.

Broadcast

Our broadcast suite enables our finance experts to appear in-vision for television, and we regularly comment live on national and regional radio.

To arrange an interview for radio or television, please contact our press department. We have an in-house broadcast room.

 

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Rachel Springall Press Officer / Finance Expert
Eleanor Williams Press Officer / Finance Expert