Annual travel insurance more cost-effective
Analysis from MoneyExpert.com shows that some annual travel insurance policy premiums can be cheaper than the average single trip rate.
With some annual policies available for as little as £35, this undercuts the average amount a family planning a holiday in Europe this summer will pay for single trip cover by £7.
And only 9% of single trip policies are available to families travelling to Europe for less than £20.
Sean Gardner, chief executive of MoneyExpert.com, said: “Holiday makers often think that single trip cover is simple and cheap, but the truth is it’s often not best value for money. You are certainly paying for a quick fix.
“As with all insurance, the quality of cover will always vary so like-for-like comparisons are quite difficult to make. Nevertheless it remains the case that you can get annual travel insurance for the whole family without breaking the bank.
“Focusing on price alone can mean holidaymakers will be left with insurance that is not worth the price. Insurance policies are only tested when you need to make a claim. You don’t want to find out when you are making a claim that you’ve saved money at your expense.
“Average prices provide a guide as to what to look for. It is then up to holidaymakers to probe a little deeper to find the policy that suits them best.”