A well known insurance brand has temporarily abandoned selling travel insurance as a result of the spread of coronavirus.

LV= said it had decided to stop selling the cover rather than hike prices.

The company said it had seen a doubling in the number of policies sold over the last couple of weeks, as travellers rush to protect themselves.

People who have already bought travel insurance from LV= will still be covered.

LV=, which used to be known as Liverpool Victoria, has more than 5 million policyholders, mostly with home or motor cover.

The company said, “In light of the impact that Coronavirus (COVID-19) is having globally, we’ve made the difficult decision to pause the sale of travel insurance to new customers.”

LV=’s move comes after one the UK’s biggest insurers, Aviva, restricted the level of cover in new policies.

“It’s very alarming that LV have withdrawn the sale of travel insurance and that other providers have also started restricting the policies they offer customers,” said Gareth Shaw, head of money at Which?.

“Anyone planning a holiday should get insurance as soon as they book. If you haven’t already booked insurance and are travelling soon we urge you to get cover immediately from a reputable insurer.

“The government, insurers and the travel industry must immediately tackle the huge challenge provided by coronavirus, as the industry depends on people having the confidence that they can travel with the knowledge they will be covered”.

Source: BBC News


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