Holiday Insurance Advice

Why it is important to check who your policy is underwritten by?

When deciding which travel insurance policy to choose, most customers will base their decision on, the type of policy, the cover, and the cost. An area for consideration, which is definitely overlooked is, who the policy is underwritten by.

Reading the Insurance Provider reviews you will find that a lot of policies are white labelled.

Wikipedias definition of a white labelled product is “A white-label product or service, is a product or service produced by one company (the producer) that other companies (the marketers) re-brand to make it appear as if they made it.”

You will also notice that a lot of travel policies are underwritten by Foreign insurance companies. There is nothing wrong with this, but it is important you check to make sure you are protected by the Financial Conduct Authority in the UK and that in the event of default you are covered under the Financial Services Compensation Scheme. If not, then I recommend checking to make sure there is financial redress from the country in which the Insurer is registered in.

Whilst I am not trying to put you off taking out a policy with a foreign Insurer, it is certainly easier if you have to complain or seek financial compensation, when you are dealing with an Insurer that is registered in the UK and by the FCA (Financial Conduct Authority).

You can also look up the number of complaints an Insurer has had, and how many of those have been resolved in the consumers favour. The financial ombudsman makes this information freely available and it is certainly worth checking the Insurer you intend to use.

Don’t let the Insurance price quoted by your travel agent put you off. You do not need to take out holiday travel insurance through the same provider you booked your holiday with. There are so many travel policies available, that using our comparison engine, you can get great cover and make some great savings on price.

Top Insurance Tips

Don’t let price be your only consideration.
Think about whether you are likely to take more than one vacation in a year (even if it is only a weekend trip).
It is best to book your travel policy as far ahead as possible.
Check to see if your policy also covers you for UK trips.
If you hire a car, make sure your travel policy automatically covers this.
Check if your policy automatically cover airline failure?
If you are travelling to the United States, do you need a visa or do you comply with the VWP (visa waiver program)? click here to check
If you are travelling to Europe have you ordered your (European Health Insurance Card) EHIC. This can be ordered free at via the NHS Website IMPORTANT POINT don’t apply for your EIHC through any other website, as they will charge you a fee and you don’t need to pay for this service

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Holiday Insurance Advice