1 in 4 Forget Travel Insurance - Now There’s an Automatic Way
- One in four travellers don’t take out insurance
- New app uses your location to insure you
- Customise your insurance from your phone
Holidaymakers will be able to customise their insurance when they’re already abroad with a new geolocation travel insurance service.
Tech start-up Revolut has launched a new app that will let you manage your travel insurance from an app on your phone, with an average cost of £1 a day.
Once you set up the app on your phone, it will use your location to work out if you’re on holiday or not, and will turn insurance coverage on when needed.
The app means that you’ll never have to travel uninsured again, and it will make getting insurance an easy automatic process.
This could be a huge benefit to travellers, as one in four don’t get insurance when they travel, but the app will mean that this never has to happen.
Revolut said that its’ average customer spends 13 days a year abroad, which will cost a Revolut Pay-per-Day user £11.76 a year, which is much less than other travel insurance providers.
To avoid frequent travellers racking up large insurance bills, there will also be a cap on the total costs per year, or the option to pay a fixed amount for a standard annual travel insurance policy.
Revolut also currently offer a service that can save you on your travel money, so your holiday could be even cheaper this year.
Revolut will not be providing the actual insurance though- it has teamed up with Thomas Cook Money, and this is the company that will be insuring you.
Its’ policy will cover international medical and dental insurance, but can be extended to cover activities, such as winter sports, and you can add family and friends on to the insurance, which you will be able to do from the app.
Revolut operates by using Open Banking technology; you can share your information with the company and then they will pass it on to Thomas Cook to provide your insurance.
Although this will be an easier way to get insurance, it is not the cheapest.
If you travel more than twice in a year, then annual insurance is generally cheaper.
This will of course vary depending on where you’re travelling to and for how long, but if you have an annual policy then you will not have to worry about getting insurance before each trip, as the cover will already be provided.
Before getting Revolut insurance, you should also check if you’re already covered.
Some bank accounts that charge a monthly fee will have extra benefits, including travel insurance.
If you think your account is one of these, check the terms of your account.
But be aware that travel insurance is different to travel accident insurance- this only covers accidents on a train, plane, or hire car, you won’t be fully covered with this.
Travellers should also be aware of their flights luggage policies, as Ryanair has recently changed its’ one on carry on bags.
Would you use this service? Let us know in the comments!