Warning to over 11 million UK travellers who don’t follow this one rule when buying travel insurance

19 February 2024

  • New research reveals over 11 million (i) UK travellers only buy travel insurance up to two weeks before departure

  • With travellers looking to spend average of £1.1K on next dream holiday, Co-op Insurance warns of financial risks when not ‘buying as soon as you book’

  • Latest data from the insurance provider reveals it logged over 10,000 travel insurance claims last year

  • Data also shows average travel insurance claim to be over £700 (ii), with one claim topping over £22K during 2023

New research today highlights the startling number of UK travellers at risk of being left out of pocket by failing to fully protect their holidays prior to departure date.

The research, conducted by Co-op Insurance, reveals that despite over a quarter (28%) of UK adults not purchasing travel insurance at all, those that do could still be at risk of losing out by not ‘buying as soon as you book’.

With over two fifths (21%) of UK travellers admitting to only purchasing their policy up to two weeks prior to departure – with some even purchasing on the day of travel – this means over 11 million UK holidaymakers exposed to financial risks should they be unable to travel.

And this could prove quite costly for travellers, who, according to the research, are looking to spend on average more than £1.1K on their next trip, with 15% looking to splurge more than £2K.

The findings come as the latest data from Co-op Insurance shows over 10,000 travel insurance claims were logged last year, with the financial risks to those not taking out a travel insurance policy laid bare, as the average claims value stands at over £700, with data from 2023 showing one claim topping over £22K!

Graham Lush-Ward, Head of Travel Insurance at Co-op Insurance, explains:

“At this time of year, we know many people are putting their travel plans in place, and as the research shows, buying travel insurance can be a last-minute purchase for many.

“However, failing to take out adequate insurance at the point of booking your holiday could mean losing your money altogether. Whilst most travellers are aware of the benefits insurance offers should they run into trouble abroad, they often overlook the protection it gives in the lead up to departure day.

“Of course, if you’re going on multiple trips throughout the year, for peace of mind it’s always worth considering taking out an annual policy – this could work out to be more cost effective, and also give you the confidence in knowing your holiday is already covered each time you book.”

Of those surveyed who do buy travel insurance, over half (51%) of people buy single travel insurance policies only when booking multiple trips within a year, and that is despite almost 1 in 3 (30%) having taken two or more trips or holidays in the last 12 months.

In terms of the reasons behind this, nearly three-fifths (56%) say they do so by preference, whilst a third (33%) believe it costs more, and 7% having never heard of an annual travel policy before.

For details on Co-op travel insurance, including both single and annual multi trip cover, or for further information on Co-op Insurance, visit https://www.coop.co.uk/insurance

ENDS

Notes to editor

(i) All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2105 adults. Fieldwork was undertaken between 26th - 27th October 2023. The survey was carried out online. The figures have been weighted and are representative of all UK adults (aged 18+).

(ii) Based on latest Co-op Insurance travel claims data for full year 2023, excluding medical claims

For more information, please contact: pressoffice@coop.co.uk

About Co-op:

Co-op is one of the world’s largest consumer co-operatives with interests across food, funerals, insurance and legal services. Owned by millions of UK consumers, the Co-op operates over 2,400 food stores, over 800 funeral homes and provides products to over 5,000 other stores, including those run by independent co-operative societies and through its wholesale business, Nisa Retail Limited.

Employing almost 60,000 people, the Co-op has an annual turnover of over £11billion and is a recognised leader for its social goals and community-led programmes. The Co-op exists to meet members’ needs and stand up for the things they believe in.