Tourists could be faced with hefty bills that could add hundreds of dollars to the cost of their summer vacation.
Nearly half of people don't have travel insurance
Holidaymakers are being warned not to repeat the mistake made by almost half of Brits or risk costing them thousands of pounds – they are 24 times more likely to travel without insurance than to drive a car.
This may be because, although it's illegal to drive a car without insurance, it's optional for travellers, but it can still leave them with big financial losses: Aviva, which offers travel insurance through Nationwide's Flexplus current account, says the average travel insurance claim is £900.
However, if you become seriously ill abroad the costs can increase significantly – bills can run into tens or even hundreds of thousands of pounds.
But Nationwide research found that 44% of Brits have travelled without insurance. Marta Edwards, head of current accounts at Nationwide Building Society, said: “Holidays are a time for us to unwind and relax, and whilst most claims are minor, if you become seriously ill or have an accident overseas the costs can run into tens or even hundreds of thousands of pounds.”
“Having the right cover gives you peace of mind knowing you'll be protected if something goes wrong. And unlike car insurance, just because travel cover is an optional expense doesn't mean it should be easy to ignore – it's not worth the risk.”
The survey found that the main reason people take out insurance is to protect themselves if they get sick abroad, although others were worried about what would happen if they had to cancel, if something was stolen, or if there were problems with their flight or luggage.
Nationwide recommends taking out travel insurance as soon as you book your trip in case you need to cancel your trip, as the situation can change suddenly. The company also says that not all travel insurance policies are the same, so it's important to know what your standard cover is and what you might be covered for depending on the upgrade.
For example, for those who need to be covered, it is essential to inform travel insurers of any medical conditions they have, as a lack of adequate cover could result in a claim being rejected. According to a Nationwide survey, one in six people (17%) admit to never reading the terms and conditions of their travel insurance.
Nationwide's FlexPlus3 package current account comes with a £13 per month benefits package that includes worldwide family travel insurance with a comprehensive level of cover as standard. Other benefits include breakdown cover and mobile phone insurance for the family.
