Holiday insurance and Packaged current accounts

tobiascurious

Is there any reason why I can't take out a packaged current account just to get the travel insurance, and then close it straight after my holiday is over?

I know that Lloyds, Barclays, First Direct, Halifax all offer travel insurance on some of their accounts

thanks

jambosans

As far as I am aware there is nothing to stop you from upgrading and then downgrading straight away. Most of these accounts will offer a cooling off period after you upgrade. If you use the account for a month, pay the fee, then downgrade, I see no harm. However I would consult the terms and conditions of each of the accounts as there may be some exceptions.

davetrousers

Just go to Travelinsuranceweb (through Quidco) 2 weeks European cover will be about £15 for 2 people.

tobiascurious

davetrousers wrote: »

Just go to Travelinsuranceweb (through Quidco) 2 weeks European cover will be about £15 for 2 people.

Thanks. But I'm a bit wary of cheap travel insurance. And it's for travel outside Europe

opinions4u

tobiascurious wrote: »

Is there any reason why I can't take out a packaged current account just to get the travel insurance, and then close it straight after my holiday is over?

I know that Lloyds, Barclays, First Direct, Halifax all offer travel insurance on some of their accounts

thanks

Some accounts have a 12 month contractual agreement on them. Others (like Halifax) don't, but they do have a clause that says they can claw back costs if you act in the way you suggest.

That said, if you go on holiday and don't claim, how would they ever know that you'd used the benefit?

I have to be honest, although I've always been critical of packaged accounts, the mix of benefits from Halifax has actually been very profitable to me.

My favourite being the home emergency callout cover that has been used 3 times!

But in a normal year I doubt very much it would pay. Mrs O4u insists we have it though.