Lloyds TSB enhances insurance offering on current accounts
From 01 February this year all Lloyds TSB Silver, Gold, Platinum and Premier current account customers will be automatically covered for any disruption to their travel as part of the travel insurance policy. This means that Lloyds TSB Added Value Accounts will have one of the most extensive travel insurance policies available on the market.
The new cover is designed with independent travellers, those who book their accommodation and transport separately, in mind. These customers don't receive the protection given to those people who book a package holiday and may therefore find themselves without protection should a major event happen.
Recent events have shown anything can happen whilst on holiday (or planning a holiday); often leaving customers with extra costs that might not be covered under standard travel insurance policies. For example the 2010 volcanic ash cloud left hundreds of thousands of people stranded with an estimated cost to travellers of £70 million. The cost to each traveller was on average £550 alone, with some travellers out of pocket by up to £5,000.
The new enhanced cover, the first to be offered at this level by any bank as part of a packaged current account, will provide cover for independent travellers for:
extra costs incurred for accommodation and transportation to continue your holiday that you are unable to recover elsewhere;
additional accommodation costs if your accommodation is made unusable by fire, flood, earthquake or a number of other similar natural disasters;
lost accommodation cost if you are unable to travel to your holiday destination.
As well as events such as the volcanic ash cloud, the extended cover provides protection for customers in the event of natural disasters (such as a Tsunami or an earthquake) and for disruption caused as a result of an airline failure. The insurance will provide cover for either the additional cost of an alternative flight or refunding the cost of your unused accommodation.
In addition, if the event causing the travel disruption results in a delay and missed connecting flights, the travel insurance included as part of the Lloyds TSB Added Value Accounts will cover the cost of making alternative arrangements in order to complete the journey - something that most standard polices do not cover.
Jatin Patel, Head of Lloyds TSB personal current accounts said: "Over the past few years we have seen numerous events which have led to travellers being stranded abroad, such as the volcanic ash cloud, airline failures and heavy snow. Our customers now have the benefit of one of the most comprehensive covers available on the market, providing them additional peace of mind when booking and going on their holiday."