LONDON, Aug. 30, 2024 /PRNewswire/ -- More than three in four adults (78%) say they are making financial cutbacks to have a more affordable holiday abroad.
AllClear Travel Insurance asked a nationally representative sample of 2,106 adults which aspects of an overseas holiday they would look to make savings on in order to contain the overall cost of a holiday abroad.
The top areas of spending cutbacks comprised of:
- Packing less / only taking travel essentials on holiday (39%)
- Picking a cheaper airline (39%)
- Using public transport at the resort / destination (not using taxis) (32%)
- Opting for self-catering rather than half board (30%).
- Looking for a cheaper resort (23%)
Around three in 10 people said they also planned to make cutbacks on the cost of their travel insurance policy this summer. Nationally, 20% of survey respondents said they would go for the cheapest possible insurance cover - and almost one in 10 (9%) said they would travel abroad with no travel insurance at all.
This strong focus on spending less on travel cover and shopping around on headline price is also prevalent among more vulnerable holidaymakers - the very people who need good cover abroad. AllClear's latest data reveals that this year around one in four UK adults (25%) flying off on holiday have a pre-existing medical condition - and 35% of these people say they will look for ways cut corners to secure a cheaper headline rate with their travel policy.
Of those people with medical conditions that would look to secure a cheaper travel insurance policy, many would withhold information to secure a cheaper premium: 43% would under-estimate the value of the belongings they will take on holiday and 31% said they would not declare all the details of their pre-existing medical conditions - a move which could well invalidate a claim.
Garry Nelson, Head of Corporate Affairs at AllClear Travel Insurance comments: "We can see why people are adopting savvy budgeting strategies to save money on the cost of a holiday. Saving money on flights and connections, going self-catering or looking for a cheaper resort - all these things make sense. When it comes to insurance cover though, people need to be clear on which product best meets their needs. For example, younger travellers going on a simple break may find a budget policy to be absolutely fine, but for older people - and especially those with medical conditions - the first priority needs to be getting the right cover with the most appropriate medical cover."
Discover more about AllClear at: www.allcleartravel.co.uk
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