M&S dumps travel insurance

MyRealNameToo

PeterPepper said:

O_Miserly_one said:

Received a letter this morning. M&S is stopping the travel insurance associated with its mastercard credit card. There is currently a £30 monthly fee and no mention of this being reduced! I am sure that TI must have made up the bulk of their fees. I can't imagine that 'free' coffee vouchers cost them that much. One for Martin's team on "news you can use" perhaps? 

We have used their travel insurance for years, and also received the same letter - discontinuing cover by the end of March. We have already booked flights, hotels, and other bits for a trip at the end of April, safe in the knowledge that if we have to make a claim, we would indeed be covered. But now, we are forced to look elsewhere, facing a scenario that any new provider would reject any claims because our new travel insurance came into effect AFTER we made the bookings. Martin always warns against making any bookings without first having travel insurance in place, We are at a loss on what to do next. M & S has effectively pulled the rug from under our feet! 

Your only risk is if you or someone close to you has developed a new medical condition since you purchased the holiday. If they havent then there is no risk but it would be prudent to sort out the replacement policy sooner than later rather than tempt fate.

elsien

I never take travel insurance out until after I’ve made the booking. It might be quite soon afterwards or it might be longer, but never had a problem.

MyRealNameToo

elsien said:

I never take travel insurance out until after I’ve made the booking. It might be quite soon afterwards or it might be longer, but never had a problem.

Assuming you are talking about single trip cover then generally you are taking a risk for no reason. The one possible exception is if you attract very high premiums due to age or illness and the premiums are more than what your holiday deposit is in which case you are probably better off waiting to buy the insurance. 

The reality is naturally that if no one bought Home insurance the vast majority of people would be better off but for the X% that claim each year they on average will be out of pocket and of them some will lose everything and go bankrupt. So you can look smug because you've gambled and won but I doubt you'd be offering to help others out who decide this is a good idea but then lose their £10k holiday because they delayed buying insurance based on your recommendation and are unfortunate to be diagnosed with a major illness. 

elsien

That’s a bit of a misinterpretation of my post. It’s not about being smug and it wasn’t a recommendation. I was merely pointing out to the poster who thought you had to take out insurance in advance that that is not the case.

It’s about individual circumstances. I take out travel insurance primarily in case I get ill while I’m away. I don’t do expensive holidays so the cost of the holiday is small by comparison. 
 

sheramber

MyRealNameToo said:

elsien said:

I never take travel insurance out until after I’ve made the booking. It might be quite soon afterwards or it might be longer, but never had a problem.

Assuming you are talking about single trip cover then generally you are taking a risk for no reason. The one possible exception is if you attract very high premiums due to age or illness and the premiums are more than what your holiday deposit is in which case you are probably better off waiting to buy the insurance. 

The reality is naturally that if no one bought Home insurance the vast majority of people would be better off but for the X% that claim each year they on average will be out of pocket and of them some will lose everything and go bankrupt. So you can look smug because you've gambled and won but I doubt you'd be offering to help others out who decide this is a good idea but then lose their £10k holiday because they delayed buying insurance based on your recommendation and are unfortunate to be diagnosed with a major illness. 

To buy single trip  insurance you need to state the date  of the holiday and where you are going  so you need to have your trip booked or you could end up taking out insurance and finding your proposed holiday is no longer available. 
 

Annual insurance is different.