Moneynet blasts high street travel agents for exorbitant insurance premiums * Holidaymakers taken for a ride with ‘extortionate’ high street travel insurance premiums * Single trip premiums not regulated by FSA – consumers vulnerable * Buying online cheap, convenient and transparent
Holidaymakers are today advised to avoid buying costly insurance from high street travel agents.
Online financial comparison site www.moneynet.co.uk shows in its latest figures that major high street players like Thomas Cook, Thomson and Travelcare, which between them account for around 70 per cent of
travel insurance market#, levy premiums that are typically twice as expensive as buying cover online (see results below).
“There is no excuse for travel agents to charge these exorbitant prices,” said Moneynet Chief Executive Richard Brown.
“Single trip travel insurance can be obtained direct from a broker at very reasonable prices. The difference in price can in our view only be accounted for by commission that some agents are taking from insurance company. As usual it is consumer who loses out because of travel agents’ greed.”
Brown also warned holidaymakers that they are not fully protected by Financial Services Authority when buying single trip cover from high street.
