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ABTA survey highlights importance of financial protection

Financial protection’ is the second highest rated consideration to British holidaymakers

A travel survey has revealed that ‘financial protection’ is the second highest rated consideration to British holidaymakers following in first spot ‘safe and secure accommodation’. Surprising, in light of present economic conditions, ‘lowest price’ only rated tenth in the wish list forming part of the 2011 ABTA Consumers Trends Survey leading Mark Tanzer, ABTA Chief…

A travel survey has revealed that ‘financial protection’ is the second highest rated consideration to British holidaymakers following in first spot ‘safe and secure accommodation’.

Surprising, in light of present economic conditions, ‘lowest price’ only rated tenth in the wish list forming part of the 2011 ABTA Consumers Trends Survey leading Mark Tanzer, ABTA Chief Executive, to state: “Even in a year when customers are tightening their belts the lowest cost is not their number one consideration. The message from our customers is loud and clear: financial protection is a top consideration when booking their holidays.”

The survey asked consumers which booking elements are essential or important. The top 10 were:
1. Safe and Secure Accommodation 86%
2. A Financial Protection Scheme 79%
3. ATOL Financial Protection 74%
4. ABTA Membership 73%
5. Knowledgeable Staff 67%
6. Ease of Transport Connections 63%
7. Range of Holidays on offer 58%
8. Convenient location 55%
9. A Well Known Name in Travel 55%
10. Lowest prices 53%

Package holidays which involve a flight plus another holiday element from purchased from the same supplier are protected under the CAA’s ATOL scheme.

However even after the proposed ATOL reform which is currently in consultation, huge volumes will remain outside legislative protection  including those travellers booking directly with airlines, do-it-yourself holidays, non-air travel and holidays within the UK.

“Over half of travel from the UK is not a ‘package’ and many travellers do not realise their bookings are not insolvency protected” explained Michael Ward, Director at travel insolvency specialists International Passenger Protection Ltd. “The CAA have recognised this important issue as part of the ATOL reform is to increase awareness whether booking are ATOL protected or not.”

“Thankfully, most quality travel insurance providers have recognised the issue and have stepped up to the mark by including elements of cover against the insolvency, however not all of them have,” continued Ward.

The types of cover includes Scheduled Airline Failure Insurance which reimburses policyholders if their airline goes bankrupt, including the additional costs of return travel.

For added peace of mind there is End Supplier Failure Insurance which extends the Scheduled Airline Failure to include other elements including as hotels, car hire companies, excursion providers, etc.

“You should check your travel insurance carefully as not all policies include this important element of cover” concluded Ward.

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Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.

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