LONDON, July 6, 2011 /PRNewswire/ — Thousands of consumers are losing out on the full benefits of travel insurance by leaving it right until the last minute to buy cover, according to research released today by price comparison website comparethemarket.com.
A sample of 65,000 quotes from comparethemarket revealed that many consumers are purchasing their travel insurance just before they go on holiday. 20% of consumers take out holiday insurance just 2 days before going away and therefore miss out on a number of key benefits, including cancellation & curtailment cover – which applies right from the point of purchase.
Such cover protects travellers forced to cancel their trip for a wide range of reasons including:
- if you, a close relative or a guardian suffer a serious injury, accident or bodily injury
- if you are made redundant (if unaware of this when you booked the trip)
- if serious damage is caused to your place of residence (or business premises) by theft, fire, explosion or a force of nature
- if severe weather prevents you from travelling
- if you or your partner are a member of the armed forces and ordered to return to duty.
Jeremy Moll, Commercial Director at comparethemarket.com commented on the findings, saying: “Travel insurance is a must have purchase for people travelling in the UK or abroad, but as our research shows many are leaving it right to the last minute and therefore losing out on many of the benefits the cover can provide. It’s definitely worthwhile to make sure you plan ahead. Compare and choose the right travel insurance cover for you well in advance of travelling to ensure you can benefit from the full cover should you ever need it.”
comparethemarket.com works with leading travel insurance providers including Insure and Go, The AA, and American Express in order to give their customers highly competitive quotes on single trip, multi trip or annual cover for individuals, families or business.
An improved quote journey introduced earlier in the year has also made it even easier for consumers to compare and find the right deal.
