Worth the risk?

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Travel insurance comparison site Gocompare.com has said that over half of UK travellers purchase their single trip travel insurance within a week of their trip, and that a quarter of these travellers buy their cover on the day before their trip.

Using the data gathered from customers that use its site, Gocompare also found that only 15 per cent of travellers buy insurance more than a month ahead of their trip. The company emphasised that this was despite the fact that 97 per cent of policies have some level of cancellation cover.  

“Unfortunately, our research has revealed that more than half of UK holidaymakers are either making a huge assumption that only something which happens within a week of their holiday will cause them to cancel it, or they’re just not thinking about the risks at all,” said Alex Edwards, product manager at Gocompare.

She added that customers should not immediately buy a holiday company or travel agent’s packaged cover, and should instead try to get a cheaper deal by ‘shopping around online’, a strategy supported by the UK’s Financial Conduct Authority, which recently said that it wishes insurers to encourage customers to shop around for better deals, rather than simply renew with the same company every year without thinking.