“Flight to Quality” - Brits shun cheap and cheerful travel cover for extra protection
Figures from GoCompare reveal that 55% of travel insurance sales are now 4 or 5 star Defaqto rated products
- Over 40% of travellers specifically choosing policies with extended Covid cover
- Despite move to more comprehensive cover, year on year premiums only up 7.4%
- Most popular destinations currently Turkey and Greece, followed by Italy, Portugal and Spain.
Holiday makers desperate for some late summer sun are bagging the best travel protection available, according to figures from GoCompare Travel Insurance.
55% of those buying travel insurance have upgraded to 4 or 5 star Defaqto rated policies compared to around 45% the same time 12 months ago. Over 40% of travellers purchased policies with explicit cover for cancellation caused by Covid-19.1
Defaqto is an independent researcher and products are awarded a rating from 1 to 5 Stars, based on the key features and benefits. Products with a 1 Star rating are generally more basic than those with the highest 5 Star rating, which provide the most comprehensive cover. Anyone searching for insurance products on GoCompare can see the Defaqto star rating.
Despite the impact of Covid and the move to more comprehensive cover, the average travel insurance premium paid by travellers year on year is up just 7.4%, according to GoCompare.
The so-called “Flight to quality” follows a period of unprecedented uncertainty and disruption for holiday makers in 2020. Anyone planning a trip abroad is strongly recommended to buy travel insurance.
GoCompare has also revealed that the most popular holiday destinations in recent weeks have been Turkey and Greece followed by Spain and Portugal, with Italy and the USA also appearing regularly in travel insurance applications.
Sally Jaques from GoCompare Travel Insurance said, “Travel insurance is vital for anyone booking a trip abroad, whether it is for some late sun this year or the main family holiday next year. Buy your travel insurance as soon as you book your holiday. While no travel insurance will cover you for every single eventuality, there is still a lot of very valuable protection available. Policies provide cover should you need to cancel for non-Covid reasons and most policies are providing cover for costs relating to medical care and repatriation for illness and injury, including contracting Covid while abroad. If you travel against FCO advice, you will not be covered by your travel insurance. That includes cancellation costs.
“In addition, the more comprehensive policies are more likely to provide cover for cancellation if you or anyone in your party fall ill with Coronavirus and are unable to travel, subject to medical certification or an official test result.
“You can’t blame people for wanting the best travel cover they can get at the moment, and our figures show that holiday makers are turning to the more comprehensive travel insurance plans, but they aren’t necessarily paying that much more for the added peace of mind.”
For further information please contact:
Anders Nilsson at GoCompare on 01633 654 054 or Jessica Beeken (Jessica.Beeken@Gocompare.com).
Gordon, Jason or Liz at MAW Communications on 01603 505 845
Keep up-to-date with GoCompare on Twitter; @GoCompare
Notes to editors
- Data collected from July 2019 and July 2020.
All figures are from GoCompare’s travel insurance service as provided by The Idol.
GoCompare is a comparison website that enables people to compare the costs and features of a wide variety of insurance policies, financial products and energy tariffs.
GoCompare does not charge people to use its services, and it does not accept advertising or sponsored listings, so all product comparisons are unbiased. GoCompare makes its money through fees paid by the providers of products that appear on its various comparison services when a customer buys through the site.
When it launched in 2006, it was the first comparison site to focus on displaying policy details rather than just listing prices, with the aim of helping people to make better-informed decisions when buying their insurance. GoCompare has remained dedicated to helping people choose the most appropriate products rather than just the cheapest, and has teamed up with Defaqto, the independent financial researcher, to integrate additional policy information into a number of its insurance comparison services. This allows people to compare up to an extra 30 features of cover.
GoCompare is the only comparison website to be invited to join the British Insurance Brokers’ Association (BIBA) and is authorised and regulated by the Financial Conduct Authority (FCA).