PRN: Travel Insurance Rip Off

Travel Insurance Rip Off [18-April-2012] LONDON, April 18, 2012 /PRNewswire/ -- Families who claim on their travel insurance for damage or loss of their luggage, could face hundreds of pounds in excess when they make a claim, according to new findings from InsureMyExcess.com. Many cheap travel insurance policies appear to have a reasonable excess, but if you are a family of four on holiday and need to make a claim for one family member who has lost or damaged baggage to the value of £250, you will very often be charged the excess for each member of the family, even though the claim is for only one piece luggage.

Persone Matt Tumbridge, April
Luoghi Londra
Argomenti internet

18/apr/2012 13.47.37 PR Newswire Turismo Contatta l'autore

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Travel Insurance Rip Off

 
[18-April-2012]
 

LONDON, April 18, 2012 /PRNewswire/ --

Families who claim on their travel insurance for damage or loss of their luggage, could face hundreds of pounds in excess when they make a claim, according to new findings from InsureMyExcess.com.

Many cheap travel insurance policies appear to have a reasonable excess, but if you are a family of four on holiday and need to make a claim for one family member who has lost or damaged baggage to the value of £250, you will very often be charged the excess for each member of the family, even though the claim is for only one piece luggage.  So for example, if the travel insurance policy has an excess of £100 per person, then £400 will be the excess total on one baggage claim and you will be given nothing from the insurance company.

Fig 1 Example of a low-cost travel insurance policy:

•Â Family of 4

•Â 40 year old parents

• 2 children - 12 and 14

•Â Annual, European cover,

•Â Healthy / no pre-existing conditions

                                              Cost of Claim                                              on                   Example       Travel       Loss/Damage   Saving with                   Travel Policy Policy       of a piece of InsureMyExcess.com*     Cover         Premium       Excess       luggage     Family of     Four       (Name Policy) GBP29.29      GBP150       GBP610        GBP447.61 


*Having an InsureMyExcess.com policy in this example makes it possible to claim the £610. The InsuremyExcess.com premium for £1,000 of excess cover is £162.39, resulting in a net payment to the insured family of £447.61 in the event of a claim.

Matt Tumbridge, Director of InsureMyExcess.co.uk comments: "Families can be hit badly if they have to make a claim on their travel insurance because the excess is so often charged per person on the policy.

"Many consumers don't know what their total excess will be and will be put under severe financial pressure if they have to make a claim. It's a time bomb waiting to explode.  

"What many families don't realise is that they can avoid paying any excess at all by taking out a policy with InsureMyExcess.com, which gives them peace of mind and protects them in the event of a claim.  When they make a claim, their excess will be reimbursed.  In fact, holiday makers can save on their insurance premiums if they take out our excess insurance, and they can then agree to a higher excess to get their main insurance premium down."

For further information, please visit http://www.insuremyexcess.com.

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