Stay at home holidaymakers are three times more likely to risk going away without insurance than those travelling to Europe, according to a new study released today by Co-op Insurance.
Co-op’s new study highlights the current risks that people are taking, as three fifths (59 per cent) of adults who holiday within the UK are doing so without insurance.
The average Brit ‘staycates’ twice a year and a further third (30%) say they only ever holiday within the UK.
When asked why these people would take the risk of holidaying in the UK without insurance, a quarter (24 per cent) said they couldn’t see the point of a travel policy. A fifth (20 per cent) said they couldn’t afford to get cover and a further one in five (20 per cent) admitted they had simply forgotten to arrange insurance.
When looking at the age groups most likely to holiday in the UK without having any insurance, 54-65 year-olds are most likely to risk it, with three thirds (65 per cent) saying this is the case.
Whilst younger people aged 18-24 are least likely to go without protection, half (48%) still don’t bother getting travel insurance.
Colin Butler, Head of Travel Insurance at the Co-op, said:
“It’s concerning that so many people holidaying in the UK are doing so without having travel insurance in place.
“Cancellations, accidents or illnesses on holiday within the UK can cost just as much, if not more, than say a trip to Spain. For that reason, it’s really important that despite not ‘jetting off’ on holiday, people consider what insurance cover they might need.”
The Co-op’s new travel insurance product launched in January and offers three types of policies; single trip, annual / multi and backpacker insurance.
Insurance Edge Comment;
The big risk to UK holidaymakers is the cost of pre-booked accommodation. If you have paid in advance for a cottage or chalet at peak season then you could be out by over £1000.
Many small operators want payment upfront, although the popularity of sites like Booking.com means that consumers can book, and pay on arrival. In that regard the risks are low and as we still have an NHS in the UK, there are no real costs involved in falling ill on holiday, other than the same car parking/taxi fees that you would pay at home.
Our view is that the insurance industry would do better selling the benefits of gadget and bike insurance whilst enjoying a UK holiday. The risk of having a phone or tablet stolen or damaged is much higher when people are on holiday.