Moneynet Warns that Single Trip Insurance Policies are Burning a Hole in Travellers’ Wallets

Published: Mon Jul 17 2006

Holidaymakers are set to have their pockets picked before they even leave home this summer by purchasing single trip travel insurance, warns Moneynet.

"Along with remedies for the Turkey Trots, travel insurance is viewed by many as a tiresome necessity when making holiday plans and is often purchased without a second thought," said Moneynet managing director Richard Brown.

"But whilst it’s better to have than not have, travellers are spending far more than they need to by purchasing over-priced policies to cover just one holiday – and then doing the same again for each trip abroad."

Holidaymakers are also at risk of buying policies with inappropriate levels of cover, either too high or too low, simply because they don’t read the small print.

"Whilst it’s crucial to ensure that the level of cover is sufficient for your needs, it’s equally important to ensure that you are not paying for unnecessarily high levels of cover," added Brown. "Some policie, for example, offer up to £10million of medical expenses cover when travelling in Europe. It’s difficult to see how this level of cover could ever be required."

Research by Moneynet into the cost of single trip policies compared to annual cover reveals the huge chasm between the dearest and the cheapest policies on offer this summer.

A single trip policy with the Post Office for a family of four travelling to Europe costs £50.00 but for just £12.18 extra they could insure themselves for a whole year with Insure & Go via Moneynet’s search facility.

You don’t need to speak the lingo to understand the savings to be made by shopping around before you buy.

"The days of the annual two-week trip to the Costas is long gone," said Brown. "With growing numbers of people making two or three trips abroad each year these days, it makes no sense to buy several insurance policies when an annual multi-trip policy will cost you less. That way, you’re covered no matter where you go and you’ve saved cash that’s better spent on enjoying yourself."

For worldwide travelling, the savings really stack up. A family of four purchasing a policy from Europ Assistance to cover them for multi-trip worldwide travel would have to fork out a whopping £246.27, but a short trip to the computer could save them £91 with similar cover from the Post Office coming up as a best buy this time - enough for a bargain flight to Europe!

"The comfort of your own computer is the best place to buy any kind of insurance," said Brown. "Booking a holiday is exciting – buying travel insurance is not and consequently few people are likely to read the small print whilst looking at pictures of swimming pools. Buying online means you can shop around for the best value and take the time to read up on exactly what you will – and won’t - be covered for should you need to make a claim."

Consumer enquiries: 0208 460 2833

Richard Brown, Chief Executive, Moneynet 020 8313 9030

Editor's notes
Moneynet personal finance is the UK’s longest established online personal finance research and data analysts. The company offers consumers a choice of thousands of low cost financial services products. From mortgages, personal loans to motor, home and medical, and life insurance, credit cards, savings accounts and best buy fixed rate products, Moneynet is one of the most comprehensive online services of its kind in the UK. Founded by chief executive Richard Brown, the Moneynet brand is destined to become one of the UK's major players in consumer finance products.

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