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Saving on holiday spending by not buying travel insurance is a false economy

According to a new survey by the Money Advice Service, 51% of people planning to go on holiday this summer have not taken out travel insurance, and over a third of those people have no intention of taking out travel insurance.

This is a worrying report, the whole point of any insurance policy, be it home, motor or travel insurance for medical conditions is to be there if something does go wrong. Many people do think what can go wrong on holiday, I am just going to relax, and therefore they feel that travel insurance is a waste of money.

Well things can go wrong and if you don’t have a suitable travel insurance policy in place it could end up bankrupting a family. At the top end of the scale would be an air ambulance to bring you home which can cost £15,000 in Europe rising to £21,000 from Turkey or Egypt or £50,000 from the west coast of the US. Even if you have been hospitalised and are able to travel home on a schedule airline this may not be as simple to arrange as just jumping on the next budget flight home. Many of the low cost airlines won’t accept you if you have recently been hospitalised and the other airlines may only accept you provided you were accompanied by a doctor or nurse, which would cost around £1300 seated in economy from a European destination and around £4000 seated in economy if flying from the US.

Another travel insurance saving people tend to make is not declaring medical conditions in the belief that by declaring their conditions their travel insurance premium will be inflated to an unaffordable premium. However this again is false economy, should something happen with your medical condition or related to it then you would have no cover and the cost of medical treatment abroad especially in the US is astronomical, not to mention the costs above to actually get you back home again. So if you do have a medical condition we would suggest you take out a specific medical conditions travel insurance policy, compared to the cover it provides you will find it is a small price to pay.


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