World First waive Insurance Premium Tax increase during January

17-Jan-2011

World First Travel Insurance is helping travellers to beat the Taxman this month by keeping the cost of their travel insurance premiums the same as 2010, despite the rise in the Insurance Premium Tax (IPT).

Since 4 January 2011, when VAT went up from 17.5% to 20%, the media has reported the impact the VAT increase will have on everyday spending. The same percentage increase has also been applied to Insurance Premium Tax on travel insurance policies. Like VAT, it has gone up from 17.5% to 20% and means that holiday and travel insurance premiums will be more expensive, which will be a blow to people hoping for a little low cost sunshine or snow this spring.

The increase in IPT will mean that the cost of travel insurance premiums will go up for all types of policy, from annual multi trip travel insurance to medical travel insurance and every other policy available. The 2.5% rise will mean an increase in the overall cost of the premium of anything from £5 to £100 per person, depending on the type of policy.

Travel insurance specialist World First Travel Insurance has announced that they are waiving the IPT increase and passing the savings back to their customers until the end of January. Any policies taken out before the end of January will be able to take advantage of the cheaper rate.

Martin Rothwell, Managing Partner of World First Travel Insurance said: “Everyone is very conscious of the increased cost of living at the moment. We feel that the increase in the cost of IPT at this time could put people off booking holidays or deciding not to take out the right level of travel insurance cover due to the cost.

“By waiving the increase during January we hope we are able to give our customers the same great value cover at last year’s prices but without having to compromise the holiday by travelling with inadequate or no travel insurance cover.”

Customers can make even more savings in January by taking the opportunity to buy cheap annual travel insurance that will provide cover for the next 12 months. For people looking to take more than one trip abroad this year it could end up saving them a small fortune. World First also cover people with medical conditions who require medical travel insurance. They cover thousands of conditions and offer screening online for people up to the age of 100.

World First will apply the 2.5% increase to any policies booked from 1 February onwards.

Ends.

17.01.11

For more information, please contact:

Shelley Fletcher, Firegrass Communications

PR on behalf of World First Travel Insurance

01209 311072 / 07850 937419

[email protected]

Notes to editors:

www.world-first.co.uk

0845 90 80 161

World First Travel Insurance is part of Rothwell & Towler, an independent insurance group that was set up in 1973 to provide holiday and worldwide travel insurance cover.

World First is an independent, family run business with Martin Rothwell, son of the founder, the Managing Partner overseeing all company and policy development. The company has seen substantial growth over the past year and there are ambitious growth plans for the business over the coming five years.

World First Travel Insurance is a member of ATII - Association of Travel Insurance Intermediaries which represents intermediaries who specialise in travel insurance within the UK. Members work to the standards expected of professional insurance intermediaries, and adhere to the rules of the Financial Services Authority (FSA). They also commit to upholding the levels of customer care and integrity that the ATII believe are necessary to promote trust and consumer satisfaction within the industry.

World First Travel Insurance offer annual and single trip policies for destinations throughout the world and for individuals taking part in most forms of activities and types of holidays. World First is also one of the few travel insurance companies to provide comprehensive cover for pre-existing medical conditions and to insure people up to the age of 100.

World First policies are underwritten by the Professional Travel Insurance Company Limited (PTI). PTI are based in Gibraltar and began by underwriting the global travel and personal accident programme for the International Airline Passengers Association on behalf of its members. In 1995 they completed the purchase of Columbus Direct in London. Then in 1997, PTI were acquired by The Collinson Group Limited, which has offices worldwide operating in 24 global locations.

PTI was named Best Insurer / Underwriter at the 2010 International Travel Insurance Journal Awards held in Istanbul.

World First Travel Insurance is arranged by Rothwell & Towler who are authorised and regulated by the Financial Services Authority.

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