While the British love to get away from the customary grey weather, many are unprepared for holiday emergencies by travelling without insurance. Recent figures show over half (53%) of the UK are planning on taking a holiday before the end of the year, yet 51 percent have no travel insurance in place.
On average Britons take over £1,440 worth of goods overseas on holiday, most do not have adequate travel insurance, if any at all.
According to Think Banking Weekly data, 13 million people have no travel insurance in place, despite having a holiday coming up in a couple of weeks. Those who do take out travel insurance tend to opt for the cheapest policy. The figures show 39 percent of people who take out insurance choose a single-trip policies, however, 33 percent of insured people lack sufficient coverage.
Two million people have had items lost or stolen whilst abroad, and without sufficient coverage they wouldn’t have been able to make a claim. The best way to make sure you are covered for medical emergencies, lost or stolen items, delays and other holiday disasters is to buy comprehensive travel insurance.
The research found over half (54%) of travel insurance is arranged online. With comparison sites providing quick, easy ways to compare policies and find the best one for you. If you go direct to an insurer it is often easier to arrange a policy online. Over a third (37%) of holidaymakers prefer to buy insurance directly from an online provider. Buying direct is the most popular method of buying insurance online.
As the repercussions of not having sufficient travel insurance are highlighted in the press it is predicted more people will purchase it for their future trips. According to a report from the Association of British Insurers (ABI) market conditions will remain competitive over the coming years, resulting in slight premium increases on travel insurance.
The report highlights the industry as an attractive one in which to write business as predicted growth in the number trips abroad will trigger a rise in travel insurance sales.