A survey of 2,000 GB adults, undertaken by YouGov for Swinton, found that almost a third (30%) of 18 to 24 year olds who have travelled abroad in the last year admitted to doing so without insurance - versus the national average (18%). This is three times higher than 55 and overs (10%)*.
Of the under 25s who took out travel insurance in the past two years, less than three in ten (28%) believe the information they provided on their policy applications was 100% accurate – whilst almost seven in ten (68%) could be at risk of not having the right cover. In comparison, almost two thirds (62%) of 55 and overs believe the information they provided was 100% accurate.
Swinton’s survey also revealed that of these under 25s, almost one in twenty (4%) admitted to deliberately giving incorrect information on the policy application in order to secure the cheapest premium.
When looking at the application process, the majority (55%) of under 25s spent up to 30 minutes researching their most recent travel insurance policy made in the last two years, while just over a third (36%) of those aged 55 and over did the same. In contrast, over a quarter (27%) of the 55 and overs spent more than an hour researching, compared to less than two in ten (17%) of the under 25s who did the same.
Anne Kirk, marketing director at Swinton Group, said: “When it comes to travel insurance, older is most definitely wiser. Going abroad on holiday is exciting for everyone, but we’ve learnt that younger people are much more complacent with their travel insurance and as a result are far more at risk of not having the right cover compared to their older counterparts.
“Unfortunately, accidents can happen to anyone, whatever your age. Holidaymakers must devote time to research their policies properly and get out of the habit of thinking they can go without. Time and time again people find themselves out of pocket by not taking out insurance or failing to cover holiday needs adequately.
“If holidaymakers are ever in any doubt about their insurance policy, we recommend they speak to an insurance expert to avoid the risk of underinsurance.”
In the survey, of the under 25s who have travelled abroad without cover in the last 12 months, over four in ten (44%) didn’t think they needed it for where they were travelling, while almost a quarter (23%) thought it was a waste of money and half (51%) incorrectly believed their European Health Insurance Card (EHIC) would cover it.
Swinton Group’s research also exposed the most common myths associated with travel insurance. Only around a fifth (23%) of Brits understood that medical cover in travel insurance doesn’t necessarily provide cover regardless of your injury. For example, a hospital visit as a result of an injury from watersports or other activities like bungee jumping may not be covered unless specialist cover has been taken out.
The majority (54%) also either believed that their travel insurance would cover them as standard for the loss or damage to their tech gadgets regardless of their value (15%), or were unsure about what level of cover they had (39%).
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