People are taking almost 64 million holidays a year, but only one in four is taking annual travel insurance
People spending £500m too much on travel insurance
Monday, 14 Mar 2005 16:58
The UK's holidaymakers are spending £500 million a year too much on travel insurance, Alliance & Leicester has found.
Britons abroad are wasting their money taking out cover for individual trips, despite the fact that two out of three expect to take at least two holidays overseas this year.
Alliance & Leicester points out that a single trip travel insurance policy can cost from £9.45 to £58.58, while annual cover comes for around £30, for trips to Europe.
But few people seem to be exploiting this option, Alliance & Leicester found that while UK holidaymakers took 63.6 million trips abroad last year, only 27 per cent bought annual insurance cover.
Simon Ripton, current accounts manager at Alliance & Leicester, commented: "Many of us who go on holiday more than once a year would be better off getting an annual policy."
In addition to the savings that can be made by switching to annual cover, Alliance & Leicester points out that free annual travel insurance is available to customers of its Premier current account.