New research from GoCompare has discovered that 40 per cent of people are not planning on buying travel insurance this summer.
As part of its research, over 2,000 people were asked about their plans to buy travel insurance ahead of the summer holidays, and of those who took part, just 23 per cent said that they would be purchasing travel cover.
Some 22 per cent said they wouldn’t be needing it as they have no plans to travel, 14 per cent said they didn’t know if they would be buying a policy and the remaining 40 per cent said they wouldn’t be buying any.
Across the age groups, those aged between 55-64 were the least likely to buy a travel insurance policy, with just 18 per cent saying they had plans to buy this type of cover.
BY contrast, those aged between 25-34 were most likely to buy it, with just under a third (31%) saying they will be buying a policy.
Commenting on the findings, Ceri McMillan, travel insurance spokesperson for GoCompare, said: “This is a really worrying number of people who could potentially go on holiday this summer without the right cover in place.
“There’s no doubt that everyone deserves a holiday this summer - we’re now coming out of global lockdowns and getting used to new/ old freedoms, but we’re also being hit by a cost-of-living crisis on the other side. I don’t think anyone can say that the British public doesn’t deserve some time away this summer.”
Ceri continued: “But if people are thinking they’re saving money by going away without the right level of insurance, this is most definitely a false economy. If the worst should happen and you need medical care while away, travel insurance will cover your costs. Without it, your bill could run into £1000s.
“Likewise, if people are relying on the Global Healthcare Card (GHIC), this won’t cover you for any private healthcare or getting back to the UK if you need to be flown home. Many countries don’t have a free healthcare service as we do in the UK, so if private healthcare is your only option, the GHIC will not cover this.”
GoCompare also explained how it’s not just medical costs - travel insurance also covers flight cancellations and disruptions, lost luggage and anything unexpected that cuts your trip short.
Ceri explained: “If your flight is delayed, it is likely that your airline will compensate you. Similarly, when it comes to travelling by sea it is your ferry company that would be first port of call for compensation. Some ferry companies offer a 25% or 50% refund on your ticket for the part of the trip that was affected depending on the length of the journey you were going to take and the delay you experienced. If your ferry was cancelled, then you should be offered an alternative sailing or refund on the ticket price. ABTA can help if your ferry company does not respond to your compensation claim.
“When it comes to travel insurance, most policies will offer some cover for delayed outbound or inbound journeys, however the requirements for the length of the delay and what compensation is available may differ. That’s why it’s important that you read your policy, so you know what you’re covered for.”
Gocompare advises everyone to take out holiday insurance “unless you have enough money in savings to cover you if anything happens and you need to be flown back to the UK”.
As well as cover for medical care, cancellations, personal liability and lost of stolen baggage, most travel insurance policies now have a level of cover for Covid-19 which will pay for emergency care and repatriation.
When you are looking at travel insurance policies, it’s important that you look at the levels of cover and make sure it’s fit for purpose as the levels of cover can vary significantly from policy to policy.
Ceri added: “People may not be buying travel insurance this summer for a number of reasons, but if the last couple of years has taught us anything, it’s that you don’t know what’s around the corner so being covered for unplanned eventualities has to be a good call.”
For more information on buying a travel insurance policy, you can visit, https://www.gocompare.com/travel-insurance/.
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