The rise of the ‘last minute’ market has caused an increase in the number of people going on holiday without taking out adequate travel insurance, new research from Sainsbury’s Travel Insurance has found.
The research reveals that 18 per cent of the UK’s adult population (8.8 million people) will have booked a last minute holiday this year within 2 weeks of the date they intend to travel. This can be a way of saving money on holidays, but it also leaves people with little time to sort out insurance for their trip, which could explain why one in five will not have bought cover.
Sainsbury’s reports that, according to GfK NOP’s Financial Research Survey, approximately 11 per cent of people went on holiday without insurance in the 12 months between June 2006 and June 2007, and believes that as many as three million people travelled abroad without insurance, which, Sainsbury’s argues, could rise if more people start opting for last minute deals.
Steve Johnson, Head of Travel Insurance at Sainsbury's Bank, said: “Greater use of the internet and growing competition in the travel industry means that there are many holiday bargains to be had. This is great for holidaymakers, but without appropriate insurance in place a holiday can soon turn into a nightmare if disaster strikes.
“The stress and cost involved in sorting out any potential problems could run into hundreds or thousands of pounds, surely cancelling out any money saved on a late deal.
If you are planning a number of trips in a year, maybe a summer break and a few weekends away, it's worthwhile considering an annual policy.”
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