UK: Pay-per-day travel insurance launched by Revolut

Revolut, the London based mobile banking platform, has announced the launch of a pay-per-day travel insurance service that will provide both dental and medical cover.

The pay-per-day service will work through the Revolut app, which will use a policy holder’s smartphone location data to recognise when they are abroad and automatically turn on insurance coverage for the dates it is needed.

Revolut has claimed the cost of this service will start at less than £1 per day, with the average Revolut customer who spends 13 days abroad per year spending £11.76 per year. Revolut will also impose yearly cost caps to prevent frequent travellers from incurring large bills, and there will be an option to pay a set price for an annual policy.

"The pay-per-day service will work through the Revolut app, which will use a policy holder’s smartphone location data to recognise when they are abroad and automatically turn on insurance coverage for the dates it is needed."

Revolut has partnered with Thomas Cook Money to provide the insurance.

CEO and founder of Revolut Nikolay Storonsky said: “We wanted to create a type of insurance that uses technology to help our customers and only cover you on the days you actually need to be covered – all for the best price.

 

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