According to recent findings from MoneySuperMarket, three million people in the UK (12 per cent) didn’t take out any travel insurance for their last holiday, and 49 per cent waited until just two days before their trip to purchase their policy. This is despite 20 per cent of people having had to make a travel insurance claim in the past.
MoneySuperMarket’s advice to consumers is to buy travel insurance the moment they book a trip, as cancellation cover will protect them from the day they purchase their coverage. Consumer affairs expert at MoneySuperMarket Kevin Pratt highlighted the importance of cancellation cover: “A vital part of any travel insurance policy is cancellation cover. It means you can recoup the cost of your holiday if you have to cancel because of serious illness, bereavement, redundancy or another significant reason. And that’s why you should either have year-round protection via an annual policy, or you should insure a single trip when you book. Buying cover when you book doesn’t make the policy more expensive, and the protection is extremely valuable, so it’s really a no-brainer. Why risk the cost of cancellation when your insurance cover could take the strain?”
The research also showed that 18-24 year olds are the age group that is most likely to go on holiday without taking out insurance. People aged 65 and over were found to be the most likely to take out annual trip policies, while single trip policies were found to be the most popular choice for 35-44 year-olds. The average policy price for travel insurance was found to be £19.88.
MoneySuperMarket also discovered that 71 per cent of people chose their travel insurance policy based on price, but highlighted that there are other factors for consumers to consider, such as ensuring the policy provides adequate cover that reflects their needs, including destination, belongings, planned activities and pre-existing medical conditions.