Review of travel insurance cover needed according to MPs
MPs in the UK have expressed concern over the travel insurance cover that many consumers are taking out, stating that it needs to be reviewed as many people are not covered for certain situations such as terrorist attacks. According to MPs, the millions of consumers in the UK that take out insurance cover when they go on their travels could be left without any form of protection in terms of medical cover in the event of a terrorist attack. And because so many people fail to check their policies many do not realize that they are not covered in this type of situation.
MPs are now demanding a crackdown on travel insurance cover, but in the meantime those taking out cover are urged to check the small print and ensure that they have adequate cover to protect them in this and other types of situations. About a quarter of consumers are not even aware that holiday and travel insurance cover does not have to be taken through the company that they are booking the holiday with. Consumers should not assume that they have to take cover with the same company selling them the holiday and should instead shop around to get the best deal on a policy that provides them with adequate cover.
The chairman of the Treasury Select Committee commented on the small print on insurance policies sold to many consumers in the UK, stating: 'All too often, exclusions are buried in the small print of insurance policies. Holidaymakers are risking damage to their health or considerable financial loss if they require treatment while abroad or repatriation to the UK. There can be no doubt that consumers are suffering a detriment here, and that overcoming this is a mammoth challenge for the insurance industry, for all those who sell travel insurance and for those who regulate them.'
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