THE TRAVEL GAMBLE - 73% TRAVELLING WITHOUT TRAVEL INSURANCE
Adults aged 25-35 most likely to holiday without cover
29th June 2016 - 73% of travellers admit to having gone on holiday at home and abroad without taking out insurance and those aged 25-35 are most likely to take a travel gamble (82%) according to research published today by Vhi MultiTrip. The startling findings are despite the potential huge cost involved in not having adequate travel cover in place.
The research found that 57% would be devastated if their passport went missing. However for those aged 18-24, their mobile phone is a priority with 20% saying they would be crushed if their mobile phone was stolen with others prioritising their iPads, tablets or Kindles, highlighting the need to ensure you purchase a policy which provides cover for these modern day essentials.
Gearoid Gilley, Vhi, stated “First and foremost we are urging people to take out an annual travel insurance policy – the benefits far outweigh any costs – however we are also highlighting the need for people to examine the type of cover they are purchasing. One size definitely does not fit all when it comes to travel insurance, as our results clearly show, and the very worst time to be examining the cover you have in place is when you need to make a claim.”
Vhi MultiTrip also highlighted a worrying knowledge gap when it came to travel insurance with over half of those surveyed believing there was no point in taking out travel insurance until you are due to travel. This is in contrast to Vhi’s own claims data which shows that cancellation and curtailment of trips is the most common claim year on year and accounted for over 70% of all Vhi MultiTrip claims in 2015.
25% of respondents thought that there was no need for travel insurance if travelling in Europe, mistakenly believing that the European Health Card was all you might need. While the European Health Card provides the same level of medical cover that you’re entitled to in your home country, it doesn’t provide any other cover for areas such as repatriation, personal luggage, travel delays or missed departures to name but a few.
Almost 7 in 10 are planning a foreign break over the next 12 months and 50% said they were planning a ‘staycation’ holiday in Ireland. Over 4 in 10 of those surveyed thought that travel insurance was only relevant if you were travelling abroad, despite the fact that policies such as Vhi MultiTrip cover trips in Ireland also.
Mr Gilley commented that “There is clearly a knowledge gap when it comes to travel insurance and it is truly shocking to see so many people leaving themselves exposed by not taking out an annual policy. Our research showed that 6 in 10 felt they didn’t need a policy and 1 in 5 cited cost as the reason they went without. Annual travel insurance is a very competitively priced product and clearly anyone looking to make a financial saving by going without it is being penny wise but pound foolish. We would urge them to consider the potential financial implications of their decision.”
Launched in February 2004, Vhi MultiTrip is Ireland’s number one multi-trip travel insurance provider. Further information about this product can be accessed on www.vhi.ie.
ENDS
Notes to Editors:
Ignite Research conducted the research between 3rd June 2016 and 10th June 2016 on behalf of Vhi MultiTrip Travel Insurance amongst 1,000 adults aged 18 years and over.
Vhi_Press
29-Jun-2016