World Nomads reveals that over half of Brits delay buying travel insurance, leaving themselves vulnerable to costly disruptions
Photo © Getty Images / KSChong
As the busiest August bank holiday weekend looms, World Nomads reveals that over half of Brits delay buying travel insurance, leaving themselves vulnerable to costly disruptions
- Only 39% purchase travel insurance when they book their holiday
- 17% wait until just a week before their trip to purchase insurance
- Alarmingly, 5% purchase insurance the day before, and 2% only do so on the day of travel.
London, UK – August 2024 - As Brits prepare for the last major holiday exodus of the summer season this upcoming bank holiday weekend, new survey data* commissioned by travel insurance provider World Nomads reveals a concerning trend: 61% of UK travellers are putting their holidays at risk by not securing travel insurance as soon as they book their trips.
With the busiest bank holiday weekend on the roads since at least 2015 expected, and potential disruptions from upcoming border force strikes at Heathrow from 31 August to 3 September, the need for timely travel insurance has never been more critical.
Brits’ Risky Insurance Habits: A Breakdown
- Just 39% of travellers purchase insurance when they book their holiday. This leaves a majority exposed during the critical time between booking and departure.
- 17% of travellers admit to waiting until just one week before their trip to secure coverage, drastically reducing their protection window.
- Shockingly, 5% purchase insurance the day before their holiday, and 2% wait until the day of travel. This last-minute approach leaves little room for unexpected events like strikes or natural disasters that could derail their plans.
Who’s Taking the Biggest Risks?
- Younger Travellers: Those aged 18-34 are the worst offenders, with over 20% delaying until the last week or later.
- Older Travellers: Those aged 55+ are more cautious, with nearly 50% buying insurance at the time of booking vs just 26% of those aged 18-34
- Gender Differences: Men are more likely than women to delay, with 19% of men waiting until the last week, compared to 15% of women.
Why This Matters Now
These findings come at a time when travel plans are increasingly at risk, due to unpredictable factors, including the busiest August bank holiday weekend forecasted on the roads since at least 2015 and upcoming border force strikes at Heathrow from 31 August to 3 September. Delaying or not buying travel insurance leaves Brits vulnerable to significant financial losses if trips are cancelled or disrupted.
Jonathan Frankham, General Manager UK and Europe at World Nomads, says:
“This data is a stark reminder of the importance of travel insurance. Financial exposure begins the moment you book your trip, not just when you set foot on the plane. Our findings highlight a concerning trend where many Brits are not adequately protecting themselves from the start.
We cannot stress enough the importance of being covered from the moment you book your trip. Accidents, cancellations, or emergencies can unfortunately occur at any time, and having the right insurance in place offers flexibility and financial security. If you have left it late and are still planning to jet off, don’t join the 2% who wait until the very last minute— we’d strongly recommend securing your travel insurance now to avoid potential disaster.
For frequent travellers, considering an annual policy can be especially beneficial. Not only does it ensure you’re covered for every trip you take throughout the year, but it also eliminates the need to repeatedly purchase insurance, making it a convenient and cost-effective option. An annual policy guarantees that you’re protected from the very beginning of your travel planning, no matter how many trips you take.”
World Nomads launched an annual multi-trip policy in June 2024. To find out more or purchase a policy, visit www.worldnomads.com/uk
*The study of 2,000 UK adults was carried out between 16 and 19 August by Opinium Research on behalf of travel insurance provider World Nomads to look at the immediate motivators and barriers to international travel and insurance considerations for 2024.
ABOUT WORLD NOMADS
Since 2002, World Nomads has been protecting, connecting and inspiring adventurous and independent travelers by offering specialized travel insurance and safety advice.
Our travel insurance products cover travelers from more than 100 countries. World Nomads focuses on what we believe is important to travelers: emergency medical and evacuation costs, baggage cover, trip cancellation, trip delay and trip interruption costs. We offer cover for more than 150 adventure sports and activities, plus tech and gear. We believe travelers have the responsibility to give back, and through our Footprints program, customers can add a small donation to the price of their policy to help fund a community development project with one of World Nomads’ global nonprofit and charity partners.
We are part of a suite of global specialist travel insurers owned by nib Group, Australia’s third-largest provider of travel insurance and a leading global distributor of travel insurance through nib Travel. nib Group also provides health and medical insurance to more than 1.6 million Australian and New Zealand residents and more than 200,000 international students and workers in Australia.
Media Contacts:
Graham Lynch, World Nomads, UK & Europe
+353 876 831 784
LOTUS
worldnomads@wearelotus.co.uk
+44 20 7953 7470