Britons ‘cannot afford insurance’

Many Britons are neglecting to take out travel insurance policies because they cannot afford it, new research has revealed.

According to the study conducted by Sainsbury’s Finance, 1.9 million people – or 17 per cent – have admitted to not having cover due to a lack of available funds, suggesting that they may be concerned about falling into debt.

However, the study also found that those who do not have insurance are leaving themselves open to extra costs, with a collective total of £57 million that would have been paid by insurers.

Travel insurance manager with Sainsbury’s Sam Marrs noted that buying policies should be an essential when going on holiday.

“The costs of … unforeseen events can be significant and good quality travel insurance will relieve the financial strain and ease your stress,” he said.

Those unemployed as a result of the recession could also find themselves at a disadvantage, as website Confused.com recently warned jobless debtors that their insurance premiums could be increased as they will be spending more time in the home.

By Sarah Adie