insurance News
1 in 5 fail to take out Travel Insurance
It has recently been revealed that 1 out of 5 holiday makers in Britain fail to take out any form of travel insurance before taking a trip abroad according to the travel association ABTA.
The survey also revealed that 1 in 6 people, 16% of those questioned had misconceptions about travel cover; believing that the government would pick up the cost of any medical assistance needed while abroad.
An even higher figure was revealed in the younger age bracket with 26% of those aged between 15-26 years believing that if emergency medical treatment was needed abroad the Foreign Office would pay which is completely incorrect.
A staggering 55% of consumers who holiday in the UK do not take out cover; and 17% of Brits abroad don’t consider it to be important.
Insurance experts warn that as well as covering medical expenses, some travel insurance protect against cancellations in the case of redundancy, which is especially important in the current economic climate.
The survey also showed that 12% of UK travelers have made a claim on their travel insurance policy in the last 5 years, 3% of those said their claim was for more than £500.