Review: Coverwise Travel Insurance
By
Ronny Lavie
Summary
Underwritten by AXA, one of the world's largest insurers, Coverwise offer Single-trip and Annual Multi-trip travel insurance products. These can be extended to cover Winter Sports such as skiing and snowboarding.
Coverwise also offer Business Travel Insurance, aimed specifically at those travelling abroad for work. This offers cover for eventualities such as a colleague needing to travel on your behalf, should you be unable to travel owing to ill-health.
You can get a quote at the Coverwise website.
Overview of the cover provided by Coverwise holiday insurance policies
The Single Trip policies offered by Coverwise are available in five levels of cover: Standard, Bronze, Silver, Gold and Platinum. For Annual Multi-Trip travel insurance, Coverwise offer four levels: Bronze, Silver, Gold and Platinum.
Coverwise Limited are licensed and regulated by the Financial Services Commission and Coverwise.co.uk Travel Insurance policies are underwritten by AXA UK Insurance plc.
Do Coverwise insure pre-existing medical conditions?
Note that if you are seeking cover for pre-existing medical conditions, you would need to take out a ‘Select’ policy – which is only available on Gold and Platinum insurance products. If you take any Coverwise policy other than ‘Gold Select’ or ‘Platinum Select’, you will not be covered for pre-existing medical conditions.
How much does travel insurance from Coverwise cost?
With almost all travel insurance companies, the cost of travel insurance varies widely depending on a number of factors, such as the number of people travelling, their age(s), the destination(s) of travel and the duration of stay. But to give you an indication, we obtained the following quotes from Coverwise.co.uk.
MULTI TRIP Travel Insurance, Worldwide – a couple in their 50s
• SILVER: cost = £89; excess = £50/£100; cancellation = £2,000; baggage = £1,500
• GOLD: cost = £101.16; excess = £50/£60; cancellation = £3,000; baggage = £2,000
SINGLE TRIP Travel Insurance, Spain, 2 weeks – one 34yr old woman travelling solo
• STANDARD: cost = £11.70; excess = £100/£150/£200; cancellation = £1,000; baggage = £1,000
• BRONZE: cost = £11.90; excess = £100/£200; cancellation = £1,500; baggage = £1,500
• SILVER: cost = £16.53; excess = £50/£100; cancellation = £2,000; baggage = £1,500
• GOLD: cost = £19.86; excess = £50/£60; cancellation = £3,000; baggage = £2,000
*with Coverwise policies, the excess amount varies depending on the aspect of the claim. For example, with a Silver policy, claims on baggage have a £50 excess, whereas claims for missed departure have a £100 excess.
What Coverwise customers say
Money.co.uk used several Coverwise travel insurance reviews left by customer and rated Coverwise 3.8 out of 5 for travel insurance. Customers were asked for their feedback in four categories: customer service, flexibility & fairness, product features (for all of which they scored Coverwise 3.8) and value for money (for which they scored Coverwise 4.3).
What the expert reviews say
Defaqto, an independent researcher of financial products, offers star ratings for travel insurance policies. Their ratings are between 1-star (“a basic product, with a low level of features and benefits”) and 5-stars (“an excellent product with a comprehensive range of features and benefits”).
Defaqto rated Coverwise Travel Insurance policies as follows:
Annual Travel Insurance: GOLD = 3 star
Annual Travel Insurance: SILVER = 3 star
Single-Trip Travel Insurance: GOLD = 4 star
Single-Trip Travel Insurance: SILVER = 3 star
Single-Trip Travel Insurance: BRONZE = 2 star
Single-Trip Travel Insurance: STANDARD = 2 star
