Holidaymakers risk losing more than £1,000 by not prioritising insurance

Holidaymakers risk losing more than £1,000 by not prioritising insurance

Staysure warns travellers not to leave it until the last minute

With the summer break quickly approaching, research indicates that 40% of travellers fail to purchase insurance at the time of booking their trip, risking financial strain.

According to the data from Staysure, compiled in 2023, holiday cancellations were the most common type of travel insurance claim with the average claim amounting to £1,414. 

The second largest categorised claim was for medical emergencies abroad, including UK repatriation, the insurer revealing that one its highest paid claims was £353,779, the average claim still amounting to £3,787.    

Despite this, a third of people admitted that they wouldn’t buy travel insurance if it was deemed too expensive, 16% believing they don’t need to cover themselves for their type of holiday.  

The research further highlighted that some holidaymakers were unsure what to do if things didn’t go to plan. 

A fifth of respondents said they would contact their insurer if their flight was disrupted or delayed, which could potentially hinder them quickly finding and securing an alternative flight. 

Surprisingly, (7%) said they wouldn’t know who to contact at all in such cases. 

Millennials were most likely to try and claim for a missed flight when it was their fault (15%) wrongly believing they would be covered.   

When asked about what factors might increase a policy premium, pre-existing medical conditions was the most known reason (66%), with 59% stating that age and 46% stating the length of trip would also push up the cost.  

However, just 40% knew that travelling outside of Europe, where medical care and repatriation is often more expensive, especially where EHIC/GHICs may not be accepted, would impact the cost of a policy.  

“Booking a holiday is an exciting time, but it’s crucial not to overlook the importance of securing immediate travel insurance cover,” said Staysure’s Chief Commercial Officer, Simon McCulloch. 

“Our data stresses that travellers may face unexpected cancellations to their holiday or experience a medical emergency while abroad. Having insurance from the moment you book a trip with cover for your pre-existing medical conditions can safeguard against these potentially significant costs.”

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