Monzo launches premium package with travel insurance
UK bank Monzo has launched Monzo premium, an account that includes phone and travel insurance provided by AXA Partners
The travel insurance covers:
- medical bills up to £10 million
- lost valuables up to £750
- cancellation costs up to £5,000, as well as flight delays of more than 4 hours and winter sports, including skiing and snowboarding.
The policy has also been updated for Covid-19 cover. This includes cancellations if the policyholder or a family member get coronavirus or another infectious disease, if someone on the policy has been told to self-isolate by the UK government, or if the place the traveller is going to comes under a number of travel restrictions.
Added comfort for travel plans
“We could all do with some added comfort and security when it comes to travel plans right now. With Monzo Premium, you get AXA travel insurance that covers you and your family (including partners and dependent children up to 21 years old), anywhere in the world,” Monzo said on their website.
Monzo premium costs £15 a month and customers have to sign up for a minimum of six months. The new deal comes just over three months after the launch of Monzo Plus, which costs £5 a month and purportedly had 50,000 people sign up in the first four weeks.
Monzo’s cover ‘inches ahead’ of others
Consumer magazine Which? said about the travel insurance: “Monzo’s travel insurance matches Nationwide’s in terms of offering family worldwide cover that includes winter sports. The policies are also matched on excess, cancellation cover and medical cover.
“But there are a few instances where Monzo Premium’s cover inches ahead; it covers trips of up to 45 days compared with Nationwide’s 31 days, pays up to £250 more for valuables, covers £30,000 for accidents compared with £25,000 and it’s baggage delay cover is much more generous.”