Latest news with #Defaqto
Rhyl Journal
7 days ago
- Business
- Rhyl Journal
Holidaymakers urged to consider travel money habits this summer
Defaqto's analysis of UK travel insurance policies found that 91% of annual and 86% of single trip policies include cash cover as standard (Gareth Fuller/PA) This article is brought to you by our exclusive subscriber partnership with our sister title USA Today, and has been written by our American colleagues. It does not necessarily reflect the view of The Herald. Holidaymakers heading abroad this summer are being urged to consider how much they would be covered for if their banknotes and coins were stolen. While most travel insurance policies do provide cover for lost or stolen cash, it may not be enough to cover some people's entire holiday spend, according to financial information business Defaqto. Its analysis of UK travel insurance policies found that 91% of annual and 86% of single trip policies include cash cover as standard. Just over a third (35%) of single trip travel insurance policies cover as much as £200 to £299, while a quarter (24%) offer cover between £300 to £399, according to the analysis. The firm also said holidaymakers should make sure they understand the terms used in policies. Anna-Marie Duthie, a travel insurance expert at Defaqto, said: 'Travel insurance often distinguishes between 'money' and 'cash' and the definitions matter. Money might cover credit cards or traveller's cheques, whereas cash is notes and coins and they're often covered under separate limits.' Defaqto said that if holidaymakers are solely relying on cash while abroad, they should be aware that only 2% of policies it looked at offer emergency cash advances – which is when the insurer will provide people with emergency funds. Here are some tips from Defaqto for holiday money habits: – Keep receipts and statements for currency exchanges. – If money is lost or stolen, check whether losses are recoverable through your bank or card provider first. – Think about using banking apps that allow card freezing if you misplace yours, to stop it from being used. – Consider having a back-up card or account, just in case your primary one is lost or frozen. – Consider having cards from different providers, in case one of the systems goes down.
South Wales Argus
7 days ago
- Business
- South Wales Argus
Holidaymakers urged to consider travel money habits this summer
Defaqto's analysis of UK travel insurance policies found that 91% of annual and 86% of single trip policies include cash cover as standard (Gareth Fuller/PA) This article is brought to you by our exclusive subscriber partnership with our sister title USA Today, and has been written by our American colleagues. It does not necessarily reflect the view of The Herald. Holidaymakers heading abroad this summer are being urged to consider how much they would be covered for if their banknotes and coins were stolen. While most travel insurance policies do provide cover for lost or stolen cash, it may not be enough to cover some people's entire holiday spend, according to financial information business Defaqto. Its analysis of UK travel insurance policies found that 91% of annual and 86% of single trip policies include cash cover as standard. Just over a third (35%) of single trip travel insurance policies cover as much as £200 to £299, while a quarter (24%) offer cover between £300 to £399, according to the analysis. The firm also said holidaymakers should make sure they understand the terms used in policies. Anna-Marie Duthie, a travel insurance expert at Defaqto, said: 'Travel insurance often distinguishes between 'money' and 'cash' and the definitions matter. Money might cover credit cards or traveller's cheques, whereas cash is notes and coins and they're often covered under separate limits.' Defaqto said that if holidaymakers are solely relying on cash while abroad, they should be aware that only 2% of policies it looked at offer emergency cash advances – which is when the insurer will provide people with emergency funds. Here are some tips from Defaqto for holiday money habits: – Keep receipts and statements for currency exchanges. – If money is lost or stolen, check whether losses are recoverable through your bank or card provider first. – Think about using banking apps that allow card freezing if you misplace yours, to stop it from being used. – Consider having a back-up card or account, just in case your primary one is lost or frozen. – Consider having cards from different providers, in case one of the systems goes down.
The Independent
7 days ago
- Business
- The Independent
Holidaymakers urged to consider travel money habits this summer
Holidaymakers heading abroad this summer are being urged to consider how much they would be covered for if their banknotes and coins were stolen. While most travel insurance policies do provide cover for lost or stolen cash, it may not be enough to cover some people's entire holiday spend, according to financial information business Defaqto. Its analysis of UK travel insurance policies found that 91% of annual and 86% of single trip policies include cash cover as standard. Just over a third (35%) of single trip travel insurance policies cover as much as £200 to £299, while a quarter (24%) offer cover between £300 to £399, according to the analysis. The firm also said holidaymakers should make sure they understand the terms used in policies. Anna-Marie Duthie, a travel insurance expert at Defaqto, said: 'Travel insurance often distinguishes between 'money' and 'cash' and the definitions matter. Money might cover credit cards or traveller's cheques, whereas cash is notes and coins and they're often covered under separate limits.' Defaqto said that if holidaymakers are solely relying on cash while abroad, they should be aware that only 2% of policies it looked at offer emergency cash advances – which is when the insurer will provide people with emergency funds. Here are some tips from Defaqto for holiday money habits: – Keep receipts and statements for currency exchanges. – If money is lost or stolen, check whether losses are recoverable through your bank or card provider first. – Think about using banking apps that allow card freezing if you misplace yours, to stop it from being used. – Consider having a back-up card or account, just in case your primary one is lost or frozen. – Consider having cards from different providers, in case one of the systems goes down.
The Independent
20-05-2025
- Business
- The Independent
Expert reveals home insurance mistake that can cost you hundreds of pounds
Home insurance customers are being warned to look beyond the headline price and scrutinise excess levels, as some could face hefty contributions towards claims, potentially reaching hundreds of pounds. Analysis by financial information firm Defaqto has revealed a creeping rise in excess levels on some home insurance policies in recent years. The excess, the portion a customer pays towards a claim, can sometimes negate the value of making a claim, especially for lower-value incidents. Defaqto 's findings highlight a significant shift in the market. In 2019, only 2 per cent of buildings insurance policies had a standard excess ranging from £251 to £400. By April 2025, this figure had jumped to 13 per cent. Conversely, the most prevalent excess band, £51 to £100, has seen a decline in popularity, dropping from 60 per cent of available deals in 2019 to 45 per cent currently. This trend underscores the importance of carefully reviewing policy details before committing to a home insurance product. Defaqto said it had also found several products implementing a standard excess of more than £400. It also found that the proportion of policies that allow the standard excess to be reduced to £50 or less, in return for paying an increased premium, has fallen from 25 per cent in 2019 to just 11 per cent. Many buildings insurance policies also specify an excess of more than £400 for escape of water claims, researchers said. Contents insurance products are following a similar pattern, Defaqto found. The proportion of policies on the market with a standard excess of £25 to £400 has risen to 11 per cent, up from 1 per cent in 2019, while the proportion of those offering a £51 to £100 excess has fallen from 59 per cent to 46 per cent. Angela Pilley, a home insurance expert at Defaqto, said: 'While many people focus on the premium when choosing insurance, it's just as important to consider the excess. 'In the event of a claim, this is the amount you'll need to pay towards the cost, and in some cases high excesses can make it uneconomical to claim at all. 'If your excess is £400 and your claim is only £500, it may not be worth pursuing. 'Checking the fine print is essential to make sure your policy offers real value.' A spokesperson for the Association of British Insurers (ABI) said: 'Home insurance continues to provide a vital safety net should the worst happen, with insurers paying out a record £886 million for damage to people's homes and possessions in the first three months of the year. 'A number of factors, such as inflation, can lead to insurers re-evaluating excesses in the policies they offer, and some people may choose a policy with a higher excess to manage the cost of cover. 'We would always recommend shopping around to find a policy that truly meets your needs and don't base the decision on price alone. As always, carefully review your policy documents to fully understand the terms, conditions, and any exclusions.' Four key tips from Defaqto for choosing home insurance include: Check the excess on both buildings and contents insurance – do not assume they are low. Look out for specific claim excesses, such as for water damage or accidental damage. Compare policies carefully and consider whether a slightly higher premium with a lower excess may offer better value. Consider whether you could afford to pay a high excess if the unexpected happened.
The Independent
19-05-2025
- Business
- The Independent
Financial expert reveals the costly mistake people make with home insurance
Home insurance customers are being warned to look beyond the headline price and scrutinise excess levels, as some could face hefty contributions towards claims, potentially reaching hundreds of pounds. Analysis by financial information firm Defaqto has revealed a creeping rise in excess levels on some home insurance policies in recent years. The excess, the portion a customer pays towards a claim, can sometimes negate the value of making a claim, especially for lower-value incidents. Defaqto 's findings highlight a significant shift in the market. In 2019, only 2 per cent of buildings insurance policies had a standard excess ranging from £251 to £400. By April 2025, this figure had jumped to 13 per cent. Conversely, the most prevalent excess band, £51 to £100, has seen a decline in popularity, dropping from 60 per cent of available deals in 2019 to 45 per cent currently. This trend underscores the importance of carefully reviewing policy details before committing to a home insurance product. Defaqto said it had also found several products implementing a standard excess of more than £400. It also found that the proportion of policies that allow the standard excess to be reduced to £50 or less, in return for paying an increased premium, has fallen from 25 per cent in 2019 to just 11 per cent. Many buildings insurance policies also specify an excess of more than £400 for escape of water claims, researchers said. Contents insurance products are following a similar pattern, Defaqto found. The proportion of policies on the market with a standard excess of £25 to £400 has risen to 11 per cent, up from 1 per cent in 2019, while the proportion of those offering a £51 to £100 excess has fallen from 59 per cent to 46 per cent. Angela Pilley, a home insurance expert at Defaqto, said: 'While many people focus on the premium when choosing insurance, it's just as important to consider the excess. 'In the event of a claim, this is the amount you'll need to pay towards the cost, and in some cases high excesses can make it uneconomical to claim at all. 'If your excess is £400 and your claim is only £500, it may not be worth pursuing. 'Checking the fine print is essential to make sure your policy offers real value.' A spokesperson for the Association of British Insurers (ABI) said: 'Home insurance continues to provide a vital safety net should the worst happen, with insurers paying out a record £886 million for damage to people's homes and possessions in the first three months of the year. 'A number of factors, such as inflation, can lead to insurers re-evaluating excesses in the policies they offer, and some people may choose a policy with a higher excess to manage the cost of cover. 'We would always recommend shopping around to find a policy that truly meets your needs and don't base the decision on price alone. As always, carefully review your policy documents to fully understand the terms, conditions, and any exclusions.' Four key tips from Defaqto for choosing home insurance include: Check the excess on both buildings and contents insurance – do not assume they are low. Look out for specific claim excesses, such as for water damage or accidental damage. Compare policies carefully and consider whether a slightly higher premium with a lower excess may offer better value. Consider whether you could afford to pay a high excess if the unexpected happened.
