UK’s leading financial services provider Thomas Cook announces pay-as-you-go travel insurance and a multiple currency card to facilitate the travelers. This is a wonderful opportunity for frequent travelers that need travel insurance at very short notice. Christened Roam, the holiday insurance cover can be activated through a smart phone app. The company named the prepaid travel card, Lyk, which will be in partnership with MasterCard.
The best part is that the currency card would allow traveler to switch between ten different currencies without paying commission or transaction charges. It will come in the market during the New Year and would be initially advertised online. The global financial company plans to refurbish its existing plans and make it available through a smart phone app. They are in plans to apply the same method for credit cards and saving accounts.
The revamped financial products would fall into a new division called Thomas Cook Money. This is a positive step for travelers across the globe and would help them get international travel insurance online and manage finances for emergencies during their holiday. Whether they travel in different countries, they have the card to pay for their expenses. Experts and analysts suggest that it is one of the cheapest travel insurance options and it takes less than half an hour to buy travel insurance cover. It seems to be the best way to get pay-as-you-go travel insurance and so, you must know the pros and cons of it. Discuss it with your travel insurance provider to check if it is the best bet for you or not.
Chief executive Peter Fankhauser gave statement that “The launch of Thomas Cook Money is our opportunity to transform the world of holiday money by embracing the very latest in technology.”
Anth Mooney, former director at Virgin Money shared views by saying that “Customers can spend more than 30 minutes in the shop or online buying insurance, but this can be set up in just two minutes, costs around £2 a day and can be switched on and off via the app. If your holiday is canceled or cut short you can switch off the insurance so you only pay for the days you’re away – and if you go on another holiday that year then you can just switch the insurance back on. About 20% of people go on holiday without travel insurance so we wanted to make it as easy as possible for them to buy it.”
Well, it seems to be a smart investment as you can buy travel insurance cover while you are still travelling. It is highly beneficial for business people and avid travelers who switch travel plans at the drop of a hat. Naturally this has increased competition for many top travel insurance providers in UK but many would like to follow Thomas Cook’s footsteps for growing their customer base.
Benefits of pay-as-you-go travel insurance:
Quick travel cover for emergency trips
Saves one from financial losses due to loss of luggage or missing flights
Offers all facilities like regular travel insurance cover
Can be purchased online within no time
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