Travel insurance has never been cheaper, says Defaqto
A report from financial research company Defaqto shows that most travel insurance policies have never been cheaper than today.
With the growth in overseas travel showing no signs of slowing the need for travel insurance has never been greater. The number of trips abroad grew by over 17% between 2002 and 2006 and Britons are travelling further and further a field in search of the ultimate holiday experience.
Despite the well known dangers, around one in seven travellers still go abroad without any travel insurance. In the report, ‘Travel Insurance 2008 – Adapting to a Changing World’, Defaqto has analysed prices for over 235 single trip and 245 annual travel policies, looking at how premiums have moved since 2002.
The only area where premiums have increased in the past year was for annual travel cover to the US. However premiums are still lower than they were in 2003, even before inflation is taken into account.
Brian Brown, author report, said: “Competition in the travel insurance market is having a very significant effect on the price of travel cover. The availability of a huge number of policies, many of them online, has driven many insurers to lower their premiums.
“Single trip cover to Europe can now be bought for as little as £6 for a week’s holiday. There really should be no excuse for people to travel uninsured.”