With the chaos that has surrounded the opening of Heathrow’s Terminal 5, and the late Easter school holidays upon us, families are looking to take a break and the issue of baggage being lost or delayed is prominent.When travelling abroad, if your luggage is lost or delayed and you need to purchase items such as a change of clothes, hygiene products or any other necessary items, you would expect your insurance policy to reimburse you. Similarly, if your flight was delayed you would expect your insurance policy to provide some form of compensation for you being stuck in the airport lounge.
Defaqto has looked into the single trip travel insurance market to see what cover is provided for lost and delayed baggage as well as being delayed at an airport. The research noted:
- 14% of single trip policies do not provide any cover for delayed baggage.
- 40% of single trip policies only provide a maximum cover of £100 or less for delayed baggage.
- 40% of single trip policies only provide a maximum cover of £100 or less for compensation for flights being delayed.
- 74% of single trip policies provide £20 or less for the first 12 hours of being delayed at the airport.
- 82% of single trip policies provide £20 or less for the each subsequent 12 hours of being delayed at the airport.
Mike Powell, Consultant for General Insurance at Defaqto, said: “With the problems that have occurred with the opening of Terminal 5 and the fact that there has been widespread reports in the media of people not being able to collect their luggage and flights being cancelled or delayed, consumers do not always consider what cover is provided by their travel insurance policy for these types of eventualities. It is therefore important to check what is provided by a travel insurance policy before purchasing cover.”
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For further information contact:
Defaqto Limited
Insight person, Chris Johnston or Luci Mylward
01844 295 454
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Defaqto don’t give out an award for “Most simple and effective pensions marketing material of the year” but if we did my vote would probably go to Hargreaves Lansdown. Along with their end of tax year call to arms for ISAs, HL ensure that they urge potential and existing clients to take advantage of similar pensions tax advantages.
Without the use of industry jargon HL’s marketing material, sent directly to consumers in HL mailshots or available on the HL website, explains the following terms in a very concise but effective manner:
- Annual pension tax allowance
- Tax relief available to basic/higher rate tax payers on pension contributions
- Legislative update on tax relief terms
This type of material is to be applauded and is a necessity if more UK consumers are to understand the benefits of pensions when making savings decisions, especially the underpinning advantage of tax relief on pension contributions.Research1 carried out for Defaqto’s Retirement Savings & Income Report 2007 revealed that a meagre 9% of consumers saw that pension savings plans offer good tax incentives suggesting that many are not aware of this USP.Although the research findings show that 31% of consumers do view pension savings plans as important for supporting them when they retire, 20% viewed them as a necessary evil, 16% viewed them as too confusing to worry about while a further 14% felt that pension savings plans are less attractive than other investments like residential property.If the UK is to tackle the pensions savings gap head-on consumers will need to be encouraged to engage with pensions, and other retirement savings methods, and must be made aware that ‘there is something in it for me’. Marketing campaigns which include educational content are certainly a step in the right direction. 1Research conducted on behalf of Defaqto by GfK NOP with a survey sample of 1,000 consumers
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