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Scrapping travel insurance ?isn?t worth the risk?
04 July 2008 16:26:07
51% may not buy travel cover
Just over half of British holidaymakers have said that they may consider not buying travel insurance for their holiday this year because of the hard-hitting effects of the credit crunch, according to new research released yesterday.
The research, which was conducted by the UK’s largest insurer, Norwich Union, aimed to investigate how the current economic situation is affecting the summer travel plans of Britons.
The insurer is also calling for holidaymakers to keep travel insurance on their list of essential holiday items and not to duck out of paying for the cover in the hopes of reducing the cost of their holidays. Norwich Union pointed out that the average medical emergency claims costs around £1,200 and the average baggage claim costs around £220, according to its claims data.
Suzi Fenn, travel product manager at Norwich Union, said: “Understandably, people are looking to make savings on their holidays this year given the economic climate.
“However, with more than £60 million paid out in 2007 in insurance claims for everything from medical emergencies to damaged baggage, scrimping on this essential travel cost really isn’t worth the risk.
“With options of taking single trip or annual cover, people can choose a policy that represents the best value for them, so it doesn’t have to be an expensive outlay.
“The reality is that accidents and illnesses do happen on holiday and you could end up footing an expensive medical bill if you haven’t taken out proper cover.”
According to Ms Fenn, the cost of breaking a leg in Cyprus could end up costing a holidaymaker £18,000 with over half of this amount covering the cost of repatriation (returning them home).
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Please ensure that you fully read the terms & conditions of any product or policy before you decide to proceed and are fully aware of the total costs and the benefits and any exclusions or limitations applicable to the product or plan.
Please note that the product links will take you direct to the Issuer or Insurer's site direct and we cannot be held responsible for the information which they provide within their own sites. On some comparison tables we use a star rating which rates products by visitor popularity.