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FSA to regulate travel insurers

Kate Hughes writes:

Tough new regulations for travel insurance have been announced in an attempt to curb confusion and "consumer detriment" surrounding one-off policies provided by travel specialists.

From January 2009, all connected travel insurance (CTI) sold with a holiday, travel tickets, accommodation or tours will be regulated by the Financial Services Authority (FSA) under the same rules that apply to standalone travel insurance policies sold through insurance companies. Firms selling travel insurance will have to demonstrate that customers are advised and sold suitable products for their needs, that they can seek redress if things go wrong and that the information they receive is clear. Policy providers will also have to be able to prove they have appropriate resources and competent staff in order to trade.

The Economic Secretary, Ed Balls, said the move would reduce the risks consumers unwittingly place themselves at due to a "knowledge gap" over travel insurance: "Companies regulated by the FSA are better at getting consumers to make an informed choice," he said. "Consumers in the future buying travel insurance sold alongside their holiday will get the same core regulatory protection and rights as consumers buying stand-alone travel insurance do now."

Travel Insurance: The Basics

Here's a report:

In its most basic form, travel insurance provides trip cancellation protection that reimburses you for penalties imposed by cruise lines, tour operators, airlines and hotels, if you must cancel your trip. Illness, injury and the death of a family member or traveling companion are among the most common reasons for canceling a vacation. Cancellation benefits also can be triggered for a variety of other reasons including strikes, natural disasters or bad weather occurring before your trip begins.

Something else travel insurance does is provide protection if your trip is interrupted after it begins. Trip interruption would have kicked in if Tommy's appendicitis first occurred during the family cruise. In addition to providing reimbursement for lost deposits and prepaid expenses, benefits usually include the cost of one-way economy airfare to return home.

If your trip is only temporarily delayed, in most cases at least six hours, a good travel insurance policy includes benefits for hotel and meal costs incurred during the delay and additional costs you incur to catch up to your cruise or tour.

Travel insurance can help when vacations go awry

Chuck Mai writes:

Vacations are special occasions that often create lasting memories of new adventures, hometowns revisited, and once-in-a-lifetime experiences you can cherish forever.

And then, there are some memories you would rather forget — the lost suitcase on the trip to Florida, the broken leg on the ski vacation to Steamboat Springs, or little Tommy's emergency appendectomy that forces the family to cancel its Caribbean cruise.

Unfortunate incidents like these can create hassles and unforeseen costs in the form of lost deposits, nonrefundable prepaid travel expenses, lost baggage and emergency medical expenses.

The solution is travel insurance. It helps you be ready for the unexpected.

Why you should buy travel insurance

Eric Silverstein writes:

On my last trip to Europe, I ignored my own best advice—I didn't purchase travel insurance. I figured I was young and healthy and could afford to buy new clothes if my luggage got lost. Besides, for all the times I've purchased travel insurance, I've never needed to use it.

My cavalier attitude came back to haunt me when I got really sick during the cruise. On my last night in Rome, I had to call a doctor to my hotel room. He diagnosed me with bronchitis, gave me a shot, and slapped me with a $200 bill. He also recommended that I not travel for five days.

I chose instead to fly home, but had I stayed, I would have racked up high bills for extra hotel nights and meals—not to mention phone calls to change my flights and notify my family. With no travel insurance, all of those expenses would be my responsibility.

Cover yourself before you travel

Ed Charles writes:

TRAVEL insurance is one of those products that few travellers pay attention to, whether they are begrudgingly buying a policy or relying on cover provided through top-end credit cards.
For that reason, travel insurance remains one of the most complained about financial products in Australia.

"It's about 18 per cent of all our work for what would be a small partner in the insurance portfolio," insurance industry ombudsman Sam Parrino says.

"That is a lot of work for us."

In the first half of 2007 there were 2,574,787 travel policies issued, which amounted to about 8.5 per cent of all insurance policies on issue, according to the Insurance Ombudsman Service.

There were 169,329 claims made and 14,713 rejected by travel insurers, 8.6 per cent of the total.

While these figures sound large, the good news is that fewer claims are being rejected than in 2006, which saw a 228 per cent increase in travel insurance claims.

Check ahead before you book your holiday

Tips for holidaymakers looking to book their holiday this month:

1. Don't forget to buy travel insurance: make sure you take cover to protect you and your family should the unexpected happen. Essentially cover will be provided for you becoming ill or getting injured whilst on holiday, are delayed at the airport or end up losing your luggage. Also, make sure you take your insurance documents with you as having telephone numbers and policy particulars at hand is crucial.

2. Check what's covered: if you're booking a holiday for the start of the skiing season in November, before booking any activity at a ski resort - such as glacier-walking, ski mobiling or cross country skiing - check your insurance to make sure the activity isn't excluded.

3. Cancellation: when you book your holiday, make sure you take your travel insurance cover out at the same time to ensure you are covered in case you suddenly fall ill / are not fit to travel and have to cancel your holiday.

4. Plan ahead before you travel: Make sure you check the British foreign and commonwealth office (fco.gov.uk) for any warnings about travelling to your holiday destinations and to see if you require any visas prior to travel. Make sure that all your vaccinations are up to date and find out about any other suggested medical advice by visiting your health-care provider. Follow this advice and be aware of possible health risks during your trip. Websites such as dh.gov.uk\travellers are also a useful source of information. Check the weather ahead of packing for your holiday (bbc.co.uk\weather\world ).