London-based challenger bank Revolut has launched a travel insurance feature, powered by geolocation technology to detect where people are in the world and provide coverage when they need it.
The pay-per-day travel insurance prices start from below £1 or €1 each day, and covers medical and dental expenses when travelling worldwide. The travel insurance carries a price cap specific to the policy selected, while Revolut is also offering a yearly policy worth £30 per for the more avid traveller.
“In true Revolut style, our Pay-per-Day Travel Insurance starts at less than £1 per day,” said Revolut. “On average, a Revolut user spends 13 days abroad per year, which means that Pay-per-Day Travel Insurance only costs £11.76.”
The geolocation technology means customers only pay for the days that they’re actually away from their home country. And customers can customise the policy to suit their needs by including friends and family, adding cover for winter sports, and more.
Travel insurance is available through the Revolut app to all users, except for Swiss residents.