Consumers risk travelling without holiday insurance
25 February 2009 05:59
More than one million cash-starved Brits intend to cut back on their travel insurance this year, even though they could be left exposed to huge bills while overseas.
According to a new report from LV= 22 per cent of the five million adults planning to scale back their spending this year expect to make cuts to their holiday insurance bill.
That is despite the fact that travel insurance is so cost effective - as the insurer explained, a week in the sun can be covered for as little as £20 while the cost of an air ambulance from the Canaries to the UK is about £16,000.
Warning consumers about the dangers of being underinsured, LV= managing director of general insurance John O'Roarke, said that it is "understandable" people are looking to cut their costs in the current climate.
"However, cancelling or reducing essential insurance cover could result in many people finding themselves seriously out of pocket if something untoward happens," he added.
Last week, the Telegraph urged winter sports enthusiasts to check they are fully covered by ski and snowboard insurance before hitting the slopes, or risk facing a mountain of medical and transport bills.