Sainsburys Reveals Holidaymakers Avoiding Travel Insurance
Although many tourists might think that ducking out of getting travel insurance will cut down on the overall cost of their holiday, doing so may end up with them facing a much more expensive bill should the worst happen, a new study shows.
In research carried out by Sainsbury’s Travel Insurance it was revealed that more than a quarter (27 per cent) of Britons claim they will not be taking out cover ahead of going on their summer break. Such a proportion was estimated to account for a total of 13.4 million people. The financial services firm also revealed that just under a fifth of holidaymakers – some 2.5 million – state that they cannot afford the cost of getting travel insurance, while 31 per cent believe it to be an unnecessary purchase.
However, by not taking out a comprehensive travel insurance policy it may be possible that those consumers who fall ill have to dip into their own pockets to pay for medical treatment. This could place pressure on their ability to manage other areas of financial demand – such as personal loans, credit cards and mortgage repayments – upon their return home.
The study also indicated that older consumers in particular are going to travel without insurance with 32 per cent of 55 to 64-year-olds set to duck out of making such a purchase. Meanwhile, 28 per cent of the over-65s – just under three million – state that they will not get cover for their summer vacation. On the other hand, 21 per cent of 16 to 24-year-olds – the equivalent of 1.24 million – will not bother getting travel insurance.
Commenting on the figures, Steve Johnson, head of insurance for Sainsbury’s Finance, said: “It’s extremely concerning to see how many people are neglecting to take out insurance when going away on holiday. It’s a false economy to do without it and should be regarded as a holiday essential, just as important as packing your passport. Although in the current climate people are understandably looking at ways to reduce their outgoings, insurance is one thing that should not be omitted.”
He went on to report that should something happen to holidaymakers or their families while away on vacation “you need to know that you have adequate cover in place to take care of things”. Among the holiday disasters Mr Johnson claimed that travel insurance can provide protection for was meeting the cost of medical treatment and reimbursement for stolen or lost possessions.
For those looking for an effective way in which to fund a break abroad, taking out a personal loan might be recommended as it could allow for flights and accommodation to be purchased quickly. The additional monetary assistance which is offered by a best rate loan could also help borrowers to take out comprehensive car insurance cover. This may be of particular assistance to those going on a gap year after Lonely Planet recently revealed that the average travel experience costs around 4,000 pounds.
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