Holidaymakers should question travel insurance providers

09 March 2009 08:02

Holidaymakers should question travel insurance providers

When it comes time to renew an annual travel insurance policy, holidaymakers should protect themselves by making sure to ask the crucial questions.

That is according to US holiday insurance company CSA Travel Protection, which urged all travellers to do plenty of research before selecting a provider and purchasing a policy.

It encouraged consumers to ensure their provider is backed by a fully regulated underwriter and that the company is fully accredited.

CSA suggested that a good way of checking the validity of a holiday insurance company is to enquire whether it is listed by any of the reputable comparison websites, as these work closely with leading companies and industry associations.

Last month, Abbey conducted research suggesting that young adults between the ages of 18 and 34 are more likely to be cutting down their holiday budgets because of financial worries.

It also revealed that 35 per cent of people are searching for the best-priced financial services, such as travel insurance - this is leading to annual average savings of £139 per year.ADNFCR-1320-ID-19054621-ADNFCR

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Martin Rothwell, Senior Partner World First Travel Insurance, says:

Travellers should primarily check that the broker they are insuring with is directly authorised and regulated by the Financial Services Authority and that the insurer subscribes to the Financial Services Compensation Scheme. Some insurers choose not to be listed on comparison sites which command a commission of up to 35% thus not necessarily making the travel insurance they offer the cheapest online.