Holidaymakers told to shop around for travel insurance
Wednesday, 05 Jan 2005 09:00
Check existing travel insurance entitlements before buying a new policy
Holidaymakers can pay up to £120 too much for travel insurance by buying from travel agents, according to a leading insurer.
One in three Britons buys insurance cover for their trips abroad from travel agents, instead of shopping around or checking existing entitlements.
The total savings that could be made by shopping around add up to £1.2 billion across the industry, Churchill Insurance has found.
As well as making potential savings, holidaymakers should be aware that agent bought policies are not regulated by the new insurance regulation regime, which begins on January 14.
"This time of year is a bargain hunter's paradise and travellers will be able to make huge savings on their holidays. Shoppers should not stop at the cost of a holiday as they could make significant savings on their insurance too, by avoiding travel agents' fees and booking direct," said Paul Whymark, head of travel insurance at Churchill Insurance.
He added that anyone planning to make more than one trip abroad over the coming year could save even more by taking out an annual policy, rather than relying on trip-by-trip cover.
However, tourists may not need to take out a seperate travel insurance policy at all.
Several credit card providers, and even some current accounts, offer free travel insurance and consumers are advised to check to see if they are covered in advance.