Risky Brits: A third of holidaymakers take trips without travel insurance
25 August 2023
- 21% didn’t see insurance as worthwhile, despite medical and transport cover being top priorities for holidaymakers
- One in seven reveal they didn’t take out travel insurance purely because they forgot to purchase it in time
- Of those who do take out insurance, Tesco Bank finds 10% are still leaving it to last minute
A third (31%) of holidaymakers admit they’ve travelled without any form of insurance, according to new research from Tesco Bank. This rises among 18–34-year-olds, with nearly half (49%) of younger holidaymakers admitting to having travelled without insurance before.
Some (7%) even admit to never taking out travel insurance for a holiday, leaving them financially exposed if they were to experience any mishaps while abroad or even before their trip starts.
Looking at the reasons behind this reluctance to get travel insurance, a fifth (21%) said they didn’t think it was worth it, while 16% felt they weren’t on holiday for long enough to require it. One in seven (14%) revealed they didn’t take out travel insurance simply because they forgot to purchase it in time.
With budgets front of mind, value for money is a key driver for customers when choosing their insurance policy (40%), closely followed by the extent of the cover provided (38%).
One in five (22%) holidaymakers purchase their travel insurance as soon as they’ve booked their holiday, rising to 28% among 55-year-olds and up. However, one in 10 (10%) admit to only booking insurance up to a week before they are due to travel, leaving them at risk of being out of pocket should they need to cancel their holiday.
Single trip policies are still the most popular among travellers, accounting for more than 86% of all policies taken out in 2022 [14% were multi-trip policies]. Only 11% of customers chose policies with no excess was in 2022, according to Tesco Bank’s internal analysis.
Alex Cross, Insurance Director at Tesco Bank commented: “With summer holidays in full swing, its vital travellers don’t overlook the value of having some form of travel insurance in place. This could offer you protection before you travel as well as on your trip, covering you for accidents or mishaps that might cause your holiday to get cancelled before you get away.
“As part of your holiday prep, it’s also worth checking out what deals and discounts are on offer that could help to stretch budgets that bit further. Pre-paid travel cards are an option available to customers to help them manage budgets a little better. Holidaymakers who purchase travel money with Tesco Bank could receive a discount on travel insurance, and Clubcard members could also get a discount too.”
ENDS
Media enquiries:
Teamspirit
Olivia Nelson (onelson@teamspirit.uk.com , 07392 106925)
Sofia Cerchiai (scerchiai@teamspirit.co.uk, 07385 023687)
TescoBank@teamspirit.co.uk
Notes to Editors
1. Tesco Bank Travel Insurance is arranged and administered by Rock Insurance Services Limited
and underwritten by Inter Partner Assistance S.A..
2. Tesco Travel Money ordered instore is provided by Travelex Agency Services Limited. Tesco Travel Money ordered online or by telephone is provided by Travelex Currency Services Limited.
3. Online rates vary from in-store rates.
Research conducted by Opinium Research on behalf of Tesco Bank. Sample was 2,008 UK adults (aged 18+) who go on holidays abroad. Fieldwork was undertaken 13th June – 16th June 2023. All data has been weighted to be representative of the UK population.
About Tesco Bank
Tesco Bank’s goal is to make banking and insurance easier and better value for people who shop at Tesco. We’ve been around since 1997 and today we help more than 5 million customers manage their money every day. Our colleagues serve our customers seven days a week from our three main centres in Edinburgh, Glasgow, Newcastle and Reigate, and we are also available through online and mobile banking 24/7. Tesco Bank participates in the Chartered Banker Professional Standards Board.