One in four UK holidaymakers, aged between 18 and 43 years, the generations known as Gen Z and Millennials, have travelled abroad with no travel insurance putting themselves, and their finances at risk, compared to only one in seven (16%) of over 43s (the Gen X and Baby Boomers), according to a new Opinium survey*.
The 2024 survey* commissioned by Multitrip.com, a specialist travel insurance provider, uncovers some common misconceptions about travel insurance including the fact that over one in three (34%) wrongly believe that travel insurance is not needed in Europe for medical problems if you have a UK Global Health Insurance Card or GHIC (previously known as European Health Insurance Card EHIC) compared to one in seven (15%) of over 43s.
One in five (21%) of Gen-Zers and Millennials also mistakenly say that travel insurance isn’t needed for short trips abroad, compared to just over 4% of over 43s. While 20% of Gen Zers and Millennials admit that they don’t know whether travel insurance is needed for short trips abroad.
Christian Bennett at Multitrip.com says:
“Some people think they don’t need travel insurance when travelling, but they really do particularly as we’ve seen a significant rise in the cost of overseas medical expenses in recent years.”
“It’s good to have a UK Global Health Insurance Card (GHIC) for trips to Europe, but it will never replace travel insurance. The card will only cover emergency health treatments while travel insurance extends coverage beyond medical costs, protecting your travel investment even before departure. Travel insurance will cover irrecoverable expenses if you must cancel due to unforeseen events, or help you replace lost luggage and travel documents.”
The survey also reveals some other mistaken beliefs about travel insurance, including the fact that it is cheaper if you buy it last minute. One in five (21%) Gen Zers and Millennials wrongly believe this to be the case, compared to 3% of over 44s.
Christian Bennett said:
“If you wait until closer to departure to arrange your travel insurance and then are unable to travel due to a medical emergency, or accident, for example, you may not be able to recover the full costs of your trip. That’s why we’re urging holidaymakers to get cover sorted as soon as they book their flight or holiday.”
“The cost of travel insurance doesn’t generally get any cheaper if you leave it to the last minute,” Bennett added, “so there’s really no benefit to delaying, in fact you are missing out on essential protection. Travel insurance is too important to be an afterthought,” he concluded.
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* Opinium online survey conducted with 1,000 nationally representative UK adults from 13 – 16 February 2024, who holiday abroad at least once a year.
