A recent study by Nationwide has revealed many people are going on holiday without taking out adequate travel insurance.

More than one in three of those questioned do not always take out travel insurance when they go on holiday, so would not be fully covered in the event of any cancellation, medical emergency or theft of personal belongings.

When asked what precautions are taken for keeping valuables – such as currency and passports – safe while on holiday, many admitted to not always using a safety deposit box, instead preferring to store them on their person (36%), in a suitcase (12%), in a drawer (9%) and on the bedside table (2%).

Over half (54%) of those questioned holiday more than once a year, yet only 30% of holidaymakers opt for annual travel insurance, preferring to take out single trip policies each time they go away.

 Nationwide’s insurance director Robin Bailey said: “It is astounding that people are prepared to take such a gamble when travelling abroad. You never know what’s around the corner and for that reason it is vital that you have adequate travel insurance in place.

 As many of us are choosing to holiday more frequently throughout the year, it is always worth considering the option of an annual travel insurance policy. Nationwide’s annual cover provides comprehensive travel insurance for all seasons, whether you’re on the ski slopes in February, sunning it on a beach in July or on a romantic weekend break in October.”

The research also revealed that 25 – 34 year olds (89%) are most likely to purchase travel insurance when they go on holiday. One in five (22%) holidaymakers in the 35 – 44 year old age group admit to never taking out travel insurance.