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More than half of holidaymakers now go abroad more than once a year. Yet just 45% of frequent travellers buy multi-trip annual travel cover. 3.3 million people who take two or more holidays a year buy single trip travel insurance for every trip they make.
As the traditional holiday season draws to a close, swiftcover.com, the UK’s first and only 100% online insurer, releases new research revealing more than one in two (55 per cent) British holidaymakers* now holiday abroad at least twice a year** but are still not switched on to the benefits of annual travel insurance.
With the increasing popularity and affordability of year-round city breaks, shopping trips abroad and winter sun holidays, one in seven (13 per cent) of people have taken a staggering four or more overseas trips in the past 12 months.
But despite the steady increase in the number of foreign holidays taken each year, few are taking advantage of multi-trip travel insurance policies to help make their frequent trips abroad cheaper and easier to arrange. The research commissioned by swiftcover.com through YouGov reveals that less than half of those taking more than one holiday a year (45 per cent) buy an annual travel policy – with many paying over the odds by buying single trip travel insurance for each trip they make.
Even more worrying is that many frequent travellers are putting themselves at risks by having no insurance at all. Whilst 84 per cent of frequent travellers will buy travel insurance cover for their main trip, almost one in five (19 per cent) of those don’t bother for any other trips they take. A staggering 16 per cent of all frequent travellers take out no travel insurance cover at all.
It appears travellers are also paying over the odds for the cover they buy. The research reveals that one in seven (14 per cent) holidaymakers fork out over £100 a year on travel insurance each year and one in twenty have spent more than £150 on travel insurance in the past twelve months – more than the cost of some short break holidays.
With nearly half of all travel insurance policies bought through non-FSA regulated providers***, holidaymakers are paying sky-high prices for single trip cover with their travel agent rather than taking advantage of the cheaper, annual multi-trip deals around.
swiftcover.com calculates that a family of four who go on two holidays abroad each year could save up to £153 with a multi-trip travel insurance rather than two separate single trip policies, in addition to saving time and effort. This saving could be used instead to cover spending money for the holiday or even towards the cost of the next trip.
Craig Staniland, Underwriting Director of swiftcover.com comments: “Cheaper flights, cut-price holidays and the growing range of short breaks available means that we’re taking the opportunity to make more and more trips abroad each year. Yet, when it comes to insurance, many people fail to take advantage of cheaper travel insurance with annual cover to suit their changing needs.
“Buying an annual multi-trip travel insurance policy can save you both money and time, as it cuts out the need to arrange cover for each individual trip you make throughout the year. For many, buying single trip travel insurance is simply a waste of money. One multi-trip policy from an online provider could cover you for all your trips for less than the price of just one single trip with a tour operator.”
Article Source: Swiftcover.com Car Insurance Services. |
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