These are the claims of leading travel insurance price comparison website, www.gocompare.com, whose latest findings make for somewhat alarming reading.
According to the popular insurance product aggregator, their recent research discovered that some 34% of British holidaymakers fail to make the necessary travel insurance policy arrangements before they head off somewhere sunny (or snowy), which as any insurer will suggest is something we all should do as a matter of course as soon as we’ve booked our holidays, mini-breaks or business travel; if not before.
First and potentially foremost this renders holidaymakers powerless to make a claim if, for whatever reason, they are then unable to go on their trip and have to subsequently cancel their holiday per se.
That’s because for the most part cancellation and curtailment cover is a standard feature within the make-up of a typical travel insurance policy, affording the policyholder the peace of mind coverage in the event of a cross-section of situations arising.
Illness, accident, redundancy or family bereavement tend to be the more common trigger mechanisms for holidaymakers to suddenly reverse their scheduled travel plans.
Holidaymakers risk losing holiday cancellation compensation by scrimping on travel insurance
Examining these brand new travel insurance statistics further and it appears that 9% (or almost 1 in every 10) of travellers admit to habitually failing to purchase an appropriate – and safety net-providing - insurance policy before they venture overseas and to a variety of destinations.
Of the 91% jetsetters with the foresight to ensure that they have suitable and all-encompassing travel insurance in place prior to departure, a fraction over 50% concur that they visit insurance price comparison sites to seek out the latest and most cost-effective deals as part of this process.
Elsewhere and 25% organise cover through their bank accounts with a further 12% opting to secure their travel insurance courtesy of their travel agent.
Meanwhile 11% buy their travel insurance direct via their holiday-providing company.
GoCompare also unearthed evidence to suggest that of the 580 travel insurance policies it scrutinised – and despite 97% of them offering cancellation policies as a standard feature – cover limits varied considerably. From £500 in some cases through to unlimited cover in others, while 25% flagged up discounted premium rates for consumers who chose to knowingly exclude cancellation cover.
All of which just goes to show that many holidaymakers looking to take out travel insurance are willingly risking being seriously out of pocket in the event of having to cancel their holiday, for the sake of saving a few pounds on their annual/monthly premiums. A statistic which is all the more puzzling when additional evidence proves that Brits are in the habit of spending an average of £1,600 on their holidays, with some (26% in fact) regularly splashing out in the region of £2,000 for their annual jollies.
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