Sunday, May 18, 2008

Travel Insurance – Prices Drop as Competition Rises

It’s always great to hear about price drops and holidaymakers will be especially pleased to hear that the cost of travel insurance has dropped significantly.

The reason for this recent drop is due to the increased amount of competition between travel insurance providers. A study has shown that overseas trips rose by more than 17 per cent between 2002 and 2006. The study also shows that there is evidence Brits are travelling to more distant places for their holidays.

The research looked into different travel insurance policies in an attempt to assess any premium changes that had been made since 2002. It was discovered that the only rise was on annual travel insurance taken out for trips to the USA.

The author of the report said that with the amount of cheap travel insurance policies that are available on the internet, other policy providers have been forced to lower their costs.

However, the study also showed that one in seven holidaymakers still go on their holidays without any insurance. The author of the report says that there is no excuse for people to travel uninsured as single trip insurance can be bought for just £6 for a week’s holiday.

American Express Insurance Services also researched the issues surrounding travel insurance and found that there was a real need for it as there are many people using their laptops and Blackberries around the pool.

The company said that holidaymakers need to make sure that their insurance policies cover them for any devices they take to the pool with them in case they were to get splashed and ruined.

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There are so many cheap travel insurance policies on the internet that other companies have had to cut the cost of their policies. American Express Insurance Services have found that there is a real need for travel insurance as many people are taking their laptops and Blackberries around the pool. The company have said that holidaymakers need to make sure that their insurance policies cover them for any devices that they may take to the pool with them in case they were to get splashed and ruined.

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