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Home > Travel Insurance > Travel Insurance More Important in Recession Travel Insurance More Important in RecessionAuthor: Phillip Young Wood Recent research by a price comparison website has found that sales of holiday insurance policies have actually increased during the recession, despite a dip in the number of holidays being taken abroad this year.The strength of the Euro against the pound, Swine Flu and a general tightening of the purse strings since the recession hit has meant more holidays are now being within the UK. As well as holidaying closer to home, the financial benefits of taking out travel insurance are also becoming more apparent, the research found. The findings indicate holiday insurance is more important in a recession because of the increased likelihood of firms going bust. Several airlines and travel companies (such SkyEurope and XL) have collapsed as a result of the economic downturn, leaving some customers out of pocket and stranded abroad. Holidays in which flights and accommodation are booked separately are more vulnerable to the consequences of airliner collapse since most travel insurance policies will only cover package holidays. It is therefore vital for passengers to check their policies before they travel to ensure they are protected. In some cases, an upgrade will be sufficient to cover travel provider collapse. It makes good financial sense to pay a few pounds more for a travel insurance policy which protects against this eventuality, rather than risk having to pay for more flights or even losing the holiday completely. Evaluating travel insurance policies online can help consumers get a large number of quotes in a limited time and compare the variety of cover offered. Often taking out travel insurance with the holiday provider can be far more costly than getting cover online, as this is often where travel agents make the biggest profits. Other Recent Insurance Smart Book Articles:
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