Revolut launches its geolocation travel insurance, which is available for £1 per day
Revolut, the app-based banking alternative, has today launched a ‘Pay-per-Day’ travel insurance product.
It says the service uses the customer’s geolocation to provide instant medical and dental cover, and that it is available for less than £1 per day.
According to Revolut statistics, the average customer is abroad for 13 days of the year which, depending on the location, could cost a ‘Pay-per-Day’ user £11.76 a year.
“By using geolocation, we only cover you for the days you are actually abroad, with an annual cap. Not only this, but we let you edit the insurance to suit your needs: easily add companions or winter sports coverage after you’ve landed.”
The cover is available provided that the customer is:
- · Aged 84 years or under at the start of any Trip (70 years or under for annual multi-trip policies)
- · Registered under the healthcare system at home (which must be within the EEA)
- · Not travelling against medical advice
- · Not travelling independently of the named insured and permanently reside in the same home country as the named insured
- · Travelling on a journey that meets the definition of a trip
Recently, insurers have been accused of discriminating against people with pre-existing medical conditions, including mental health conditions, by charging high premiums. However, Revolut’s cover will be available to these users.
Also, you do not have to have an existing policy with Revolut to be eligible, you just have to be living in the EEA.
The policies will be underwritten in partnership with Thomas Cook Money
Nikolay Storonsky, CEO and Founder of Revolut said:
“This is a global first - Pay-per-Day travel insurance which leverages the power of your phone to save you money. We wanted to create a type of insurance that uses technology to help our customers and only cover you on the days you actually needed to be covered.”
Anth Mooney, chief executive of Thomas Cook Money said:
“Partnering with innovative fintech and traveltech companies is an important part of our strategy. We want to help more people have better holidays by making sure everything to do with their holiday money is looked after at every step – and improving the experience of buying travel insurance is an important part of that.”
99p is the lowest Pay-per-Day price for coverage within Europe. Coverage in North America is £1.50 per day and £1.25 for the rest of world.