Disclosure: This is a collaborative post about specialist travel insurers
Whether you’re travelling overseas, or within the UK, travel insurance has arguably never been more important. With increasing numbers of flight cancellations, airline staff shortages, and Covid outbreaks, ensuring you have the right cover for your trip is vital in order to deal with any unforeseen problems efficiently and effectively.
When selecting a travel insurance provider, many holidaymakers will head to comparison sites to find the cheapest package that covers their needs, but is this the best way to protect yourself and your family?
If you’re planning a trip in the near future, it’s important that you know what you’re buying before taking out insurance. All policies vary significantly, and some deals that appear too good to be true may be just that.
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The smart money is on specialist travel insurers
When thinking of travel insurance, the providers that immediately come to mind are those with a multitude of purposes. For example they have car and home insurance as well as travel policies. These popular brands may seem like the best option due to their popularity, but that may not always be the case.
We conducted an analysis of over 20,000 reviews left on our site by genuine customers over a 5-year period, and across 91 travel insurance providers. The findings show that the providers that receive the highest ratings are those that solely offer travel insurance policies.
Some banking services offer ‘free’ travel insurance included with various bank accounts and credit cards. However if you check out the reviews, these policies are not always suitably robust if you do need to make a claim. The fact that some major high street banks are no longer offering travel insurance suggests just how challenging it can be to get things right.
The reviews breakdown
- Companies solely working within their niche, only offering travel insurance (and no additional financial products) scored an average of 4.85 (out of 5).
- Providers offering multiple types of insurance policies were next in line, scoring an average rating of 4.63.
- General providers that also offer other non-insurance products, such as banking and financial services, scored lower, with an average rating of 3.81.
- The lowest scorers were banks and other companies that hold a banking licence, receiving an average travel insurance rating of 2.30 over the same 5-year period (although it’s worth noting that the sample size is much smaller for services of this nature).
Judging from the reviews, the smart money for holidaymakers is on the specialist travel insurance providers. They know their sector and customers inside out and because it’s what they do!
Check reviews before purchasing
With such a wide range of providers with varying policies, checking customer reviews for your prospective insurer is advisable. It’s important to know you’re buying from a reputable company.
In an ideal world you won’t need to make a claim, but unfortunately, events can occur that are out of your control. So you will want to ensure that you are suitably covered. Having the reassurance from genuine customers that the provider’s customer service is strong can alleviate some of the stress. Being aware of any horror stories experienced with the provider can help you make a smart, informed decision, to get the best cover possible for you and your family.
Whilst specialist travel insurance providers as a whole get good reviews, these are averages which means that some will still be better than others. Before purchasing a policy for your next trip, check the travel insurance reviews to ensure you know exactly what you’re paying for. Then you can travel with peace of mind, knowing that you’re suitably protected.
Happy holidaying!
Jacqueline Dewey is CEO of Smart Money People, the UK’s largest financial services review site.
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