Nationwide Building Society, with over 16 million members across the UK, has shared potentially money-saving news for customers planning holidays. A travel expert's advice, highlighted on BBC Morning Live, suggests that many individuals could already be covered for travel insurance through their bank accounts, eliminating the need for separate policies.
Expert Advice on Travel Insurance Coverage
Rebecca Wilcox, appearing on the BBC programme, expressed astonishment at the number of people who forego travel insurance entirely. However, she emphasised that some customers might not need to purchase additional coverage if their bank accounts already include it as a benefit. "Are you already covered? You could have it with your bank account," Wilcox noted, urging holidaymakers to review their account features before booking trips.
Nationwide's FlexPlus Account Benefits
Nationwide offers the FlexPlus current account, which includes Worldwide Family Travel Insurance provided by Aviva Insurance Limited. This account costs £18 per month and comes with a suite of insurance benefits, though it requires maintaining the account to access them. "You'll need to pay £18 a month to maintain a FlexPlus current account, even if you can't use the insurances," Nationwide states, clarifying that the insurance cannot be separated from the account.
The travel insurance under FlexPlus covers several key areas, subject to exclusions and limitations detailed in policy documents. Benefits include:
- Missed departure cover up to £1,000 for alternative travel and accommodation due to unexpected delays.
- Emergency medical expenses up to £10 million, including repatriation costs.
- Cancellation or curtailment of trips up to £5,000.
- Coverage for travel disruptions and additional related expenses.
Other Banks Offering Similar Benefits
Nationwide is not alone in providing travel insurance through bank accounts. Other financial institutions, such as Monzo, Virgin Money, and Halifax, also offer similar options, often as part of packaged accounts that may incur extra monthly fees. Customers are advised to check with their banks to confirm availability and terms.
Key Takeaways for Holidaymakers
To avoid unnecessary expenses, experts recommend verifying existing coverage before buying new travel insurance policies. Packaged bank accounts, like Nationwide's FlexPlus, can include valuable benefits that might duplicate standalone insurance purchases. Always review your bank account details to ensure you're not paying twice for the same coverage, potentially saving money for your next holiday adventure.
Additionally, Nationwide is currently promoting a £175 switching incentive for new customers who move their main account to the building society, with terms applying until 4 March. This offer adds another layer of potential savings for those considering account changes.
