Unless you travel frequently enough to justify an annual policy, arranging travel insurance is just one more thing to think about when planning a trip. Financial startup Revolut now offers a solution to that: pay-per-day travel insurance that kicks in automatically, based on your phone’s GPS location …
As soon as the app detects that you’re in a different country, it provides immediate, automatic cover and starts charging you the daily fee.
TNW reports that there are protections in place to ensure you don’t accidentally buy insurance you don’t need. The app alerts you when coverage begins, and you have eight hours to cancel. If you travel between countries in the same region (for example, from one European country to another), you don’t get charged twice. And there’s a cap to make sure you don’t pay more than the cost of an annual policy.
While coverage is available worldwide, policies are currently only available to Brits, but the firm hopes to expand internationally.
The service is the latest to be offered by the London-based firm, which started out as a prepaid debit card and has since added low-cost international money transfers and crypto-currency purchases.