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People are beginning to travel more following a significant reduction in the number of holidays taken throughout the economic recession. Whilst we technically still are in a financial downturn, the country’s economic situation isn’t as bad as it used to be, and many are taking advantage of their increased disposable income…through travel.
Insurance firm Getcover have said that, “In the last six months, multi-trip policies have seen an 8% increase in popularity, which would suggest that people are travelling more than once a year. This also indicates a slight uplift within the economy.”
Up until recently, many people who managed to get abroad during the deepest parts of the recession only went on one trip a year, so they bought single trip travel insurance, whereas now people are investing more in multi-trip policies because of their hectic holiday plans.
Multi-trip policies are cheaper when you’re considering going on holiday more than once in a year. Instead of spending out on two or more single policies where premiums can be higher when added together instead of one flat rate.
Additionally, travel insurance premiums have fallen 10% in the past three years, which is great for the consumer considering the increase in people buying travel insurance policies.
However, despite the increases in both customers going on holiday and customers taking out travel insurance, there is still a percentage of people who are gambling with the risk of travelling without the necessary cover.
A survey published by the AA last year showed that one in three of us either didn’t bother with travel insurance, or felt it was only necessary when going on certain trips where the risk was significantly higher. Similarly, a VHI Healthcare survey published last month showed the percentage of people taking out travel insurance has fallen dramatically since 2010 – a decline attributed to the widespread fall in disposable income due to the recession, and people deciding it was more important to pack sunscreen instead of travel insurance.