Travel Insurance with Monzo


#1

Hi all,

It would be nice if we had a travel insurance with monzo :slight_smile:
Enabling it for travel purposes would be very handy and would prevent us from seeking it outside of Monzo world.

Thanks,


#2

You’ll get a better deal shopping around though.


#3

I’d love travel (and other) insurance to be available in the marketplace :blush:


(Michael) #4

Travel insurance is definitely super well catered for over at various comparison sites. I always jump onto Money Supermarket and pick the lowest priced option from a reasonably rated company and remember how much money I used to chuck at the Post Office for the same durations

Not sure there is any money there to be gained for Monzo is such an already healthily super competitive market, and there are already such sites that do it well


#5

Sure, but it will be an interesting option to have within Monzo if they offer:

  • acceptable prices; usually very low prices may lead the customer to an insurance that will do everything to just make him uncovered by the agreement, because of whatever reason. I’ve just compared few of them and they cost ~0.77£/day where Revolut costs 0.99£/day. However, a Monzo customer may more and more think about using Revolut because it concentrates everything within one app in an easy way
  • easy to opt-in and opt-our solution; touch to enable or gelocation assisted reminder for activation.

Again, having a respectable service for Travel Insurance would be great. Where a customer is treated in a better way comparing to the mass travel insurance providers :slight_smile:


(Dawid) #6

I keep thinking the same thing but then I see how devoted the customer base is and with the right product the outcome might be completely different? I would certainly prefer to have it in one place…


(Elliot ) #7

Even if they offered it through a comparison site, I would 100% use monzo simply for the ease


(CEO) #8

Go for Revolut when traveling.


(Ashley) #9

Nationwide’s inclusive insurance package is very competitive at £13p/m including Travel and Mobile Insurance.


(If there's the wrong end of a stick, you'll find me holding it.) #10

It includes much more than that. There’s breakdown cover, free foreign ATM withdrawals, an interest free overdraft, free cash deposits, cheque deposits. I’ve probably forgotten something.


(Richard) #11

I’m hoping to go #FullMonzo once/if joint account pots go live but will probably keep my Nationwide account as the family phone and travel insurance plus breakdown cover is unbeatable at £13 / month. Would be great if Monzo could have something similar - I would probably be prepared to pay slightly more to have single current account.


(If there's the wrong end of a stick, you'll find me holding it.) #12

Don’t forget that if you can keep £2,500 in it the interest almost halves that.


(MikeF) #13

Only if you want all of those things.

I always wonder how many people are actually in the market for all of those extras.


#14

People using Monzo are newgen guys, that are easily able to use the available knowledge online to decide. Those people also know that there are a lot of low-cost/almost-fake offers everywhere, where you just pay for more hassle.
Also, those people are probably the one that -today- decide for their non-newgen environment, like parents and friends. They can advise them just to switch to Monzo and use their products because they are worth the price paid there. No hassle, just legit prices and good service.
So yeah, in a cheap and highly competitive market, offering Monzo-style offers with respectable prices (neither cheap nor expensive) and services may bring those people to one single place :slight_smile:


#15

Offering Insurance in-app could be a quick win - new revenue stream and fulfils a customer need. I could see many customers taking out travel or other forms of insurance if you can conveniently do it in a few taps within the app.

I believe N26 (Germany) provides a centralised dashboard for various digital insurances - would be interesting to see how that has worked out for them so far.


#16

You are right, even other insurances categories would be great; car, house, …


(Richard) #17

I’m sure it’s not for everyone but, in a house of 6 people with 4 iPhones and 2 cars, I find it very good value. As with most value-add services from traditional banks, my phone insurance and car breakdown will be subsidised by account holders who don’t use it. If I was a single person without family or a car it probably wouldn’t seem as good value :grin:


(MikeF) #18

As I suggested, my issue is simply that I don’t use the extras they’re selling.

I’ve never had phone insurance, for instance, so that part of it has no relevance to me. So, in terms of what I’d value, it comes down to the breakdown stuff which I can do cheaper elsewhere.


#19

How are decisions at monzo taken? Shall we send a feature/product request email? Vote somewhere? :slight_smile:
BTW, I’ve just subscribed to the Revolut Travel Insurance :frowning: