Thomas Cook - bust? Can I insure against it?

jmehall

It's looking increasing likely that Thomas Cook is about to go bump. My understanding is, if you booked a package holiday, then you should be protected under the ATOL scheme (of which Thomas Cook are currently subscribed to until October 1st 2019).

Unfortunately for me, I booked a hotel with booking.com and my flights with Thomas Cook. ATOL protection is not included with 'flight only' bookings, BUT I did book using a credit card. This means (I think) that under section 75 of the consumer rights act, the credit card company will have to refund the FLIGHT.

HOWEVER, this still means that I will lose £1,000 on the booking.com hotel I have booked if Thomas Cook implodes. As it's unlikely I will find an alternative flight that I can actually afford.

Is there anyway I can mitigate against this? Any sort of insurance I can take out that will cover my hotel expenses in this case?

Hopefully Thomas Cook will be saved, but it's not looking likely from what the media are saying

Any help with this will be most appreciated. I'd be mortified to loose this amount of money

sal_III

Sounds like you are on the market for a travel insurance. If you don't already have one - get it quickly. Next time get the travel insurance the moment you book your hotel/flights. Or ideally just take a yearly travel insurance which is usually cheaper if you travel twice or more per year.

Andy_L

What does your travel insurance policy say? Some will cover this scenario, some won't.

jmehall

Can you recommend any that do?

csgohan4

MSE do an article on travel insurance, have a look at it

foxtrotoscar_2

It's doubtful any travel insurance you take out now will cover you.

getmore4less

What flights do you need?
what budget do you have(ie. what you paid and how much you could pay)

That is a lot of hotel money how much more was refundable?

garth549

A lot of hotels will let you cancel without penalty up to 72 hours before arrival. Does this apply?

sal_III

foxtrotoscar wrote: »

It's doubtful any travel insurance you take out now will cover you.

Why? Thomas Cook isn't bust yet.

lindens

I booked last week and the flights best suited were with thomas cook airlines. For that reason we booked a package holiday with loveholidays who themselves are ATOL protected and i paid the deposit by credit card for further cover should i need it.
We are paying by installments and dont fly til July 2020 so anything could happen, but I will also pay each installment by CC as well.