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Money-Saving Strategies for Buying Travel Insurance

5 tips for navigating to the right choice for your trip, sharing is nice.

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If you're planning a summer vacation , thinking about what could go wrong is probably the last thing you want to do.

But travel insurance could come in handy if your trip is canceled or interrupted due to a medical emergency, a natural disaster, or another unforeseen event. And deciding whether you need it—and if so, what kind—means planning for the worst.

The first question is whether you need a policy at all. The answer? Not always, according to Jeffrey Miller, a travel law attorney and professor at Florida Atlantic University, who says that much depends on your personal situation as well as the type of trip.

"The millennial going to Las Vegas doesn't need travel insurance," he says. "But if you're in your 40s and have elderly parents who might fall ill and cause you to cut short your holiday, then yes, you should definitely get coverage." 

In general, it's probably prudent to protect any trip that's valued at more than a few thousand dollars. Beyond that, other factors to consider might be the age and health of the travelers and whether your itinerary takes you into remote or risky territory.

"Our No. 1 claim type is trip cancellation," says Berkshire Hathaway Travel Protection vice president Carol Mueller. So bear in mind that you don't always need a Cadillac plan that covers everything from lost baggage to medical evacuation costs.

There are, of course, a multitude of plans to choose from, and you can narrow it down with the help of a travel agent or an online aggregator. Generally, policies fall into three categories—basic, midlevel, and premium—with coverage and prices rising accordingly.

Typically, premiums for comprehensive coverage range from 4 to 10 percent of the total tab of your trip. In recent years, however, travel insurers have come out with tailored policies at lower prices. For example, Berkshire Hathaway has a no-frills "Air Care" plan that just covers flight mishaps like delays or lost bags, starting at $26 for a simple round trip.

If you do decide you need to cover all bases, however, you might want a broad-based policy. Just bear in mind that it's important to know exactly what's covered.

Inquiries to travel insurance companies typically soar after high-profile events like acts of terrorism, or an outbreak of a disease like the  Zika virus.   For example, calls to insurers spiked after the recent grounding of the  Boeing 737 Max , according to the comparison site Insure My Trip. But as anxiety-provoking as events like these may be, under most travel insurance plans, they're not considered valid grounds to get a full refund if you cancel your trip.

Here, five guidelines to make sure you get what you need without overpaying.

Check Your Existing Insurance Coverage

You may already have some travel insurance as a perk of your credit card, but you'll need to check.

Some credit card issuers offer coverage for car rental damage, lost luggage , or trip cancellation, but any protection they do offer is likely to come with some limits on the ultimate payout. For rental cars, your personal auto insurance may cover you, too.

Nonetheless, if you have credit card coverage, you may be able to get by with a less expensive general trip protection plan. And when it comes to baggage , know that coverage from travel insurers is typically considered secondary, meaning it will pay only for anything in excess of what you're entitled to if you file a claim with your airline .

It's also worthwhile to look into your health insurance and whether it will cover you when you're on the road. Medicare, for example, won't help if you're not in the U.S., but other insurers might.

Aetna, for instance, covers policyholders on international trips, but the care is reimbursed as "out of network," which means higher out-of-pocket costs. And if you have an accident and need to be airlifted to a hospital, the costs of care can skyrocket .

If you're buying travel medical insurance, be aware, too, that some policies won't cover pre-existing conditions. Even when they do, they're often dependent on your purchasing the policy close to the date when you bought the trip. (Some have a "look back" clause that can search your health records for as long as a year prior.)

Comparison Shop

If your trip planning begins with booking an airplane ticket, you'll almost certainly be prompted to buy trip protection from the airline before you hit the purchase button. Don't rise to the bait, says Miller. "It's better to seek out all the options before you buy."  

Whether or not you buy through them, websites like InsureMyTrip and SquareMouth provide free quotes from multiple insurers and make it easy to filter search results by your customized needs.

In many states, travel agents who sell trip insurance are licensed for that purpose, and their knowledge and experience can also help narrow your choices appropriately. Whatever source you use, think carefully about what benefits you actually need before putting your money down.

Be Aware of Timing Provisions

Perhaps it's hurricane season, and you're having second thoughts about having paid in full for that upcoming beach holiday in the tropics. Can you take out an insurance policy to ease your worries?

You might be able to, but don't wait until a particular storm threatening your vacation is powerful enough to have been christened, advises Berkshire Hathaway's Mueller.

"When a hurricane is named, it is no longer an unknown event and no longer covered as a reason for cancellation" if you haven't already purchased the policy, she says. 

That's not the only timing factor to consider. A terrorist attack in your intended destination could be grounds to cancel under some policies with a terrorism clause. But usually that coverage applies only if you're traveling within 30 days of the event. If your trip is still six months away, the insurance won't pay out simply because you no longer want to go.

In general, you may be able to buy some types of trip protection up to 24 hours before your departure, but waiting until that point might mean you can get only basic coverage like baggage loss or damage protection and emergency medical coverage, according to Allianz Travel Insurance .

For more comprehensive coverage that includes benefits like a pre-existing medical condition waiver or protection if a trip is canceled because of a terrorist attack or an airline bankruptcy, a policy typically must be purchased within 14 days of making the initial trip deposit.  

Look Into Annual Plans

If you're taking more than two major trips per year, an annual plan could be a better deal than paying as you go with single-trip policies, according to Stan Sandberg, co-founder of TravelInsurance.com . Both types of plan can cover the same occurrences (trip cancellation, medical emergencies), but the year-long coverage could bring your pro-rated costs down. 

For example, insurance provider April Travel Protection recently launched a customizable annual plan that covers an unlimited number of trips per year, both in the U.S. and abroad. Customers can choose their level of coverage for trip cancellation or interruption, medical care, evacuation, and other events.

Prices start at $75 for those under 30, rising up to $179 for those 60 years or older. This policy isn't sold in all states, however, and the state of Washington doesn't permit annual plans of any type to be sold there. 

Be Careful About CFAR Insurance

Every insurance policy has sits own specific rules about what triggers coverage. That's why you should be skeptical of "cancel for any reason" (CFAR) insurance, which sounds appealing but is pricey, frequently running 40 percent more than basic insurance. What's more, this coverage often pays out only from 50 percent to 75 percent of your total expenses vs. the full cost paid by regular travel insurance.

Some states, such as New York, may limit or prohibit sales of CFAR policies. (The New York Department of Financial Services explains that because insurance is intended to protect against unforeseen events, CFAR can't be considered real insurance since it allows the buyer to control the reasons for filing a claim.)

So keep in mind that trip insurance, like all other protection policies, is subject to state regulation, which can vary widely around the country. Check with your own state's regulator if you're concerned whether you can buy a particular type of coverage.

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U.S. News takes an unbiased approach to our recommendations. When you use our links to buy products, we may earn a commission but that in no way affects our editorial independence.

The 5 Best Annual Travel Insurance Plans of 2024

Allianz Travel Insurance »

AIG Travel Guard »

Seven Corners »

GeoBlue »

Trawick International »

Why Trust Us

U.S. News evaluates ratings, data and scores of more than 50 travel insurance companies from comparison websites like TravelInsurance.com, Squaremouth and InsureMyTrip, plus renowned credit rating agency AM Best, in addition to reviews and recommendations from top travel industry sources and consumers to determine the Best Annual Travel Insurance Plans.

Table of Contents

• Allianz Travel Insurance
• AIG Travel Guard

Buying travel insurance can be a smart move for most trips, but those who travel more than a few times a year should consider an annual travel insurance policy. Whether you regularly travel for business and/or take several vacations a year, annual travel insurance plans can help you get the coverage you need without having to price out and purchase protection every time you leave home.

If you find yourself in a situation where an annual plan makes sense, know that not all travel insurance companies offer this kind of coverage. You'll also want to consider the available annual travel insurance plans to see which options make sense for your travel style and the level of coverage you want.

Frequently Asked Questions

Annual travel insurance plans all work in their own way, but the majority let travelers pay one annual premium for coverage that lasts for up to 364 days. These plans often limit the length of individual trips that are covered within the coverage year. Per-trip and annual limits on coverage can also apply.

In some cases, annual travel insurance plans require a deductible or coinsurance for certain types of coverage. If you're considering an annual travel insurance plan because you take multiple trips each year, make sure you read over the policy details and understand all coverage limits and trip limits that apply.

The cost of annual travel insurance typically varies based on factors like the age of the travelers applying, included benefits and coverage limits. You will want to shop around to compare plans across multiple providers using a platform like TravelInsurance.com or Squaremouth before you settle on a travel insurance policy.

To provide an example of the cost of annual travel insurance, U.S. News applied for a quote for two 40-year-old travelers seeking coverage for eight trips over a 12-month period. The Squaremouth travel insurance portal quoted policies with costs that range from $206 for the GeoBlue Trekker Essential plan to $610 for the Safe Travels Annual Deluxe plan by Trawick International.

Annual travel insurance can be worth it if you take multiple trips each year and want to make sure you always have coverage in place. After all, the alternative to having a multitrip policy is buying a new travel insurance plan for every vacation you take. That's not always feasible for frequent travelers who are always jetting off somewhere new – often at the last minute.

Just keep in mind that annual travel insurance plans tend to come with lower coverage limits than plans for single trips, and that you'll pay a premium for coverage that comes with comprehensive benefits and high limits for medical expenses and emergency evacuation.

• Allianz Travel Insurance: Best Overall
• AIG Travel Guard: Best for Basic Coverage
• Seven Corners: Best for Medical
• GeoBlue: Best for Expats
• Trawick International: Best for the Cost

Tailor your annual travel insurance plan to your needs

Most plans include coverage for trip cancellation and interruption, travel delays, medical expenses, and more

Lowest-tier plans (AllTrips Basic and AllTrips Prime) come with no or relatively low coverage limits for trip cancellation

Most annual plans (except for AllTrips Premier) do not cover trips longer than 45 days

• Trip cancellation coverage worth up to between $2,000 and $15,000
• Trip interruption coverage worth up to between $2,000 and $15,000
• Emergency medical coverage worth up to $50,000
• Up to $500,000 in emergency medical transportation coverage
• Up to $2,000 in coverage for lost or damaged baggage
• Up to $2,000 in coverage for baggage delays
• Travel delay coverage worth up to $1,500 ($300 daily limit)
• Rental car coverage worth up to $45,000
• Up to $50,000 in travel accident coverage
• 24-hour hotline assistance and concierge service

SEE FULL REVIEW »

Annual Travel Insurance Plan offers year-round travel insurance protection

Relatively high limits for medical expenses ($50,000) and emergency evacuation ($500,000)

No trip cancellation coverage and relatively low limit ($2,500) for trip interruption coverage

No coverage for preexisting medical conditions

• Up to $2,500 in coverage for trip interruption
• Up to $1,500 in coverage for trip delays of five-plus hours ($150 per day limit)
• Missed connection coverage worth up to $500
• Up to $2,500 in baggage insurance
• Baggage delay coverage worth up to $1,000 for delays of at least 12 hours.
• Up to $50,000 for emergency medical expenses ($500 for emergency dental sublimit)
• Up to $500,000 for emergency evacuation and repatriation of remains
• Up to $50,000 in accidental death and dismemberment (AD&D) insurance
• Up to $100,000 in protection for security evacuation

Provides coverage worth up to $250,000 for emergency medical expenses

Tailor other included benefit levels to your needs

Coverage only applies to trips up to 40 days

Deductible up to $100 applies for emergency medical coverage and baggage and personal effects

• Trip cancellation coverage worth up to between $2,500 and $10,000
• Trip interruption coverage worth up to 150% of the trip cancellation limit
• Up to $2,000 in trip delay coverage ($200 daily limit)
• Up to $1,000 in protection for missed connections
• Up to $250,000 in coverage for emergency medical expenses ($50,000 in New Hampshire)
• $750 dental sublimit within emergency medical coverage
• Up to $500,000 in coverage for emergency medical evacuation and repatriation of remains
• Up to $2,000 in coverage for baggage and personal effects
• Baggage delay coverage worth up to $1,000 ($100 daily limit)
• 24/7 travel assistance services

Get annual coverage for medical expenses and routine medical care

High limits for medical expenses and emergency medical evacuation

GeoBlue plans don't offer comprehensive travel protection

Deductibles and copays apply

• Ambulatory and therapeutic services
• Inpatient hospital services
• Emergency medical services
• Rehabilitation and therapy
• Preventive and primary care

Choose among three tiers of annual travel protection

Option for basic protection with affordable premiums

No coverage for preexisting conditions

Maximum trip duration of 30 days per trip

• Trip cancellation coverage up to $2,500 maximum per year
• Trip interruption coverage up to $2,500 maximum per year
• $200 per trip for trip delays (up to $100 per day for delays of 12 hours or longer)
• Up to $500 in coverage per trip for baggage and personal effects
• Baggage delay coverage up to $100 per trip
• Up to $10,000 for emergency medical expenses per trip
• Up to $50,000 in emergency medical evacuation coverage per trip
• Up to $10,000 in AD&D coverage
• 24-hour travel assistance services

Why Trust U.S. News Travel

Holly Johnson is a travel expert who has researched travel insurance options for her own vacations and family trips to more than 50 countries around the world. On a personal level, her family uses an annual travel insurance policy from Allianz. Johnson works alongside her husband, Greg – who has been licensed to sell travel insurance in 50 states – within their family media business and travel agency .

You might also be interested in:

The 5 Best Family Travel Insurance Plans

Holly Johnson

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Compare Cheap Travel Insurance Quotes

Peace of mind while you travel.

For such an important product, travel insurance is often all too easy to overlook. As with most kinds of insurance, you always hope to not need it, but on the off chance that you do fall ill or injure yourself on your travels, you could find yourself facing huge bills if you don't have adequate cover.

Travel insurance is for more than just medical bills though - the right policy will also pay out if your flight is delayed, or if your baggage goes missing, for example.

Arguably the most important thing you'll need travel insurance for is to cover you should you fall ill or injure yourself while abroad. Medical treatment can be very expensive in other countries, as can travel in ambulances should you need to be transported to a hospital from far away. Travel insurance policies will typically cover you for a huge amount of expenditure on medical bills for a relatively low up front cost.

It's not just for medical bills though. Many policies will also cover you for:

Often, travel insurance providers will refuse to cover you for treatment related to any pre-existing medical conditions. This includes anything that you've had treatment for in the past.

Just Travel are different. They have a large panel of specialist insurers so that they can get you a tailored policy that gives you exactly the kind of cover you need, regardless of your medical history.

The following quotation is offered in partnership with ME Expert LTD and SEOPA LTD, in order to effectively offer this service information may be passed between both providers, all information in handled in accordance with the General Data Protection Regulation (GDPR) 2016. Both parties act as licenced Data-Controllers as defined by the ICO and act as such. For more information, please see our Privacy Policy and Terms of Service, please be aware that information entered may also be subject to the Privacy Policy and Terms of Service of SEOPA LTD.ME Expert is an appointed representative of Money Expert Limited who are authorised and regulated by the Financial Conduct Authority FRN679652

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7 Best Cheap Travel Insurance Companies in June 2024

Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money .

Finding the cheapest travel insurance is often a priority for travelers hoping to protect themselves and their finances while away from home.

But is it better to err on the side of affordable travel insurance or opt for a more comprehensive plan? That depends on your needs .

On average, a comprehensive plan that covers some combination of trip cancellation and interruption costs, medical coverage and baggage protection (and perhaps a number of other things) will cost you 5%-10% of what you paid for the trip, according to NerdWallet partner Squaremouth, a travel insurance marketplace.

That means a comprehensive policy for a trip that costs you $3,000 could run you anywhere between $150 and $300. Factors like the cost and length of your trip, the age of the travelers and how much protection you want can significantly influence what you pay for your plan.

Ultimately, Squaremouth recommends “the least expensive policy that offers the coverage [travelers] need.”

» Learn more: The best travel insurance companies right now

Factors we considered when picking cheap travel insurance plans

We considered a few factors as we looked for the most affordable travel insurance plans.

Price: If your goal is to find cheaper travel insurance, you want the price to be affordable.

Breadth of coverage: The best budget travel insurance is typically going to be a plan that offers a wide range of protections at an affordable cost, ensuring you’re protected with at least some coverage for a wide range of scenarios.

Uniqueness or customizability : While many travel insurance plans have similar protections, some stand out for particular coverage that can be helpful to certain travelers, like those needing to Cancel For Any Reason , those going on a cruise, or travelers with preexisting health conditions. We didn’t spring for the priciest plans with broad, deep coverage; instead, we picked those that meet a sort of budget "sweet spot" when it comes to cost efficiency.

» Learn more: Is travel insurance worth getting?

An overview of the best cheap travel insurance plans

We looked at travel insurance quotes for a hypothetical 10-day trip to Italy in October 2023. The traveler is a 40-year-old man living in North Carolina who spent $2,000 on the trip, including airfare.

Reliable but cheap travel insurance providers

1. axa assistance usa (silver plan: $70).

Why we picked it:

The $500 missed connection benefit is great for cruise and tour participants. It covers additional transportation, accommodations and meal costs when you miss a cruise or tour departure.

Full trip cancellation and interruption coverage, along with up to $25,000 for out-of-pocket medical costs and baggage coverage.

Among the lowest prices we found.

If you’re willing to spend a bit more than AXA's $70 Silver plan, a Gold plan only costs $19 more and gets you deeper coverage amounts and up to $35,000 in collision rental car insurance.

2. Berkshire Hathaway Travel Protection (ExactCare Value plan: $56)

Cheapest plan we found while still offering a wide array of protections.

Includes a preexisting medical condition waiver.

Add-on rental car collision coverage optional for $10 per day. You can pick how many days you want the additional coverage — it’s not all or nothing.

At $56, this plan comes in at less than 3% of the $2,000 trip cost.

3. IMG (iTravelInsured Lite plan: $77)

Treats COVID-19 like any other illness, which is to say, if your claim accepts flu, strep throat or appendicitis as an acceptable, covered condition, the coronavirus is, too.

Covers costs related to trip interruption up to 125% 

Higher than normal limits on dental expenses, at $1,000. If your teeth are your Achilles heel (or your biggest fear), this plan might be for you.

The iTravelInsured Lite plan doesn’t offer some of the bells and whistles that other plans do, like rental car coverage , Cancel For Any Reason coverage or waivers for pre-existing conditions. But you’ll have relatively solid across-the-board trip protections.

4. John Hancock (Silver plan: $93 for a mid-tier plan)

Mid-level plan (as opposed to a basic plan) at an affordable price for travelers who want more coverage without paying too much.

Includes an optional Cancel For Any Reason add-on for travelers wanting flexibility. It is a bit pricey, at half the cost of the insurance ($46.50 extra for a $93 plan).

Reimburses up to $1,000 for lost baggage , far more than many basic plans.

Add-on rental car coverage for $9 per day.

At $88, John Hancock’s basic (Bronze) plan isn’t particularly affordable. But for just $4 extra, you can tap into the benefits of a mid-tier plan at still less than 5% of the total trip cost.

5. Nationwide (Essential plan: $76)

Includes a preexisting conditions waiver.

Add-on rental car coverage for $90. 

Covers trip interruption at 125% of the trip cost while providing comprehensive emergency medical and baggage coverage.

6. Seven Corners (Basic plan: $75)

On top of standard trip protections, it includes a relatively affordable Cancel For Any Reason option for $31.50 extra.

If you plan to rent expensive sporting equipment, you might consider paying $10 extra to cover lost, damaged, stolen or destroyed gear.

COVID-19 coverage reimburses you for costs incurred if you have to quarantine .

Rental car coverage comes in at an affordable $7 per day.

Seven Corners’ Basic plan stands out because it offers a little bit of everything, appealing to athletic travelers, those who need affordable trip protections, those who want the flexibility to cancel for any reason and those still concerned about getting quarantined due to COVID-19.

7. Travelex Insurance Services (Basic plan: $71)

Straightforward: What you see is what you get. This plan’s coverage has fewer rules and caveats than many. 

While not sporting the highest coverage amounts, it offers a solid range of protections to ensure you get at least something back when your travel is disrupted or you have a medical emergency.

Offers add-on rental car coverage for $10 per day.

At $71, the Travelex Basic plan’s cost is just over 3% of the $2,000 trip’s cost.

If you want to get travel insurance at the cheapest possible rate, here’s a trick. Put $0 as your trip cost, Stan Stanberg, co-founder of comparison site Travelinsurance.com said in an email.

“When excluding trip cancellation and trip interruption coverage the cost of a travel insurance plan goes down significantly,” Stanberg said.

That means you won’t get reimbursed if you need to cancel your trip or if it gets interrupted. But you may still have access to the plan’s medical, trip delay , missed connection, baggage and other protections.

You’ll often find comprehensive travel insurance plans cost 5%-10% of your total trip cost, according to Squaremouth. This will often get you full trip cancellation and trip protection, baggage protection, emergency medical coverage and often other benefits.

Typically, the more you pay, the broader and deeper the coverage.

For many plans, you can purchase travel insurance up until you depart. However, to get access to the most protections possible, booking two days to two weeks after making your initial deposit is the best rule of thumb.

That means you won’t get reimbursed if you need to cancel your trip or if it gets interrupted. But you may still have access to the plan’s medical,

, missed connection, baggage and other protections.

How to maximize your rewards

You want a travel credit card that prioritizes what’s important to you. Here are some of the best travel credit cards of 2024 :

Flexibility, point transfers and a large bonus: Chase Sapphire Preferred® Card

No annual fee: Bank of America® Travel Rewards credit card

Flat-rate travel rewards: Capital One Venture Rewards Credit Card

Bonus travel rewards and high-end perks: Chase Sapphire Reserve®

Luxury perks: The Platinum Card® from American Express

Business travelers: Ink Business Preferred® Credit Card

on Chase's website

1x-10x Earn 5x total points on flights and 10x total points on hotels and car rentals when you purchase travel through Chase Travel℠ immediately after the first $300 is spent on travel purchases annually. Earn 3x points on other travel and dining & 1 point per $1 spent on all other purchases.

75,000 Earn 75,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $1,125 toward travel when you redeem through Chase Travel℠.

1x-5x 5x on travel purchased through Chase Travel℠, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases.

75,000 Earn 75,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's over $900 when you redeem through Chase Travel℠.

1x-2x Earn 2X points on Southwest® purchases. Earn 2X points on local transit and commuting, including rideshare. Earn 2X points on internet, cable, and phone services, and select streaming. Earn 1X points on all other purchases.

50,000 Earn 50,000 bonus points after spending $1,000 on purchases in the first 3 months from account opening.

Money blog: HSBC announces mortgage rate increases

HSBC has today announced wholesale rate hikes across its residential and buy-to-let mortgage product ranges. Read this and the rest of today's consumer and personal finance news below - and leave your thoughts in the comments box.

Monday 3 June 2024 20:54, UK

• Glitch that delayed 500,000 benefit payments 'fixed', HMRC says
• HSBC announces mortgage rate increases
• London could be set for second biggest listing in its history
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Ask a question or make a comment

Royal Mail's incoming owner has refused to rule out stamp price hikes under his leadership. 

In fact, Czech billionaire Daniel Kretinsky seemed to suggest there might be more increases to come. 

"I can't make unconditional commitments," he told The Times when questioned on the topic. 

"[If] your circulation is 50% of what it was … you either need to go home, or you need to increase the unit price and hope that people will pay for it. Because if not, you are making losses.

"You can be loss-making for a year or two, but you can't be in a loss for 20 years. It's simple maths. There's no mystery to it." 

First class stamp prices have more than doubled since 2018 from 67p to £1.35. 

The businessman, nicknamed the Czech Sphinx, had his £3.6bn offer accepted by the postal service's parent company, International Distribution Services, last week. 

It said the agreement included a series of "contractual commitments" to protect public service aspects of the Royal Mail - such as its universal service obligation to "one-price-goes-anywhere" first-class post six days a week.

Many were shocked by the deal, with Royal Mail reporting losses of £1m a day in recent years. 

You can read more about the Czech Sphinx below...

A major error that meant 500,000 families did not receive their scheduled child benefit today has been "fixed", HMRC has said.

In a post on X, HMRC said affected families would get the money on Wednesday morning, two days after the payments were due...

Multiple readers have got in touch to say they had been affected by the problem, which meant almost a third of payments scheduled for today were not made.

Reader Susan1984 said: "When should we expect to receive the missing payment? This has left not just me but so many more families with kids completely stuck for food and fuel this morning."

Earlier, HMRC apologised and said it was working urgently to resolve the issue, which would not affected payments scheduled for tomorrow (see post at 14.41).

Child benefit is usually paid every four weeks on a Monday or a Tuesday at a rate of £25.60 for an eldest or only child and £16.95 for each additional child.

The bank has today announced wholesale rate hikes across its residential and buy-to-let mortgage product ranges. 

The new rates, which come into effect tomorrow, will be applied largely across its two, three and five-year fixed rates for purchase and remortgage. 

However, a number of rates available to existing HSBC customers looking to switch will also see increases. 

Brokers say more lenders could increase rates this week. 

This is thanks to an uptick in swap rates due to hopes fading for a cut to the base rate set by the Bank of England in June. 

Here is what some industry insiders told Newspage...

The dreaded 'higher for longer' scenario is no longer a mere notion: it's the harsh reality for many. It looks like these elevated rates are here to stay for the foreseeable future. Ranald Mitchell, director at Charwin Private Clients

We can now expect more awkward conversations with clients who have read that rates are coming down and inflation is under control. HSBC have been fairly competitive recently so the hope is that they just need to turn the tap off a little to catch up and this isn't an upward trend that will continue into the summer period. David Stirling, independent financial advisor at Mint Mortgages and Protection

HSBC is one of several lenders to already have announced changes this week. Even with the higher rates on offer, I would not suggest waiting in the hope of a drop any time soon. My advice to borrowers is take control of the situation and start the process of arranging a new deal as early as possible, secure a rate and, if a better one materialises, change to it. Simon Bridgland, broker/director at Release Freedom

Child benefit payments have not arrived on time for approximately half a million people.

Almost a third of payments scheduled for today were not made - and we've had multiple readers get in touch to say they've been impacted.

HM Revenue and Customs (HMRC) has apologised and said it is working urgently to resolve the issue.

"We're sorry that some customers' child benefit payments have not arrived as scheduled and we are working urgently to resolve the issue," said an HMRC spokesperson.

"The issues that caused payment problems today will not impact payments scheduled for tomorrow."

Child benefit is usually paid every four weeks on a Monday or a Tuesday at a rate of £25.60 for an eldest or only child and £16.95 per additional child.

Some people may receive the benefit weekly, for example if they are a single parent or receiving certain other benefits, such as universal credit.

HMRC added on X that there was "no need for customers to call us" and it will provide updates on the social media platform.

As of August 2023, 6.91 million families were in receipt of child benefit payments.

Reader Sam E said: "No warning, complete denial, no update, just endless worry for those who rely on the benefit. The denial in particular is an insult. How long will it be until it's sorted?"

Last week, the Scottish Parliament passed a bill meaning local authorities can set an additional charge for overnight accommodation. 

For tourists heading to Scotland, that means an extra fee for staying hotels, bed and breakfasts and holiday lets.

According to Visitor Levy (Scotland) Bill, the fee will be a percentage of the cost of a hotel or other room.

For instance, a 1% levy on a £200 booking means a visitor would pay £2 in tourist tax.

We asked our followers in LinkedIn if the tourist tax would put them off visiting the country. 

The majority of them (59%) said it wouldn't stop them from taking a trip there - but 41% would think twice.

Any charges or levies are not expected to come into effect until spring 2026, as councils need to consult local businesses before carrying out an 18-month implementation period.

Those receiving disability benefits will not pay any charges, with children and young people also exempt.

Manchester, Bournemouth, Christchurch and Poole already charge people to stay the night. 

Manchester's £1-a-night City Visitor Charge was introduced last April, and is estimated to have raised around £2.8m in its first year.

European hotspots like Barcelona and Venice also have tourist taxes, with the Spanish city charging visitors €3.25 if they're staying in official accommodation.

Your comments on LinkedIn :

"We love Scotland (I'm a Scot) but live close enough to drive up and do some shopping and stay over for a meal etc and we do so perhaps every six weeks or so. So I'm now classed as a 'tourist' even though I spend about £200 on a room - perhaps another £200 quid on a meal and drinks etc etc - not to mention the money we spend in the shops. And they want to charge us both £2.50 a night?" Paul Mclean

Many countries apply tourist taxes, so why should Scotland be any different?The big questions, for me, are how will the money be spent? Will it be spent directly benefiting the city or just vanish into government coffers? The other is who counts as a tourist. A foreign national visiting from a country outside of the UK would seem a sensible definition, but to charge domestic visitors would probably be shootings themselves in the foot somewhat. Scott Taylor-Barr

From my experience, Edinburgh is already one of the most expensive cities to visit. Greig Cahill

Hopefully the contributions are put towards the development of tourism, and/or will be used in the right ways. From my experience working in France, French nationals are very accepting of the tourist tax and in France, I see the logic in it. Let's hope it works... 🤞🏻 Jennifer Wightman

Virgin Atlantic has launched the first flight of its new service from Manchester to Las Vegas today. 

It makes Manchester Airport the only place outside of London to offer direct flights to America's west coast. 

Virgin Atlantic already has a daily connection to Sin City from London Heathrow, but launched the new route to support strong customer demand in the North West. 

It marks the airline's fourth service from Manchester to the US, building on established services of Orlando, New York and Atlanta. 

"Few places sum up the glitz and glamour of international travel like Las Vegas. Giving passengers in the North the opportunity to fly there directly and experience everything it has to offer is a real game-changer," Chris Woodroofe, managing director at Manchester Airport said. 

The launch has been marked with showgirls joining the flight's cabin crew and welcoming flyers at the check-in desk. 

Flight VS85 on an A350-1000 departed Manchester Airport at 9.50am. 

Rolex has increased the price of some of its watches in the UK after the cost of gold surged. 

The leading luxury watch manufacturer has hiked some prices by as much as 4%. 

One of its most famous pieces, the Daytona chronograph, will now cost you £38,700 - up from £37,200. 

The price of a yellow golf GMT Master II has also increased from £34,000 to £35,400. 

That's according to information on its UK website, which is tracked by Bloomberg. 

Typically, Rolex raises prices for its watches annually in January.

It increased prices in the UK by about 4% for some models at that time but left US prices unchanged.

It comes after the price of gold reached record highs earlier this year, coming in at £1,932.44 per ounce in April. 

Increased prices isn't the only thing that makes buying a Rolex difficult, though. 

Despite high prices, waiting lists for them have been rising, according to Watches of Switzerland. 

Some waiting lists can be years long, which is part of the reason they are so exclusive.

So even if you have a spare £35,000, you might still find it difficult to actually get your hands on one. 

By Sarah Taaffe-Maguire , business reporter

Eyes were fixed on the London Stock Exchange today for detail on a company that isn't even listed. 

Chinese-founded fast fashion giant Shein is set to publicly list in London, according to Sky's Mark Kleinman , a move that would make it the most high-profile public flotation for more than a decade and the second biggest initial public offering (IPO) in the history of the London Stock Exchange.  

A company "floats" when it offers shares on a stock market - comes into public shareholder ownership from being private - with an IPO being the first time shares are publicly available for purchase. 

There was no update posted this morning, but an announcement could come later this week or month. 

Drugs company GSK is the worst performer of the morning with its share price down 9.4% following news it will face jury trials in claims by thousands of people with cancer who say a heartburn drug it developed, Zantac, caused their illness.

Sterling buys €1.1714, down from the 19-month high of last week. Another high could be reached as the European Central Bank will likely cut interest rates on Thursday. One pound equals $1.2732.

A barrel of Brent crude, the benchmark oil price, is $81.43, low by the standards of the past three months. 

GameStop shares have surged after a Reddit account that drove the 2021 meme stock mania shared its position in the video game retailer. 

The chain's shares were 90% higher at $46 each as of 9.11am after Keith Gill, who goes by DeepF------Value on Reddit and Roaring Kitty on YouTube and X, reappeared online on Sunday night. 

He posted a screenshot of what appeared to be his portfolio holding a significant amount of GameStop common shares and call options. 

Reminder: A call option is basically a contract which allows a buyer to purchase stock at a specific price until a certain date. 

The Reddit trading crowd's favourite trader holds five million shares of GameStop worth $115.7m as of Friday's closing price, according to the account screenshot. 

The account also showed a position of 120,000 call options in GameStop with a strike price of $20 that expire on 21 June that were purchased for about $5.68 each.

GameStop shares closed Friday at $23.14.

Mr Gill's first return to social media three weeks ago sparked an eye-popping rally in GameStop with shares more than doubling in May alone.

At the time, he simply posted a picture of a man in a chair leaning forward, but that was enough to trigger a buying frenzy among amateur traders.

The investor was a former marketer for Massachusetts Mutual Life Insurance.

In 2021, through YouTube videos and Reddit posts, he encouraged a band of retail traders to squeeze out short selling hedge funds in GameStop.

The action got so wild at one point that brokers had to restrict trading in the stock as it blew up their clearing house margin.

By Katie Williams , Money team

We've all learned how to be more conservative with our money amid an increase in the cost of living - but it's still important to treat ourselves now and again.

And there's some science behind that happy feeling you get when you make a new purchase, as  consumer psychologist Dr Cathrine Jansson-Boyd  explains in the first of four features on the psychology of shopping running this week.

What happens to our brains?

When we buy something, our brain releases endorphins and dopamine. Such a release can give us a sense of pleasure, albeit momentarily, Dr Jansson-Boyd says.

You might be more likely to continue buying things if you think that temporary feeling of pleasure is important, she adds, though she notes for some even just the experience of shopping can trigger the dopamine, without anything being bought.

Buying sale items increases dopamine

Dr Jansson-Boyd says purchasing items at a reduced price can increase your dopamine level.

When shoppers see a product they like with a price they perceive as "fair", they experience a level of satisfaction in the part of the brain associated with the anticipation of pleasure, she explains.

However, if the price is perceived as "unfair", the insula - a part of the brain that registers pain - is typically activated.

The negative impact of dopamine

It's also important to note dopamine can have negative influence on spending behaviours, Dr Jansson-Boyd says. 

For example, when buying chocolates, the release of dopamine generates what can be thought of as a reward-seeking loop. 

This means that a person experiences repeated craving of a dopamine rush and repeatedly buys chocolates to experience the dopamine rush. This can lead to unwanted spending. 

"As you can imagine, such 'craving' can also lead to fairly serious consequences if the spending is done on gambling or drugs," she adds.

So are there 'healthier' alternatives to get that release? 

As Dr Jansson-Boyd mentioned previously, window shopping can trigger a surge of dopamine without you needing to buy anything.

Other non-shopping activities such as eating healthily and listening to your favourite music can also trigger a similar release, she says.

Can you get out of chasing the dopamine rush? 

Being aware is a good start, says Dr Jansson-Boyd, as it may "put the brakes on the shopping".

But she notes that if the chasing of dopamine becomes an obsession, then seeking professional help is best as the consequences can be "serious".

"However, if it is not of a serious nature then training yourself to think pragmatically about the shopping helps. 

"For example, if you find that you are keen on 'special offers', then make sure you are equipped with information about whether you are getting a genuine bargain," she says.

She also recommends taking a step back, going for a cup of tea or visiting another shop every time you see something you want to buy.

Dr Jansson-Boyd says: "If you still want to go back to the item, perhaps you really do want it. However, in many cases you will find that you forget about it entirely or that you are not that fussed."

Coming up in this series:

• Tuesday: The five different types of shopping addiction
• Wednesday: 'I was an addict - I ended up in £40,000 of debt'
• Thursday: The techniques big brands use to get us buying more, more, more

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