Nationwide FlexPlus - Travel Insurance Cost WARNING!

MARTYM8`

As with any travel policy you need to read the detailed terms

http://www.nationwide.co.uk/~/media/MainSite/documents/products/current-accounts/flexplus/p2222-flexplus-travel-insurance-policy.pdf

Don't forget the £50 excess too - although you can pay £4.50 to waive that before your trip.

Its still good value.

Don’t forget the year’s extended warranty on electrical and other goods – even laptops.

Considering you can offset half the cost with the 3% interest on £2,000 it really isn’t bad for £5 a month (£10 less roughly £5 a month interest). Especially if you used recommend a friend and top cashback (£175) which covered my £5 net fee for three years!

jeallen01

Martyn


Sorry, but I still stand by No. 5 in my previous post - who reads and UNDERSTANDS ALL the Ts&Cs in detail when buying something new?


I'm sorry to say that I and many others do not - even though the devil is in the detail, and certainly with this one as the main focus is trying to get the best total package and especially the interest on the money you are aiming to invest. Do you?


Also, NW is generally thought to be quite a good, safe bet when putting away the appropriate amount of hard cash - so having some stings in the tail like this appears to be are an unwelcome surprise when you find out later (too late, in this instance!).


Even if you do read all the details, they would not tell you about the high levels of additional premium that you might then face. It's only in threads like this one that you find out the reality of the situation, and by then it's often too late to do much about the situation other than grin and bear the costs, or else find more affordable solutions (as we had to do).


MSE, WHICH and other info sites/mags do report (or should!) on things like this, including travel insurance, and with appropriate warnings - which, in this case, MSE does not appear to have done.


Result: any savings like the ones you mentioned above are then swallowed up, and more - we would have paid over £150 extra if we had taken up the NW screening agency cover, and that is more than the interest we gain from having the account with the maximum £5000 invested in it!


Therefore everyone needs to choose exactly which package add-on to take, and also check carefully what the non-NW alternatives would cost.

pollypenny

We only paid £90 extra for OH's hypertension, diabetes 2 and high cholesterol. We are 68 and 72.

It's an excellent account for the fee, about £5 net when keeping £2500 in the account.

noh

The NW FlexPlus travel insurance is an annual policy.
You are comparing the premium with a short term 10 day policy.
If you went on holiday 3 or more times per year the NW policy would be cheaper.
It is ideal for those who travel multiple times per year. For those who travel once it may not be cost effective.

jeallen01

noh wrote: »

The NW FlexPlus travel insurance is an annual policy.
You are comparing the premium with a short term 10 day policy.
If you went on holiday 3 or more times per year the NW policy would be cheaper.
It is ideal for those who travel multiple times per year. For those who travel once it may not be cost effective.

noh


For once in this thread, I agree with someone!


Probably not cost-effective for people like us who travel abroad twice a year at max - possibly another thing that should be taken into account by MSE recommendations

takman

MARTYM8` wrote: »

Considering you can offset half the cost with the 3% interest on £2,000 it really isn’t bad for £5 a month (£10 less roughly £5 a month interest). Especially if you used recommend a friend and top cashback (£175) which covered my £5 net fee for three years!

You shouldn't consider the interest as a discount because you could be getting 5% interest if the money was in other accounts. So your actually getting no interest from the account because it's swallowed up by fees. That is of course assuming you don't have every other high interest account filled to the max already.

MARTYM8`

takman wrote: »

You shouldn't consider the interest as a discount because you could be getting 5% interest if the money was in other accounts. So your actually getting no interest from the account because it's swallowed up by fees. That is of course assuming you don't have every other high interest account filled to the max already.

We have two cars in our household - even the breakdown cover with the account works out cheaper than what we were paying before as the cover includes any car registered to the account holder even if they aren't driving it.

I also use it for free cash withdrawals abroad which saves me around £3 on every £100 I withdraw - and got an extra years extended warranty on two electrical goods I bought last year.

All travel insurance policies require you to declare medical issues - and if you have those you might be better off going to specialist insurers.

Like any policy - check the small print.

takman

MARTYM8` wrote: »

We have two cars in our household - even the breakdown cover with the account works out cheaper than what we were paying before as the cover includes any car registered to the account holder even if they aren't driving it.

I also use it for free cash withdrawals abroad which saves me around £3 on every £100 I withdraw - and got an extra years extended warranty on two electrical goods I bought last year.

All travel insurance policies require you to declare medical issues - and if you have those you might be better off going to specialist insurers.

Like any policy - check the small print.

I'm not saying it's not good value for you I'm just saying that you need to compare each element against the cost of what you can get elsewhere. So interest can be got elsewhere so that shouldn't be used to justify it. Withdrawals abroad can also be done for free using Halifax clarity.

The breaddown cover alone may be worth it alone if it's a good service and you have multiple cars. The extended warranty is also good if you would usually buy these warranties from elsewhere.