Research from UK travel insurance provider Just Travel Cover has found that holidaymakers are leaving their travel insurance to the last minute.
It noted that while most travellers secure cover within 90 days of their trip, this timeframe has recently seen a notable decrease and last month, the average time to arrange insurance dropped to just 48 days before travel.
This trend is particularly prevalent among younger travellers aged 25–35, who took out travel insurance just 29 days before their trip, with almost half (45 per cent) leaving it within a week of jetting off.
Dale Robinson, Head of Marketing and Communications at Just Travel Cover, said: “While the primary purpose of travel insurance is to cover emergency medical treatment abroad, last year there were more claims for cancellation of holidays than emergency medical treatment – approximately 35 per cent of all claims.
“Cancellation cover is a really important part of your travel insurance; for example, if you’re diagnosed with a medical condition and can’t go on holiday, travel insurance with appropriate cancellation cover could be the only way to recover some or all the costs.”
Recent statistics from the Office for National Statistics (ONS) highlight that the persistent cost of living crisis has disproportionately impacted the younger demographic, particularly between the ages of 25–35. This could contribute to their reluctance to purchase insurance or even forgoing it entirely.
Amid rising living costs, millions of holidaymakers are continuing to prioritise overseas travel. However, travel insurance shouldn’t be something to cut back on. Without proper cover, travellers could face hefty medical bills, with the Association of British Insurers (ABI) reporting that last year’s average claim was £973, spiking to £1,750 for emergency care and repatriation. Notably, the average claim has reached an all-time high. Therefore, overlooking travel insurance is a decision that could prove costly.