Travel insurance industry slammed in report
February 26, 2007 by admin
Filed under News, News-Insurance
Millions of us could be going on holiday without adequate travel insurance due to hidden clauses in our policies.
That is according to the Treasury Select Committee (TSC) which carried out a report and found that many people are not being told exactly what they are buying when they take out insurance.
The TSC highlighted that there is “insufficient awareness” among consumers about clauses in travel insurance policies.
“All too often, exclusions are buried in the small print of insurance policies,” said John McFall, chairman of the TSC.
“Holidaymakers are risking damage to their health or considerable financial loss if they require treatment while abroad or repatriation to the UK.”
The report has caused a stir within the industry, with Which? calling it “damning” and saying that it reiterates “the urgent need for consistent regulation of travel insurance”.
“Which? research shows that travel insurance is being mis-sold and consumers aren’t being given the appropriate information,” said Mike Naylor from Which?.
“There is no reason why travel agents should be excluded from regulation.”
People planning a trip abroad are advised to take out travel insurance and Which? has compiled a list of tips to ensure that you get the right cover.
Declaring any information that may lead to a claim, checking cover limits and exclusions, looking out for excesses, reading the small print and informing the insurer of any medical conditions are all advised.
