Travel insurance is considered an essential holiday document – yet many UK-based globetrotters are being boxed out. Currently, numerous policies do not cover pre-existing medical conditions, leaving many travellers ineligible and open to be unprotected. Meanwhile, Express.co.uk has previously reported how Britons who disclose false travel insurance information, in the hope of disguising a pre-exiting illness or injury, can subsequently be caught out with a huge fine. Yet the Financial Conduct Authority (FCA) today announced a consultation which could change all that – opening the door for better protection for Britons.
The survey is specially targeted at giving those with pre-existing troubles better access to travel insurance policies.
It hopes to collate a number of firms who are better equipped to provide protection in these cases.
British travellers who can particularly benefit are those who have had cover declined or cancelled part-way through their trip in the past, or those who have been hit with additional premiums because of their medical history.
The FCA believed around 0.7 per cent of Britons are flat out declined any cover every year.
The consultation will take place until 15 September 2019.
Christopher Woolard, executive director of strategy and competition at the FCA, said: “We want to reduce the numbers of consumers, who are currently faced with a choice of not travelling or travelling without insurance, and running the risk of incurring significant costs, including medical bills abroad.
“The changes proposed today will be an important step in helping people to navigate the market more easily and also in reducing the number of customers who are over-paying significantly for travel insurance.”
The consummation, which takes place in the height of the summer holiday season, has been welcomed by finance experts.
Aashna Shroff, Personal Finance expert at money.co.uk, said: “We welcome today’s announcement from the FCA.
“We hope the consultation will lead to better access to travel insurance for consumers with pre-existing conditions.
“Too many consumers end up taking the risk of travelling without insurance if they are unable to take out a policy due to a prior illness or injury, and, in some cases, even give up the idea of travelling altogether because they think they can’t get the cover they need.
“The reality is that you can get travel insurance with a pre-existing medical condition, but not every insurer will cover you and those that do will charge you more because you are more likely to claim.
“This is why it is really important to shop around and compare policies to understand exactly what is covered and to make sure you are getting the best price possible.”
Meanwhile, Express.co.uk has previously reported how Britons should look out for a particular phrase when seeking out travel insurance.
It has also been flagged how travel insurance policies are equally as important at home as abroad.
Published at Mon, 15 Jul 2019 13:32:00 +0000