'Wrong' holiday insurance could cost consumers
Published On 3 April 2007
Consumers could be wasting money by buying inappropriate holiday insurance, an industry expert has warned.According to Halifax, people in the UK take an average of two overseas holidays every year.
However, data shows that single-trip insurance policies still account for 50 per cent of all holiday insurance sales. Halifax says that this means many people are spending more than they have to by not opting for a multi-trip or annual policy.
Worringly, Halifax's research found that 13 per cent of travellers still go on holiday without any form of insurance, potentially leaving them with large bills if they become ill or injure themselves while away.
"More and more of us are taking short breaks to destinations in the UK, Europe and further afield, making annual travel insurance a more attractive proposition," said Paul Birkhead, Halifax's travel insurance underwriting manager.
"With little difference in price and in some cases actually cheaper, it makes sense to avoid falling into the insurance trap by taking annual cover."
Figures show that the number of short breaks to Europe taken by UK residents increased from 4.2 million in 2000 to 7.4 million in 2005.
