Travel insurance has the highest claims rejection rate and lowest satisfaction rate, a new survey has revealed.
Research carried out by Which? found one in ten claims is rejected by an insurer – more than in any other sector – and 66 per cent of consumers are satisfied with their policy, compared to the industry average of 75 per cent.
According to respondents, among the most common explanations insurers gave for turning down their claims were that they had not reported a loss or theft to police within 24 hours and stolen belongings had not been supervised responsibly enough.
A Which? spokesman stated travel insurance policies can be complicated, so it is unsurprising that consumers are confused by the small print, while they also advised people to read through the document thoroughly before signing up.
“If you have a claim rejected, the financial ombudsman can take up your case if an appeal with the insurer fails,” the spokesman added.
This follows a study conducted by travel association ABTA that recently claimed the millions of British holidaymakers who are going overseas without taking out a policy could face massive medical bills.