Debt management ‘should not include scrimping on travel insurance’

People looking to manage their debts should not be tempted to forgo travel insurance, one expert has suggested.

Rather than considering this type of cover as an “add-on or a luxury”, individuals need to consider it a necessity, according to a spokesperson for the Association of British Insurers.

He remarked: “It is taking a risk that is unnecessary,” adding that thinking of it as a savings tactic is a “false economy and it can almost be deemed as acting recklessly.”

The consequences of avoiding paying out for travel insurance will be particularly dangerous if holidaying outside of Europe where European Health Insurance will not be available, the source added.

Lloyds TSB recently revealed that one-ten people have been on vacation without organising cover – which is equivalent to 5.2 million individuals.

Of these, 54 per cent replied that the reason they did not take out insurance was because they did not think about it.

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