Despite the continued uncertainty over leaving the European Union, fed-up Brits are still booking their annual holidays, but up to 20% are risking paying thousands in medical bills or lost property by not taking out travel insurance.
A study for RAC Travel Insurance found that of those who do not take travel insurance out, almost two-thirds cannot see the point in having it. In 2018 it was estimated that travel insurance could save the average holidaymaker over £5,000 per trip if they were to need medical treatment abroad.
In a survey of 1,200 members of the RAC Opinion Panel it was found that 15% used to have travel insurance but now felt they no longer need it because they’ve never previously had to make a claim. For those that do travel with insurance, 34% buy a standalone policy each time they travel, 25% have an annual policy and 15% take advantage of a policy that is part of a product bundle with their bank.
Almost half of the respondents who do take travel insurance claimed that their biggest concern was paying for medical treatment. With, for example, the daily rate for a stay in a hospital in America around £4,000, RAC Travel Insurance believes they are right to take protection. With 20% of respondents confirming they have previously received medical attention, it is clearly a big risk not to buy cover.
Meanwhile, it seems that Brits are also prone to losing possessions, with sunglasses the number-one item. Twenty-seven per cent respondents said they had lost sunglasses while on holiday, whereas 10% lost a tablet or camera and another 11% had lost a phone. Five per cent of those surveyed had lost a pair of binoculars.
RAC travel insurance spokesperson Simon Williams said:
“Our latest survey results show that Brits are taking a serious financial gamble, travelling without insurance. Travel insurance not only protects you if you need medical assistance or lose your possessions, it also ensures financial redress if the company goes bust.”