Those who go away this winter without taking travel insurance with them could end up paying a collective £58million in costs, Sainsbury's travel insurance has warned.
Research from Sainsbury's Finance has found that 11.3 million Brits, more than a third of those who went on holiday this summer, went without travel insurance, putting themselves and their finances at risk.
More than two million people do not think they need travel insurance, Sainsbury's found, but they could end up considerably out of pocket if they travel without it.
The study also revealed that those under the age of 34 are most likely to fail to pack travel insurance when they go on holiday, with around 39 per cent of 16-24 year olds and 43 per cent of 25-34 years olds not bothering to take out a travel insurance policy this summer.
The travel insurance industry pays out an estimated £400million each year, according to the Association of British Insurers, and Sainsbury's estimates that those travelling without insurance have faced total costs in excess of £57million when they would have been covered by their insurer.
While the majority of those who did not take out travel insurance said they simply did not feel they needed, a further 18 per cent cited the cost as the main obstacle, which could be blamed on the current economic climate squeezing people's finances.
Commenting on the research, Sam Marrs, manager of Sainsbury’s travel insurance, said: "Buying travel insurance should be considered a holiday essential. It is very worrying that many people feel that they do not need travel insurance as no-one can guarantee a ‘hiccup-free’ holiday."
Sainsbury's is concerned by the number of people deciding not to protect themselves with travel insurance, and urges travelers to purchase a policy to get wintersports travel insurance to cover themselves against accidents on the ski slopes this winter, which often lead to higher numbers of claims than in the summer.
“There are so many events beyond your control which could easily occur when you're away, Mr Marrs adds, "such as losing luggage or money, falling ill or having to cancel at the last minute or fly home due to a family emergency. The costs of such unforeseen events can be significant and good quality travel insurance will relieve the financial strain and ease your stress."
© Fair Investment Company Ltd