A report from Churchill Insurance has revealed that UK holidaymakers are paying up to £546 million too much for their travel insurance.
By booking their insurance through a travel agent rather than buying it direct from the insurer, British travellers could be paying up to twice as much as they should, Churchill claims.
Produced together with the Centre of Economics and Business Research (CEBR), the report reveals that just under a third (30 per cent) of travellers are paying double the price they could find elsewhere.
It has been released to mark the launch of Churchill's new, flexible travel insurance which sells cover by the day.
"Our offer is very simple and really challenges travel agents to change the way that they sell insurance," said Julie Owens, head of travel insurance for Churchill.
"With our product, you save money by buying only what you need. If you travel for four days, you pay for four days. With many other outlets you have to pay for clumsy blocks of cover."
Despite its potential for throwing money away, buying travel insurance through an estate agent is still the most popular way to purchase cover, the report discovered.Click here to find out more about travel insurance.
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