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Britons Could Save £195 Million A Year By Buying Annual Travel Insurance

27 March 2013

New research from Sainsbury’s Bank Travel Insurance reveals Britons who took more than one holiday in 2012 could have collectively saved themselves an estimated £195 million had they purchased one annual travel insurance policy instead of multiple single trip policies(1). Overall, 29% of British adults, equivalent to 13.6 million people, took two or more overseas holidays last year, yet only one in three of them  purchased an annual policy(2).

The average cost of an annual multi-trip policy in the UK is £101.64, just 1.5 times the cost of the average single trip policy at £67.97(3). This means that someone going on two overseas holidays could save themselves £34.30 by purchasing an annual multi trip policy instead of two individual single trip policies. Someone taking three overseas holidays a year could save themselves £102.27 and someone taking four holidays could save £170.24 across the year(3).

Scott Gorman of Sainsbury’s Bank Travel Insurance commented: “We Brits love our holidays but in a time when we’re all looking to make our money go further, it’s concerning that many holidaymakers haven’t realised the significant cost savings they could be making by purchasing one annual multi trip policy instead of multiple single trip policies. Our figures suggest that close to 0.75 million people took three or more overseas holidays last year and they could have saved more than a hundred pounds each(1).

“Our customers value their holidays and we want to ensure that they make their money go further.  An annual policy could be significantly cheaper for people making just two trips abroad, so we would seriously recommend looking into the cost of an annual policy before travelling.”

Of those people who went on two or more overseas holidays in 2012, one in five (21%) bought single trip policies for each trip, 6% bought single trip cover for some of their trips but were not covered for all of them, but most worryingly one in 10 (9%) weren’t covered by travel insurance for any of their foreign travels(2).

Scott Gorman continued: “There are lots of ways you can cut the cost of your holiday, but neglecting to buy adequate travel insurance could be a bad choice and could prove expensive in the long run. We recommend that holidaymakers consider their particular needs, shop for the best cover for them at the best value. ”
Sainsbury’s multi-trip travel insurance offers:
• Up to 25% discount when you apply online for Nectar card holders(4)
• 20% online discount even if you don’t have a Nectar card
• Take any number of trips per year – up to 60 days per trip
• Travel disruption cover, which includes scheduled airline failure cover, is included with the Standard option of a Sainsbury’s Travel Insurance policy(5).
• Tailor your medical care to meet your needs.
To obtain a Sainsbury’s Travel Insurance quote you can log ontowww.sainsburysbank.co.uk or call 0800 316 1452.  Lines are open 8am – 8pm Monday to Friday, 8am – 7pm Saturday, and 9am – 5pm on Sunday.

– Ends –

For further information, please contact:
Ian Morris / Charlotte Pascal
Citigate Dewe Rogerson
020 7282 1037 / 1021

Notes to editors:
(1) Calculated by combining the average premiums provided by Consumer Intelligence in October 2012.
(2) Sainsbury’s Bank commissioned ICM on behalf of its travel insurance division. ICM interviewed a random sample of 2,000+ adults aged 18+. The interviews were conducted via an online omnibus survey between 11th and 13th January 2013. Surveys were conducted across Great Britain and the results have been weighted to the profile of all adults 18+.  ICM is a member of the British Polling Council and abides by its rules
(3) According to Consumer Intelligence, in October 2012 the average single trip policy available in the UK cost £67.97, and the average annual multi trip policy cost £101.64.
(4) Terms and conditions apply. To receive your online discount, remember to have your Nectar card with you. For full terms and conditions see www.sainsburysbank.co.uk
(5) Available on Standard cover option; full policy details are available at www.sainsburysbank.co.uk

Sainsbury’s Bank Travel Insurance is provided by FirstAssist Insurance Services Limited and underwritten by Great Lakes Reinsurance (UK) PLC. Both companies are authorised and regulated by the Financial Services Authority.

Sainsbury’s Bank:
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Sainsbury’s was the first major British supermarket to open a bank, commencing trading in February 1997. Benefiting from a fantastic, trusted brand that enables us to combine the shopping experience with personal finance, Sainsbury’s Bank provides a range of quality products including insurances, credit cards, savings and loans. Our proposition is to make shopping more rewarding by offering customers great products at fair prices, while consistently rewarding shoppers for their loyalty and being easy to do business with at all times.  Our products consistently top Best Buy tables and regularly win awards for quality, price and service.

In 2012, Sainsbury’s Bank was awarded ‘Best Term Assurance Provider Direct’ – Moneyfacts Investment Life & Pensions; ‘Best Personal Loan Provider’ – Consumer Moneyfacts; ‘Best Low Rate Credit Card Provider’ – Moneynet; ‘Best Credit Card for use abroad (Gold)’ – Moneynet; ‘Best Loan Provider’ – Moneysupermarket Supers; ‘Pet Insurance Intelligent Choice, Customer Satisfaction’ – Consumer Intelligence; ‘Best Personal Loan Provider’ – Moneyfacts; ‘Best Direct Personal Loan Provider’ – Your Money Direct; ‘Best Online Pet Insurance Provider’ – Your Money Direct; ‘Best Loans Rate’ – Moneynet.

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