UK holidaymakers waste up to £235m every year by purchasing their travel insurance from tour operators rather than shopping around, revealed a survey from Defaqto.
The company calculated that the travel agent share of the travel insurance market was worth approximately £430m.
Defaqto analysed more than 500 single-trip and annual travel policies from over 165 providers to select its ‘Top Buy' single trip and annual policies. The report placed Debenhams policies at the top of both lists.
The company said 60% of travellers still buy their travel insurance from tour providers, despite that fact that they often cost significantly more than specialist providers.
Defaqto group commercial director Mark Hayes-Newington, said: “Many people assume that if their travel insurance is expensive that this will equate to quality cover. However, our research shows that this is clearly not the case.
“The polices offered by some of the most well known high street travel agents and big name tour operators have cover levels little different from other suppliers but are considerably more expensive.”
The top listed companies for both single trip and annual travel policies were as follows.
SINGLE TRIP BEST BUYS - 2004
Debenhams - Single Trip Insurance
Direct Travel - Premier Plus
Esure - Single Trip Travel Insurance
Marks & Spencer - Single Trip Travel Insurance
Nationwide - Travel Insurance
Sainsbury's Bank - Single Trip
Travelplan Direct - Holiday Insurance
Travelstore.com - Single Trip Travel Insurance
ANNUAL TRAVEL INSURANCE BEST BUYS – 2004
Debenhams - Travel Insurance
Essential Travel - Superior Cover (21 days)
Harrison Beaumont - Multi-Trip Travel Insurance
Hiscox - Multi-Trip Travel
HSBC - Platinum Credit Card Travel
Link Insurance - Annual Travel
Medisure - Travel Protector – Leisure Traveller
Travelplan Direct - Holiday Insurance
Travsure - Annual Holiday Travel
Yorkshire Building Society - Travel Insurance – Annual Cover
