Article by Catherine White
Travel insurance is having a hard time at the moment. Not only does it have to compete with the credit crunch, but now it also has to survive people becoming suspect and hesitant about purchasing the policy after a study revealed recently that many customers have been left disappointed over their cover.
A survey revealed that thousands of people are being wrongly sold travel insurance by agents every year. An online poll of 2144 people found that 5% of customers claimed they were mis-sold their policy.
Sam Marrs a travel insurance manager stated: ?This is an alarming finding, but it will be much more difficult for rogue travel agents to do this once they are regulated by the FSA.?
Marrs continued: ?Our research shows that up to as many as 8.14 million people could have bought insurance from travel agents over the past 12 months and the new regulation will provide consumers with valuable much needed protection.?
Recently the FSA introduced tighter controls on the sale of payments protection insurance to prevent loans and credit card companies from misleading customers by exaggerating its importance.
New ABTA warningDespite all the chaos surrounding travel insurance, ABTA has advised all holiday goers to still continue buying such cover.
As new governmental regulations come into effect, concerns are on the rise that in increasing numbers consumers will go on holiday without travel cover in the New Year.
Therefore, a warning has been issued by the ABTA as the Financial Services Authority (FSA) handles the regulations of travel insurance sales by tour operators and travel agents.
ABTA citied the expense involved and the difficulty of the new regulations, that came into effect from January1st. The reform will mean fewer operators offering travel cover, and thus a greater number of holidaymakers could travel without insurance in 2009.
Commonly, a travel policy will cover holiday cancellations, accidents, lost luggage and illnesses. The ABTA Code of Conduct states that member operators and agents are obliged to make their customers aware of the importance of travel insurance.
Mike Monk, ABTA?s head of financial services urged travellers to purchase travel insurance: ?When you are travelling, make sure you get adequate and appropriate travel insurance for where you are going and for what you will be doing.?
Monk stated the importance of shopping around: ?Ask your travel company about insurance, and if they can?t offer it, make sure you obtain it elsewhere as soon after you book your holiday as possible.?
About the Author
Catherine has more articles pertaining to travel insurance and other insurance related articles.
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