26 June 2024 , 07:56
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Holidaymakers are being warned not to make a mistake made by almost half of Brits or risk being potentially thousands of pounds out of pocket. People are 24 times more likely to travel than drive without insurance.
While this could be down to it being illegal to get behind the wheel of a car without insurance but optional for travellers it is still leaving them open to big financial losses. According to Aviva, which provides travel insurance on Nationwide's FlexPlus current account, the average travel insurance claim is £900.
However, if someone falls seriously ill while abroad, costs can escalate significantly. These claims can run into tens or hundreds of thousands of pounds.
Yet the Nationwide study found 44% of Brits travelled without cover. Marta Edwards, Head of Current Accounts at Nationwide Building Society, said: “Holidays are our time to switch off and relax. Most claims are minor, but if you fall seriously ill or have an accident while abroad, the costs can run into tens or in some cases hundreds of thousands of pounds.
"Having adequate cover in place provides peace of mind that in the event something does go wrong you are protected. And unlike car insurance, just because travel cover is an optional expense, it shouldn’t make it easier to ignore. The risk isn’t worth it."
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A survey found the main reason for people taking out insurance was for protection should they fall ill abroad. Others were concerned should they need to cancel, if something was stolen and flight or luggage problems.
Nationwide recommends arranging travel insurance as soon as you book your trip in case you need to cancel as circumstances can change quickly. And with not every travel insurance policy being the same they say it is important people make sure they know what is covered as standard and what may be covered subject to an upgrade.
For example, it is essential to tell the travel insurance provider about any medical conditions for anyone who needs to be covered on the policy. Failing to make sure adequate cover is in place could lead to claims being declined. Nationwide’s research shows that nearly one in six (17%) admit to never reading the travel insurance terms and conditions.
Nationwide’s FlexPlus3 packaged current account comes with a package of benefits for £13 per month, including worldwide family travel insurance, which includes a comprehensive level of cover as standard. Other benefits include breakdown cover and mobile phone insurance for the family.