Most packaged accounts come with travel insurance
0 commentsDefaqto, the financial research firm, has revealed that 81% of packaged current accounts come with some form of travel insurance. This may come as a surprise to some customers who did not realise that they were in fact covered for their holidays by their packaged accounts.
Packaged accounts are bank accounts that require a monthly fee, and in exchange the account holder gets access to a number of special offers and extra services.
Defaqto carried out research into packaged accounts to see just what was on offer. They discovered that, of all the packaged accounts they reviewed:
- 67% provide travel insurance cover for the whole family
- 75% offer worldwide insurance
- 6% provide European-only cover
- 60% offer winter-sports cover
- 13% only provide cover for the account holder and their spouse
- 1% only provide cover to the account holder
Packaged accounts often come with a number of other benefits in addition to travel insurance, including:
- commission-free currency exchange and travellers cheques (offered by 90%)
- motor breakdown assistance (60%)
- European breakdown cover (14%)
- access to airport lounges (38%)
- other discounts for holidays and travel (67%)
David Black from Defaqto said that packaged accounts “generally offer a variety of benefits,” but warned that there are “often wide variations in the extent or coverage offered”. For this reason it is essential that customers check exactly what is offered and don’t simply assume that they have adequate travel insurance cover for their trips.
It is especially important for packaged-account holders to check their travel insurance if they have special requirements. This applies to people who require pre-existing medical cover, anyone who may face age restrictions and anyone planning to take part in sports activities whilst abroad. These groups may well need to take out a separate travel insurance policy to ensure that they have enough cover.
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