One in five UK travellers will not buy travel insurance until they are about to set off on their holiday, according to new research by comparison site comparethemarket.com.
The company points out that travellers are putting their money and themselves at risk by leaving it so late to take out insurance. More worryingly, comparethemarket predicts that around five million Brits will fail to take out any form of travel insurance at all in 2021.
Even those who take out travel insurance do not seem to know exactly what it covers. The company’s latest survey found that nearly half of respondents did not know whether they were covered if their airline or travel agency went out of business, while 18 per cent didn’t know when their policy expired.
“With a number of high profile airline collapses this year, holidaymakers should make sure they are covered for any eventuality,” said Stephanie Corbett, Head of Travel Insurance at comparethemarket.com. “We often think of travel insurance as protecting us when we are actually abroad – such as if we get ill or lose our luggage – but it can also ensure you don’t lose any money before you go away. If your trip is cancelled for any reason, such as injury, illness or personal emergency, you can make a claim on your policy’s cancellation cover to reimburse the trip. But take care! The amount insurers are willing to pay out can vary significantly, so check your terms and conditions to see exactly what your policy covers.”
The comparison site also found that Spain was the top potential destination for Brits in 2018, with 23 per cent of respondents saying they were planning on visiting the country. The US (nine per cent) and France (seven per cent) made up the rest of the top three.