A new customisable travel insurance option is being launched by Marks & Spencer Money in an attempt to make their products more flexible.
The new product can be adapted to include different levels of cancellation, excess and curtailment cover depending on individual holidaymakers’ requirements. M&S claims that this new level of flexibility is necessary in response to the changing needs of the British holidaymaker, with more people taking very different kinds of trips and trying more adventurous activities and locations.
M&S now offers holidaymakers the chance to opt in or out of certain additions to their cover, depending on factors such as the value of their baggage, the countries they are visiting and how much traveling they are likely to be doing. For example, a couple going for a two-week all inclusive holiday to a beach resort in Florida would want to opt out of several areas of cover that a couple backpacking around Mexico for a fortnight may want to include.
While some holidaymakers may want more cover, others will want to take the very minimum cover options to help their holiday budgets stretch a little further, explained Crawford Prentice, M&S Money’s director.
The new product replaces the Standard and Premier policies that M&S used to offer, instead allowing the holidaymaker to pay only for what they need. Mr Prentice said that the ‘one size fits all’ approach to insurance is rarely appropriate and that individual needs should be taken into consideration by insurers.
