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Travel insurance can end up saving you thousands on medical bills and help protect you against lost luggage and cancelled flights – but how many Brits are choosing to go without it when they jet off abroad?
With over 70 million trips taken abroad by Brits in 2017, there’s plenty of need for travel insurance – but who is buying it and who is risking going without?
Medical bills can easily amount to thousands of pounds, especially in countries without universal health care such as the US – so why are some Brits deciding to go without travel insurance?
The amount your travel insurance will cost is dependant on many factors including the location of your trip, the length of time you are going away for, your personal circumstance (such as age and medical history) and the type of holiday you are going on. The overall average cost of travel insurance is £37 and just £21 for those aged between 26-30.
Below we explore the average cost of a policy for a single, 30-year-old adult.
Cover | Cost |
---|---|
Annual Multi-Trip | £59.78 |
Single Trip | £30.82 |
Average | £46.07 |
Destination | Cost |
---|---|
Europe | £31.92 |
Worldwide (Excl. USA) | £50.06 |
Worldwide (Inc. USA) | £58.21 |
Average | £46.07 |
In 2016, £1 million a day was paid out by travel insurance companies – but what was being claimed for?
The average claim for medical expenses is £1,300 – this has increased by 40% between 2011 and 2016. Despite the average claim being £1,300, it is not uncommon to rack up thousands in medical expenses when travelling abroad.
The USA attracts more than 3.8 million UK visitors a year – and with a notoriously expensive healthcare system, it might come as no surprise that some of the biggest claims are by Brits visiting America. We explored some of the biggest claims from Brits in recent years to give you an idea of just how important travel insurance can be.
While insurance is included in all car rental agreements, the minimum excess cost (the amount consumers have to pay before the insurer starts to foot the bill) generally starts at £1,000. So, if you damaged your rental and were faced with a bill of £900, you would need to cover it all.
To avoid this scenario there are two options. You can either purchase a super collision damage waiver from the rental firm or excess reimbursement insurance before you travel from an independent provider. More information on this can be found on our car hire home page.
So, how much are Brits prepared to spend on repairing damages to their rental cars?
How big is the travel insurance industry and how many claims are policy holders making?
When buying your travel insurance it’s important to shop around and get the right policy for you and your holiday. We explored all the travel insurance providers on finder to give you a breakdown of some key stats.
Minimum | Maximum | |
---|---|---|
Maximum cancellation cover | £2,000 | £10,000 |
Maximum medical cover | £10,000,000 | Unlimited |
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