In light of the large number of airlines collapsing this year International Passenger Protection Limited has launched the first online holiday financial failure protection website www.protectmyholiday.com where anyone booking their holiday can purchase a simple online financial protection policy.
With this year already topping some 24 airlines that have financially failed including carriers such as MaxJet, Eos and SilverJet, Nationwide and more recently Zoom and XL Airways the travel industry has been facing its worse losses in aviation history. With oil prices reaching record highs and the world credit crunch affecting banks and preventing them from financially supporting airlines, many more are expected to fail in the forthcoming months.
Consumer protection has always been unclear in this respect and many of us take for granted that we are automatically covered. The fact is if you book a holiday independently of a package, and a growing number of people are doing this, you could face a lack of financial protection for the elements of your holiday going bust such as the airline. There is a form of perception that paying for your holiday by credit card will fully protect you but you are usually only covered for transactions over £100 and if you’re stranded abroad, credit card companies do not cover repatriation costs which are always far more expensive than the original return ticket.
In light of the increased Airline collapses, International Passenger Protection Ltd, who operate their financial failure products globally in over 30 countries, have launched the first online consumer protection website allowing the public to protect their holiday with one simple online insurance policy. For peace of mind consumers can purchase a low cost insurance to cover the financial failure of suppliers such as Airlines.
Travel insurance: News update: September 2008