Do Not Be Fooled By Offers of Free Travel Insurance

Fri, 01 Jun 2007

The travel insurance benefits that can be gained through fee paying credit cards are not always worth the money spent, according to a claims comparison website .

Moneyfacts.co.uk has claimed that with the increasing numbers of providers charging fees on free card accounts, even monthly or annual fee-paying customers are not receiving the best deals .

In particular, ‘free’ travel insurance, which is provided as a benefit or an incentive to fee paying customers, costs more than policies that could be found elsewhere.

Some cards make this benefit conditional on the customer purchasing travel arrangements with the card, incurring transaction costs and interest which could push the price higher than other policies on the market.

Michelle Slade of Moneyfacts.co.uk added that the free travel insurance might not always be best suited for the customers .

She warned: "Before you travel, check the policy covers all you need. Is it worldwide or just for Europe ? Does it cover an individual or your family? Does it cover winter sports ? Are existing medical conditions covered? What are the maximum payouts?"

Trying to find low cost but adequate travel cover is very important for all holidaymakers, as recent research surprisingly revealed a large percentage of travellers skip on taking out relative insurance .

CreditExpert.co.uk, an online credit monitoring service, stated that around 12 million Brits get themselves into debt due to the consequences of paying for holidays and arrangements, with up to 25 per cent doing so by credit .

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