Nationwide has issued a £1,200 warning to its millions of members as many people risk being left out of pocket. The world’s largest building society shared its research this week, after finding some 43% of people could land themselves huge bills in certain situations.
Nationwide surveyed 2,000 people and found that more than four in 10 would consider going on holiday without taking out appropriate travel insurance. Of those asked, the financial provider said those aged 35-44 were most likely to travel without travel insurance, with those aged 18-24 least likely.
The findings come as many start to plan holidays in a bid to offset the January blues and with the February half term approaching. Nationwide’s poll highlighted that people are more than three times as likely to purchase travel insurance for an overseas trip (70%) versus a UK ‘staycation’ (21%), despite the potential for things like lost or stolen luggage, travel delays or cancellations to occur when holidaying either at home or abroad.
It also said that those who do have travel insurance need to make sure they declare all medical conditions, and upgrade accordingly. This is because the average cost of a declined travel insurance claim is around £1,200.
Marta Edwards, Head of Current Accounts at Nationwide, said: “As we enter a busy period for booking holidays, people should ensure they have the right insurance in place once their holiday is booked. As our research shows, many people risk travelling without any cover and, while they will hopefully not need it, it can be an expensive gamble.
“Nationwide’s FlexPlus current account provides worldwide family travel insurance as one of its perks and we would encourage customers to talk to us about any upgrades they might need and any pre-existing conditions they have to ensure that their cover is appropriate.”
