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Travel insurance is about to get more expensive
"With the summer holidays now over, travel insurers are now revising and renewing their schemes. This is likely to impact consumers as a combination of currency disadvantages on claims costs and accumulated large losses have ensured that insurers are pushing up costs for scheme holders and brokers."
This follows three years of travel insurance rate declines, because of comparison websites, tougher negotiations and "prices and age limits that do not make underwriting sense."
Hayman tells Postonline:
[photo by Tracy O via Flickr]"These changes will take some time to filter through to the public. Many will coincide with the increase in insurance premium tax on travel insurance from 17.5% to 20% on the 4th January 2011; a rate that will be 14% higher than for other types of insurance such as motor and household."