Agents travel insurance rates branded a ‘rip-off’
A direct sell travel insurance firm has accused travel agents of ripping off holidaymakers and called for them to be regulated.
Research by InsureandGo found that on average the cost of insurance for a single trip cost 91.8% more from agents compared with the 25% most competitive insurers in the market.
But the difference in prices depends on the product, according to the research.
The average cost for travel insurance within the European Union is 9.3% more from travel agents than the market average, while a worldwide insurance policy is 23.3% more expensive.
InsureandGo called for all agents to be regulated by the Financial Services Authority (FSA) as other insurers already are.
Director Perry Wilson said: “As if it isn’t bad enough that travel agents are indulging in heavy-handed and misleading practices to sell their insurance products, now we find that they are massively overcharging
customers too.
“We believe that this makes the case for firm FSA regulation
absolutely irrefutable and the Government needs to act immediately.
“The industry needs a level playing field and customers need
protection – and a better deal from their insurance providers.”
Price of Average Single Trip Premiums:
European Travel/Worldwide Travel/Worldwide
including USA/Overall
Travel agents £37.58 £84.10 £87.82 £63.34
Whole of market £34.37 £68.22£73.30 £54.84
25% most competitive providers £20.02 £42.30
£43.99 £33.03
% difference between travel agents and 25% most
competitive providers
87.7% 98.8% 99.6% 91.8%
Source: Defaqto
Comparison between agents against InsureandGo and
the market average:
Provider Name of package Cost for Family for 17 days
to Europe % above market average
Thomson Gold Travel Insurance
£103.96 +152
Thomas Cook Classic Travel Insurance
£116.96 +190
Trailfinders Single Trip Travel £55 +37
Worldchoice Premier £48.01 +19
InsureandGo Silver £31.41 22% below
InsureandGo Bronze £26.27 35% below
Market average – £40.28 –
*Family consists of two adults and two children,
aged eight and ten
by Phil Davies
Phil Davies
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