London fintech startup Revolut plans to make things even easier. The company has launched a new geolocation-based travel insurance product, called Pay-per-Day. If the company detects that you’re abroad, it’ll automatically sign you up to a policy. Coverage can cost as little as £1 (about $1.25) per day, and there’s an annual cap, so you don’t end up paying more than you would with an average annual travel insurance policy.There’s also a grace period. If you don’t want coverage, but forgot to turn Pay-per-Day off on your phone, you’ve got up to eight hours to cancel your policy.
One of the most overlooked parts of going abroad is travel insurance. That’s probably because there’s a massive dichotomy between how easy booking a flight within Europe is, and how tedious it is to pick out a policy. To do this, the Revolut app uses your phone’s standard location services. If your GPS receiver picks up that you’re in a different country, a policy will automatically kick into action. In practical terms, this means that from the moment you get off the plane, you have medical and dental cover. Speaking personally, this is hugely attractive. I travel a lot, and I inevitably leave travel insurance to the last minute. More often than not, I buy it when I’m in the airport terminal, just minutes from booking a plane.