LONDON, July 28, 2023 /PRNewswire/ — More than 8 in 10 people (84%) are planning to make economies with their holiday spending this year – and those looking to cut back on travel insurance are the very people that need comprehensive cover the most – according to new research from AllClear Travel Insurance (www.allcleartravel.co.uk).
At a time when AllClear tracking data suggests that the cost-of-living crisis is forcing 84% of people to spend less on holidays. This trend is most prevalent among the over-55 age group, where the percentage of holidaymakers planning to trim holiday spending has soared from 48% to 77% since May 2020.
Where people are most likely to be making cutbacksThe AllClear data indicates that the most common holiday cutbacks comprise of: switching to a cheaper airline (40%); only taking essential items (34%); using public transport rather than taxis (30%); opting for self-catering (26%) and eating out rather than going half-board (26%).
Cutting corners on travel insurance a false economyNationally, 28% of Brits say they would pick the cheapest travel insurance available, with 10% forgoing it altogether. Further, one in four (25%) say that they would be tempted to give incomplete or false information about their medical history to secure a cheaper travel insurance quote.
Alarmingly, those most likely to cut corners on their travel insurance policy are people with pre-existing medical conditions. Despite being more likely to need support on holiday, 31% of people with medical conditions say they would pick a cheaper, more basic insurance policy to save money. These people are more likely to skimp on their travel insurance than make cutbacks elsewhere – such as: choosing self-catering options (25%), staying at a cheaper resort (18%) or taking less luggage (14%). Most concerningly, 10% of people with medical conditions say they would travel without insurance, a 4% rise from May 2020.
Chris Rolland, CEO at AllClear Insurance comments: “As people travel this summer, it’s crucial that they prioritise their safety over other holiday expenses. Whilst we empathise with everyone grappling with the cost-of-living crisis and understand the need to search for cheaper travel options, comprehensive insurance cover should remain an important part of holiday planning. Everyone, particularly those with specific medical requirements, should be sure that they’re fully covered before they travel.”
SOURCE AllClear Travel Insurance